--- canonical_url: https://www.stockexpertai.com/zh/earnings/gev last_updated: 2026-05-03T20:52:34.790Z --- # GE Vernova Inc. (GEV) Q4 FY2026 财报预览 > 此内容由 FMP 实时数据 + Q1 FY2026 财报电话会议记录自动生成。生成时间：2026-05-03T20:52:33.799Z。本工具为教育目的，不构成投资建议。 --- ## 快速摘要 | 字段 | 值 | 来源 | |---|---|---| | 价格 | $1062.95 (▼ -1.89%) | fmp:quote | | 市值 | $285.6B | fmp:profile | | 52周区间 | $387.03 – $1181.95 | fmp:quote | | 财报 | 周三 29 7月 | fmp:earnings-history | | EPS 预期 | $3.10 (+67% YoY) | fmp:earnings-estimate | | 营收预期 | $10.7B | fmp:earnings-estimate | | 超预期连胜 | 2/4 | fmp:earnings-history | | 评级 | A- (overall 4/5) | fmp:ratings | | 分析师中位数目标价 | $1195 (+12.4% upside) | fmp:price-target-consensus | | MoonshotScore | 44/100 | derived | | Council | 3/6 bullish | derived | | 芒格结论 | 合理估值 | derived | ## GE Vernova Inc. — Q4 FY2026 预期 Q4 季度共识：营收 $10.7B^{[FMP est]}，EPS $3.10^{[FMP est]}。连续 2 个季度超出预期^{[FMP earnings]}。 ## 快速概览 **得分：** A- · **立场：** HOLD · **Council：** 3/6 · **Moonshot：** 44 = MoonshotScore 44^{[MoonshotScore]} + Council 3/6^[Council]。Form 4: 0 笔交易^{[FMP Form 4]}。 ## 观察列表 (5个指标) ### 1. Backlog Growth 自剥离以来，GE Vernova 的总积压订单已大幅增加，从 1160 亿美元增至 1630 亿美元，预计到 2027 年将达到 2000 亿美元。 > "自我们剥离以来，我们以 1160 亿美元的积压订单起步。我们已将积压订单增加到 1630 亿美元，设备积压订单增加了 80%，利润率也大幅提高。在过去的 90 天里，我们在总积压订单中增加了 130 亿美元，现在预计到 2027 年将达到 2000 亿美元的积压订单，而我们之前的预期是 2028 年。" > — Scott L. Strazik, CEO, Investor Focus · Q1 FY2026 ### 2. Fy26 Revenue Guidance 由于电气化业务的额外增长，GE Vernova 将 2026 年的收入预期提高至 445 亿美元至 455 亿美元，比之前的预期增加了 5 亿美元。 > "对于收入，由于电气化业务的额外增长，我们现在预计收入将在 445 亿美元至 455 亿美元之间，比我们之前的预期增加了 5 亿美元。" > — Kenneth S. Parks, CFO, Expectation / Guide · Q1 FY2026 ### 3. Electrification Revenue Guidance GE Vernova 预计 2026 年第二季度电气化收入将在 33 亿美元至 35 亿美元之间，同比增长显着。 > "第二季度电气化收入应在 33 亿美元至 35 亿美元之间，同比增长显着。" > — Kenneth S. Parks, CFO, Expectation / Guide · Q1 FY2026 ### 4. Electrification Data Center Orders GE Vernova 第一季度数据中心电气化订单超过 24 亿美元，超过 2025 年全年业绩。 > "电气化的增长轨迹非常显着。自 2022 年底以来，其积压订单已从 90 亿美元增至 420 亿美元，我们预计未来将实现更大的增长。这不仅受到传统客户的推动，还受到数据中心的推动，数据中心在第一季度的订单额约为 24 亿美元，超过了 2025 年全年。再次重申，我们第一季度数据中心电气化订单超过了 2025 年全年业绩。" > — Scott L. Strazik, CEO, Investor Focus · Q1 FY2026 ### 5. Power Equipment Orders 按价值计算，GE Vernova 4 月份的本季度迄今为止的电力设备订单多于 2026 年第一季度的总和。 > "今年迄今为止，我们在电力设备方面的订单价值已超过 2026 年第一季度的总和。" > — Scott L. Strazik, CEO, Investor Focus · Q1 FY2026 ## MoonshotScore 支柱 | 支柱 | 得分 | 水平 | 证据 | |---|---|---|---| | 营收增长 | 1.0 | weak | Q1 vs Q2: 增长放缓 (+%2.5，低于阈值) | | 毛利率 | 2.0 | weak | Q1: 低毛利率 (%19.1，资本密集型或大宗商品) | | 经营杠杆 | 0.0 | weak | 营业利润率疲弱 (%1.9，承压) | | 现金流储备 | 10.0 | strong | FCF 非常强劲 ($4.8B，是资本支出的 12.1 倍以上) | | 研发投入强度 | 3.0 | weak | 平均研发投入 (%3.2) | | 价格动能 | 7.0 | strong | RSI 59.7 动能积极，50日均线之上 | | 新闻情绪 | 8.0 | strong | 强烈买入共识 (80%) | **公式:** sum(pillar.score) / (count * 10) * 100. Each pillar deterministic from FMP. Source maps in pillar.formula. ## Council (7视角) | 名称 | 立场 | 背景 | |---|---|---| | Ray Dalio | bull | 宏观 · 目标上涨空间 +12.4% | | Ken Griffin | bull | 资金流 · 50日均线之上 | | Jim Simons | neutral | 量化 · RSI 60 | | Klarman | neutral | 价值 · 目标上涨空间 +12.4% | | Buffett | bull | 质量 · ROE 评分 5/5 | | Munger | neutral | 估值 · 目标上涨空间 +12.4% | **公式:** Each lens uses deterministic rule on bundle data. Logged in member.contextTr. ## 芒格视角 - **结论:** 合理估值 - **财务健康:** Strong - **安全边际:** Moderate - **利息覆盖率:** Adequate - **ROIC vs WACC:** Healthy **公式:** verdict=upside>25?Undervalued:>0?Fairly Valued:Overvalued. Each lens deterministic from FMP ratings + priceTarget. ## 技术水平 - **RSI(14):** 59.7 — yükselişte nötr — overbought sınırının altında, momentum pozitif - **50日均线:** $923 — hisse %15.2 üstünde — kısa vadeli destek - **200日均线:** $709 — hisse %50.0 üstünde — uzun vadeli destek - **成交量 (10日):** -41% ## 历史表现 (4个季度) | 季度 | 实际 EPS | 预期 EPS | 结果 | 反应 | |---|---|---|---|---| | Q2 FY25 | $1.86 | $1.48 | BEAT | -0.8% | | Q3 FY25 | $1.64 | $1.72 | MISS | +3.3% | | Q4 FY25 | $13.39 | $2.93 | BEAT | +0.8% | | Q1 FY26 | $1.98 | $1.95 | +1.5% EPS | +1.9% | Q1 (2026年4月22日): EPS $1.98 vs 预期 $1.95^[FMP]，超出 +%1.5。D+1 走势：+1.9%^{[FMP D+1]}。尽管超出预期，但股价下跌 — 市场对指引而非数据做出反应。 ## 3种情景 ### 情景 A · 超预期 **Q4 EPS > $3.10 + 资本支出纪律** 阈值：EPS > $3.10^{[FMP est]}。目标：突破中位数目标价 $1195^{[FMP target]}；高目标价 $1400^[FMP] 为上限。 ### 情景 B · 符合预期 **EPS ≈ $3.10 + CapEx < $397.0M** 阈值：EPS ≈ $3.10^{[FMP est]}，Q4 资本支出 < $397.0M^[FMP]。目标：在当前价 $1063^[FMP] 与中位数目标价 $1195^[FMP] 区间内盘整。 ### 情景 C · 未达预期 **EPS < $3.01 或 CapEx ≥ $397.0M** 阈值：EPS < $3.01^{[FMP est×0.97]}。目标：当前价 $1063 低于 200日均线 $709^[FMP]，若持续拒绝，则激活 $602^[derived] 支撑位。 ## 风险提示 ### {{segment}} 低于阈值 Q1 季度：EPS $1.98 vs 预期 $1.95^[FMP]，超出预期，股价 D+1 +1.9%^[FMP]。 ### 对 OpenAI 的依赖 Q1 财报电话会议中未披露 RPO/积压集中度。 ### 内幕交易 Form 4 数据已在表格中标记 — 本页面不为此股票生成假设。 | 高管 | 操作 | 金额 | 日期 | |---|---|---|---| **净额:** — (0 笔交易 · 0 笔卖出 · 0 笔买入) · Q1 FY26 ### 资本支出冲击 Q1 季度资本支出 $397.0M^{[FMP cashflow]}。 Q1 营业利润率 %1.9^{[FMP op margin]} — Q4 的这一水平对资本支出修订风险敏感。 ## 华尔街共识 - **中位数目标价:** $1195 (+12.4% upside vs current $1063) - **高 / 低:** $1400 / $714 - **买入 / 持有 / 卖出:** 28 / 7 / 0 - **分析师数量:** 15 (上一季度), 99 历史总数 ## 额外财报电话会议洞察 ### 1. backlog_growth **主张:** GE Vernova's total backlog has significantly increased since the spin-off, growing from $116 billion to $163 billion, and is expected to reach $200 billion in 2027. **证据 (会议记录):** "Since our spin, we launched with a $116 billion backlog. We have grown this backlog to $163 billion with an 80% increase in our equipment backlog at considerably better margins. In the last 90 days, we have added $13 billion to our total backlog and now expect to reach $200 billion in backlog in 2027, versus our previous expectation of 2028." **数据:** $116 billion, $163 billion, 80%, $13 billion, $200 billion, 2027, 2028 ### 2. gas_power_demand **主张:** GE Vernova continues to see significant demand and favorable pricing trends for both equipment and services, and this demand is global and spans a diverse set of customers. **证据 (会议记录):** "In Gas Power, we continue to see significant demand and favorable pricing trends for both equipment and services. This demand is global and spans a diverse set of customers." **数据:** — ### 3. power_equipment_orders **主张:** GE Vernova has booked more Power equipment orders quarter-to-date in April in terms of value than it did in all of Q1 2026. **证据 (会议记录):** "Quarter-to-date, we have booked more Power equipment orders in terms of value than we did in all of Q1 2026." **数据:** Q1 2026 ### 4. electrification_data_center_orders **主张:** GE Vernova's Q1 Electrification orders to data centers exceeded $2.4 billion, surpassing the full year of 2025 results. **证据 (会议记录):** "Electrification’s growth trajectory has been significant. Since year-end 2022, its backlog has grown from $9 billion to $42 billion, and we expect substantially more growth moving forward. This is being driven not just by traditional customers, but also data centers, which accounted for approximately $2.4 billion in orders in Q1—more than the full year of 2025. Just to repeat that, our Q1 Electrification orders to data centers were more than full-year 2025 results." **数据:** $2.4 billion, 2025, 9, 42 ### 5. electrification_revenue_guidance **主张:** GE Vernova anticipates second-quarter 2026 Electrification revenues to be between $3.3 billion and $3.5 billion, a significant year-over-year increase. **证据 (会议记录):** "Second-quarter Electrification revenues should be between $3.3 billion and $3.5 billion, a significant year-over-year increase." **数据:** $3.3 billion, $3.5 billion, 2026 ### 6. fy26_revenue_guidance **主张:** GE Vernova is raising its revenue guidance for 2026 to a range of $44.5 billion to $45.5 billion, up $500 million compared to its previous expectation due to additional growth at Electrification. **证据 (会议记录):** "For revenue, we now expect to be in the range of $44.5 billion to $45.5 billion, up $500 million compared to our previous expectation due to additional growth at Electrification." **数据:** $44.5 billion, $45.5 billion, $500 million, 2026 --- *数据来源：FMP (实时查询，2026-05-03)，Q1 FY2026 财报电话会议记录 (由 Gemini 2.0 Flash 翻译成中文)。本工具为教育目的，不构成投资建议。*