潍柴动力 20260226 摘要 潍柴动力股价与数据中心业务关联性显著增强，自 2025 年 10 月以来 估值持续提升，已接近 20 倍，未来或可对标卡特彼勒，后者在数据中 心逻辑驱动下估值大幅提升，潍柴动力存在估值提升至 30-40 倍的可能 性。 尽管可比公司 2025 年业绩下滑，但估值仍显著抬升。潍柴动力在业绩 增长背景下，且 2026-2027 年预计有更好增长，具备估值向 30 倍甚至 40 倍提升的基础。 2026 年潍柴动力主业预计稳中有增，核心增量来自凯傲。凯傲 2025 年裁员费用影响净利润约 20 亿，2026 年该影响消除，预计凯傲对净利 润贡献至少增加约 20 亿，对整体传统主业形成明确支撑。 重卡整车出口市占率多数时间处于第二，出口业务盈利能力强于内销， 预计 2025 年重卡出口增长 10%-20%，至 2030 年增长至 40 万辆。变 速器业务定位"龙二"，出口增长背景下，相关整车体系的净利润与增 长具备保障。 预计 2026 年车用发动机销量总量与 2025 年持平略增，但出口占比提 升，结构大幅优化。外销重卡发动机市占率高于内销至少 10 个点，中 在可比公司 2025 ...

智通财经APP获悉，国联民生证券发布研报称，当前北美地区电力供给趋紧，而AI数据中心建设正处于 快速扩张阶段，供需错配持续加剧。SOFC与MLCC有望分别从主电源侧、电路侧发力，协同破解北美 数据中心的电力与电路运行困境，构成数据中心电源系统优化的核心支撑。该行看好AI发展驱动服务 器电源领域技术迭代提速，预计SOFC、MLCC等相关产业链将步入高速成长周期。 从国内外产业链来看，海外厂商Bloom Energy是全球SOFC领域的领导者 根据25Q2财报显示，Bloom营收超过4亿美元，YOY+19.5%，延续了过去几个季度的稳健扩张态势。与 此同时，三环集团、潍柴动力等中国本土SOFC厂商也加快商业化进程，持续推动系统集成与应用落 地。 MLCC：电路模块的电源及信号稳定器 AI产业迅速发展成为MLCC需求大幅增长的核心动力，GPU销量提升、算力升级直接拉动需求，超高容 MLCC更能抑制电压下降、补偿电流波动，保障高算力设备稳定运行。 全球MLCC市场格局集中，日韩厂商掌握主导权 国联民生证券主要观点如下： 北美缺电常态化，开启SOFC和MLCC投资新篇章 当前北美电力供需失衡持续加剧，叠加AIDC快速扩 ...

Investment Rating - The report maintains a "Recommended" rating for Industrial Fulian (601138.SH) with a target price of 57.39 CNY, projecting an EPS of 1.78 CNY for 2024, 3.15 CNY for 2025, and 4.14 CNY for 2026, with corresponding PE ratios of 32, 18, and 14 [51] Core Insights - The ongoing power supply shortage in North America is reshaping the energy landscape, creating new investment opportunities in Solid Oxide Fuel Cells (SOFC) and Multi-layer Ceramic Capacitors (MLCC) as critical solutions to address the energy and circuit operation challenges faced by data centers [7][10] - SOFC technology is highlighted as a key player in resolving the power supply issues for data centers, with a projected global market size of approximately 1 billion USD in 2024, expected to grow to 4.7 billion USD by 2033, reflecting a compound annual growth rate (CAGR) of 15.7% from 2025 to 2033 [16][17] - The rapid development of AI is driving significant demand for MLCCs, particularly in high-performance servers, where the demand for MLCCs is three times higher than that of standard servers, indicating a critical role in stabilizing power supply and filtering interference [40][41] Summary by Sections 1. North America's Power Supply Shortage - The imbalance in power supply and demand in North America is becoming increasingly severe, with projections indicating an average peak power gap of over 20 GW from 2027 to 2030 [7] - The expansion of data centers is intensifying the pressure on power supply, making SOFC a vital solution for addressing these challenges [10] 2. SOFC: The Solution to Data Center Power Challenges - SOFC technology offers high energy conversion efficiency (approximately 60%) and low emissions, making it suitable for distributed generation and combined heat and power systems [12][15] - The market for SOFC is expected to grow significantly, driven by the increasing demand for clean and efficient energy systems [16][17] - Key players in the SOFC market include Bloom Energy, which reported revenues exceeding 400 million USD with a year-over-year growth of 19.5% [21] 3. MLCC: Power and Signal Stabilizers in Circuit Modules - The demand for MLCCs is surging due to the rapid growth of AI, with high-performance servers requiring MLCCs to stabilize power supply and compensate for current fluctuations [40][41] - The global MLCC market is projected to grow from 34.895 billion USD in 2025 to 109.22 billion USD by 2034, with a CAGR of approximately 13.52% [42] - Japanese and Korean manufacturers dominate the high-end MLCC market, while domestic companies like Fenghua Advanced Technology and Sanhuan Group are making strides in R&D and production capacity [48][49] 4. Investment Recommendations - The report suggests focusing on companies involved in servers (Industrial Fulian), SOFC (Sanhuan Group, Weichai Power), and MLCC (Fenghua Advanced Technology, Jiemai Technology, Torch Electronics) as they are well-positioned to benefit from the growing demand in the AI-driven market [50]

国家知识产权局信息显示，潍柴动力股份有限公司、潍坊潍柴动力科技有限责任公司取得一项名为"一 种接线故障检测方法及装置"的专利，授权公告号CN115113105B，申请日期为2022年6月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 潍坊潍柴动力科技有限责任公司，成立于2017年，位于潍坊市，是一家以从事研究和试验发展为主的企 业。企业注册资本17600万人民币。通过天眼查大数据分析，潍坊潍柴动力科技有限责任公司参与招投 标项目6次，专利信息879条，此外企业还拥有行政许可3个。 天眼查资料显示，潍柴动力股份有限公司，成立于2002年，位于潍坊市，是一家以从事汽车制造业为主 的企业。企业注册资本871567.1296万人民币。通过天眼查大数据分析，潍柴动力股份有限公司共对外 投资了64家企业，参与招投标项目5000次，财产线索方面有商标信息736条，专利信息5000条，此外企 业还拥有行政许可778个。 ...

Investment Rating - The report assigns a "Buy" rating to Weichai Power (02338) with a target price of HKD 37 [1] Core Insights - Goldman Sachs highlights that Weichai's subsidiary, Baudouin, has been recognized by major data center companies through its emergency generators, marking a significant milestone for the company [1] - The report anticipates substantial growth opportunities for Weichai in the under-supplied AIDC power generation equipment industry, suggesting a potential revaluation following significant changes in the investment landscape [1] - Two major catalysts for Weichai are expected in March: the announcement of the full-year results on March 26, where management is likely to provide further guidance on the long-term outlook for the power generation business, and Generac's Investor Day on March 25, which is expected to discuss more details about its data center strategy [1]

消息方面，国产挖掘机继续爆卖。随着各国对关键矿产的争夺日趋激烈，且铜、锑、金、银等矿产品价 格高涨，全球地质勘查投资和采矿业固定资产投资也在持续攀升。根据中国工程机械工业协会对挖掘机 主要制造企业统计，2026年1月销售各类挖掘机18708台，同比增长49.5%。其中：国内销量8723台（含 电动挖掘机24台），同比增长61.4%；出口量9985台（含电动挖掘机11台），同比增长40.5%。 从行业基本面看，工程机械内需复苏信号密集强化。中国机械工业联合会最新数据显示，2025年机械工 业规模以上企业增加值同比增长8.2%，实现营业收入33.2万亿元，总量创新高，利润总额1.7万亿元， 利润增速由降转增，同比增长5.9%。据东吴证券研究，2025年1~10月国内挖机累计销量同比+19.6%， 1~10月国内汽车/履带/随车/塔吊起重机累计销量同比分别-2.8%/+22.9%/+5.9%/-30.6%，相较于2024年明 显好转，国内工程机械进入全面复苏阶段。 近期，工程机械ETF华夏（515970）上市交易，创上市以来新高，第一大权重股潍柴动力今年以来大涨 超60%，潍柴动力权重占比高达20%，徐工机械、三一 ...

会议助理 1: 在会议开始前，我们即是各位投资者，在主讲嘉宾发言结束后，将留有提问时间。 好的，各位机构投资者大家晚上好，我是国海证券汽车行业的首席分析师戴畅。非常感谢 大家在今天晚上 8:30 的时间加入到我们的电话会议，电话会，电话会议当中。今天我们 的会议是重卡系列，就是整个重卡的高频紧急做的一个分析，包括后续的展望。那跟我一 起的还有我的同事，重卡的资深分析师徐明爽。那重卡这个板块的话，其实我们是持续的 看好的。在我们之前，去年年底发布的 2026 年年度策略里面，我们看好 2026 年四个方 向的机会，包括乘用车里面的超豪华推荐这个江淮汽车，前期的话我们也发布了超豪华的 深度行业报告。 那第二个的话，就是包括重卡整个板块的全面的看好。因为整个我觉得整个重卡 2020 年 的北塔应该会再次的超预期，并且重卡里面的相应的公司，除了重卡本身业务以外，也逐 步的在向一些 AIGC 的细分领域去拓展。这使得板块更加具备一些可比一些可塑性，一些 可看可可可以去关注的亮点。那第三个方向的话是机器人，第四个方向是智能驾驶，你的 智能座舱。就是高通的智能座舱芯片升级带来机会。那这一块的话，我们在 1 月份的时候 也发 ...

24 February 2026 | 9:48AM HKT Equity Research Weichai Power (000338.SZ): US hyperscaler validation marks a significant milestone; reiterate Buy on AIDC opportunities U.S. permitting documents for OpenAI's flagship Stargate data center in Texas (link) reveal the use of Baudouin-powered emergency generators, marking a milestone hyperscale data center endorsement of Baudouin (wholly owned by Weichai Power). This breakthrough reaffirms our bullish view on Weichai's significant growth opportunities from the unde ...

Group 1 - The core point of the article is that Weichai Power Co., Ltd. has obtained a patent for a "testing method, testing device, and testing system for generator controllers," with the authorization announcement number CN116610097B, and the application date is May 2023 [1] - Weichai Power Co., Ltd. was established in 2002 and is located in Weifang City, primarily engaged in the automotive manufacturing industry, with a registered capital of 87,156.71296 million RMB [1] - The company has made investments in 64 enterprises, participated in 5,000 bidding projects, and holds 736 trademark records and 5,000 patent records, in addition to having 778 administrative licenses [1] Group 2 - Weifang Weichai Power Technology Co., Ltd. was established in 2017 and is also located in Weifang City, focusing on research and experimental development, with a registered capital of 17,600 million RMB [1] - This subsidiary has participated in 6 bidding projects, holds 879 patent records, and has 3 administrative licenses [1]

Investment Rating - The report maintains a "Positive" investment rating for the industry [9]. Core Insights - In the short term, the electricity gap in North America continues to widen, leading to a supply-demand imbalance for gas turbines, which presents an opportunity for gas generator sets to become the primary power source [3][8]. - In the medium to long term, gas generator sets are expected to be a superior choice for small to medium-sized data centers due to their advantages in mid-speed parallel operation and lower redundancy costs [6][52]. - Domestic companies like Weichai Power and Yinlun Co. are well-positioned to benefit from this opportunity due to their production capacity and quick delivery capabilities [3][8]. Summary by Sections Background - The demand for AI computing power has surged, resulting in a projected electricity gap of approximately 73.2 GW in the U.S. from 2025 to 2030, which could increase to 201 GW if data center growth exceeds expectations [5][22]. Demand - Gas generator sets are expected to experience explosive growth in the short term due to the electricity shortage, with a significant demand for approximately 9 GW of gas engines in North America by 2026 [6][49]. - The medium to long-term outlook indicates that gas generator sets will become the preferred choice for data centers, particularly those in the 100 MW range, due to their operational efficiency and cost advantages [52]. Supply - There is a notable shortage of gas generator capacity from overseas suppliers, while domestic companies like Weichai Power can deliver quickly and meet the growing demand [7][63]. - The current market leaders in gas engines include Caterpillar and Yanmar, with Caterpillar holding a significant market share [55][58]. Investment Recommendations - The report suggests a strong growth cycle for gas generator sets in North America, driven by the ongoing electricity shortage and the transition from gas turbines to gas generator sets as the primary power source [8][49].