爱建证券研报指出，中恒电气受益HVDC渗透率提升，出海带动业绩高增。公司作为国内HVDC供电方 案先行者，已实现从240V直流系统到巴拿马一体化电力模组的迭代，正推进第三代800V产品研发与落 地，目前是国内HVDC行业市占率第一企业。考虑到AIDC投资高增带动供电需求增长，公司在国内凭 借技术与服务优势巩固HVDC领域领先地位，且积极开展海外HVDC市场布局，业绩有望持续改善；预 计公司25-27年归母净利润分别为1.46/2.85/5.12亿元，对应PE为95.4/48.7/27.2倍，公司PE低于可比公司 均值，首次覆盖，给予"买入"评级。 ...

Core Insights - The commercial vehicle market in China is experiencing intense competition, with signs of "involution" becoming increasingly evident [1] - End users in the commercial vehicle sector are shifting their focus from price and power to Total Cost of Ownership (TCO) [1] - Cummins is prioritizing product localization and has established joint ventures with several Chinese commercial vehicle manufacturers [2] Group 1: Market Dynamics - The current production capacity in the commercial vehicle industry exceeds demand, despite high export levels [1] - Users are now selecting commercial vehicles based on TCO tailored to specific application scenarios, indicating a long-term trend in the industry [1] Group 2: Product Development - Cummins has launched a new multi-fuel powertrain that can utilize various low-carbon and zero-carbon fuels, achieving fuel savings of 1.3% to 6% with diesel and 1% to 2% with natural gas [1] - The company plans to introduce a new 30-liter engine platform specifically designed for mining applications by 2026 [2] - Future product plans include the development of next-generation products such as electric motors, controllers, and power electronics, with a focus on 600V and 800V systems [5] Group 3: Strategic Partnerships - Cummins has formed joint ventures with major Chinese commercial vehicle manufacturers, allowing for customized product solutions based on global technology platforms [2] - A strategic cooperation agreement has been signed with Great Wall Motors to jointly develop and promote hybrid powertrains for heavy-duty trucks [2]