Hong Kong Stock Concept Tracking | AI Data Center Intensifies Power Shortage Institution Optimistic about Gas Turbine Demand Cycle (Attached Concept Stocks)

The AI computing power is exploding, the power supply gap in the United States is widening, and the demand for electricity is increasing. CSP manufacturers are building their own power sources, with a preference for gas turbines and then for energy storage. Chinese companies will benefit from the high prosperity of US power construction. According to an International Energy Agency report, the global power demand of data centers will reach about 945 terawatt-hours by 2030. As the demand continues to grow, the tight supply situation is becoming more apparent. Gas turbines have become the preferred primary power source for AIDC due to their fast response, high power adaptability, low electricity generation cost, and high reliability. According to a research report from China Securities Co., Ltd., power shortages will still be the main theme of the year, and the gas turbine industry chain is strongly favored. According to calculations by China Securities Co., Ltd., global demand for gas turbines will exceed 120GW by 2028, with global supply expected to be around 90GW, leading to a continuous widening of the gap. The gas turbine industry chain and the trend of ship conversion to gas are still seen as promising. Stocks in the gas turbine industry chain: Dongfang Electric Corporation (01072): The power shortage in North America has brought opportunities for Dongfang Electric Corporation to export gas turbines to developed countries independently. The gap between supply and demand is large enough to support the current 30-year cycle of the gas turbine industry, with Chinese gas turbines entering the global supply chain. Citibank has released a research report stating that, due to achieving key strategic breakthroughs, Dongfang Electric Corporation has secured a milestone order from Canadian customers for 20 sets of 50MW gas turbine generator units, with a unit price of 200 million RMB and a gross profit margin of 40-50%. Based on expected revenue from gas turbine generator units, the net profit forecast for Dongfang Electric Corporation for the 2026-2027 fiscal years has been raised by 14-21%. With a price-to-earnings ratio of 22 times in Hong Kong in 2026 and 26 times in A shares, it is attractive in the global gas turbine industry. HARBIN ELECTRIC (01133): HARBIN ELECTRIC has released a positive profit forecast, with the expected net profit attributable to the owners of the parent company in the fiscal year 2025 reaching approximately 2.65 billion RMB, a significant increase from the 16.86 billion RMB in the same period in 2024. This is mainly due to the increase in operating income in the fiscal year 2025 compared to the same period in 2024 and further improvement in product profitability.