Asia Power Equipment: Read-through from GE Vernova’s 2Q26 results

研报英文原文证据摘录

Asia Power Equipment: Read-through from GE Vernova’s 2Q26 results

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

23 July 2026

Asia Power Equipment

Read-through from GE Vernova’s 2Q26 results

While GE Vernova (GEV.US; covered by Mark Strouse, OW) reported robust new- Power Equipment and Utilities

ACorder growth and strong operating trends, the shares were down pre-market at the Stephen Tsui, CFA

time of writing, alongside peers such as Siemens Energy, potentially reflecting (852) 2800-8592

concerns that gas-turbine order wins are nearing a plateau and end-of-decade stephen.tsui@jpmorgan.com

oversupply risk (see note by our European Capital Goods analyst). Yet our Capital Vento Suen

Goods analyst highlighted the strong conversion of GEV’s slot reservations into (852) 2800-8546

orders, with demand/supply fundamentals healthy through the end of the decade, vento.suen@jpmorgan.com

and management also said on the call that they see a clear pathway to grow turbine Alan Hon

orders into 2027. Electrification momentum remains strong, with ~30% organic (852) 2800-8573

alan.hon@jpmorgan.com

revenue growth YoY and ~4ppt EBITDA margin expansion; management cited J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

substantial growth in switchgear, substations, transformers, and HVDC Morgan Broking (Hong Kong) Limited

equipment, and expects 3Q EBITDA margin to expand sequentially. Data-center

orders were exceptionally strong at US$5bn (~2x FY25), suggesting demand

remains robust despite project-delay concerns. Overall, the results—especially

Electrification—reinforce our positive view on order wins, margin expansion, and

the data-center opportunity for transmission equipment; we maintain our positive

stance on Asian names, with top picks including Hyosung Heavy, Hyundai