Industrial Electronics Implications of GE Vernova’s results

研报英文原文证据摘录

Industrial Electronics Implications of GE Vernova’s results

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

23 July 2026

Industrial Electronics

Implications of GE Vernova’s results

GE Vernova (GEV US; covered by Mark Strouse; Overweight) on July 22 (local Japan Equity Research

time) announced its 2Q results, which confirmed continued strong momentum in

Technology - Consumer Electronics/

the electrification segment. In particular, the orders from data centers, which Industrial Electronics/Precisions

increased sharply in 1Q, remained high in 2Q, and cumulative 2Q orders from data AC Junya Ayada

centers in the electrification segment accounted for 37% of the total for the

(81-3) 6736 8631

segment. The company is also leading the industry in orders for data centers due junya.ayada@jpmorgan.com

to developing solutions that combine power generation equipment and energy Mio Shikanai

management systems (EMS). We also expect Hitachi’s energy business to see a (81-3) 6736 1313

high level of orders and margin improvement thanks to a favorable demand mio.shikanai@jpmorgan.com

environment, and GEV’s results seem to generally suggest that. In Hitachi’s 1Q JPMorgan Securities Japan Co., Ltd.

(April-June) results, we will pay attention to orders and margin trends, supply-

demand and prices of power transmission and distribution equipment, and the

strengthening of its product lineup and outlook for orders for data centers, which

are lagging GEV’s.

• GEV’s earnings results: 2Q EBITDA fell short of the consensus estimate by

3% due to worsening profitability in the wind power segment and increased

corporate expenses. 2Q orders totaled US$24.2 billion (Bloomberg consensus

of US$19.9 billion), and the book-to-bill ratio remained high at

2.2x.