证 券 研 究 报 告 ◼ AI时代下算力需求爆发，柴油发电机作为AIDC刚性配置设备，未来将实现量价齐升，国产替代迎来重大机遇。 • 算力需求爆发：根据浪潮信息&IDC预测，AI算力浪潮驱动智算中心加速扩容，2024年中国智能算力规模达 725.3 EFLOPS（同比增长74.1%），2026年预计将翻倍至1,460.3 EFLOPS。 • 资本开支加码：阿里、腾讯、微软等国内外大厂大幅加大AI资本开支，驱动AIDC建设加速推进。 • 政策确定柴发刚性需求：国标强制要求A级数据中心配置"2N冗余"柴油发电机组，柴油发电机作为"数据 中心的保险单"，其需求刚性愈发凸显。 ◼ 强需求、弱供给导致供需错配，柴发机组有望实现量价齐升，国产替代加速。 • 强需求、弱供给下供需错配，国际产能扩张滞后，推动国产替代加速：当前外资头部企业主导中国数据中心 用柴发市场供给，在柴发需求爆发的背景下，扩产滞后且产能刚性（扩产周期12-18个月），需求远大于供给， 交付延迟成常态，国产柴发机组迎来AIDC市场需求替代窗口期。 • 柴发机组量价齐升，国产整机及OEM厂商盈利能力持续提升：国内柴发供需存在明显缺口，导致柴发机组进 入涨 ...

Group 1 - The company does not currently engage in liquid cooling technology [2] - The core business of the company is generator products and services [2] - In data centers, the company's products primarily serve as backup power sources, supplying electricity to various loads during power outages [2]

Group 1 - The diesel generator concept has gained significant traction, with companies like Taihao Technology, Power New Science, and Weichai Heavy Machinery hitting their daily limit up, and the diesel generator concept index has increased by over 64% this year [1] - The demand for high-end diesel generators has surged due to the continuous growth of AI data centers (AIDC) and traditional data centers, with power requirements for AIDC cabinets increasing from 4-8 kW to 20-100 kW, necessitating more robust backup power configurations [2][3] - Major tech companies like Tencent, Alibaba, and ByteDance are expanding their data centers, which is expected to drive the demand for diesel generators, with the market size projected to reach 9.1 billion yuan by 2025, a year-on-year growth of over 50% [2] Group 2 - North American cloud service providers are increasing investments in AI infrastructure, leading to a supply-demand imbalance for diesel generators globally, with prices reaching over 2.8 million yuan earlier this year [3] - Domestic manufacturers are experiencing a production backlog extending to November 2025, and the price of domestic diesel generators is around 3 million yuan, while export prices are approximately 4 million yuan, indicating a rising profit margin [3] - The domestic supply-demand gap is expected to persist due to the difficulty and low willingness of international leaders to expand production, benefiting domestic manufacturers in the diesel generator market [3] Group 3 - KOTAI Power focuses on the development, design, production, and sales of generator sets, with stable business cooperation in backup power for data centers [4] - Weichai Heavy Machinery specializes in developing and manufacturing power generation equipment, which is used as backup power in data centers [4] - Huafeng Co. produces intelligent generator sets primarily for data centers and communication bases [4] - Shenli Co. provides diesel generator products applicable in industries requiring emergency power, including data centers [4] - Taihao Technology specializes in emergency equipment for military applications, with intelligent emergency power solutions for data centers [4] - Sumida has a long-standing presence in the generator market, providing reliable backup power solutions for data centers [4]