在能源结构转型加速的背景下，燃气轮机作为高端装备制造业产品，其发展突破备受瞩目。福鞍燃机作 为福鞍股份核心子公司，近年来在50MW以下中小型燃气轮机领域实现技术突破与产业化落地，近期更 携手四川乐山当地资本成立合资公司，布局西南制造基地。 中国证券报记者日前专访了福鞍股份董事长穆建华，深入解析公司布局燃气轮机领域的产业背景、投资 逻辑与发展看点。"公司将充分发挥自身综合竞争优势，深耕中小型燃气轮机赛道，以技术突破与产业 协同抢占高端制造市场。"穆建华说。 瞄准分布式能源领域 "燃气轮机的产业价值，核心在于解决能源供给的高效性与灵活性痛点，而中小型机组在分布式能源场 景中具备天然优势。"谈及产业布局初心时，穆建华说。 福鞍燃机自2017年成立以来便聚焦50MW以下中小型燃气轮机赛道。这一选择的背后是公司对市场需求 的精准判断。随着我国工业园区、商业综合体、数据中心等场景对分布式能源的需求激增，传统大型燃 机重投入、长周期的模式难以适配，而中小型机组即插即用、热电联供的特性可实现能源就近生产、就 地消纳，综合热效率可达88%以上，氮氧化物排放低于15ppm，兼具经济性与环保性。 近期，福鞍燃机与乐山高新投、乐山股 ...

中国证券报记者日前专访了福鞍股份董事长穆建华，深入解析公司布局燃气轮机领域的产业背景、投资 逻辑与发展看点。"公司将充分发挥自身综合竞争优势，深耕中小型燃气轮机赛道，以技术突破与产业 协同抢占高端制造市场。"穆建华说。 在能源结构转型加速的背景下，燃气轮机作为高端装备制造业产品，其发展突破备受瞩目。福鞍燃机作 为福鞍股份核心子公司，近年来在50MW以下中小型燃气轮机领域实现技术突破与产业化落地，近期更 携手四川乐山当地资本成立合资公司，布局西南制造基地。 瞄准分布式能源领域 "燃气轮机的产业价值，核心在于解决能源供给的高效性与灵活性痛点，而中小型机组在分布式能源场 景中具备天然优势。"谈及产业布局初心时，穆建华说。 福鞍燃机自2017年成立以来便聚焦50MW以下中小型燃气轮机赛道。这一选择的背后是公司对市场需求 的精准判断。随着我国工业园区、商业综合体、数据中心等场景对分布式能源的需求激增，传统大型燃 机重投入、长周期的模式难以适配，而中小型机组即插即用、热电联供的特性可实现能源就近生产、就 地消纳，综合热效率可达88%以上，氮氧化物排放低于15ppm，兼具经济性与环保性。 三大方向打开增长空间 谈及未来发展 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a significant increase in net profit for the first half of 2025, with a year-on-year growth of approximately 93.35% and a 35.2% increase in Q2 2025 [1] - The growth in revenue and profit is attributed to the continued expansion in the shipbuilding industry, increased sales in the diesel engine segment, and effective cost control measures [1][3] - The company has a strong order book, with new contracts signed in the first half of 2025 amounting to 339.19 billion yuan, representing a year-on-year increase of 25.42% [1] Financial Performance - In H1 2025, the company's revenue reached 27.651 billion yuan, a year-on-year increase of 11.22%, while the net profit attributable to shareholders was 919 million yuan, up 93.35% [1] - The company's gross profit margin improved by 4.65 percentage points year-on-year in H1 2025, with a gross margin of approximately 16.49% [3] - The revenue breakdown by business segments shows that the diesel power segment generated 139.68 billion yuan, a 27.25% increase year-on-year, accounting for 50.52% of total revenue [2] Market Outlook - The shipbuilding cycle is on an upward trend, with demand for various ship types increasing, which is expected to improve the profitability of shipyards [5] - The company is well-positioned to benefit from the tight supply-demand relationship in the ship engine market, as it is a leading player in the industry [10] - The after-market service for diesel engines presents a significant growth opportunity, with the company expanding its global service network [10][11] Earnings Forecast and Valuation - The company is projected to achieve revenues of approximately 600 billion yuan, 681 billion yuan, and 757 billion yuan for 2025, 2026, and 2027, respectively, with a compound annual growth rate (CAGR) of 14% [12] - The net profit attributable to shareholders is expected to reach 21.4 billion yuan, 30.1 billion yuan, and 37.7 billion yuan for the same years, with a CAGR of 39% [12] - The estimated price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are approximately 23, 16, and 13, respectively [12]