会议助理: 本会议信息仅供参考，不代表任何投资建议。 王风涤 中泰证券机械分析师: 到 30 年，目前这个需求，会超过 200 GW。其实概括为一句话，就是北美缺电的这么一 个情况。它其实就是 AI 的电力需求突增，对应了以及对应着这个北美本地这个电网基建 老化之间的一种矛盾。这也就导致了为什么这个，目前这个功能技术的路径出现了微调。 什么叫微调？就是阶段内这个燃气轮机仍然是主力，但是基于产能、交期以及区域的工序 不平衡等等因素吧，这个行业它处在一个多技术路线动态微调的阶段这个多技术并行，其 实我个人认为有一点像 20 年前后的光伏的 P 型和 N 型的那个时间点，就是它还没有到抉 择的时刻，因为北美目前的这个缺电缺口，我们刚才介绍过。 它其实是大于目前任何单一技术的产能的。即使从这个发电效率、碳排放、什么成本、度 电成本等等等方面。这个，尤其是重燃，它的这个综合表现是最优的。但是，它这个实际 的装机的交付周期，尤其是这个大型的交付周期。已经从 24 年那一段时间的 2.5 年到 3 年拉长到了现在最长的 7 年。这个也是向大家排期到 2029 年的原因。这个供应链受限， 使得大量的增量需求外溢到了目前的其他 ...

Summary of Key Points from Conference Call Records Industry Overview - The U.S. is projected to face a power shortage of approximately 37.2 GW between 2025 and 2030, primarily due to the surge in electricity consumption from AI data centers, which is expected to increase its share from 4.4% in 2023 to between 6.7% and 12% by 2028 [1][3][7] - The gas turbine equipment market is estimated to be around 120-150 billion RMB, with the service market being even larger, reaching 30.8 billion USD in 2023 [1][5] Core Insights and Arguments - Gas-fired power generation is considered the most realistic transitional solution to address the U.S. power gap due to its high stability, short construction cycle, and relatively low cost [1][4] - Major companies like Siemens, GE, and Mitsubishi have orders booked until 2030, confirming the market certainty for gas-fired power generation [1][4] - The demand from AI data centers is expected to add between 74 to 132 GW of electricity demand by 2028, translating to a market increment of 25 to 50 billion USD for gas turbine orders [1][8] Market Dynamics - GEV's new orders have been consistently increasing, with a 39% year-on-year growth in the first three quarters of 2025, adding 19.6 GW [1][5] - The gas turbine's core components include compressors, combustion chambers, and turbines, with the highest value component being the hot-end blades, accounting for 35% of the total value [1][11] Company-Specific Developments - Wan Ze Co. has seen rapid growth in its high-temperature alloy business, with revenues expected to reach 400 million RMB in 2024, a 60% increase year-on-year [3][15] - Triangular Defense has a promising partnership with Siemens Energy, with expected gross margins of 30%-40% and net margins over 20% [3][16] - Aerospace Technology has made significant strides in the gas turbine sector, with revenues increasing from less than 40 million RMB in 2021 to 177 million RMB in 2023 [18][19] Additional Important Insights - The low interconnection level of regional power grids in the U.S. (only 2%) exacerbates the supply-demand imbalance, making gas-fired power generation the most feasible solution in the next 5 to 10 years [4] - The high-temperature alloy market is projected to be around 10 billion RMB annually, with significant growth potential for companies involved [20] - The overall trend in the gas sector is positive, with substantial investment opportunities and growth potential expected to continue [21]