FU-AN(SH:603315) Zhong Guo Zheng Quan Bao·2025-09-15 22:22Core Viewpoint - The development of gas turbines is gaining attention as the energy structure transformation accelerates, with Fuan Machinery making significant breakthroughs in the small and medium-sized gas turbine sector [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 [2] - 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 cycles [2] Company Strategy - Fuan Machinery focuses on the small and medium-sized gas turbine market (below 50MW) since its establishment in 2017, leveraging a localized approach of "introducing, digesting, and innovating" technology [2] - The company has developed two series of gas turbines, LGT-010 (10MW) and LGT-004 (4MW), with the 10MW model already in production, filling a gap in domestic R&D [2] Competitive Advantage - The company possesses unique technology in 8-ton heavy magnetic suspension bearings, breaking foreign monopolies and reducing operational costs significantly [3] - The use of regenerative heat technology allows for flexible adjustment of heating loads, catering to various distributed energy station needs [3] Collaborative Ecosystem - Fuan Machinery has established a joint venture with local capital in Leshan, Sichuan, to create a gas turbine manufacturing base, with a registered capital of 620 million yuan [4] - The joint venture aims to complement resources, share risks, and enhance market capabilities, focusing on local manufacturing to reduce logistics costs and improve service response [4][5] Growth Directions - The company plans to focus on three growth areas: technology breakthroughs, market expansion, and ecosystem construction [6] - Future technological advancements will emphasize heavy-duty and green applications, particularly in the localization of heavy magnetic suspension bearings [6] - Market expansion will target energy-demanding regions in China and deepen international cooperation, especially with Russia [6] Long-term Vision - The company aims to establish a complete ecosystem around the Leshan base, integrating R&D, manufacturing, and talent development to enhance its competitive position in the high-end equipment manufacturing sector [6][7]