Jereh Group(SZ:002353) 猛兽派选股·2025-12-26 05:16Core Business Positioning - The company positions itself as a "modular solution leader" in the gas power generation sector, focusing on North American AI data centers and oil and gas field microgrids, utilizing a unique model of "outsourced core engine + deep system integration + localized delivery" [1][3] Technical Route - The core technology combination includes modified aircraft engines (aero-derivative gas turbines) and gas internal combustion engines, with partnerships with Siemens and Baker Hughes for high-performance engines [2][3] - The modified gas turbines are designed for rapid start-up and high efficiency, while gas internal combustion engines are suitable for emergency backup and smaller distributed generation scenarios [2] - The company integrates its proprietary microgrid control systems and energy storage modules with purchased engines to achieve modular deployment and optimize data center PUE [2][3] Core Advantages - The company has established a strong competitive barrier through exclusive agreements with top engine manufacturers, ensuring stable supply and prioritization [3][4] - Its system integration capabilities meet stringent reliability requirements, validated by large-scale projects in North America [3] - The company leverages its existing oil and gas equipment customer base to enhance its gas power generation solutions [4] North American Orders - The company has secured two major gas power generation contracts in North America, totaling approximately 1.5 billion RMB, with deliveries expected in 2026 [4][5] - These contracts serve as primary power sources for AI data centers, highlighting the company's technological maturity and market position [4] Revenue and Profitability - The gas power generation business is part of the natural gas equipment/EPC or new energy sectors, showing significant growth potential with a projected net profit of around 500 million RMB by 2026 [5][6] - The business has a gross margin of 30%-40%, significantly higher than the overall company margin of 31.29%, indicating strong profitability [5] Growth Drivers - The gas power generation business is identified as the core growth engine for the next 2-3 years, supported by natural gas equipment and traditional oil and gas sectors [6] - The company anticipates that the gas power generation segment will evolve from a growth area to a pillar business as hydrogen transition and carbon reduction policies advance [6]