研报掘金丨国海证券：首予动力新科“增持”评级，AIDC电源用发动机提供盈利弹性

Core Viewpoint - Dongli New Science is one of the domestic manufacturers with megawatt-level capabilities, and the AIDC power supply engine is expected to help the company achieve rapid growth [1] Group 1: Company Performance - The company has dual brand coverage with Lingzhong Engine and Shanghai Diesel Engine [1] - Lingzhong Engine is projected to achieve a net profit of approximately 100 million yuan in the first half of 2025, with production expected to continue rapid growth in 2026 [1] - The Shanghai Diesel Engine's megawatt-level VK16 has been put into production, with significant sales growth anticipated in 2026 and strong profitability per unit [1] Group 2: Business Outlook - The AIDC power supply megawatt engines from both Lingzhong and Shanghai Diesel are expected to drive the company's rapid growth [1] - The financial performance of SAIC Hongyan is expected to improve significantly [1] - With a new leadership team in place, the company aims to double its "14th Five-Year Plan" targets and is expected to strategically shift towards social resources while optimizing product structure and operational efficiency [1] Group 3: Investment Rating - The company is covered for the first time with an "Accumulate" rating [1]