FU-AN(SH:603315) Zhong Guo Zheng Quan Bao·2025-09-15 20:22Core Viewpoint - The development of gas turbines is gaining attention as the energy structure transformation accelerates, with Fuan Machinery focusing on the small and medium-sized gas turbine market below 50MW, achieving technological breakthroughs and industrialization [1] Industry Background - The core value of gas turbines lies in addressing the efficiency and flexibility of energy supply, with small and medium-sized units having inherent advantages in distributed energy scenarios [1] - The demand for distributed energy is surging in industrial parks, commercial complexes, and data centers, making traditional large gas turbines less suitable due to their high investment and long cycle [1] Technological Development - The company adopts a "introduce-digest-innovate" localization approach, forming a technology system of "Sino-Russian collaboration and integration of production and research" [2] - Fuan Machinery has independently developed two series of gas turbines, LGT-010 (10MW) and LGT-004 (4MW), with the 10MW model already in production and filling a domestic research gap [2] - The company possesses unique 8-ton heavy magnetic suspension bearing technology, breaking the foreign monopoly and reducing operational costs significantly [2] Strategic Partnerships - Fuan Machinery recently established a joint venture with local capital in Leshan, Sichuan, with a registered capital of 620 million yuan, aiming to create a gas turbine manufacturing base [3] - The investment logic focuses on resource complementarity, risk-sharing, and benefit-sharing, indicating a strategic rather than purely capacity expansion approach [3] Market Expansion - Leshan is positioned as a southwest energy hub with strong demand for distributed energy projects, allowing localized manufacturing to reduce logistics costs and enhance service response [3] - The joint venture will promote a complete "research-manufacturing-demonstration" chain, enhancing market operational capabilities [3] Growth Strategy - The company plans to focus on three growth directions: technological breakthroughs, market expansion, and ecosystem construction [4] - Future technological efforts will emphasize heavy-duty and green technologies, particularly the domestic application of heavy magnetic suspension bearings [4] - Market expansion will target regions with high demand for distributed energy, such as the Yangtze River Delta and Pearl River Delta, while also deepening international cooperation with Russia [5] Ecosystem Development - The company aims to build a gas turbine industrial park centered around the Leshan base, creating a complete ecosystem of "research-manufacturing-service-talent" [6] - Plans include establishing a power equipment research institute and introducing key equipment suppliers to form a comprehensive industrial chain [6] - The company intends to leverage local talent policies to attract skilled professionals and collaborate with universities to develop high-level gas turbine teams [6]