Computing power development drives a warming in demand for gas turbines; 20 stocks receive positive ratings from institutions.

Securities Times reporter Liang Qiangang

According to China Aviation Engine Group, recently, the China Aero Engine Gas Turbine Co., Ltd. (abbreviated as “China Aero Engine Gas Turbine”) and Hanchen Elite Ocean Engineering (Jiangsu) Co., Ltd. (abbreviated as “Hanchen Elite”) have formally signed an agreement. Hanchen Elite will purchase five “Taihang 7” gas turbines from China Aero Engine Gas Turbine as core power equipment. The equipment will be used in the floating production storage and offloading (FPSO) unit for Petroliam Nasional Berhad’s Sepat integrated redevelopment project. This marks the first time domestically made gas turbines have entered the high-end FPSO market, achieving a new breakthrough in applying marine energy under extreme operating conditions.

A gas turbine is an advanced thermal power engine that uses gaseous or liquid fuels such as natural gas, diesel, and hydrogen as the heat source, and based on the Brayton cycle, efficiently converts the chemical energy of the fuel into mechanical work. Its advantages include fast startup, enabling grid synchronization on a minute-level timeline; stable output and quick response, with good load-following capabilities; and at the same time, a relatively lower carbon emission intensity than coal-fired power.

With the rapid iteration of large models such as GPT, Claude, and Gemini, a global frenzy of AI data center construction has taken off. Compute power clusters are densely being deployed on the ground, and the scale of individual units is continuously breaking records, while the electricity consumption curve is nearly surging upward vertically. Moreover, AI compute power has extremely high requirements for electricity: it must be stable and continuous, and cannot experience flickering interruptions. Even millisecond-level fluctuations may cause massive losses, while power grids, in which the share of new energy electricity is increasingly growing, face huge challenges in this regard. Gas turbines—often described as the “pearl on the crown” of the equipment manufacturing industry—have therefore become a must-have, moving from behind the scenes to center stage.

Market data also corroborates this trend. Data from the Global Energy Monitor (GEM) and multiple market research institutions show that in 2025, global gas turbine新增装机 will be 60.4GW, and the market size will be between US$24.0 billion and US$25.0 billion. Going forward, gas turbines will continue to occupy a dominant position in the power generation structure. The global gas turbine market is expected to maintain sustained growth, and the market size forecast for 2031 will rise to US$32.0 billion.

Faced with this highly buoyant growth track, multiple securities firms have issued positive assessments. Zheshang Securities said gas turbines are the preferred main power solution for U.S. artificial intelligence data centers (AIDCs). The global market is dominated by an oligopoly formed by GEV, Mitsubishi Heavy Industries, and Siemens Energy. Industry orders are piling up through 2029 to 2030, and the capacity gap is significant. Domestic heavy gas turbine technology is accelerating breakthroughs. Companies such as Dongfang Electric have achieved localization of core components, and the industrial chain is entering a double opportunity: complete units going overseas and supporting parts being supplied.

Western Securities pointed out that catalysts such as data center construction are driving strong demand for gas turbines. Domestic component-pairing companies may be able to seize opportunities arising from supply-demand imbalances, further support overseas enterprises, and benefit from the buoyancy to achieve high growth in performance.

The global supply-demand gap and domestic technological breakthroughs are also being reflected in the A-share market in parallel.

According to statistics from Securities Times · Data Treasure, there are 23 stocks in the A-share market involved in businesses related to gas turbines. As of April 3, the concept stocks have averaged risen 15.47% since the beginning of the year, significantly outperforming the Shanghai Composite Index over the same period. Among them, 5 stocks have seen cumulative gains of more than 50%, namely WanZhe Shares, Zhenjiang Shares, Dongfang Electric, Yingliu Shares, and Jerry Shares.

WanZhe Shares has seen a cumulative increase of 68.68% this year, ranking first. As an important domestic supplier of gas turbine components, the company has reached consensus with multiple overseas energy companies on deepening cooperation and has signed relevant framework purchase agreements.

According to Data Treasure, in terms of institutional attention, 20 gas-turbine concept stocks have received “positive-type” ratings from institutions (including buy, increase holdings, strong recommendation, etc.). Companies such as Jerry Shares, HaoMai Technology, Dongfang Electric, Yingliu Shares, and Xizi Clean Energy have received leading numbers of ratings from institutions.

The company with the highest number of rating institutions is Jerry Shares, with research reports covered by 23 institutions in total. The company has been winning gas turbine orders consecutively this year. The most recent one occurred on April 1. According to the announcement, its wholly owned subsidiary GenSystems Power Solutions LLC signed a gas turbine generator set sales contract with a customer in the United States. The contract amount is US$301 million (approximately RMB 2.08 billion). The gas turbine generator set being sold in this transaction will be used in the power supply field for data centers. Previously, in late March and early February, the company secured orders of US$341 million (approximately RMB 2.36B) and US$182 million (approximately RMB 1.26B), respectively.

HaoMai Technology has received attention from 15 institutions through research reports. The company’s large-scale mechanical products mainly focus on casting and precision machining of energy-related component parts such as wind power and gas turbines. In 2025, it achieved net profit of RMB 2.39B, representing a year-on-year increase of 18.99%.

Dongfang Electric and Yingliu Shares have both received attention from 13 institutions through research reports. In 2025, Dongfang Electric achieved net profit of RMB 3.83B, up 31.11% year on year. In the reporting period, the company maintained the leading industry position in the nuclear power and gas power market share. Its 15MW heavy gas turbine achieved full-load operation and has the capability for pure hydrogen combustion. Its 50MW heavy gas turbine overseas orders achieved a “zero” breakthrough, laying a solid foundation for subsequent global market layout.

Yingliu Shares has already provided Siemens Energy with stable blade supply for its F-class gas turbines, and it also undertakes the development work for blades of Siemens Energy’s H-class gas turbines, becoming the only supplier in China for the turbine hot-end blades of Siemens Energy gas turbines.

(Data in this issue is provided by the Securities Times Center database)