Yingliu Electromechanical - A: Read-across from GE Vernova‘s 2Q26 results

Research evidence excerpt

Yingliu Electromechanical - A: Read-across from GE Vernova‘s 2Q26 results

J P M O R G A N Asia Pacific Equity Research

23 July 2026

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Yingliu Electromechanical - A Overweight

603308.SS, 603308 CH

Read-across from GE Vernova’s 2Q26 results Price (22 Jul 26):Rmb43.57

Price Target (Dec-27):Rmb95.00

GE Vernova’s (GEV US, covered by Mark Strouse) 2Q26 gas turbine update Infrastructure, Industrials &

supports the view that OEM backlogs are still extending and supplier slots remain Transport

constrained, which is constructive for upstream hot-end component makers like Jenny Qiu, CFA AC

Yingliu, even though GEV is not a direct customer today. In 2Q26, GEV signed (852) 2800 8503

~20GW of new gas power contracts and raised its FY26E exit expectation for gas jenny.qiu@jpmorgan.com

backlog+SRA to at least 125GW versus at least 110GW previously. Gas backlog Karen Li, CFA

expanded 44GW to 53GW Q/Q and SRAs increased 56GW to 63GW for GEV, (852) 2800-8589

showing the order funnel remains full with continued conversion. We see this as karen.yy.li@jpmorgan.com

consistent with sustained pricing discipline and longer lead-time visibility across Sunny Su

(852) 2800 8551

the supply chain. We stay OW on Yingliu with a Dec-27 PT Rmb95, trading at sunny.su@jpmorgan.com

FY28E P/E ~20x.

Mufan Shi

(852) 2800-8502

• GEV provides a constructive industry signal. GEV highlighted the gas mufan.shi@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited/ J.P.