证券研究报告 汽车 行业定期报告 hyzqdatemark 2026 年 03 月 02 日 投资评级： 看好（维持） 李泽 SAC：S1350525030001 lize@huayuanstock.com 陈佳敏 SAC：S1350525110001 chenjiamin@huayuanstock.com ——汽车行业周报（20260224-20260301） 证券分析师 投资要点： 投资分析意见：我们认为随着全球 AI 资本开支扩张，柴发环节有望直接受益 AIDC 建设需求提升，国产供应链在柴发供不应求的背景下有望实现量价齐升，建议关注： 1）OEM：潍柴重机、苏美达、科泰电源、泰豪科技等；2）发动机：潍柴动力、玉 柴国际、动力新科等；3）核心零部件：银轮股份、天润工业、长源东谷、中原内配、 威孚高科、渤海汽车、三联锻造、艾可蓝等。 风险提示：1）AI 行业进展低于预期；2）技术迭代风险；3）行业竞争加剧；4）市 场需求测算偏差风险等。 请务必仔细阅读正文之后的评级说明和重要声明 柴油发电机组是数据中心关键电源之一。数据中心供电系统通常由"电网+UPS+ 柴油发电机组"组成，柴发用作后备电源，一旦市电失电 ...

潍柴动力 20260226 摘要 潍柴动力股价与数据中心业务关联性显著增强，自 2025 年 10 月以来 估值持续提升，已接近 20 倍，未来或可对标卡特彼勒，后者在数据中 心逻辑驱动下估值大幅提升，潍柴动力存在估值提升至 30-40 倍的可能 性。 尽管可比公司 2025 年业绩下滑，但估值仍显著抬升。潍柴动力在业绩 增长背景下，且 2026-2027 年预计有更好增长，具备估值向 30 倍甚至 40 倍提升的基础。 2026 年潍柴动力主业预计稳中有增，核心增量来自凯傲。凯傲 2025 年裁员费用影响净利润约 20 亿，2026 年该影响消除，预计凯傲对净利 润贡献至少增加约 20 亿，对整体传统主业形成明确支撑。 重卡整车出口市占率多数时间处于第二，出口业务盈利能力强于内销， 预计 2025 年重卡出口增长 10%-20%，至 2030 年增长至 40 万辆。变 速器业务定位"龙二"，出口增长背景下，相关整车体系的净利润与增 长具备保障。 预计 2026 年车用发动机销量总量与 2025 年持平略增，但出口占比提 升，结构大幅优化。外销重卡发动机市占率高于内销至少 10 个点，中 在可比公司 2025 ...

潍柴动力:主业企稳，AIDC带动新业务快速增长 分析师: 董晓彬 (S0190520080001) 王凯丽 (S0190522070001) 报告日期: 2026年2月26日 投资要点 KEY POINTS 潍柴动力股份有限公司以柴油发动机起家，不断通过收购兼并相关领域的龙头企业拓展自身业务范围， 搭建多元化产业链。2009年以购法国博社安资破高 端技术壁垒，2012 年并购凯傲25%股权与林德液压70%股权切入金球高端液压领域。2018 年投资 Cares Power 布局氢能，2021 年重组雷沃重工进军农机, 2023 年发布全球首款大功率 SOFC 加速氢能商业化，2025 年签署 SOFC 制造许可协议推进规模化生产，逐步成长为覆盖动力系统、新能源等多 元业务的全 球高端装备集团。公司发动机主业包含重卡天然气及柴油发动机、工程机械发动机等产品。新业务方面，伴随AIDC发电需求增长、公司大缸径发动机产品销 量不断提升，贡献边际利润增量。公司现金分红比例长期维持在较高水平，2023年、2024年分别达 50%、55%、高分红格局有望延续， 发动机主业有望企稳，电动重卡边际负面冲击有限。展望2026年、考 ...

福达股份（603166.SH）2月26日在投资者互动平台表示，尊敬的投资者您好！公司曲轴产品为康明斯 和玉柴配套，用于柴油、天然气发动机及柴油发电机组。2025年度，公司（含全资子公司）荣获东风康 明斯发动机有限公司颁发的"最佳质量奖""年度最佳供应商奖""优秀政府采购供应商奖"，以及玉柴股 份、玉柴专卖颁发的"2025年度卓越供应商""2025年度优秀供应商"等多项荣誉。 （记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：您好，请问公司的曲轴有没有配套康明斯和玉柴的柴 油发动机啊？ ...

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, with the aim of buying high and selling higher, capitalizing on established price movements [1] Company Overview: China Yuchai (CYD) - China Yuchai currently holds a Momentum Style Score of B, indicating a favorable momentum outlook [3] - The company has a Zacks Rank of 1 (Strong Buy), suggesting strong potential for outperformance in the market [4] Performance Metrics - Over the past week, CYD shares have increased by 7.22%, significantly outperforming the Zacks Automotive - Original Equipment industry, which rose by only 0.25% [6] - In a longer timeframe, CYD shares have surged by 55.44% over the past quarter and an impressive 353.55% over the last year, while the S&P 500 has only increased by 1.74% and 13.08% respectively [7] Trading Volume - The average 20-day trading volume for CYD is 157,076 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, one earnings estimate for CYD has been revised upward, increasing the consensus estimate from $2.09 to $2.97 for the full year [10] - For the next fiscal year, one estimate has also moved upwards with no downward revisions noted [10] Conclusion - Given the strong performance metrics and positive earnings outlook, CYD is positioned as a 1 (Strong Buy) stock with a Momentum Score of B, making it a compelling option for investors seeking short-term gains [12]

Core Viewpoint - By 2025, the value of bonded maintenance imports and exports in Tianjin is expected to reach 31.7 billion, representing a year-on-year growth of 36.3% [1] Group 1: Industry Developments - Tianjin Customs has tailored regulatory service measures for enterprises with demand in the bonded maintenance business, aiming to promote the expansion of new business formats in the Tianjin region [1] - In 2025, 12 enterprises with intentions to engage in related businesses will receive targeted support, including key companies such as General Electric Medical, Lixinghang, and Bombardier, which are either starting or expanding their bonded maintenance operations in fields like medical devices, diesel engines, and business jets [1] Group 2: Company Milestones - On December 31, 2025, Tianjin Yijie Haitong General Aviation Service Co., Ltd. successfully obtained approval for its aviation bonded maintenance business, becoming the first self-approved bonded maintenance project in the city [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 | | ...

Core Viewpoint - The successful entry of four foreign diesel engines into Dalian Bay Comprehensive Bonded Zone for bonded maintenance marks the first bonded maintenance business for engines in Northeast China, highlighting a new opportunity for high-value repair services in the region [1][2] Group 1: Bonded Maintenance Business - Bonded maintenance allows companies to import high-value goods with defects for repair within a bonded zone, alleviating financial pressure and improving repair response efficiency [1] - The recent approval of the fourth batch of comprehensive bonded zone maintenance product catalog by the Ministry of Commerce, Ministry of Ecology and Environment, and General Administration of Customs enables bonded maintenance for aerospace, marine, and automotive engines [1] Group 2: Dalian Free Trade Zone Initiatives - Dalian Free Trade Zone authorities have formed a project task force to provide full-process guidance for the bonded maintenance project, addressing various operational challenges [2] - Innovative measures such as "one-stop" approval and system interconnectivity have facilitated the efficient implementation and regulation of the first bonded maintenance business [2] Group 3: Industry Development and Future Prospects - The bonded maintenance initiative is expected to stimulate the aggregation of related industries such as testing, logistics, technical services, and parts supply, promoting a high-end industrial ecosystem in the region [2] - Dalian Free Trade Zone plans to expand the bonded maintenance product catalog and business scale, aiming to transform the Dalian Bay Comprehensive Bonded Zone into a high-tech, high-value maintenance center [2]

Summary of Weichai Power Conference Call Company Overview - **Company**: Weichai Power - **Industry**: Heavy-duty trucks, diesel and natural gas engines, SOFC (Solid Oxide Fuel Cell) technology Key Points SOFC Business Potential - Weichai Power's SOFC business has significant growth potential, benefiting from North America's electricity demand and collaboration with Bloom Energy. Current capacity is limited to approximately 10 MW, with plans to reach 1 GW by 2030, potentially contributing over 10 billion RMB in revenue and a net profit of 1-2 billion RMB, indicating substantial growth opportunities [2][5][12] ITC Financial Business Growth - The ITC financial business is expected to benefit from increased capital expenditures by internet companies, breakthroughs in domestic large models, and the recovery of IDC tenders. Projected data center shipments are 1,300 units in 2025 and 2,600 units in 2026, with overseas market growth through the Baudouin brand and domestic market growth expected to exceed forecasts due to AIDC tender recovery [2][6][7] Heavy-duty Truck Industry Outlook - The heavy-duty truck industry is projected to see wholesale sales of approximately 1.17 million units in 2026, a slight increase year-on-year. Domestic policy impacts are diminishing, and exports are expected to grow by 15%-20% to 400,000 units. The electric heavy-duty truck sector is trending positively, with an electrification rate potentially reaching 35%. The industry may be at an upward cycle turning point, driven by the replacement cycle of National V vehicles [2][8][9] Future Market Cycles - Weichai Power is anticipated to enter a new heavy-duty truck market cycle between 2028 and 2030, potentially benefiting from the transition from National VI to National VII policies. Historical cycles suggest that sales peaks could reach 1.1-1.2 million units or higher, with limited impact from electrification on Weichai's core business [2][9] Diesel and Natural Gas Engine Market Performance - Weichai Power maintains a stable market share of 10-15% in the diesel engine market and 50-55% in the natural gas engine market. The company aims to maintain its leading position through technological iterations and flexible policies [2][10] 2026 Performance Expectations - Weichai Power's performance is expected to reach 14-15 billion RMB in 2026, with a current market capitalization of 160 billion RMB, resulting in a PE ratio of 11 times. The dividend payout ratio is expected to remain at least 55%, providing a dividend yield of approximately 5% [3][11] Valuation Compared to Peers - Compared to North American leaders like Cummins and Caterpillar, Weichai Power's valuation is relatively low, with an EVA/EBITDA multiple significantly lower than its overseas peers. The overall reasonable valuation for Weichai Power could exceed 200 billion RMB, corresponding to a PE of about 14-15 times for 2026 [4][13][14] Long-term Growth Projections - By 2028, Weichai Power's performance is projected to reach 18-20 billion RMB, with an expected growth rate of 15%-20% in 2026 and around 10% in 2027-2028. The current PE of 11 times is considered inexpensive, indicating a favorable outlook for valuation recovery [2][14]

Investment Rating - The report maintains a "Strong Buy" investment rating for China Power [1][3]. Core Views - China Power is currently undervalued due to the pressure on ship market volume and prices this year. However, there are signs of recovery in the short term, and long-term growth is expected from bulk carriers and oil tankers, along with the trend towards alternative fuels [1][7]. - The company is positioned as a leading player in the domestic ship engine market, with a significant increase in revenue and profit expected in the coming years [7][9]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, China Power achieved revenue of 40.97 billion yuan, a year-on-year increase of 12%, and a net profit attributable to shareholders of 1.21 billion yuan, up 63% year-on-year [7][9]. - The company’s revenue growth rates are projected at 17% for 2025, 15% for 2026, and 12% for 2027, with net profits expected to reach 2.2 billion yuan, 3.1 billion yuan, and 4.25 billion yuan respectively [8][70]. Market Outlook - The ship market is showing signs of recovery, with expectations for increased demand for bulk carriers and oil tankers. The aging fleet and low order-to-capacity ratios for these vessels indicate a tightening supply in the future [2][30][35]. - The report highlights that the global shipbuilding market is currently in an upward cycle driven by the need for fleet renewal and compliance with environmental regulations [23][24]. Valuation - China Power's current price-to-book (PB) ratio is below 1.2, and the projected price-to-earnings (PE) ratio for 2026 is only 15 times, both indicating a significant undervaluation compared to historical averages [7][72]. - The company has over 40 billion yuan in cash, which is close to its market capitalization, providing a strong safety margin for investors [15][72]. Business Segments - The diesel engine segment is becoming the core profit driver for China Power, with its revenue share increasing significantly. By 2027, it is expected to contribute approximately 30 billion yuan to net profits [11][70]. - The report emphasizes the structural opportunities in the ship engine market due to the rising penetration of alternative fuels and the expected increase in orders and prices for ship engines [7][57].