Questions & Answers about fámén yǒu gùzhàng.
Yes, 有 often means to have, and that is exactly how it works here.
The sentence is literally something like:
- 阀门有故障
- The valve has a fault/problem
In English, we often say The valve is faulty or The valve has a problem, so this matches pretty well.
In Mandarin, 有 + noun is a very common way to say that something has some condition, issue, feature, or characteristic.
Examples:
- 机器有问题 = The machine has a problem.
- 电脑有故障 = The computer has a malfunction.
- 这个系统有风险 = This system has risks.
So in this sentence, 有 is completely natural.