潍柴动力：高端装备，积微成著

Investment Rating - The report maintains an "Outperform" rating for Weichai Power, indicating an expected stock performance exceeding the benchmark index by over 10% [2][56]. Core Insights - Weichai Power is positioned as one of China's strongest automotive and equipment manufacturing groups, with growth driven by the rapid development of the AIDC diesel generator market, collaboration with KION in Europe, and a cyclical recovery in heavy-duty trucks and natural gas trucks [2][4]. - The projected net profits for Weichai Power are estimated at 12.6 billion, 15.2 billion, and 17 billion CNY for the years 2025, 2026, and 2027 respectively [2][56]. Financial Data Summary - Revenue Forecast: Expected revenues for 2025, 2026, and 2027 are 235.52 billion, 254.64 billion, and 273.33 billion CNY respectively, with year-on-year growth rates of 9.2%, 8.1%, and 7.3% [3][55]. - Net Profit Forecast: The net profit estimates for the same years are 12.645 billion, 15.241 billion, and 16.979 billion CNY, reflecting year-on-year growth rates of 10.9%, 20.5%, and 11.4% [3][56]. - Earnings Per Share (EPS): The EPS is projected to be 1.45, 1.75, and 1.95 CNY for 2025, 2026, and 2027 respectively [3][56]. - Gross Margin: The gross margin is expected to improve slightly from 22.4% in 2024 to 23.0% in 2027 [3][55]. Business Segments - Weichai Power's business is divided into clear segments, including diesel engines and other products, with significant contributions from heavy-duty trucks and smart logistics [5][15]. - The smart logistics segment is projected to generate revenues of 93.16 billion CNY by 2025, with a gross margin of 27.3% [55]. Market Opportunities - The AIDC diesel generator market is anticipated to grow significantly, with a potential market size reaching approximately 500 billion CNY by 2030 [30][31]. - The heavy-duty truck market is showing signs of recovery, with a 36% year-on-year increase in domestic heavy-duty truck sales in February 2025 [50][53]. KION Group Performance - KION Group, a key subsidiary of Weichai Power, reported a revenue of 11.5 billion euros in 2024, with a year-on-year growth of 1% [41][42]. - The KION Group's EBIT for 2024 was 917 million euros, reflecting a 16% increase compared to the previous year [41][42]. Conclusion - The report highlights Weichai Power's strong market position and growth potential, supported by robust financial forecasts and strategic initiatives in both domestic and international markets [2][56].