前言 ①深耕燃气轮机发电系统关键设备，分析师强call公司较早就进入国际电气装备供应链体系，随着装机的 逐步落地，需求有望迎来显著增长； ②已在内燃机领域做到单品冠军，公司逐步完善产业链条后又切入制 动系统领域，分析师看好新业务成长性有望带动业绩实现翻倍增长。 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 ...

Core Insights - The gas turbine generator set is a highly efficient power generation equipment driven by gas turbines, characterized by rapid start-stop, high efficiency, and clean emissions, making it a core device in key areas such as power peak regulation, industrial drive, and data centers [1][5] - In the context of China's energy structure transformation, the installed capacity of natural gas power generation is expected to grow from 90 million kW in 2019 to 144 million kW in 2024, with a compound annual growth rate of 9.8% [5][6] - The gas turbine market in China is projected to reach 75 billion yuan in 2024, with significant innovations achieved by companies like Dongfang Electric in hydrogen and split-shaft gas turbines [6][7] - The global data center electricity consumption is expected to increase from 415 TWh in 2024 to 945 TWh by 2030, with the U.S. accounting for 45% of this demand, creating significant export opportunities for China's gas turbine industry [8][10] Industry Overview - Gas turbine generator sets are categorized into heavy-duty, aeroderivative, and light-duty types, with heavy-duty turbines used in large power plants and light-duty turbines suitable for peak regulation [3][4] - The industry has established a complete product system covering 15-200 MW, with a focus on technological breakthroughs and market expansion [6][11] Market Dynamics - The gas turbine market in China is experiencing steady growth, driven by policies promoting natural gas utilization and the integration of renewable energy sources [5][6] - The market is characterized by a competitive landscape where international giants like GE and Siemens dominate the high-end market, while domestic companies like Dongfang Electric and Shanghai Electric are rapidly advancing [11][12] Future Trends - The gas turbine industry is expected to focus on self-sufficiency, green transformation, intelligent upgrades, and globalization [12][13][14] - There is a significant push towards the development of low-carbon and zero-carbon fuels, with ongoing research into hydrogen and ammonia combustion technologies [12] - The integration of digital and intelligent technologies is enhancing operational efficiency and extending service offerings in the gas turbine sector [13][14]