AIDC电源行业深度：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" [1] Core Viewpoints - The gas turbine market is expected to experience significant growth due to the increasing demand from overseas data centers, particularly in North America, where gas turbines are primarily used as the main power source [5][39] - The global market for gas turbines is estimated to be around 1200-1500 billion CNY, with annual sales of approximately 40-50 GW [30] - The construction of data centers by major cloud companies is projected to lead to a rapid increase in gas turbine demand, with a potential market elasticity of nearly 50% [5][61] Summary by Sections Section 1: Gas Turbines as Key Components in AI Infrastructure - Gas turbines are recognized as essential in the energy sector, offering advantages such as low pollution, high thermal efficiency, and quick startup times [16] - The global gas turbine market is dominated by power generation (67%), oil and gas (25%), and other industrial applications (8%) [30] Section 2: Growth of Overseas Data Centers - Major cloud companies have announced capital expenditures totaling 285.1 billion USD for data centers, with 198.5 billion USD allocated for the U.S. [39][41] - The expected construction capacity for data centers in the Americas is projected to reach 25 GW [5] Section 3: Market Dynamics and Opportunities - The gas turbine market is anticipated to see a 50% increase in annual orders by 2026, driven by the growth of data centers [5][56] - Domestic suppliers are positioned to benefit from the demand for gas turbine components, with companies like Yingliu Co., Linde Co., and Haomai Technology highlighted as key players [5] Section 4: Financial Analysis of Key Companies - Yingliu Co. (603308.SH) has a target price of 30.00 CNY per share, with a "Buy" rating [6] - Linde Co. (605060.SH) has a target price of 19.19 CNY per share, also rated as "Buy" [6] - Haomai Technology (002595.SZ) is rated "Buy" with a target price of 47.38 CNY per share [6]