Huatai Securities: Optimistic about the simultaneous increase in volume and price of overseas gas turbine main engines.

Huatai Securities released the latest research report stating that, according to McCoy statistics, global gas turbine new orders in the first quarter of 2025 increased by 36% year-on-year to 20GW. Factors such as the right turn in energy policy after overseas elections, the shift from oil to gas in the Middle East, and the increased demand for AI power are driving the continued increase in global gas turbine prosperity. The major power outage in Spain in early May may trigger reflection on the flexibility and insufficient synchronous units in the power structure. It is optimistic about the simultaneous increase in volume and price of overseas gas turbine units, and is expected to drive opportunities for domestic companies exporting components such as hot-end blades and cold-end cylinder bodies.