高温合金行业动态研究：全球燃气轮机和航空发动机需求大增，关注铬盐和高温合金行业

Investment Rating - The report maintains a "Recommended" rating for the high-temperature alloy industry, indicating a positive outlook based on strong demand and market conditions [1][14]. Core Insights - The global demand for gas turbines and aircraft engines is significantly increasing, leading to a surge in orders and delivery rates from major manufacturers, which in turn boosts the demand for high-temperature alloys and related components [1][14]. - Supply chain constraints are pushing the supply chain towards China, presenting significant export opportunities for domestic high-temperature alloy manufacturers [14]. Summary by Sections Gas Turbines - GE Vernova expects to have a gas turbine order backlog of 60 GW by the end of 2025, with orders signed through 2028. In 2024, GE Vernova added 20.2 GW in new gas turbine orders, a year-on-year increase of 112.6% [3][4]. - In Q1 2025, GE Vernova reported new orders of 7.1 GW, a 44.9% increase year-on-year, primarily from 29 heavy-duty gas turbine orders [3][4]. - The energy equipment segment achieved revenues of $5.708 billion in 2024, a 2.0% increase year-on-year, with Q1 2025 revenues reaching $1.491 billion, a 24.1% increase [3]. Aircraft Engines - Boeing reported a net addition of 300 aircraft orders in May 2025, with a backlog of 5,943 aircraft. Deliveries from January to May 2025 totaled 220 aircraft, a 68% increase year-on-year [5][6]. - GE Aerospace's commercial engine backlog grew significantly, with orders increasing by 141.8% from 2022 to Q1 2025. The service backlog also saw a 22.6% increase [6][8]. - GE Aerospace plans to increase capital expenditures to address supply chain bottlenecks and enhance production capacity [7]. High-Temperature Alloys - Domestic high-temperature alloy manufacturers are positioned to benefit from the increasing global demand for aircraft engines and gas turbines, despite supply chain limitations [9][14]. - Companies like Zhenhua Co. and Sui Rui New Materials are expanding their international presence and reporting significant revenue growth from overseas markets [10][12]. - The report highlights the importance of chromium in high-temperature alloys, with Zhenhua Co. being one of the top five global chromium producers [10][11]. Investment Strategy - The report emphasizes the robust growth potential in the high-temperature alloy sector, driven by the increasing demand from the aerospace and energy sectors, and suggests a focus on companies with strong order backlogs and international market strategies [14].