国君新能源|数据中心建设提速,高功率柴发迎供需缺口

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The demand for high-end diesel generators is experiencing significant growth due to the ongoing boom in domestic AIDC and data center construction. High-level data centers require robust backup power systems, with diesel generators being the most common choice. The current market for high-power diesel generators is dominated by foreign companies, particularly in the engine component, which is crucial for performance. Despite the increasing orders from overseas manufacturers, their expansion is hampered by the complex supply chain specific to the engine industry. The current supply-demand imbalance is expected to lead to price increases, creating opportunities for domestic brands [1][2] - The market for diesel generators used in data centers is projected to reach 9.1 billion yuan by 2025, representing a year-on-year growth of over 50%. By 2028, the market is expected to expand to 18.1 billion yuan, with a three-year CAGR of 26% [1] Summary by Sections Section 1: Market Dynamics - The high-power diesel generator market is currently experiencing a supply-demand gap, with domestic brands poised for strategic development opportunities. The primary power range for AIDC diesel generators is typically between 1.8-2MW, predominantly sourced from large foreign enterprises. Leading global players include Cummins, MTU, Caterpillar, and Mitsubishi, while domestic OEMs include KOTAI Power, Weichai Heavy Machinery, Haotai Technology, and Sumida. Engine manufacturers include Weichai Power and Yuchai International. The surge in data center demand is driving revenue and profit growth for overseas firms like Cummins, but their expansion is limited by supply chain complexities [2] Section 2: Catalysts - Key catalysts for growth include the acceleration of data center construction and anticipated price increases for diesel generator products [3]