AIDC系列（四）：柴发机组：供需错配下的高景气赛道

Investment Rating - The report suggests a positive investment outlook for the data center diesel generator set industry, highlighting high growth potential and recommending attention to quality domestic companies with resource and technical advantages [5][67]. Core Insights - The demand for data center diesel generator sets is expected to grow significantly due to the rapid expansion of intelligent computing centers in China, with projected investments exceeding 500 billion yuan over the next three years [5][56]. - The report identifies a supply-demand mismatch in the market, with high standards required for diesel generator sets used in data centers, primarily driven by IT loads [5][56]. - Key players in the industry include both foreign giants and emerging domestic companies that have begun to penetrate the mid-to-high-end market [5][59][60]. Summary by Sections Data Center Power Supply Architecture - The report outlines the power supply architecture of data centers, emphasizing the importance of stable and reliable power sources, including dual power supply systems and backup diesel generators [11][22]. Current Status of the Diesel Generator Industry - The global market for diesel generator sets is driven by sectors such as telecommunications and IT, with significant demand in emerging markets [52]. - In China, the diesel generator market is projected to reach 4.653 billion USD in 2023, driven by infrastructure investments and the rapid growth of data centers [52][56]. Investment Recommendations - The report recommends focusing on quality domestic companies in the diesel generator set market, such as Weichai Heavy Machinery, Taihao Technology, and KOTAI Power, which are well-positioned to benefit from the growing demand [67]. - It also highlights the importance of engine manufacturers and other component suppliers that are expected to benefit from the data center construction boom [67].