电力设备系列报告（38）：海外电力装备企业中报复盘：新增订单有所放缓，但数据中心及燃机需求仍强劲增长

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights that while new orders have slowed down, demand for data centers and gas turbines remains strong, suggesting a shift in focus within the industry [6][13]. - Companies such as Siemens Energy and Eaton Electric have reported significant revenue growth, with Siemens Energy's revenue increasing by 23% year-on-year and Eaton's by 14% [10][25]. - The report emphasizes the importance of data centers as a strategic growth area, with Eaton's data center orders growing by 55% [25]. - The long-term outlook for overseas electrical equipment remains positive, driven by AI data centers, infrastructure upgrades, and the increasing penetration of renewable energy [6][13]. Summary by Sections 1. Performance of Overseas Power Equipment Companies - Most overseas power equipment companies reported strong performance in Q2, with significant revenue growth and improved profit margins [10]. - Companies like GE Vernova and Eaton Electric achieved double-digit revenue growth, while Siemens Energy also saw a 23% increase in revenue [10][25]. 2. New Order Trends - New order growth has slowed, particularly in high-voltage transmission, but data center-related orders continue to grow robustly [13]. - Siemens Energy's new orders increased by 24%, driven by strong demand in the U.S. market, while GE Vernova experienced a 32% decline in new orders due to high base effects [10][13]. 3. Gas Turbine Orders - Gas turbine orders have seen significant growth, with GE Vernova's new orders nearly doubling year-on-year [10]. - Siemens Energy's new gas turbine orders also grew by 17%, indicating strong demand in this segment [10]. 4. Investment Recommendations - The report suggests focusing on companies that have gained a foothold in overseas markets and are entering localized operations or have integrated into the supply chains of large enterprises [6][10].