瑞银发布研报称，将潍柴动力（000338）(02338)目标价由18.5港元上调至27.8港元，评级由"中性"升 至"买入"。该行将公司2026至27年的盈利预测上调3%至5%，并将2028至2030年的盈测大幅上调11%至 27%，以反映新业务为公司提供了更高的收入和盈利可见度。该行表示，潍柴动力的业务转型超出预 期，预计到2030年，公司电力生成对净利润的贡献，将由今年的17%升至44%，相信足以抵销电动卡车 的负面风险。 ...

Core Viewpoint - UBS has raised the target price for Weichai Power (02338) from HKD 18.5 to HKD 27.8 and upgraded its rating from "Neutral" to "Buy" [1] Financial Forecasts - The company’s earnings forecasts for 2026 to 2027 have been increased by 3% to 5% [1] - Earnings estimates for 2028 to 2030 have been significantly raised by 11% to 27% [1] Business Transformation - Weichai Power's business transformation has exceeded expectations [1] - By 2030, the contribution of power generation to net profit is expected to rise from 17% this year to 44% [1] - This increase is believed to be sufficient to offset the negative risks associated with electric trucks [1]

Core Viewpoint - UBS has raised the target price for Weichai Power from HKD 18.5 to HKD 27.8, upgrading the rating from "Neutral" to "Buy" [1] Group 1: Earnings Forecast Adjustments - The earnings forecast for Weichai Power for the years 2026 to 2027 has been increased by 3% to 5% [1] - The earnings estimates for 2028 to 2030 have been significantly raised by 11% to 27% [1] Group 2: Business Transformation and Profit Contribution - Weichai Power's business transformation has exceeded expectations, with projections indicating that by 2030, the contribution of power generation to net profit will rise from 17% this year to 44% [1]

Group 1 - Shandong Shengli Co., Ltd. plans to acquire equity in four gas companies controlled by its major shareholder to integrate downstream urban gas assets [1] - The natural gas industry in China is undergoing a comprehensive transformation across the entire value chain, from upstream exploration to downstream applications [1] - The move indicates that large gas groups are accelerating the securitization of quality assets to enhance operational efficiency and gain a competitive edge in the evolving energy service market [1][2] Group 2 - The natural gas market is expected to grow significantly, with the goal of increasing its share in primary energy consumption to around 15% by 2030, indicating vast growth potential [1] - Companies are actively pursuing both organic growth and mergers and acquisitions to strengthen their positions in the industry [2] - Leading companies like Hengtong Logistics and Weichai Power are optimizing their operations and investing in new technologies to capitalize on market opportunities in LNG and gas engines [2][3] Group 3 - The integration of "natural gas+" with various new energy sources presents significant development potential for companies [3] - Vertical integration allows companies to better control resources across the supply chain, reduce operational costs, and enhance risk resilience [3] - Focusing on specific segments can help companies build technological barriers and brand advantages, thereby improving core competitiveness [3]

Core Insights - In October 2025, the domestic narrow passenger car market retail sales reached 2.248 million units, a year-on-year decrease of 0.5% and a month-on-month increase of 0.2% [1] - Cumulatively, from January to October 2025, total sales reached 19.256 million units, reflecting a year-on-year growth of 8.0% [1] Group 1: Market Performance - October 2025 saw a slight year-on-year decline in retail sales of passenger cars due to a high base from the previous year, with a decrease of 0.9% [3] - New energy vehicles (NEVs) experienced a year-on-year growth of 7.3% in October, while conventional fuel vehicles saw a decline of 10% [3] - The cumulative growth rate of passenger cars has shown a gradual deceleration in the second half of the year [3] Group 2: Manufacturer Sales Rankings - BYD ranked first in retail sales from January to October 2025 with 2.838 million units sold, a decrease of 2.1% year-on-year, holding a market share of 14.7% [9] - Geely followed with 2.141 million units sold, marking a significant year-on-year increase of 56.2% and a market share of 11.1% [9] - In October 2025, BYD sold 295,871 units, down 14.8% month-on-month and 31.4% year-on-year, capturing a market share of 13.2% [8] Group 3: New Energy Vehicle Sales - In October 2025, BYD led the NEV wholesale sales with 436,856 units, a month-on-month increase of 11.1% but a year-on-year decrease of 12.7%, holding a market share of 27.0% [10] - Geely's NEV sales reached 177,882 units in October, reflecting a year-on-year increase of 63.6% [10] - From January to October 2025, BYD also led NEV sales with 3.656 million units, a year-on-year growth of 12.9% and a market share of 30.3% [11]

Core Viewpoint - Citigroup has raised the target price for Weichai Power's H-shares from HKD 16.3 to HKD 21.3 while maintaining a "Neutral" rating, driven by better-than-expected Q3 performance and strong global demand for AI data center power [1] Financial Performance - The sales forecast for large displacement engines for the fiscal years 2025 to 2027 has been increased to 12,000, 15,000, and 18,000 units respectively [1] - Net profit estimates for Weichai for the fiscal years 2025 to 2027 have been revised upward to CNY 12.4 billion, CNY 14.9 billion, and CNY 17.8 billion respectively [1] Strategic Partnerships - The potential announcement of strategic cooperation details with Ceres Power Holdings on solid oxide fuel cell (SOFC) projects could significantly enhance the company's valuation and long-term profit expectations [1]

Group 1 - The core viewpoint of the article highlights the target price increases for certain listed companies, with Heng Rui Pharmaceutical, Lens Technology, and Weichai Power leading the rankings with target price increases of 52.03%, 36.05%, and 31.00% respectively [2] - On November 10, a total of 85 listed companies received recommendations from brokerages, indicating a positive sentiment in the market [2] - Among the recommended companies, Zhongtung High-tech received recommendations from 2 brokerages, while China Energy Construction and Urban Development received recommendations from 1 brokerage each [2]

Group 1 - Citigroup raised the target price for Weichai Power's stock from HKD 16.3 to HKD 21.3 due to strong power demand from AI data centers [1] - Analysts, including Jeff Chung, indicated that further details on Weichai Power's strategic partnership with Ceres Power Holdings regarding solid oxide fuel cell (SOFC) projects could significantly enhance the company's valuation and long-term profit expectations related to AI and clean energy [1] - Citigroup maintained a "Neutral" rating on Weichai Power while increasing the net profit forecasts for 2025, 2026, and 2027 to RMB 12.4 billion, RMB 14.9 billion, and RMB 17.8 billion respectively [1]

Core Viewpoint - The company, Dehong Co., confirmed its status as a long-term supplier to Weichai Power, a leading automotive and equipment manufacturing group in China [1] Group 1 - Dehong Co. is recognized as a supplier to Weichai Power, which is noted for its strong comprehensive strength in the automotive and equipment manufacturing industry [1] - The interaction highlights the company's commitment to maintaining a relationship with Weichai Power, indicating a stable customer base [1]

Core Viewpoint - Weichai Power's stock experienced a slight increase of 0.27%, closing at 18.32 yuan, with a notable block trade occurring on November 10 [1] Trading Activity - A block trade was executed with a total volume of 204,300 shares and a transaction value of 3.7428 million yuan, with a premium rate of 0.00% [1] - The buyer was Guotai Junan Securities Co., Ltd., while the seller was an institutional entity [1] Recent Performance - Over the past three months, Weichai Power has recorded three block trades, totaling a transaction value of 41.9822 million yuan [1] - In the last five trading days, the stock has risen by 18.50%, with a net inflow of 555 million yuan from main funds [1]