西南证券发布研报称，柴发为数据中心重要备电应急方案，受益于AIDC对于柴发功率、电力输出稳定 性以及耐久性等要求，单机壁垒及价值量预计提升。根据智通投研会平台测算，到2028年全球数据中心 用柴发规模达834亿元，CAGR 6%，其中AIDC用柴发规模达302亿元，CAGR达43%。 国元国际发布研报称，从全球范围来看，柴油发动机的龙头企业仍以国际企业为主，包括康明斯、卡特 和MTU等，拥有技术和品牌优势。重庆机电拥有重庆康明斯50%股权，后者是美国康明斯在华唯一的 大马力发动机生产基地，制造QSK60、QSK50、K50等大马力发动机，目前市场需求饱满，预计在未来 几年产量将从1.6万台/年提升至2.3万台/年，且大马力产品占比持续提升。2025年上半年，公司来自重 庆康明斯的投资收益达3.3亿元人民币，同比增长27.6%，预计未来改收益大概率将保持稳定增长。 智通财经APP获悉，重庆机电(02722)再涨超6%，截至发稿，涨5.02%，报2.3港元，成交额4429.57万港 元。 ...

国元国际发布研报称，从全球范围来看，柴油发动机的龙头企业仍以国际企业为主，包括康明斯、卡特 和MTU等，拥有技术和品牌优势。重庆机电拥有重庆康明斯50%股权，后者是美国康明斯在华唯一的 大马力发动机生产基地，制造QSK60、QSK50、K50等大马力发动机，目前市场需求饱满，预计在未来 几年产量将从1.6万台/年提升至2.3万台/年，且大马力产品占比持续提升。2025年上半年，公司来自重 庆康明斯的投资收益达3.3亿元人民币，同比增长27.6%，预计未来改收益大概率将保持稳定增长。 重庆机电(02722)再涨超6%，截至发稿，涨5.02%，报2.3港元，成交额4429.57万港元。 西南证券发布研报称，柴发为数据中心重要备电应急方案，受益于AIDC对于柴发功率、电力输出稳定 性以及耐久性等要求，单机壁垒及价值量预计提升。根据智通投研会平台测算，到2028年全球数据中心 用柴发规模达834亿元，CAGR6%，其中AIDC用柴发规模达302亿元，CAGR达43%。 ...

Core Insights - The company reported a revenue of 3.096 billion yuan for the first half of 2025, representing a year-on-year growth of 22.2%, and a net profit of 110 million yuan, up 66.9% year-on-year [1] - The gross margin reached 13.6%, an increase of 1.6 percentage points compared to the previous year, showcasing the company's strong fundamentals in a complex electric bicycle market [1] Group 1: Technological Advancements - The company emphasizes a technology-driven approach, continuously investing in R&D to maintain its leading position in "liquid-cooled motors" [2] - A digital battery management system was introduced to address battery durability issues, ensuring safety and longevity, with a reputation for lasting "10 years" [2] - The braking system features high-strength ceramic brake pads, enhancing durability by five times compared to standard drum brakes, achieving upgrades in both safety and longevity [2] Group 2: Diverse Business Model - The company offers a comprehensive product line, having launched over 21 new models by June 30, 2025, including industry-leading products like K50 and MS95 [3] - It has established over 14,000 offline retail stores and innovated its marketing strategy by launching online stores on major e-commerce platforms, successfully driving nearly 300,000 electric two-wheelers to stores in the past year [3] - The company was recognized as one of "China's 500 Most Valuable Brands" by the World Brand Lab, indicating strong brand value [3] Group 3: High-End Brand Development - The launch of the LYVA brand targets urban middle-class consumers seeking high-quality, tech-driven electric bicycles, entering the high-end market segment [4] - LYVA features an "AI mid-mounted motor + intelligent riding algorithm," enabling real-time interaction based on road conditions and user status, transitioning from "functional travel" to "smart companion" [4] Group 4: Comprehensive Service Ecosystem - The company focuses on a "full-scenario light travel solution," integrating hardware, software, and services to meet diverse user needs [5] - It has established a "3-kilometer service circle" with 14,000 smart stores nationwide, offering rental, on-site maintenance, and battery swapping services, creating a closed-loop business model [5] - This transition from product sales to ecosystem services positions the company as a comprehensive solution provider in the light travel sector [5] Group 5: Market Positioning and Growth Potential - The new national standard for electric bicycles will be implemented on September 1, 2025, which may lead to the exit of many smaller, less compliant companies, benefiting leading firms with strong compliance and brand influence [6] - The company is positioned for accelerated growth through technological innovation, high-end brand development, and comprehensive service offerings, aiming to redefine the standards in the light travel industry [6]