当“飞机发动机”成为“数据中心供电”标的

Core Insights - The aviation industry is providing an unexpected solution to the power supply challenges faced by AI data centers by repurposing retired Boeing aircraft engines into ground gas turbines for direct power supply [1] Group 1: Market Dynamics - The global gas turbine market is dominated by GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries, which hold approximately 80% market share [2] - FTAI Aviation has identified a market opportunity due to the long lead times for heavy gas turbine orders, with the modification of an aircraft engine into a power turbine taking only 30 to 45 days once the design phase is completed [2] - FTAI's stock has risen by about 42% since entering the power business, with an estimated annual EBITDA contribution of $750 million, representing 52% of previous total annual expectations [2] Group 2: Technical Feasibility - Converting aircraft engines to land-based power generation (Aeroderivatives) is technically feasible, involving changes such as replacing fuel nozzles for natural gas and adjusting the front fan size [3] - The lifespan of aircraft components can be extended significantly in power generation, with FTAI able to utilize parts with only a few years of remaining life for several more years in this new application [3] Group 3: Competitive Landscape - Traditional giants like GE Vernova do not view these smaller units as direct competition, emphasizing the fuel efficiency advantage of heavy gas turbines over a 20-year operational cycle [4] - FTAI and Boom Supersonic are proposing their products in a "Combined Cycle" mode to enhance efficiency, potentially bridging the gap with heavy units [4] - If one-third of the approximately 1,600 commercial engines retired annually were converted for power generation, it could add 13 GW of capacity, equating to a quarter of global annual capacity [4]