INNIO(INIO US)：领先的专业基础设施解决方案提供商，首次覆盖

Aleadingspecialtyinfrastructuresolutionsproviderfortheutility,powergeneration,technology,communicationsandenergyindustries:Initiation InvestmentFocus INNIOisaleadingglobalproviderofdistributedgaspowersolutionsfordatacenters,powergeneration,utilitiesandgascompressionmarkets.ThecompanywascarvedoutfromGE’sdistributedpowerbusinessin2018andoperatesthroughtwocorebrands:Jenbacher,whichprimarilyservespowergeneration applications,and Waukesha,which focuses on gascompression.INNIOhastwooperatingsegments:Equipment,includinggasengines,containerizedpowerblocksandrelatedprojectequipment,andServices,including aftermarket parts,overhauls,long-term serviceagreementsanddigitalsolutions.In2025,thecompanygeneratedrevenueofapproximatelyUS$2.64billion,up22.1%YoY,withadjustedEBITDAofapproximatelyUS$549millionandanadjustedEBITDAmarginof20.8%.Equipmentaccounted for approximately 52%of 2025 revenue,whileServicesaccountedforapproximately48%,supportedbyaninstalledbaseofaround44GW. RatingOUTPERFORMCurrentPrice36.95TargetPrice46MarketCap27.71bnSharesinIssue750.00mn52-WeekHigh/Low42.95-31.06 Theglobaldatacenterpowermarketisenteringamulti-yearinvestmentcycle,driven by accelerating AI workloads,grid interconnectionconstraintsandthenon-discretionaryneedforreliable24/7primepower.Behind-the-metergenerationisincreasinglybecomingapracticalsolutionforhyperscaleandAIdatacenterdevelopersseekingfastertime-to-power.INNIOis well positioned to capture this long-term trend through itshigh-speedJenbacher gas engines,modular containerized power blockarchitectureand service-driven business model.By providing rapidlydeployabledistributedpowersolutionsandlong-durationservicesupport,INNIOhassecuredasharplyexpandingbacklog,withEquipmentbacklogrisingtoapproximatelyUS$4.8billionin1Q26anddatacentersaccountingforaround60%of2025Equipmentorderintake.Asatrustedproviderofmodulargas power solutions,INNIOis positioned to capture sustainedgrowthacrossdatacenterprimepower,gridbalancing,industrialpowerandgascompressionapplications. Valuation&recommendationWeinitiatecoverageonINNIOwith“Outperform”andaYE2027targetprice ofUS$46.OurYE2027targetpriceisbasedon27xFY2028EEV/EBITDA,appliedtoourFY2028EadjustedEBITDAestimateofUS$1.32bn.Thetargetmultiplerepresents a premium to traditional industrial engine peers,reflectingINNIO’sscarceexposuretodatacenteron-sitepower,strongbacklogvisibility,capacity-led revenue growth and long-term Servicesopportunity.Webelievethispremiumcanbesustainedasthecompanyexecutesonbacklogconversionandcapacityexpansion. RisksSlower-than-expecteddata center power demand;delays in capacity expansion;backlog deferrals or cancellations;customer concentration;stricteremissionsregulationforgas-basedgeneration. Contents 1.INNIO:Globalleadingproviderofdistributedenergysolution...................................31.1FromGEDistributedPowertoalistedAIpowerinfrastructuresupplier..............31.2Financialperformancehighlights...........................................................................52.Datacenterpower:structuralgrowthmarket.............................................................72.1AIworkloadsarereshapingpowerdemand..........................................................72.2Gridconstraintsandturbineleadtimescreatedemandforbehind-the-meterpower...........................................................................................................................82.3Gasenginesarebecomingapracticalbridgesolutionfordatacenterprimepower...........................................................................................................................83.INNIO:Capturingdatacenterpowerdemand.............................................................93.1JenbacherType6:the5MWpowernodeisthecoreproductedge.....................93.2Backlogvisibilityandcapacityexpansionarethenear-termearningsswingfactors...........................................................................................................................93.3Servicesflywheel:installedbaseconvertsequipmentgrowthintorecurringrevenue......................................................................................................................104.Valuation&recommendation....................................................................................125.Risks............................................................................................................................13 1.INNIO:Globalleadingproviderofdistributedenergysolution 1.1FromGEDistributedPowertoalistedAIpowerinfrastructuresupplier INNIOisaleadingproviderofdistributedenergysolutions,focusingonhigh-speedmodulargasenginesformission-criticalpowergenerationandgascompression.ThecompanywasformedafterAdventInternationalacquiredGE’sdistributedpowerbusinessin 2018.Its two core product brands are Jenbacher and Waukesha.Jenbacherismainlyusedinpowergenerationmarkets,includingdatacenters,gridbalancing,peakshaving,combinedheatandpower,microgridsandbehind-the-metergeneration.Waukeshaprimarilyservesthegascompr