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2026-07-02 13:12:13 CLSA published a global gas turbine industry research report, initiating coverage on five Chinese gas turbine industry chain stocks with investment ratings and target prices. The broker said power demand driven by AI data centers (AIDC) is pushing the industry into a structural upcycle, while tight global supply is opening a window for Chinese companies to expand into international markets. CLSA said the global gas turbine industry is benefiting from rigid power demand generated by AIDC expansion. Unlike previous speculative order cycles, the current upcycle is supported by real and visible project pipelines. The broker forecast global annual gas turbine demand at about 120 gigawatts between 2025 and 2030, representing a 20% increase from the 100-gigawatt base in 2025. Meanwhile, the three traditional original equipment manufacturers (OEMs), including GE Vernova Inc. (GEV.US), Siemens Energy and Mitsubishi Heavy Industries, together account for about 80% of market share. However, their capacity expansion remains conservative, with order books already scheduled through 2030, creating structural entry opportunities for Chinese manufacturers. Among the five Chinese stocks under initial coverage, CLSA's top pick is JEREH (002353.SZ), which received a "Conviction List Buy" rating with a target price of RMB221. The broker expects its gas turbine skid assembly business to achieve rapid growth from a near-zero base, with gross profit contribution projected to reach 33% by 2028. The other four stocks were all rated "Outperform". In order of preference, they are: YINGLIU (603308.SH) with a target price of RMB80; HIMILE SCIENCE & TECHNOLOGY (002595.SZ) with a target price of RMB62; HARBIN ELECTRIC (01133.HK) with a target price of HKD18; and SH ELECTRIC (02727.HK) H shares with a target price of HKD3.9, while SH ELECTRIC (601727.SH) A shares have a target price of RMB8. The broker also reiterated its "Conviction List Buy" ratings on global gas turbine giants GE Vernova Inc. (GEV.US) and Siemens Energy, with target prices of USD1,333 and EUR250 respectively, believing both companies will continue to dominate the heavy-duty gas turbine market. (ad/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |