On May 6, 2026, Weichai Power's A-share market opened with a strong limit up, closing at 34.32 yuan, setting a new historical high for the stock price. At the same time, the company's total market value officially reached the 300 billion yuan mark. This historic breakthrough indicates that the capital market has completely abandoned its traditional cyclical manufacturing label and fully recognized its new positioning as the core growth of AI power energy. Relying on the accelerated commercialization of AIDC's energy and power business, Weichai Power is rapidly transforming from a leader in heavy-duty truck engines to a core power solution provider for data centers, fundamentally reshaping its growth logic and valuation system.

Solid performance foundation, driven by AI power energy explosion, valuation leap

In the first quarter of 2026, Weichai Power delivered a high-quality growth report, achieving a revenue of 62.563 billion yuan, a year-on-year increase of 8.87%; Net profit attributable to the parent company was 3.085 billion yuan, a year-on-year increase of 13.83%; Deducting non recurring net profit of 2.988 billion yuan, a year-on-year increase of 20.25%, and the quality of profitability continues to improve. The core of steady performance growth lies in the resonance between the stability of traditional power fundamentals and the outbreak of strategic emerging businesses.

As the cornerstone of the company, the engine business operates steadily and its leading position in the industry continues to consolidate, providing stable support for downstream industries such as heavy-duty trucks, construction machinery, and agricultural equipment. At the same time, the company is closely following the trend of "dual carbon" and computing revolution, proactively laying out its power and energy business, and gradually growing into a new growth engine. In the first quarter of this year, the company's sales of electric energy products reached 30000 units, a year-on-year increase of 21%; Among them, the sales of high value-added large bore engines exceeded 3000 units, a year-on-year increase of over 20%, and the dividend of high-end development continues to be released.

What truly ignites market enthusiasm is the exponential growth of AI data center power business. Benefiting from the global explosion of AI computing power and the acceleration of data center construction, the company's data center has entered a period of large-scale production with large bore engines. By 2025, sales will reach 1400 units, a year-on-year increase of 259%; In the first quarter of 2026, sales exceeded 500 units, with a year-on-year increase of over 240%, continuing the explosive growth trend. At present, the company has completed a full power range layout from 1250kWe to 5000kWe, with products covering top computing power operators in North America, Europe, and China, becoming one of the few suppliers in the world with a complete set of solutions.

It is worth noting that Weichai Power is not limited to the traditional diesel backup power generation product business, but relies on SOFC and gas engines as the main power source, and diesel engines as the backup power source through multiple technological routes, promoting the company from an "emergency power supplier" to a "core power solution provider".

In addition, the company's new energy business has entered the commercial realization period, and its business performance is equally impressive. In the first quarter of 2026, the revenue of new energy power systems was 1.69 billion yuan, a year-on-year increase of about 200%, covering multiple routes of pure electricity, hydrogen energy, and hybrid, fully supporting commercial vehicles, engineering machinery, and mining equipment, and entering the stage of performance realization for green transformation.

The inverted trend of AH stocks highlights the global pricing consensus and the collective bullish growth logic of institutions

Behind the market value exceeding 300 billion yuan, there is a high resonance between domestic and foreign capital and Weichai Power's new growth logic, especially the continuous increase in foreign investment layout, which has led to a rare situation in the market where the AH stock price continues to invert. As of the close on May 6th, Weichai Power's A-shares were priced at 34.32 yuan per share, while its H-shares were priced at 44.66 Hong Kong dollars per share. After converting the exchange rate, the H-shares were priced at a premium of 13.87% compared to A-shares.

The inversion of A/H share prices is essentially a systematic reassessment of the value of domestic hardcore technology enterprises by international capital, and it is also a direct reflection of the company's global competitiveness, technological barriers, and long-term growth certainty. In the past, this phenomenon was mainly concentrated in the financial sector, but now it has shifted to high-end manufacturing and hard technology leaders such as CATL, Lanqi Technology, and Zhaoyi Innovation. Weichai Power has successfully entered this scarce category, fully demonstrating that overseas funds have fully recognized the company's strategic transformation prospects and are gradually shedding its traditional cyclical attribute labels, and instead pricing the company in a new way based on the technology growth track.

Top global institutions have spoken out intensively, expressing their optimism about the company's development dividends. Goldman Sachs pointed out in its latest research report that with the increasing importance of gas engines and SOFCs as on-site primary power solutions, Weichai Power is still one of the cheapest targets in the global AI data center power supply chain. Therefore, it maintains its "buy" rating and raises its 12-month target prices for A-shares and H-shares to HKD 48 and HKD 56, respectively. Morgan Stanley stated that considering Weichai's growth, profit margin, and proportion of recurring revenue undergoing structural improvement, Weichai Power's current valuation still has broad room for repair. Therefore, the company has raised its target prices for A-shares and H-shares to 49 yuan and 52 Hong Kong dollars, respectively.

From an undervalued cyclical leader to a technology growth target sought after by global capital, Weichai Power's new anchor point of 300 billion market value confirms the wave of value reassessment in China's hard technology manufacturing. With the continuous realization of AI power energy performance, Weichai Power is expected to further open up valuation and market value space, becoming a new benchmark in the global energy equipment field.Editor/Gong Ziwei