编号：20251204 | | 特定对象调研 □媒体采访 | □分析师会议 □业绩说明会 | | | --- | --- | --- | --- | | 投资者关系活动 类别 | □新闻发布会 | □路演活动 | | | | 现场参观 | | | | | □其他 | | | | | | 场次一 | | | | 序号 | 代表机构 | 姓 名 | | | 1 | 博时基金 | 金晟哲 | | | 2 | 博时基金 | 陈 曦 | | | 3 | 博时基金 | 李 喆 | | | 4 | 博时基金 | 郭永升 | | | 5 | 博时基金 | 蔡宗延 | | | 6 | 博时基金 | 包江麟 | | | | 场次二 | | | | 序号 | 代表机构 | 姓 名 | | | 1 | 中银基金 | 时文博 | | 活动参与人员 | 2 | 农银人寿 | 王 鹏 | | | 3 | 民生加银 | 郑爱刚 | | | 4 | 彤源投资 | 潘贻立 | | | 5 | 宏利基金 | 丁 申 | | | 6 | 浦泓投资 | 彭 聪 | | | 7 | 瀛赐基金 | 龚文路 | | | 8 | 东北证券 | 韩金呈 | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 70.9 CNY based on a 19x PE ratio for 2026 [5]. Core Insights - The company has secured a second data center order in North America, enhancing growth certainty and potential for additional business opportunities [3][8]. - The new order is expected to accelerate the company's strategic development in the data center sector, leveraging its comprehensive Gas to Power solution capabilities [8]. - The report anticipates continued growth in the company's power segment, supported by the increasing demand for electricity in the North American AI industry [8]. Financial Forecasts - The projected net profits for the company from 2025 to 2027 are 31.53 billion CNY, 38.18 billion CNY, and 44.64 billion CNY respectively, reflecting a robust growth trajectory [3]. - Revenue forecasts indicate a growth from 13.91 billion CNY in 2023 to 22.68 billion CNY by 2027, with a notable increase of 27.4% in 2025 [4][10]. - The company's gross margin is expected to improve from 32.8% in 2023 to 35.3% in 2027, indicating enhanced operational efficiency [4][10]. Market Performance - The company's stock has shown strong performance, with a 93.47% increase over the past year [6]. - The stock price as of December 3, 2025, was 65.91 CNY, with a 52-week range of 26.91 CNY to 65.91 CNY [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has made significant breakthroughs in the North American data center power generation market, enhancing growth certainty and potential valuation uplift [3][9] - The company has crossed two major business thresholds, which are expected to further increase growth certainty [9] - The company has established strategic partnerships with leading brands in the gas turbine sector, enhancing its hardware capabilities and market recognition [9] - The company has gained practical experience in the U.S. data center market, which is expected to improve its chances of securing future projects [9] Financial Forecasts and Investment Recommendations - The projected net profits for the company from 2025 to 2027 are estimated at 31.53 billion, 38.18 billion, and 44.64 billion yuan respectively [3] - The target price for the company is set at 63.4 yuan, based on a 17x PE ratio for 2026 [3] - The company's revenue is expected to grow from 13,912 million yuan in 2023 to 22,680 million yuan in 2027, with a compound annual growth rate (CAGR) of 14.7% [11] - The gross margin is projected to improve from 32.8% in 2023 to 35.3% in 2027 [11] - The net profit margin is expected to stabilize around 19.7% by 2027 [11]

Core Viewpoint - Halliburton is diversifying its business lines by entering the AI data center power supply sector, responding to the softening demand for oilfield fracturing services, which has positively impacted its stock price [1][4]. Group 1: Business Diversification - Halliburton has partnered with VoltaGrid LLC to provide power services for global data centers, marking its significant entry into the AI-related field [2]. - The initial focus of this joint venture will be on the Middle East, supplying gas turbines and proprietary power technologies to data center developers [2]. - The demand for stable and substantial power supply systems is critical for AI computing infrastructure, leading to an unprecedented surge in AI data center power needs [2][3]. Group 2: Market Demand and Projections - Goldman Sachs has revised its forecast for global data center electricity demand by 175% by 2030, indicating a massive increase in power resource load equivalent to a new "top ten electricity-consuming country" [1]. - The International Energy Agency (IEA) predicts that global data center electricity demand will more than double by 2030, reaching approximately 945 terawatt-hours (TWh), driven primarily by AI applications [3]. Group 3: Stock Market Response - Halliburton's stock surged nearly 12% following the announcement of its joint venture and strong Q3 earnings report, marking the largest single-day gain in over five months [4]. - Analysts noted that the impact of the data center collaboration on stock price may be more significant than the positive earnings data [4]. Group 4: Industry Context - The oil and gas service sector, including Halliburton, is facing a bleak outlook due to oversupply and declining oil prices, prompting companies to explore new revenue streams [6]. - Halliburton's experience in electric fracturing and integrated power solutions positions it well to meet the power supply needs of AI data centers [7][8].