中信证券近期发布研报指出，全球能源结构转型与电力系统灵活性需求提升，正推动燃气轮机行业进入新一轮扩张周期。报告认为，在碳中和目标驱动下，天然气作为过渡能源的重要性日益凸显，尤其在可再生能源波动性较大的背景下，燃气轮机凭借启停灵活、调峰能力强等优势，成为保障电网稳定的关键设备。此外，老旧机组更新换代、新兴市场电力基础设施建设加速，以及氢能混烧等新技术应用，也为行业带来新增长点。中信证券特别看好具备核心技术、国际市场布局完善及产业链整合能力的龙头企业，预计未来3-5年燃气轮机市场需求将持续增长，相关企业有望迎来业绩与估值双升。投资者可重点关注具备自主知识产权、参与国家重大能源项目、且在海外订单方面取得突破的优质标的。
CITIC Securities recently released a research report indicating that the global energy transition and increasing demand for power system flexibility are driving the gas turbine industry into a new expansion cycle. The report notes that, under the push toward carbon neutrality, natural gas is gaining prominence as a transitional energy source. Particularly in the context of high intermittency from renewable energy sources, gas turbines—thanks to their rapid start-stop capability and strong peaking performance—are becoming critical assets for grid stability. Furthermore, the replacement of aging units, accelerated power infrastructure development in emerging markets, and the adoption of new technologies such as hydrogen co-firing are creating additional growth opportunities. CITIC Securities is especially bullish on leading companies with core technological capabilities, robust international presence, and strong vertical integration. The firm expects sustained growth in gas turbine demand over the next three to five years, potentially leading to dual upside in both earnings and valuations. Investors are advised to focus on high-quality companies with proprietary intellectual property, participation in national strategic energy projects, and recent breakthroughs in overseas orders.
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