Core Viewpoint - Dongli New Science is one of the domestic manufacturers with megawatt-level capabilities, and the AIDC power supply engine is expected to help the company achieve rapid growth [1] Group 1: Company Performance - The company has dual brand coverage with Lingzhong Engine and Shanghai Diesel Engine [1] - Lingzhong Engine is projected to achieve a net profit of approximately 100 million yuan in the first half of 2025, with production expected to continue rapid growth in 2026 [1] - The Shanghai Diesel Engine's megawatt-level VK16 has been put into production, with significant sales growth anticipated in 2026 and strong profitability per unit [1] Group 2: Business Outlook - The AIDC power supply megawatt engines from both Lingzhong and Shanghai Diesel are expected to drive the company's rapid growth [1] - The financial performance of SAIC Hongyan is expected to improve significantly [1] - With a new leadership team in place, the company aims to double its "14th Five-Year Plan" targets and is expected to strategically shift towards social resources while optimizing product structure and operational efficiency [1] Group 3: Investment Rating - The company is covered for the first time with an "Accumulate" rating [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 | | ...