玉柴集团正推动旗下核心业务板块向资本市场再迈一步。近日，广西玉柴船电动力股份有限公司（下称"玉柴船电"）正式向港交所递交招股书，拟登陆主板 市场。 若此次上市成功，玉柴船电将成为继玉柴国际（CYD.US）之后，玉柴集团旗下第二家上市平台，也标志着这家深耕动力领域数十年的国企，在专业化分拆 上市道路上取得关键进展。 踩上AI风口的发电用发动机一哥 从业务脉络来看，玉柴船电的发展与玉柴集团的战略布局深度绑定。其业务源头可追溯至2015年，当时玉柴股份（玉柴集团附属）成立船电动力事业部，专 门聚焦发电用发动机与船用发动机的研发制造；2022年，玉柴股份将这一核心业务注入玉柴船电，使其成为独立运营的业务主体；2025年，公司完成股份制 改造，正式更名为广西玉柴船电动力股份有限公司，为此次上市铺平道路。 如今的玉柴船电，已构建起覆盖"发电用发动机+船用发动机+发电机组+发动机组件"的多元产品矩阵。在发电用发动机领域，其产品功率覆盖5千瓦至4200 千瓦，既能为数据中心、分布式电站提供高功率动力支持，也能为电信基站、应急救援场景提供中小型备用电源，在应急供电、离网发电、电网调峰等关键 领域发挥作用。而在船用发动机领域，其 ...

上市企业：潍柴动力（000338）,动力新科（600841）,全柴动力（600218）,宗申动力（001696）,云内动 力（000903）,航发动力（600893）,隆鑫通用（603766）,广汽集团（601238） 相关报告：智研咨询发布的《2026-2032年中国汽车用天然气发动机行业市场运行态势及发展战略研究 报告》 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年12月中国发动机产量为2.3亿千瓦，同比下降6.7%；2025年1-12月中 国发动机累计产量为25.2亿千瓦，累计增长5.1%。 2020-2025年中国发动机产量统计图 ...

Summary of the Conference Call for Power New Technology Company Overview - Power New Technology is transitioning to become the core powertrain supplier for SAIC Group's commercial vehicles after divesting from SAIC Hongyan. The company expects to achieve a net profit attributable to shareholders of between 2.75 billion to 2.85 billion yuan by 2025, with a significant reduction in debt-to-asset ratio and a turning point in ROE [2][8]. Core Industry Insights - The demand for high-power generator sets is driven by the growth of AI Data Center (AIDC) construction. Power New Technology, in partnership with Mitsubishi Heavy Industries, has the capability to produce generator sets with more than 16 cylinders, suitable for ultra-large data centers, and is expected to benefit from market expansion [2][3][5]. - The company anticipates that the AIDC power engine business will enter a growth phase, with sales of the VK16 engine projected to reach 500 units by 2026. This product line is expected to have higher unit prices and profitability compared to traditional internal combustion engines, leading to an increase in revenue and profit share [4][14]. Strategic Planning and Management Changes - The new management team has introduced the "15th Five-Year Plan," aiming to double sales and revenue by 2025. The strategic direction is shifting from internal support within the group to market-oriented and social resource allocation, focusing on high value-added and high-power sectors, while also promoting international expansion [2][11]. - The company plans to increase market penetration of engines and power systems outside the SAIC system and actively develop new energy businesses such as power batteries and electric drive bridges, transitioning products towards system integration and solutions to enhance gross margin potential [12][14]. Financial Performance and Projections - The company expects revenues of 61.6 billion yuan and 87.7 billion yuan for 2025 and 2026, respectively, with net profits of 2.8 billion yuan, 3 billion yuan, and 4.6 billion yuan for 2025 to 2027. The initial coverage rating for the company is "Buy," with corresponding PE valuations of 42 times and 28 times [4][16]. - Following the divestment of SAIC Hongyan, the company’s financial structure is expected to improve significantly, with a projected net profit of 2.75 billion to 2.85 billion yuan for 2025 and a notable decrease in the debt-to-asset ratio [8][10]. Competitive Advantages - Power New Technology's competitive advantages include strong technical capabilities in producing large-displacement, high-power diesel generator sets, and a healthy financial status post-divestment. The company has a net asset of 6.6 billion yuan with no short-term or long-term debt, and its products have a gross margin of 30% to 35% [7][10]. - The company is positioned as a well-known engine manufacturer in China, competing effectively in both traditional and new energy sectors, and is enhancing its brand influence through improved product quality and technology [9][10]. Conclusion - Overall, Power New Technology is poised for sustained growth driven by increasing AIDC market demand, financial structure optimization, and new management leadership. The company is expected to leverage its technological strengths, supply chain capabilities, and healthy financial status to expand its market share and achieve robust development [6][9].

融券方面，新柴股份1月29日融券偿还0.00股，融券卖出100.00股，按当日收盘价计算，卖出金额 1313.00元；融券余量1.45万股，融券余额19.04万元，超过近一年90%分位水平，处于高位。 资料显示，浙江新柴股份有限公司位于浙江新昌大道西路888号，成立日期2007年6月15日，上市日期 2021年7月22日，公司主营业务涉及非道路用柴油发动机及相关零部件的研发、生产与销售,公司系一家 集研发、制造于一体,产品系列化、生产专业化、管理规范化的小缸径多缸柴油机生产企业,下游主要应 用于工程机械、农业机械以及发电机组等领域。主营业务收入构成为：柴油机88.42%，配件11.40%， 其他(补充)0.18%。 1月29日，新柴股份跌2.88%，成交额1.30亿元。两融数据显示，当日新柴股份获融资买入额1190.60万 元，融资偿还1654.01万元，融资净买入-463.41万元。截至1月29日，新柴股份融资融券余额合计1.13亿 元。 分红方面，新柴股份A股上市后累计派现6028.34万元。近三年，累计派现3617.00万元。 融资方面，新柴股份当日融资买入1190.60万元。当前融资余额1.13亿元， ...

国海证券研报指出，动力新科是国内具备兆瓦级能力的厂商之一，AIDC电源用发动机有望助力公司实 现较快增长。公司拥有菱重发动机与上柴动力双品牌覆盖。菱重发动机2025年H1净利润约1亿元，2026 年产量或持续快速增长。并表的上柴动力兆瓦级vk16已投产，2026年销量或明显增长，且单台盈利能力 较强。菱重发动机与上柴动力的AIDC电源用兆瓦级发动机有望助力公司实现较快增长。新科动力具备 AIDC电源用发动机能力，相关业务有望带动公司快速增长；上汽红岩出表，公司财务表现预计有显著 改善；新领导层上任，"十五五"目标双倍增，公司有望向社会资源战略进一步转向，并优化提升产品结 构与经营效率。首次覆盖，给予"增持"评级。 ...

Core Viewpoint - The company expects a negative net profit for the fiscal year 2025 due to challenges in the commercial vehicle engine market, including increased penetration of new energy vehicles and intensified competition [1]. Financial Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025, with an anticipated negative net profit [1]. - The company has communicated with its accounting firm regarding the performance forecast, and there are no discrepancies between the company and the accounting firm [1]. Reasons for Performance Changes - In 2025, the company faces ongoing challenges in the commercial vehicle engine market, leading to pressure on traditional business scale and profit margins [2]. - To capture market share, the company continues to invest heavily in research and development, which, combined with a high debt ratio from consecutive losses, results in significant financial burdens [1][2]. - The company has implemented various measures to improve operational quality, including optimizing product structure and managing costs, which have led to a reduction in losses compared to the previous year [2].

Core Viewpoint - ST Yundong (000903.SZ) expects a net profit attributable to shareholders of the listed company to be between -950 million yuan and -800 million yuan for 2025, indicating ongoing financial challenges due to increased competition and rising penetration of new energy in the commercial vehicle engine market [1] Financial Performance - The company anticipates a net profit excluding non-recurring gains and losses to be between -960 million yuan and -810 million yuan for 2025 [1] - The company's financial burden is exacerbated by a high debt-to-asset ratio due to consecutive losses, leading to significant financial expenses that the operating profit cannot cover [1] Business Challenges - The traditional business scale and profit margins continue to face pressure from the increasing penetration of new energy and intensified market competition [1] Strategic Initiatives - To capture market share, the company is maintaining high levels of R&D investment [1] - The company is implementing measures to improve operational quality, including optimizing product structure and promoting domestic supply chain alternatives, which have led to an increase in the gross profit margin per engine compared to the same period last year [1] - Management is enforcing refined management practices, strict implementation of flexible budgeting, and comprehensive cost control, resulting in a year-on-year decrease in period expenses [1] Emerging Business Development - New business areas such as unmanned logistics vehicles and intelligent rubber cutting machines are gradually contributing to incremental growth [1] - The company is steadily expanding its overseas market through technology exports and service network development [1] Overall Improvement - The overall operational status of the company has improved, with the loss margin narrowing compared to the same period last year due to the comprehensive implementation of the aforementioned measures [1]

Core Viewpoint - Morgan Stanley has reduced its stake in Weichai Power (000338)(02338) by 5.629684 million shares at a price of HKD 25.5673 per share, totaling approximately HKD 144 million, resulting in a new holding of about 150 million shares, representing a 7.74% ownership [1] Group 1 - Morgan Stanley's recent share reduction indicates a strategic shift in its investment approach towards Weichai Power [1] - The total amount from the share reduction is approximately HKD 144 million, reflecting a significant transaction in the market [1] - After the reduction, Morgan Stanley's remaining shares in Weichai Power stand at around 150 million, which constitutes a 7.74% stake [1]

Group 1 - Morgan Stanley reduced its stake in Weichai Power (02338) by 5.629684 million shares at a price of HKD 25.5673 per share, totaling approximately HKD 144 million [1] - After the reduction, Morgan Stanley's latest shareholding stands at approximately 150 million shares, representing a holding percentage of 7.74% [1]

2026 年 01 月 28 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 徐鸣爽 S0350525120002 xums@ghzq.com.cn 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 上汽红岩出表后轻装上阵，AIDC 电源用发动机 提供盈利弹性 ——动力新科（600841）公司深度研究 最近一年走势 | 相对沪深 300 | 表现 | | 2026/01/28 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 动力新科 | 48.2% | 43.7% | 99.8% | | 沪深 300 | 1.3% | 0.6% | 23.6% | | 市场数据 | | | 2026/01/28 | | 当前价格（元） | | | 9.01 | | 52 周价格区间（元） | | | 4.22-9.48 | | 总市值（百万） | | | 12,504.27 | | 流通市值（百万） | | | 9,397.65 | | 总股本（万股） | | | 138,782.18 | | ...