DONGFANG ELEC (01072) rose more than 7% intraday. At the time of writing, the stock was up 5.75% to HK$23.18, with a trading volume of HK$220 million.
The company recently secured a core equipment order for a 50MW combined cycle power project in Zhambyl Region, Kazakhstan, leveraging its independently developed F-class heavy-duty gas turbine G50. This marks China's first export of a complete heavy-duty gas turbine, signaling its entry into the mainstream international energy equipment market. Industry analysts note that as aging gas turbines in Europe and the U.S. enter replacement cycles, Middle Eastern and Central Asian countries accelerate natural gas power deployment, and emerging markets demand flexible peak-shaving power sources, the global market for small-to-medium and heavy-duty gas turbines is entering a new growth phase.
Tianfeng Securities highlighted that DONGFANG ELEC's 50MW F-class heavy-duty gas turbine (codenamed G50) commenced commercial operation in 2023 and achieved its first export to Central Asia in 2025, supplying three self-developed 50MW heavy-duty gas turbines for the Kazakhstan project. The company is currently developing a 200MW-class G200 turbine, a 15MW-class G15 turbine for low-power applications, and China's first large-power split-shaft 80MW-class G80 turbine for mid-range power needs. The brokerage expects that amid potential supply-demand gaps in overseas gas turbines from 2026 to 2035, DONGFANG ELEC's self-developed G50 and other turbine models could effectively address incremental demand, accelerating global expansion.
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