Ge Long Hui A P P·2026-02-24 05:23Core Viewpoint - Haitong International's report indicates that Weichai Power is undergoing a dual-driven transformation and is an undervalued comprehensive supplier in the AIDC energy sector, with the market still perceiving it as a traditional heavy truck cyclical stock, leading to a significantly lower valuation compared to tech energy stocks, with a projected PE of only 14.4 times in 2026 [1] Group 1 - The company is accelerating its transformation into a comprehensive supplier of AIDC power generation equipment, which the market has not fully priced in regarding its deep layout in the energy sector [1] - With the global surge in computing infrastructure, the company is expected to break the traditional manufacturing valuation ceiling through a dual logic of "overseas main supply and domestic backup" [1] - The company has various AIDC power generation equipment businesses, including reciprocating gas generator sets, SOFC, and backup diesel generation, which are anticipated to achieve high growth in performance against the backdrop of increasing global AIDC investment and the deepening "U.S. power shortage" phenomenon [1] Group 2 - The projected net profit attributable to the parent company for 2025, 2026, and 2027 is 12.4 billion, 15.3 billion, and 17.7 billion yuan, respectively, corresponding to EPS of 1.43, 1.75, and 2.03 yuan [1] - The growth in the AIDC power generation industry is expected to significantly increase the profit share of this business for Weichai Power, indicating substantial growth potential for the company [1] - The company is given a target price of 38.52 yuan based on a 22x PE for 2026, maintaining an "outperform the market" rating [1]