FU-AN(SH:603315) Zhong Guo Zheng Quan Bao·2025-09-16 00:33Core Viewpoint - The company is focusing on the development of small and medium-sized gas turbines, leveraging technological breakthroughs and industrial collaboration to capture the high-end manufacturing market amid the accelerating energy transition in China [1][9]. Industry Background - The gas turbine industry is positioned to address the efficiency and flexibility challenges in 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 cycle times [2]. Technological Advancements - The company has adopted a "introduce-digest-innovate" localization strategy, forming a technology system that integrates collaboration with Russia and domestic research [2]. - The company 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][7]. - The company possesses unique technology in 8-ton heavy magnetic suspension bearings, breaking foreign monopolies and reducing operational costs significantly [3]. Strategic Partnerships - The establishment of a joint venture with local capital in Leshan, Sichuan, aims to create a manufacturing base for gas turbines, with a registered capital of 620 million yuan [4][6]. - The joint venture is seen as a strategic move to expand into the southwestern market and enhance the industrial layout, focusing on resource complementarity and risk-sharing [4][6]. Market Expansion - The Leshan base will cater to the growing demand for distributed energy projects in the southwestern region, reducing logistics costs and improving service response times [6]. - The company plans to focus on the Yangtze River Delta, Pearl River Delta, and southwestern regions for domestic market expansion, while also deepening technical cooperation with Russia for international market growth [8]. Future Growth Directions - The company aims to enhance its technology in heavy-duty and green applications, particularly in the localization of heavy magnetic suspension bearings [8]. - Plans include establishing a gas turbine industrial park centered around the Leshan base, integrating research, manufacturing, and service capabilities [8]. - The company targets to apply for over 40 patents in the next three years and establish a provincial-level key laboratory [8].