Scott Strazik

Strazik预计美国超过5.5万座输电变电站将在未来十年内被彻底重建或升级到更高电压，带来巨大的电网设备机会。

在未来十年内被彻底重建或升级到更高电压。

原文 (en)

completely rebuilt or upgraded to higher voltages in the next decade.

Strazik表示GE Vernova仍处于电力投资超级周期的早期阶段。

仍处于这轮电力投资超级周期的早期阶段。

原文 (en)

still in the early stages of this electricity investment super cycle.

GE Vernova CEO 表示公司已为委内瑞拉电网修复选定承包商并完成规划，但在预付款到账前不会开工。

在没有预先收到付款的情况下，我们不会在这样的环境中采取行动。

原文 (en)

This is not an environment in which we are going to act without receiving payment upfront,

Strazik 表示，Trench 的高压产品、执行力和客户关系是建设电力超级周期所需韧性电网的关键。

Trench 差异化的高压产品、出色的执行力和深厚的客户关系，是实现现代化、有韧性的电网、跟上电力超级周期的关键推动力。

原文 (en)

Trench's differentiated high-voltage , strong execution and deep customer relationships are key enablers of the modernised, resilient grid required to keep pace with the electricity supercycle,

Strazik 强调 Trench 利润率有提升作用，且拥有约 50 亿美元订单和框架协议，部分延续至下个十年。

具有提升利润率的财务特征，以及约 50 亿美元的积压订单和框架协议，其中一些延续到下个十年。

原文 (en)

a margin-accretive financial profile and approximately $5 billion in backlog and framework agreements, some of which reach into the next decade

Strazik 预计 GE Vernova 第四季度积压订单将超过2000亿美元，并目标在2026年底前锁定至少130吉瓦燃气设备合同。

首席执行官 Scott Strazik 表示，公司预计第四季度积压订单将超过2000亿美元，并力争在2026年底前锁定至少130吉瓦的燃气设备合同。

原文 (en)

Chief Executive Scott Strazik said the company expects the backlog to exceed USD 200 billion in the fourth quarter and aims to exit 2026 with at least 130 gigawatts of gas equipment under contract.

Strazik 称收购 Trench 将带来约50亿美元积压订单和框架协议，部分延续到下个十年。

据 Strazik 称，Trench 带来约50亿美元的积压订单和框架协议，其中部分延续至下一个十年。

原文 (en)

Trench brings approximately USD 5 billion in backlog and framework agreements, some extending into the next decade, according to Strazik.

Strazik表示，GE Vernova预计2027年合同吉瓦数持续真实增长、积压订单大幅增加，但季度节奏更接近2026年下半年而非上半年。

展望2027年，虽然目前很难具体判断各个季度，但我们确实预计全年合同装机容量（吉瓦）将持续实现真实增长，不过2027年各季度的节奏可能更接近2026年第三、四季度，而不是第一、二季度，但我们仍有能力在明年大幅继续增加积压订单和合同吉瓦数。

原文 (en)

As we look into 2027, although it's hard to call the quarters, per se, at this point, we certainly continue to see real growth in our gigawatts on contract throughout 2027, but that maybe the quarterly profiles in 2027 are more likely to feel like 3Q and 4Q than they may have felt in 1Q and 2Q, but with an ability for us to materially continue to grow both our backlog and our gigawatts on contract throughout next year.

Strazik称，第四季度燃气设备订单每千瓦价格将低于第三季度，原因是航改型机组减少、50赫兹机组占比上升。

由于航改型机组减少，50赫兹机组相对增多。

原文 (en)

due to fewer aeroderivatives and relatively more 50 Hertz units.

Strazik称公司已基本完成100亿美元回购授权，平均成本约635美元，回报极佳。

在第三季度投入16亿美元、10月又投入超过13亿美元进行回购后，我们已基本完成100亿美元的授权，回报极佳，以平均约635美元的价格回购了1560万股。

原文 (en)

After investing $1.6 billion of the buyback in 3Q and over $1.3 billion in October, we have largely completed our $10 billion authorization with excellent returns, having acquired 15.6 million shares at an average price of approximately $635.

Strazik预计2027年燃气轮机在手合同容量继续增长，但季度增速将比2026年上半年更为平缓。

我们当然预计2027年全年合同在手的吉瓦数仍将实现真实增长，但2027年各季度的走势可能更接近2026年第三、第四季度，而不是增长迅猛的上半年。

原文 (en)

We certainly continue to see real growth in our gigawatts on contract throughout 2027, but that maybe the quarterly profiles in 2027 are more likely to feel like 3Q and 4Q” of 2026 than like the first half of the year, which saw aggressive growth

Strazik称收购Trench将提升生产计划可见性，并在交付周期日益重要的背景下使部件供应与客户项目进度更匹配。

整个行业的交付周期越来越重要。把Trench的制造布局和能力纳入Vernova后，我们预计生产计划的可见性更强，也能更好地让这些部件供应与客户的项目进度相匹配。

原文 (en)

Lead times across the industry are increasingly important. By bringing Trench's manufacturing footprint and capabilities inside Vernova, we expect greater visibility into production planning and improved ability to align this component supply with our customers' project schedules.

Strazik提醒风电订单增长基数很小，并表示要观察美国市场未来一年的走向再决定对该业务的投入。

我们预计在北美陆上风电市场继续表现良好，但这个市场目前规模很小。虽然我们的订单同比增长，但基数很小。我想看看未来一年美国市场走向如何，并继续评估如何投资这项业务以获取价值，或如何在这项业务中创造价值。

原文 (en)

We expect to continue to perform very well in the North America onshore wind market, but it's a very small market right now. And although our orders grew year-over-year, that's off of a very small base. I'd like to see where the U.S. market goes over the next year and continue to evaluate how we invest in this business for value and/or continue to evaluate how we create value in this business.

斯特拉齐克预计 Trench 所在的全球高压设备市场到本十年末将达到 1300 亿美元，以此支撑 90 亿美元的收购。

GE Vernova 首席执行官斯科特·斯特拉齐克表示，公司预计 Trench 所处的全球高压市场到本十年末规模将达到 1300 亿美元。

原文 (en)

GE Vernova CEO Scott Strazik said the company projects the global high-voltage market that Trench works in to be worth $130 billion by the end of the decade.

Strazik 称数据中心的大电力负荷正推动市场对更高效高压设备的需求增长。

数据中心需要大电力负荷，推动对更高效高压设备的需求不断增长。

原文 (en)

Data centers require large electricity loads, driving the increasing need for more efficient high-voltage equipment,

Strazik 认为仅靠电气化无法满足不断增长的电力需求，仍需要新增发电能力。

它是一个贡献因素，但无法取代对更多发电能力的需求。

原文 (en)

It's a contributor, but it's not going to replace the need for more power generation,

Strazik 表示燃气轮机价格较 2025 年第四季度上涨超 20%，2026 全年每千瓦价格预计比 2025 年高约 50%。

Strazik 表示，第三季度燃气设备订单价格较 2025 年第四季度高出 20% 以上，预计 2026 全年每千瓦燃气设备价格将比 2025 年高约 50%。

原文 (en)

Strazik said Q3 gas equipment orders were priced more than 20% above Q4 2025 levels, and that full-year 2026 gas pricing per kilowatt is expected to be about 50% above 2025.

Strazik 称 GE Vernova 拿下首个超大规模客户中压 UPS 订单及 6 MW 固态变压器授标。

Strazik 表示，GE Vernova 本季度签下首个面向超大规模云厂商的中压 UPS 订单，并获得一项 6 MW 户外固态变压器的超大规模客户授标，预计第四季度推进合同签订。

原文 (en)

Strazik said GE Vernova signed its first medium-voltage UPS order with a hyperscaler during the quarter, and received a hyperscaler award for a 6 MW outdoor solid-state transformer, with contracting expected to advance in Q4.

Strazik 称公司在自动化和 AI 上的内部投资有扎实应用场景，将在中期提升利润率。

我们在自动化和 AI 方面的投资有很强的应用场景，将在中期扩大利润率。

原文 (en)

We have investments in automation and AI with strong use cases that will expand margins over the medium term,

Strazik 称收购 Trench 将使 GE Vernova 抓住到 2030 年前后预计达 1300 亿美元的全球高压市场。

CEO Scott Strazik 在财报电话会上表示，此次收购将帮助 GE Vernova 把握到本十年末预计达到 1300 亿美元的全球高压设备市场。

原文 (en)

CEO Scott Strazik said on a post-earnings call that the acquisition would help GE Vernova capitalize on a global high-voltage market expected to reach $130 billion by the end of the decade.

Strazik表示，将Trench的制造能力纳入旗下，可提升生产计划可见度，并使部件供应与客户项目进度更匹配。

我们预计将对生产计划有更高的可见度，并能更好地使这些部件的供应与客户的项目进度保持一致。

原文 (en)

We expect greater visibility into production planning and improved ability to align this component supply with our customers’ project schedules.

Strazik表示，GE Vernova将继续在核心领域内寻找并购机会，以增强对供应链的掌控。

我们会继续寻找，对吧？我们始终会寻找机会，投资于我们核心领域内的业务，让我们的团队在把握当下机遇时拥有更多掌控力。

原文 (en)

We’ll keep looking, right? We’re always going to be looking for opportunities to invest in businesses that are within our core that give our teams more control to meet this moment.

Strazik 预计 2026 年燃气设备订单每千瓦价格将比 2025 年高约 50%。

GE Vernova 首席执行官 Scott Strazik 预计，2026 年全年燃气设备订单每千瓦价格将比 2025 年高出约 50%。

原文 (en)

GE Vernova CEO Scott Strazik expects full-year 2026 gas equipment order pricing per kilowatt to be about 50% above 2025 levels.

Strazik 称强劲需求让客户预订的涡轮机交付日期越来越远，交付档期已售至 2032 年。

Strazik 表示，强劲需求促使客户为越来越遥远的交付日期预订涡轮机。

原文 (en)

Strazik said strong demand was prompting customers to reserve turbines for increasingly distant delivery dates.

Strazik 提醒产品结构变化可能拉低第四季度每千瓦价格，但并非需求走弱。

Strazik 提醒称，产品结构变化会影响季度价格对比。他表示，产品结构的转变可能会拉低第四季度的每千瓦价格。

原文 (en)

Strazik cautioned that changes in product mix can affect quarterly pricing comparisons. Strazik said a shift in product mix could reduce pricing per kilowatt in the fourth quarter.

Strazik 称客户约 80% 为传统客户、20% 与数据中心相关，说明需求不止来自 AI 建设。

Strazik 称客户构成约为 80% 传统客户、20% 与数据中心相关的客户。

原文 (en)

Strazik put the customer mix at about 80% traditional customers and 20% customers connected to data centers.

Strazik称燃气轮机订单积压已超过档期预留，且档期已卖到2032年，显示需求持久。

正如预期，我们已到达一个重要拐点：订单积压现已超过产能预留协议（SRA）余额，进一步确认本十年余下时间我们将交付更多吉瓦。本季度我们售出了多个2032年交付的档期，需求环境依然强劲，客户正在锁定更远未来的涡轮机。

原文 (en)

As expected, we've reached an important inflection point where backlog is now greater than our SRA balance, further reinforcing the certainty that we will ship more gigawatts through the rest of the decade. This quarter, we sold multiple slots for '32 delivery as the demand environment remains strong and customers secure turbines further into the future.

Strazik称2026年下半年高定价设备出货带来的电力板块利润率是推演2027年的合适起点。

可以肯定，今年下半年开始是我们出货更高定价设备的起点。它始于2024年下半年的订单，但也有周期更短的订单在贡献三四季度的出货结构。没有理由认为今年下半年不是推演2027年的合适起点。

原文 (en)

Certainly, the second half of this year is the beginning of us starting to ship our better-priced equipment shipments. So -- and yes, it started with orders in the second half of '24, but there are orders that were shorter cycle than that, that are contributing to the 3Q, 4Q shipment profile that's helping. But there's no reason to think that the second half of this year isn't the right way to start to think about our projection into '27.

Strazik称2026年燃气订单价格较2025年高约50%，装机基数将带动高利润率服务业务。

2026年全年燃气订单每千瓦价格将比2025年全年订单高出约50%。我们庞大且不断增长的装机基数将在未来多年带来更高利润率的服务增长，随着这些机组安装，利润率将升至30%多。

原文 (en)

Full year '26 gas orders pricing per KW will be approximately 50% higher than full year '25 orders. Our large and growing installed base will generate services growth at higher margins for years to come, increasing in the 30s as these units are installed.

Strazik预计每吉瓦HA燃气轮机20年内带来5亿美元高利润服务收入。

正如我在近期一次会议上所说，我们预计每吉瓦HA燃气轮机在其前20年寿命内将产生5亿美元的高利润率服务收入。

原文 (en)

And as I mentioned at a recent conference, we expect every gigawatt of HAs to generate $0.5 billion of high-margin services revenue over the first 20 years of its lifetime.

Strazik认为电网损耗、数据中心和负荷增长将推动长期高压升级，预计到2030年该市场达1300亿美元。

如今电网从发电到终端使用的损耗高达8%，将电网升级到更高电压可大幅减少能量损耗，使整个电网更经济。此外，随着建筑电气化、制造业增长、热泵和电动车使现有电网负荷增加，需要将电网加固升级到更高电压。

原文 (en)

Today's grid loses as much as 8% from power generation to end use and the upgrade of the grid to higher voltages dramatically reduces energy losses, making the whole grid more economical. In addition, as the existing grid takes on more load with increased building electrification, manufacturing growth, heat pumps and EVs, grid reinforcements to higher voltages will be required.

Strazik称90亿美元收购Trench可保障关键高压部件并提升供应链确定性。

垂直整合Trench还将使我们在供应链关键环节获得更大产能和确定性，增强对客户的交付能力。

原文 (en)

Vertically integrating Trench will also give us greater capacity and certainty across a key part of the supply chain, strengthening our ability to deliver for customers.

Strazik称电网电气化设备是对新增发电的补充，无法取代新增电源需求。

我不确定电气化设备单靠我们或任何其他供应商能否为当今国内和全球对增量电力的需求提供足够的解决方案。它是一个贡献者，但不会取代新增发电的需求，它是补充。

原文 (en)

I don't know if electrification in isolation us or any other provider can provide enough of an unlock for what we're seeing for the need for incremental electricity in the country and in the world today. It's a contributor, but it's not going to replace the need for more power generation that gets added to the system. It's a complement is the way that I would say it.

Strazik提醒海上风电执行还需一年，美国陆上风电市场规模很小，风电业务战略选择仍待观察。

北海海上风电项目执行还要再持续一年，这是影响战略选择的变量。我们需要观察美国市场走向，因为我们历史上占北美陆上风电市场约50%，但目前市场规模很小。

原文 (en)

we've got one more year to go in the offshore execution in the North Sea, which is a variable to kind of answer the question as you're framing with our optionality as I see it. And I think it's important for us to see where the U.S. market goes because practically speaking, we have historically been about 50% of the North America onshore wind market. We expect to continue to perform very well in the North America onshore wind market, but it's a very small market right now.

Strazik称电力投资超级周期仍处早期。

我们仍处于这一电力投资超级周期的早期阶段，我们将以谦逊、自信和坚定的信念为所有利益相关方创造价值。

原文 (en)

We are still in the early stages of this electricity investment super cycle, and we are working with humility, confidence and conviction to deliver for all stakeholders.

Strazik称服务占比上升将继续推高利润率，设备和服务定价均在改善。

服务占设备比例上升将继续提升利润率，因为设备利润率在改善，我们也在提高服务订单的定价，服务利润率将继续扩大。

原文 (en)

The services growing as a proportion of the equipment would continue to be accretive to margins because as much as the equipment margins are improving, and you can see that in really the beginning of this journey with our first quarter now of the better-priced equipment shipments, we also are pricing up the services book and the margins will continue to expand there

Strazik称全球电力基础设施需求上升，预计第四季度积压订单超2000亿美元且利润率改善，年底前燃气设备签约至少达130吉瓦。

我们第三季度取得了强劲的财务业绩，因为全球对电力基础设施的需求不断增长。我们现在预计第四季度订单积压将超过2000亿美元且利润率有所改善，并在2026年底前至少有130吉瓦燃气设备已签约。

原文 (en)

We delivered strong financial results in the third quarter as demand for electricity infrastructure increases around the world. We now expect our backlog to exceed $200 billion in the fourth quarter, with improved margins, and to exit 2026 with at least 130 GW of gas equipment under contract.

Strazik表示公司正为公用事业和数据中心客户开发包括电气化技术在内的新方案，价值创造机会正在加速。

我们持续创新，为公用事业和数据中心客户开发新的解决方案以满足不断增长的需求，包括支持并网整合与韧性的电气化技术。我们创造价值的机会正在加速。

原文 (en)

We continue to innovate and develop new solutions for utility and data center customers to meet growing demand, including electrification technologies that support integration and resiliency. Our opportunity to create value is accelerating and I’m proud of how our team is executing with discipline and focus.

Strazik 称 Trench 的高压技术和客户关系是支撑电力超级周期所需现代化电网的关键。

“Trench 差异化的高压电网技术、强大的执行力和深厚的客户关系，是实现跟上电力超级周期所需的现代化、有韧性电网的关键推动力，”GE Vernova CEO Scott Strazik 表示。

原文 (en)

"Trench's differentiated high-voltage grid technology, strong execution, and deep customer relationships are key enablers of the modernized, resilient grid required to keep pace with the electricity supercycle," said GE Vernova CEO Scott Strazik.

Strazik 表示 GE Vernova 正投资电气化业务以把握非凡增长机遇，收购 Trench 将增强服务全球客户的能力。

我们正在投资电气化业务，以把握眼前非同寻常的增长机遇，而收购 Trench 将进一步增强我们以我们熟知的出色技术服务全球客户的能力。

原文 (en)

We are investing in our Electrification segment to meet the extraordinary growth opportunity in front of us, and our acquisition of Trench will further strengthen our ability to serve global customers with outstanding technology we know well.

Strazik表示GE Vernova有望在2027年实现2000亿美元订单积压目标，比原计划提前一年。

2025年12月，管理层预计订单积压到2028年底将达到约2000亿美元，但CEO Scott Strazik在第二季度财报电话会上表示，公司有望提前整整一年、在2027年达到这一里程碑。

原文 (en)

In December 2025, management projected the backlog would reach approximately $200 billion by the end of 2028, but CEO Scott Strazik said on the second-quarter earnings call that the company was on pace to hit that milestone a full year early, in 2027.

Strazik 表示，收购 Prolec GE 后，现有产能布局内可兑现的机会比交割前预期的更多。

在现有产能布局内可兑现的机会，比我在交割前预想的还要多。

原文 (en)

even more opportunity to fulfill within the existing footprint than I anticipated prior to close.

Strazik 预计 Prolec 交易带来的 2028 年财务表现将明显好于交易公布时预测的增量收入和利润率。

明显好于我们在 10 月所预测的增量收入和利润率。

原文 (en)

to be materially better than the incremental revenue and margin than we projected in October

Strazik表示，GE Vernova将通过与麻省理工学院的合作加倍投入，吸引顶尖人才，培养下一代能源工程师和领导者。

如今校园里的学生中，就有将定义下一个能源时代的工程师、创新者和未来领袖，我们的职责是让更多人有机会加入我们、与我们共同成长并改变世界。麻省理工学院是这一努力中最重要的合作伙伴之一，我们共同打造的并非渐进式改进，而是加倍投入。

原文 (en)

Among the students on campuses today are the engineers, innovators and future leaders who will define the next era of energy, and our job is to give more of them the opportunity to join us, grow with us, and change the world. MIT is one of our most important partners in that effort, and what we're building together isn't incremental – we are doubling down.

Strazik 在摩根士丹利会议上表示，电气化业务在手订单已从 2021 年底的 60 亿美元增至 450 亿美元。

GE Vernova 电气化业务的在手订单已增长至 450 亿美元，2021 年底仅为 60 亿美元。

原文 (en)

GE Vernova’s Electrification backlog has grown to $45 billion, up from just $6 billion at the end of 2021.