燃气轮机行业跟踪：海外数据中心需求高增，燃气轮机迎东风

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The gas turbine industry is experiencing a favorable trend due to the high demand for overseas data centers, particularly in North America, where gas turbines are increasingly used as primary power sources due to the instability of the electric grid [8] - Major cloud service providers are significantly investing in data center construction, with Microsoft planning to invest approximately $80 billion in AI data centers for the fiscal year 2025 [8] - The global order volume for gas turbines is expected to increase by 50% by 2026, driven by the growth of data centers, with GE Vernova anticipating securing 20 GW of global gas turbine orders annually over the next four years [8] - The market for gas turbines is concentrated among a few global leaders, including Mitsubishi Heavy Industries, Siemens Energy, and GE Vernova, which together hold 76% of the market share [8] - Domestic manufacturers in China are primarily focused on light gas turbines, with ongoing efforts to replace heavy gas turbines, presenting significant opportunities for local suppliers of turbine components [8] Summary by Sections Industry Overview - Gas turbines are essential for large data centers in North America, which typically require medium (10-100 MW) or heavy gas turbines (over 100 MW) as primary power sources due to high electricity consumption [8] Market Dynamics - The demand for gas turbines is surging as major cloud companies ramp up data center construction, leading to a robust market environment [8] Company Recommendations - Recommended stocks include: - Yingliu Co., Ltd. (for gas turbine blades) - Liande Co., Ltd. (supplier of castings for Caterpillar gas turbines) - Haomai Technology (for gas turbine casings) - Attention is also advised for Zhenjiang Co., Ltd. (supplier of steel structures for Siemens gas turbines) [8]