On the evening of April 29th, Weichai Power disclosed its operating performance for the first quarter of 2026. Relying on the solid foundation of traditional power, coupled with the landing of globalization, green transformation, and strong breakthroughs in strategic emerging industries, the company's operational quality and efficiency have steadily improved, and its growth momentum continues to burst. During the reporting period, the company achieved a revenue of 62.56 billion yuan, a year-on-year increase of 8.9%; The net profit attributable to the parent company was 3.09 billion yuan, a year-on-year increase of 13.8%. Among them, the data center power generation products increased by over 240% year-on-year, building a new performance growth curve and quietly restructuring the company's valuation logic.

Accelerate the transformation towards green and high-end markets, with data center products increasing by over 240% year-on-year

As the core basic business of the company, Weichai Power Engine Business maintains steady development. In the first quarter of 2026, the company's total engine sales reached 221000 units, and its leading position in the industry continued to consolidate. Relying on a solid industrial foundation, the company closely follows the "dual carbon" strategy and industrial transformation trend, accelerating the implementation and effectiveness of strategic emerging businesses. The pace of industrialization of new energy continues to accelerate. In the first quarter of 2026, the revenue of new energy power systems reached 1.69 billion yuan, a significant increase of about 200% year-on-year. Parallel efforts across multiple tracks accelerate the transition from traditional diesel power to a green and diversified power strategy.

The power and energy sector continues its high growth momentum. In the first quarter, sales of electric energy products exceeded 30000 units, a year-on-year increase of 21%, and sales of large bore engines exceeded 3000 units, a year-on-year increase of 21%. It is worth noting that benefiting from the continuous explosion of global demand for AI computing power, the construction of large data centers in various regions has accelerated, and the demand for efficient and stable power equipment has surged. In this context, Weichai Power Data Center has experienced explosive growth in the use of large bore engines. In 2025, the annual sales volume was 1400 units, a year-on-year increase of 259%; In the first quarter of 2026, sales climbed to over 500 units, a year-on-year increase of over 240%. The delivery pace accelerated comprehensively, and the expansion progress continued to accelerate, entering a period of high-speed realization.

The application boundaries of large bore engines continue to extend, and breakthroughs have been made in fields such as mining and shipbuilding. Recently, the company's independently developed 12M55 engine has become the first 300 ton mining truck power in China to pass 18000 hours of rigorous verification, achieving a key breakthrough in the independent controllability of domestically produced large-scale mining truck powertrains. At present, Weichai has a global total of over 2000 large-scale mining power units in operation, creating mining truck power solutions covering 100 to 400 tons of full tonnage, and exporting high-quality Chinese power solutions to the global mining industry.

Comprehensive iteration of growth logic, hardcore value recognized by global capital heavy positions

For a long time, the heavy truck industry has to some extent suppressed the valuation level of Weichai Power. Under the grand narrative of the global AI computing power explosion, the company's power and energy business performance continues to release, accelerating its transformation into a comprehensive power solution service provider.

Relying on the combination of solid oxide fuel cells (SOFC) and gas generators as continuous power sources, with diesel engines as backup power sources, Weichai Power's precise positioning AI data center is on a high prosperity track. The company is gradually breaking free from the constraints of the heavy truck industry, and its investment logic is shifting from traditional heavy truck cyclical stocks to data center driven growth stocks.

The company's stable operating performance and new growth logic have been highly recognized by the capital market. As of the close on April 29th, Weichai Power's A-shares were priced at 30.15 yuan, while its H-shares were priced at 36.12 Hong Kong dollars, with H-shares representing a 4.9% premium over A-shares. The inversion of A/H share prices is essentially a reassessment of the value of domestic technology companies by international capital, as well as a direct reflection of the company's global competitiveness, technological barriers, and long-term growth certainty. Foreign investment continues to increase its warehouse layout, fully confirming the long-term optimism of overseas funds towards Weichai Power's strategic transformation prospects.

At the institutional level, there is also a unanimous bullish view, with intensive release of research reports expressing optimism about the development dividends of enterprises. In early April, Goldman Sachs' latest research report pointed out that the outbreak of AI data center power generation business effectively counteracts the cyclical fluctuations of traditional businesses, promotes the reshaping of enterprise valuation systems, and continuously strengthens growth attributes. The institution maintains a 'buy' rating and raises Weichai Power's A-share target price to 38 yuan and H-share target price to 41 Hong Kong dollars.

With the continuous release of dividends from emerging businesses, the steady protection of traditional main businesses, and the deep implementation of globalization and new energy strategies, Weichai Power has entered a new pattern of weakened cycles and strengthened growth, which will open up long-term value growth space for the company.Editor/Gong Ziwei