Huatai Securities: Continue to be optimistic about three main themes—overseas gas turbine volume and price increase, domestic supply chain going global, and spillover of gas turbine supply

NightAirdropper · 2026-02-27T03:12:19+00:00

Huatai Securities research report points out that the overseas gas turbine market is experiencing both volume and price increases, with three major trends: domestic supply chain going global, gas turbine supply spilling over, and a positive outlook. Overseas capacity has high demand, domestic lightweight gas turbines are gaining autonomous capabilities, and traditional internal combustion engines can also help alleviate power shortages.

NightAirdropper

2026-02-27 03:12:19

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Huatai Securities Research Report states that there are three main trends to continue optimistic about: overseas gas turbine volume and price increases, domestic supply chain going abroad, and spillover of gas turbine supply.

Overseas gas turbine volume and price increase. The capacity of overseas complete machine manufacturers has generally been fully booked until the end of 2029. As capacity is released, new order signing and revenue are expected to rise simultaneously.
Domestic supply chain going abroad. Tensions in key supply chain links such as hot-end blades continue to intensify. Elon Musk mentioned in a February 2026 interview that to ensure power supply, “SpaceX and Tesla may have to manufacture turbine blades internally.”
Spillover of gas turbine demand. Major re-firing expansion is still expected to be released after 2027. With a supply-demand gap of over 30%, the demand spillover trend will strengthen in the short term.
On one hand, domestically produced light gas turbines have achieved independent intellectual property rights and self-supply of hot components, supporting the trend of Chinese gas turbines going abroad. On the other hand, traditional internal combustion engines used for backup power and ships are also expected to provide main power solutions amid power shortages, supporting the export of domestic internal combustion engines and related industrial chains.

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