Weichai Power : Le secteur des gros diamètres entre dans une phase de croissance à grande échelle, les performances continuent de se concrétiser

转自：中国证券报·中证网

中证报中证网讯（记者 张鹏飞）依托大缸径发动机高附加值、高景气度、高壁垒的核心优势，潍柴动力正迎来新一轮价值重塑。
Company annual report data shows that the company’s large diameter business has entered a period of scaled release, and the performance realization continues to improve.
2025年全年M系列大缸径产品销量首次突破1万台，同比增长32%，实现收入同比增长65%；
In 2025, the annual sales of the M series large diameter products will exceed 10,000 units for the first time, a year-on-year increase of 32%, achieving a revenue growth of 65%;
其中数据中心产品销量约1400台，同比大幅增长259%。
Among them, the sales of data center products are about 1,400 units, a substantial increase of 259% year-on-year.
大缸径业务正成为推动估值中枢上移的关键力量。
The large diameter business is becoming a key force driving the upward shift of the valuation center.

高附加值驱动盈利结构升级
High added value drives the upgrade of profit structure

2025年，公司大缸径业务呈现收入增速显著高于销量增速的优质增长特征，
In 2025, the company’s large diameter business will show a high-quality growth characteristic where the revenue growth rate significantly exceeds the sales growth rate,
直观反映产品结构持续向高端化、大功率方向升级，
which intuitively reflects that the product structure continues to upgrade towards high-end and high-power directions,
平均单价稳步提升，高附加值产品占比持续扩大，
the average unit price steadily increases, and the proportion of high value-added products continues to expand,
盈利质量实现根本性优化。
resulting in a fundamental optimization of profit quality.

年报披露，2025年，潍柴动力M系列大缸径发动机销量约1.1万台，实现收入58.1亿元，
The annual report disclosed that in 2025, Weichai Power’s M series large diameter engine sales are about 11,000 units, achieving a revenue of 5.81 billion yuan,
根据数据测算，公司M系列大缸径发动机单价超50万元，相较于传统重卡发动机10万元左右的均价，可实现约5倍的价值跃升。
According to data estimates, the unit price of the company’s M series large diameter engines exceeds 500,000 yuan, which can achieve about a 5-fold value leap compared to the average price of 100,000 yuan for traditional heavy-duty truck engines.
而且公司产品持续升级迭代，2025年，公司发布全球首款5兆瓦高速柴油发电产品，
Moreover, the company’s products continue to upgrade and iterate; in 2025, the company will launch the world’s first 5-megawatt high-speed diesel generator product,
升功率等关键指标达到世界一流水平，市场预估该产品有望进一步打开高端溢价空间。
with key indicators such as power output reaching world-class levels. The market estimates that this product is expected to further open up high-end premium space.

从盈利逻辑看，大缸径发动机具备显著的毛利优势。
From a profit logic perspective, large diameter engines have significant gross profit advantages.
中信证券研究指出，大排量发动机单位重量价值呈非线性增长，
CITIC Securities research points out that the value of large displacement engines shows nonlinear growth per unit weight,
毛利率显著高于小排量机型。
with gross profit margins significantly higher than those of small displacement models.
高毛利业务规模持续扩张，将优化公司盈利结构，改善公司整体盈利水平，
The continuous expansion of high gross profit business scale will optimize the company’s profit structure and improve the overall profit level,
有效降低周期波动带来的估值折价。
effectively reducing the valuation discount caused by cyclical fluctuations.

数据中心市场红利打开成长空间
The data center market dividend opens up growth space

全球AI算力爆发、数据中心建设提速，为大缸径发动机打开广阔增长空间，
The global explosion of AI computing power and accelerated data center construction opens up vast growth space for large diameter engines,
行业高景气具备中长期确定性。
with high industry prosperity having medium- to long-term certainty.
在此背景下，潍柴动力凭借先发优势实现“量价齐升”，
In this context, Weichai Power has achieved a “simultaneous increase in volume and price” thanks to its first-mover advantage,
成长属性激活，凭借技术与产品优势精准卡位布局，
activating its growth attributes and precisely positioning its layout with technological and product advantages,
业务规模加速释放，打破国外品牌在该领域的长期垄断局面。
accelerating the release of business scale and breaking the long-term monopoly of foreign brands in this field.

高盛认为，潍柴动力现有的柴油发电用发动机展现出超出预期的强劲势头，
Goldman Sachs believes that Weichai Power’s existing diesel generator engines show stronger-than-expected momentum,
受益于全球AIDC投资热潮以及发电设备供应链紧张局面，
benefiting from the global AIDC investment boom and the tight supply chain of power generation equipment,
预计潍柴动力在全球数据中心发电机发动机市场的价值份额将持续提升。
it is expected that Weichai Power’s value share in the global data center generator engine market will continue to rise.

多元应用布局拓展增长边界
Diverse application layout expands growth boundaries

数据中心之外，潍柴动力的大缸径发动机产品快速切入大型工程机械设备、船舶等领域，
Beyond data centers, Weichai Power’s large diameter engine products are rapidly entering large engineering machinery, ships, and other fields,
形成“多点支撑”的增长格局。
forming a growth pattern of “multiple supports”.
多场景布局有效分散单一行业波动风险，提升成长韧性。
Multi-scenario layouts effectively diversify the risks of single industry fluctuations, enhancing growth resilience.
公司持续推进M系列发动机工艺开发、装试及产能改造，
The company continues to promote the process development, assembly, and capacity transformation of the M series engines,
加快产能爬坡与交付能力提升，为市场份额快速扩张提供坚实保障。
accelerating the ramp-up of production capacity and improving delivery capabilities, providing solid guarantees for rapid market share expansion.

长期来看，潍柴动力高附加值的大缸径业务充分受益于AI数据中心建设持续扩容，
In the long run, Weichai Power’s high value-added large diameter business fully benefits from the continuous expansion of AI data center construction,
叠加多元应用场景的边界不断拓宽，
coupled with the continuous expansion of diverse application scenarios,
业务高成长的底层逻辑已成型。
the underlying logic of high business growth has taken shape.
高附加值属性持续优化公司盈利结构，
The high added value attribute continuously optimizes the company’s profit structure,
数据中心行业红利进一步强化业绩增长的进攻动能，
and the data center industry dividend further strengthens the offensive momentum of performance growth,
而多领域的拓展布局更筑牢了长期发展的确定性。
while the expansion layout in multiple fields further solidifies the certainty of long-term development.
多重成长逻辑共振，助力公司稳步迈入高质量成长新周期。
The resonance of multiple growth logics helps the company steadily enter a new cycle of high-quality growth.

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