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研報掘金丨中金:濰柴動力基本盤業績穩健,維持“跑贏行業”評級
格隆匯 02-28 15:24

中金公司研報指出,認為此前天然氣重卡滲透率下滑、新能源重卡加速上量等利空因素邊際上有所改善,濰柴動力(000338.SZ)大缸徑發動機業務受益於數據中心等下游應用需求高增迎來量價利齊升,繼續給予推薦。公司大缸徑發動機產品是數據中心備用電源柴油發電機組的核心零部件,佔機組BOM成本的70%左右。2024 年10 月濰柴集團全球首發博杜安20M55 發電機組、功率達到4250kWe,性能表現領先行業。我們認為,公司大缸徑發動機產品有望憑藉領先技術、國產化產能、高性價比等優勢享行業成長紅利。政策支撐重卡行業beta向上,公司基本盤業績穩健。短期業務邊際改善,重視長期投資價值。維持“跑贏行業”評級。當前A/H股分別對應11.6/10.9倍2025年P/E。公司系全球動力及裝備龍頭,維持目標價不變,分別對應A/H股15.2/13.9 倍2025 年P/E,分別有31%/27%的上行空間。

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