Core Viewpoint - Weichai Power (000338.SZ) has experienced a strong stock performance, with a 37.79% increase in January 2026, driven by the global rise in AI computing infrastructure stocks and a strategic upgrade in its power energy business, marking its transition from a power equipment provider to a comprehensive energy solutions leader [2][3]. Group 1: Business Transformation - Weichai Power is transitioning to a comprehensive energy solutions provider, establishing power energy as its seventh core business segment, aligning with national strategies for a clean, low-carbon, and efficient energy system [2][3]. - The company has strategically invested in solid oxide fuel cell (SOFC) technology and has developed a diverse energy portfolio, integrating traditional, clean, and new energy sources [3][4]. Group 2: Market Position and Growth - In 2025, Weichai's global sales of power generation products surpassed 100,000 units, positioning it among the top three in the global power energy market, with established partnerships with leading internet companies and data center service providers [4][5]. - The company has identified a structural change in market demand for reliable and flexible power solutions, leading to a strategic focus on full-scenario solution capabilities across various sectors [5][6]. Group 3: Product and Technology Development - Weichai has developed a comprehensive product matrix, including the world's first 5 MW high-speed diesel generator set, and has achieved significant advancements in SOFC technology, with efficiency exceeding 65% [6][7]. - The company is also pioneering hydrogen internal combustion engine technology, which is included in the national "14th Five-Year Plan" as a key direction for zero-carbon combustion [6][7]. Group 4: Global Service and Supply Chain - Weichai has established a global service network with 52 overseas offices and over 1,100 service points, ensuring rapid response capabilities and comprehensive customer support [7][8]. - The company has implemented a robust supply chain management system to ensure product reliability and timely delivery of spare parts, enhancing its competitive edge in the market [7][8]. Group 5: Future Development Plans - Weichai plans to expand its production capacity in traditional power generation and aims to complete the iteration of a new generation of SOFC products by 2030, focusing on cost reduction and market competitiveness [7][8].

燃启寰宇智，气贯全球芯（更新） 潍柴动力(000338) 潍柴动力（000338.SZ）AIDC 发电设备深度报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | 本报告导读： 新兴的 AIDC 发电设备——往复式燃气发电机组、SOFC 将是潍柴动力的重要业绩 增长点。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 213,958 | 215,691 | 236,480 | 258,350 | 277,184 | | (+/-)% | 22.2% | 0.8% | ...

增持后，JPMorgan Chase & Co.最新持好仓数目为157,232,959股，持好仓比例由7.99%上升至8.09%。 | 股份代號: | 02338 | | --- | --- | | 上市法國名稱: | 濰柴動力股份有限公司 | | 日期 (日 / 月 / 年): | 04/01/2026 - 04/02/20 A .. . | 格隆汇2月4日丨根据联交所最新权益披露资料显示，2026年1月30日，潍柴动力(02338.HK)获JPMorgan Chase & Co.以每股均价26.4212港元增持好仓189.46万 股，涉资约5005.78万港元。 | 不在地球 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | | | 股份到量 | | | | 請參閱 上亦 * 註 | 有投票楼股(日/月/年) | | | | | | | | 优自分比 | | CS20260204E00266 | JPMorgan ...

香港联交所最新资料显示，1月30日，摩根大通增持潍柴动力（000338）(02338)189.4609万股，每股作 价26.4212港元，总金额约为5005.78万港元。增持后最新持股数目约为1.57亿股，持股比例为8.09%。 ...

智通财经APP获悉，香港联交所最新资料显示，1月30日，摩根大通增持潍柴动力(02338)189.4609万 股，每股作价26.4212港元，总金额约为5005.78万港元。增持后最新持股数目约为1.57亿股，持股比例 为8.09%。 ...

高盛发表研报，率先市场上调 潍柴动力的长期盈利预测，以反映随着潍柴持续扩展其产品及技术组 合，其发电业务前景得到增强。AIDC( 人工智能 数据中心)发电业务目前约占潍柴2025年预测总净利润 的10%，预计到2030年将增长3.3倍，其盈利贡献将增加两倍以上，达到总利润约三分之一，超过国内 重型卡车(HDT)发动机的贡献。 该行将潍柴2025至27年每股盈利预测上调1%至7%，2027年之后上调幅 度更达9%至21%。认为潍柴这种由重型卡车(周期性)驱动转变为现在由发电(结构性)驱动的投资逻辑， 值得对其进行重新估值。高盛重申对潍柴的"买入"评级，目标价由21港元大幅上调至37港元，认为其是 亚洲AIDC发电领域的关键受益者。 ...

Core Viewpoint - Goldman Sachs has raised the long-term profit forecast for Weichai Power, reflecting the enhanced outlook for its power generation business as the company continues to expand its product and technology portfolio [1] Group 1: Financial Projections - The AIDC (Artificial Intelligence Data Center) power generation business currently accounts for approximately 10% of Weichai's projected total net profit for 2025, expected to grow 3.3 times by 2030, contributing over one-third of total profits, surpassing the contribution from domestic heavy-duty truck (HDT) engines [1] - Goldman Sachs has increased Weichai's earnings per share forecast for 2025 to 2027 by 1% to 7%, with a more significant increase of 9% to 21% after 2027 [1] Group 2: Investment Rationale - The shift in Weichai's investment logic from being driven by heavy-duty trucks (cyclical) to being driven by power generation (structural) warrants a reevaluation of its valuation [1] - Goldman Sachs reiterated a "Buy" rating for Weichai, significantly raising the target price from HKD 21 to HKD 37, considering it a key beneficiary in the Asian AIDC power generation sector [1]

国泰海通证券研报指出，潍柴动力有望从一家以重卡动力链生产制造为主企业，逐渐转型成为AIDC发 电设备的全面供应商。在全球AIDC 投资高速增长、"美国缺电"现象不断深入的背景下，潍柴动力旗下 多种AIDC发电设备业务——往复式燃气发电机组、SOFC 以及作为备电的柴发均有望实现高增长。预 计潍柴动力2025/26/27 年取得归母净利润124/153/280亿元，对应EPS为1.43/1.75/3.21 元，2026年2月2日 收盘价对应PE为15.8/12.9/7.0x。考虑到AIDC发电产业的增长有望持续增大潍柴动力该业务的利润占 比，认为潍柴动力的成长空间较大。给予公司2026年22x PE，目标价38.52元，维持"增持"评级。 ...

高盛发布研报称，率先市场上调潍柴动力（02338）的长期盈利预测，以反映随着潍柴持续扩展其产品 及技术组合，其发电业务前景得到增强。重申对潍柴的"买入"评级，并将其目标价由21港元大幅上调至 37港元，认为其是亚洲AIDC发电领域的关键受益者。 高盛发布研报称，率先市场上调潍柴动力（02338）的长期盈利预测，以反映随着潍柴持续扩展其产品 及技术组合，其发电业务前景得到增强。重申对潍柴的"买入"评级，并将其目标价由21港元大幅上调至 37港元，认为其是亚洲AIDC发电领域的关键受益者。 AIDC（人工智能数据中心）发电业务目前约占潍柴2025年预测总净利润的10%，预计到2030年将增长 3.3倍，其盈利贡献将增加两倍以上，达到总利润约三分之一，超过国内重型卡车（HDT）发动机的贡 献。该行将潍柴2025至27年每股盈利预测上调1%至7%，2027年之后上调幅度更达9%至21%。高盛认为 潍柴这种由重型卡车（周期性）驱动转变为现在由发电（结构性）驱动的投资逻辑，值得对其进行重新 估值。 责任编辑：史丽君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资 ...

智通财经APP获悉，高盛发布研报称，率先市场上调潍柴动力(02338)的长期盈利预测，以反映随着潍柴 持续扩展其产品及技术组合，其发电业务前景得到增强。重申对潍柴的"买入"评级，并将其目标价由21 港元大幅上调至37港元，认为其是亚洲AIDC发电领域的关键受益者。 AIDC(人工智能数据中心)发电业务目前约占潍柴2025年预测总净利润的10%，预计到2030年将增长3.3 倍，其盈利贡献将增加两倍以上，达到总利润约三分之一，超过国内重型卡车(HDT)发动机的贡献。该 行将潍柴2025至27年每股盈利预测上调1%至7%，2027年之后上调幅度更达9%至21%。高盛认为潍柴这 种由重型卡车(周期性)驱动转变为现在由发电(结构性)驱动的投资逻辑，值得对其进行重新估值。 ...