Zhi Tong Cai Jing·2025-12-12 01:54Core Viewpoint - Dongfang Electric (600875) has successfully entered the international mainstream energy equipment market by exporting its self-developed F-class heavy-duty gas turbine G50 to Kazakhstan, marking the first complete machine export of Chinese heavy-duty gas turbines [1] Company Summary - Dongfang Electric's stock rose by 7.39% to HKD 23.54, with a trading volume of HKD 171 million [1] - The company has secured a core equipment order for a 50 MW combined cycle power generation project in Zhambyl, Kazakhstan, which is a significant milestone for Chinese heavy-duty gas turbines [1] - The F-class 50 MW heavy-duty gas turbine (G50) is expected to commence commercial operation in 2023, with the first export to Central Asia planned for 2025 [1] Industry Summary - The global market for medium and heavy-duty gas turbines is entering a new growth phase due to the replacement cycle of aging gas turbines in Europe and the U.S., accelerated natural gas power generation in the Middle East and Central Asia, and the urgent demand for flexible peak-shaving power sources in emerging markets [1] - Tianfeng Securities anticipates that Dongfang Electric's self-developed G50 and other gas turbine products will effectively provide incremental supply and accelerate the company's overseas expansion in the gas turbine market, especially given the expected supply-demand gap in gas turbines over the next 26-35 years [1]