"The end of computing power is electricity" - and behind the power, it is inseparable from powerful power equipment. Today, domestic gas turbines are ushering in a highlight moment.

According to reports, China Aviation Development Gas Turbine Co., Ltd. (hereinafter referred to as "China Aviation Gas Turbine"), a subsidiary of AVIC Corporation, recently signed a formal contract with Hanchen Elite Marine Engineering Company in Nantong, Jiangsu Province: the latter will purchase 5 "Taihang 7" gas turbines to be used as the core power equipment of a floating production, storage and offloading vessel (FPSO) in the Sepat offshore oilfield project of Petronas Malaysia.

This is the first time that domestic gas turbines have entered the high-end FPSO market, marking the successful entry of China's high-end equipment into the international marine energy field with high reliability requirements.

The world is rushing to buy gas turbines

A gas turbine is an efficient power equipment that can use natural gas, diesel or even hydrogen as fuel to quickly turn chemical energy into electricity. It has several outstanding advantages:

Ultra-fast start: it can be connected to the grid in a few minutes for power generation;

Stable power supply and fast response: especially suitable for peak electricity consumption (peak shaving);

Cleaner than coal: lower carbon emissions.

In the past, gas turbines worked silently behind the scenes. But now, it has suddenly become a "sweet treat" - the reason is the explosion of artificial intelligence (AI).

The rapid development of large models such as GPT, Claude, and Gemini has driven the world to build AI data centers frantically. These computing power centers consume an astonishing amount of electricity, and the power consumption curve is almost "vertically rising". Moreover, AI has extremely high power requirements: it must be stable and cannot be interrupted, and even a few milliseconds of flash can cause huge losses.

But the problem is: although new energy sources such as wind energy and solar energy are environmentally friendly, they fluctuate greatly and are not stable enough, making it difficult to support the "power giant" of AI alone.

As a result, gas turbines that can respond quickly and provide continuous and stable power supply have become an ideal choice - from a "supporting role" to a "protagonist" to ensure power safety in the AI era.

Market data also confirms this boom: in 2025, the installed capacity of new gas turbines in the world is expected to reach 60.4 GW, with a market size of about US$240–25 billion; This market is expected to grow to $32 billion by 2031.

A number of brokerages are optimistic

Zheshang Securities pointed out:

In the United States, AI data centers (AIDC) generally use gas turbines as the main power source. At present, the global market is mainly monopolized by the three giants of GE Vernova (GEV), Mitsubishi Heavy Industries and Siemens Energy. Due to too high demand, orders from these companies have been scheduled for 2029-2030, and production capacity is obviously unable to keep up.

At the same time, China is also catching up rapidly: companies such as Dongfang Electric have achieved independent production of core components for heavy-duty gas turbines. This means that the domestic industrial chain is not only expected to "go overseas" with the whole machine, but also provide key components for international projects, ushering in the dual opportunity of complete machine + supporting equipment.

Western Securities also believes that:

The construction of data centers is strongly driving the demand for gas turbines. Overseas giants are full of orders and short supply, creating a rare opportunity for Chinese parts suppliers to enter the market - by supporting large manufacturers such as GE and Siemens, domestic enterprises are expected to deeply participate in the global supply chain, and their performance is expected to grow significantly.

The boom in gas turbines is setting off a wave of A-share markets

According to statistics, there are currently only 23 companies in A-shares that are really involved in gas turbine business. As of April 3, the total market value of these companies reached 768.4 billion yuan. Since the beginning of this year, their stock prices have risen by an average of 15.47%, far outpacing the broader market (Shanghai Composite Index).

Among them, 5 companies rose by more than 50%, namely: Wanze shares (+68.68%, leading the gains), Zhenjiang shares, Dongfang Electric, Yingliu shares, and Jereh shares.

Why is it rising? Wanze Co., Ltd. is an important supplier of key components of domestic gas turbines, and has reached cooperation intentions with a number of overseas energy giants and signed framework procurement agreements. What is even more striking is Jereh shares, which have been given a "buy" or "strongly recommended" rating by 23 brokerages, and are the most optimistic target for institutions.

This year, it has won three major orders in a row: April 1: signed a $301 million (about 2.08 billion yuan) contract to supply gas turbine generator sets to US customers for AI data center power, at the end of March: won an order of $341 million, and in early February: won another $182 million in order.

In just two months, the total order volume was nearly US$824 million (about 5.7 billion yuan), all from the overseas gas turbine market.

Other key companies also performed well:

Homag Technology (covered by 15 institutions): mainly engaged in precision casting and processing of large energy equipment such as gas turbines and wind power. net profit in 2025 will reach 2.393 billion yuan, a year-on-year increase of nearly 19%.

Dongfang Electric (covered by 13 institutions): Net profit in 2025 will be 3.831 billion yuan, an increase of 31%. The company ranks first in the country in the field of nuclear power and gas power generation. Its 15 megawatt heavy-duty gas turbine has achieved full load operation and can directly burn pure hydrogen; More importantly, the 50 megawatt heavy-duty gas turbine won overseas orders for the first time, breaking the "zero" breakthrough.

Yingliu Co., Ltd. (covered by 13 institutions): It has become the only supplier of H-class/F-class gas turbine hot-end blades in China, and its technical strength has been recognized by international giants.

Two main lines, seize the dividend of the "power base"

Main line 1: The pioneer of the whole machine going overseas

Dongfang Electric: the most complete technology, leading the layout of heavy-duty gas turbines + hydrogen energy;

Jereh shares: Bound to overseas data center customers, order visibility is high until 2027.

Logic: Whoever can sell the whole machine will eat the biggest cake.

Main line 2: The core component "invisible champion"

Yingliu shares: Siemens' only Chinese blade supplier, with extremely high technical barriers;

Wanze shares: superalloy + precision casting, deeply cut into the supply chain of GE and Mitsubishi;

Homag Technology: A leader in large-scale castings, benefiting from global capacity spillover.

Logic: The expansion of the whole machine factory is the first to pull the upstream core components.

Risk warning:

If the pace of global AI investment slows down, short-term demand may be under pressure; the technical verification cycle of heavy gas turbines is long, and it takes time for some enterprises to realize their performance; Geopolitics may affect overseas order delivery.