Jereh Oilfield Services "Aeroderivative supply to fuel growth in gas..."

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Jereh Oilfield Services "Aeroderivative supply to fuel growth in gas..."

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Jereh Oilfield Services Equities

ChinaAeroderivative supply to fuel growth in gas

turbine generator business; raising price target Oil Drilling, Equipment & Services

12-month rating Buy

12m price target Rmb200.00Aeroderivative GTH from FTAI strengthens and diversifies Jereh's GTH resources

Prior : Rmb140.00

Jereh has received six orders for gas turbine generator sets (GTGS) with a total capacity

of 950MW worth US$1.1bn since late 2025, primarily from the AIDC market. The Price (25 May 2026) Rmb137.35

company has also been actively strengthening its gas turbine head (GTH) supply – a key RIC: 002353.SZ BBG: 002353 CS

investor concern – by diversifying beyond its established suppliers GE, Siemens and

Baker Hughes (see note) through new partnerships. On 30 April, leading global Trading data and key metrics

aeroengine maintenance and leasing firm FTAI announced a strategic partnership with 52-wk range Rmb150.80-33.70

Jereh to assemble and market GTGS under their JV using aeroderivative GTH supplied by Market cap. Rmb141b/US$20.7b

FTAI. FTAI targets to achieve first delivery by Q426 and produce 100 Mod-1 Shares o/s 1,024m (ORDA)

(aeroderivative gas turbine generator sets) units totalling 2.5GW in 2027. We raise our Free float 46%

earnings estimates and price target to reflect the mid-to-long-term growth potential of Avg. daily volume ('000) 22,164

Jereh's GTGS business, supported by its sizeable addressable market. Avg. daily value (m) Rmb2,594.6

Common s/h equity (12/26E) Rmb26.0b

UBS expects gas turbine shortage to persist until 2030 P/BV (12/26E) 5.4x

UBS's supply-demand model suggests the gas turbine shortage may persist till 2030.