招商证券：Bloom Energy(BE.US)斩获GW级订单 SOFC应用再加速

智通财经01-12

智通财经APP获悉，招商证券发布研报称，1月8日，美国电力公司(AEP)宣布行使期权，向Bloom Energy(BE.US)购买高达1GW(100MW初始+900MW期权)的固体氧化物燃料电池(SOFC)，交易总价值约26.5亿美元。根据AEP和BE前期合作信息，项目预计服务于第三方大型数据中心客户，这标志着SOFC在数据中心场景的应用已从“验证期”正式迈入“大规模放量期”。SOFC是AI缺电的...

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Energy(BE.US)购买高达1GW(100MW初始+900MW期权)的固体氧化物燃料电池(SOFC)，交易总价值约26.5亿美元。根据AEP和BE前期合作信息，项目预计服务于第三方大型数据中心客户，这标志着SOFC在数据中心场景的应用已从“验证期”正式迈入“大规模放量期”。SOFC是AI缺电的...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1391539.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2249611893.SGD","symbol_name":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1391539.html","article_id":"2602559945","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2602559945","pubTimestamp":1768200731,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，招商证券发布研报称，1月8日，美国电力公司宣布行使期权，向Bloom 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Energy(BE.US)购买高达1GW(100MW初始+900MW期权)的固体氧化物燃料电池(SOFC)，交易总价值约26.5亿美元。根据AEP和BE前期合作信息，项目预计服务于第三方大型数据中心客户，这标志着SOFC在数据中心场景的应用已从“验证期”正式迈入“大规模放量期”。SOFC是AI缺电的重要解决方案，在电网侧短期难以扩容的背景下，SOFC已具备极强的“刚需”属性。招商证券主要观点如下：GW订单落地，SOFC为AI数据中心供电商业闭环彻底打通此次AEP在前期100MW订单基础上，全额行使900MW期权，是继25Q3BE与Brookfield达成50亿美元战略合作后的又一标志性事件。根据AEP和BE前期合作信息，项目预计服务于第三方大型数据中心客户，这标志着SOFC在数据中心场景的应用已从“验证期”正式迈入“大规模放量期”。订单不仅锁定了BE未来的营收确定性，更在产业层面彻底验证了SOFC作为AI数据中心核心供电方案的商业逻辑闭环。BE在手订单充足，财务拐点已现回顾BE25Q3业绩，营收5.19亿美元创纪录，Non-GAAP毛利率突破30%，Non-GAAP运营收入同比大增超4倍。随着AEP大单确认，目前公司累积订单近2GW，产能利用率预计将大幅提升，摊薄单位制造成本。预计公司2026年营收及现金流将进一步爆发，规模效应下盈利能力有望持续爬坡。SOFC是AI缺电的重要解决方案当前北美电网面临严重的互连排队积压，变压器短缺及输配电扩容周期长，燃气轮机交付周期长，已成为制约AI算力落地的最大物理瓶颈。SOFC凭借其快速撬装部署、占地面积小、支持离网运行等优势，叠加高达60%的发电效率，成为解决数据中心供电快速部署的重要解决方案。在电网侧短期难以扩容的背景下，SOFC已具备极强的“刚需”属性。部分公司进入全球供应体系，国内示范快速追赶海外龙头BE订单井喷，国内进入其全球供应链体系的企业将迎来明确的业绩增量。三环集团：作为全球电子陶瓷龙头，公司供应的隔膜板与电解质片是SOFC电堆的核心耗材，技术壁垒极高且深度绑定BE。春晖智控：其参股公司春晖仪表(拟收购至100%控股)在供暖及传感领域积淀深厚，很早与BE开展合作，供应温度传感器(份额约70%)。此外，国内SOFC示范项目也在快速追赶。标的方面建议关注：春晖智控(300943.SZ)、三环集团(300408.SZ)、壹石通(688733.SH)、雄韬股份(002733.SZ)、潍柴动力(000338.SZ)、顺络电子(002138.SZ)、佛燃能源(002911.SZ)、东睦股份(600114.SH)、新奥股份(600803.SH)。风险提示下游需求不及预期、产品降本不及预期、技术进步不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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