柴油发电机组行业跟踪报告：AIDC资本开支加速，带来国产突破机遇

Industry Investment Rating - The industry is rated as Buy, indicating an expectation that the stock performance will outperform the market by more than 15% over the next 12 months [5][19] Core Viewpoints - AIDC Capital Expenditure Acceleration: Data center capital expenditure is accelerating, leading to a widening supply-demand gap for diesel generator sets Diesel generator sets are crucial for power security in data centers, accounting for 5%-10% of construction costs With major cloud providers like ByteDance planning aggressive capital expenditure expansions and increasing power density per rack, domestic demand for diesel generator sets is expected to grow significantly over the next 3-5 years [19] - Higher Power Requirements for AIDC: AIDC (Artificial Intelligence Data Center) demands higher power compared to traditional IDC (Internet Data Center), pushing diesel generator sets into a supply shortage The core component of generator sets, the engine, is dominated by foreign brands like Cummins, MTU, Caterpillar, and Mitsubishi Domestic brands such as Weichai and Yuchai are gaining traction due to the supply gap, as foreign manufacturers are not expanding production [19] - Foreign Brand Dominance and Potential Shift: Foreign brands currently dominate the market, but the supply-demand gap is creating opportunities for domestic manufacturers to break into the AIDC market Domestic OEMs like Weichai Heavy Machinery, Kotech Power, Tellhow Tech, and Sumec are expected to fill the gap, driving a 0-1 breakthrough for domestic players [19] - Investment Recommendations: Focus on companies benefiting from domestic substitution and industry capital expenditure expansion Key players include Weichai Heavy Machinery, Kotech Power, and Tellhow Tech [19] Sector Performance and Market Trends - Market Performance: The machinery equipment sector has shown mixed performance, with relative market performance ranging from -24% to 19% over different periods [19] - Foreign Manufacturer Growth: Mitsubishi Heavy Industries reported a 71% YoY increase in energy system revenue and a 225.6% YoY increase in orders for H1 2024, reflecting strong demand for diesel generator sets [19]