中金研究 近年来，国内外头部云计算厂商持续加码AI基建。大缸径发动机是数据中心备用电源柴油发电机组的核心零部件，技术门槛较高，国产化率较低。 我 们认为，当下AIDC建设需求高增，数据中心用柴油发电机组及大缸径发动机迎来量价齐升机遇，全产业链国产替代已成趋势，建议关注自主品牌大缸 径发动机厂商及其供应链厂商。 点击小程序查看报告原文 Abstract 大缸径发动机高壁垒高价值，市场规模广阔。 围绕核心部件气缸，发动机具备缸径、行程、缸数、排量等物理参数，直接影响发动机的动力性与经济性 表现。一般而言，发动机缸径越大、排量越高、马力越大，对应着结构更加复杂、技术难度越高、价值量越大。大缸径发动机是指排量在16L及以上、功 率在550kW及以上且缸径在150mm及以上的发动机，主要用在发电、船舶、工业领域，系高技术壁垒、高价值量的发动机产品。我们测算得到大缸径发动 机2023年全球规模超千亿元人民币。 乘AIDC基建东风，大缸径柴油发动机需求高增。 大缸径发动机是数据中心备用电源柴油发电机组的核心部件，决定柴油发电机组的核心功率。我们产业 链调研得到大缸径发动机占柴油发电机组BOM成本约70-80%。受AI驱动下 ...

Group 1 - The core viewpoint is that the company is well-positioned to benefit from the increasing demand for computing power and data center products due to the maturity of AI applications [1] - The company is a leading domestic provider of UPS and data center equipment, with a strong market share in high-power products and a broad product line including HVDC, power modules, and modular data centers [1] - The company has established deep collaborations with major clients such as the three major telecom operators, banks, and internet firms like Tencent, which enhances its customer resource quality [1] Group 2 - The demand for data center products is expected to continue rising, with projections for new domestic data center power additions of 7.4, 11.7, 13.8, and 15.8 GW from 2024 to 2027 [1] - The domestic UPS market is projected to grow from approximately 11.8 billion yuan in 2024 to 25.3 billion yuan in 2027, reflecting a CAGR of 29.0% over three years [1] - The company's market share in the Asia-Pacific region for UPS shipments is about 7%, with a 12% share in high-power products above 500 kVA, indicating potential for further market share growth [1] Group 3 - The energy storage business is accelerating its international expansion, which is expected to enhance profitability [2] - Global energy storage installations are projected to increase significantly, with new installations of 169.9 GWh in 2024 and 258.5 GWh in 2025, representing year-on-year growth rates of approximately 78.0% and 52.2% respectively [2] - The company ranks first in domestic energy storage PCS shipments and second among domestic manufacturers in overseas PCS shipments, highlighting its leading position in the industry [2] Group 4 - The company is expected to experience high revenue growth, with projected revenues of 8.186 billion yuan, 9.760 billion yuan, and 11.418 billion yuan from 2024 to 2026, reflecting year-on-year growth rates of 0.56%, 19.23%, and 16.98% respectively [3] - The projected net profits for the same period are 400 million yuan, 781 million yuan, and 1.064 billion yuan, with year-on-year growth rates of -21.12%, 94.99%, and 36.29% respectively [3] - The company maintains a "buy" rating based on its expected high growth in data center-related business and a target share price of 49.00 yuan, supported by a favorable valuation compared to peers [3]