Yingliu Electromechanical - A Read-across from Siemens Energy 3Q’26 results

Research evidence excerpt

J P M O R G A N

Asia Pacific Equity Research

05 August 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory

of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Yingliu Electromechanical - A

Read-across from Siemens Energy 3Q’26 results

Overweight

603308.SS, 603308 CH

Price (04 Aug 26):Rmb45.47

Price Target (Dec-27):Rmb95.00

Siemens Energy (ENR GY, covered by Phil Buller) 3Q’26 results highlighted its

Gas Services orders reaching €10B, 20% above sell-side expectations (see the First

Take report), with 15GW of new turbine orders and a backlog now at 95GW, up

from 87GW last quarter. The industry backdrop remains favorable: pricing is

holding firm, new orders are entering backlog at higher margins, and OEM

capacity additions are proceeding in an orderly, disciplined manner. For Yingliu,

we think these developments strengthen ramp visibility and position Siemens to

become its largest customer over the next 2–3 years, with Siemens-related revenue

expected to rise ~10x. Stay OW on Yingliu.

Infrastructure, Industrials &

Transport

Mufan Shi

Siemens Energy ramp visibility strengthened. Siemens Energy’s Gas

Services orders reached €10B in 3Q26, +61% Y/Y and ~20% above sell-side

expectations, supported by 15GW of gas turbine orders versus 12GW in 2Q26.

This lifts total commitments to 95GW from 87GW in 2Q26, split between

69GW firm orders and 26GW SRAs. For Yingliu, this reinforces direct

Siemens ramp visibility, as Siemens is expected to be the most important

customer ramp over the next 2-3 years. We see Siemens-related revenue

potential rising ~10x from Rmb100MM+ to >Rmb1B as key gas turbine

programs scale.

Industry setup remains favorable. Siemens Energy reiterated its existing gas

turbine capacity plan, with no incremental step-up beyond prior guidance,

which should ease investor concerns on aggressive late-decade expansion, in

our view. Siemens emphasized productivity, existing-site debottlenecking and

…