According to the Huayuan Securities Research Report, Weichai Power's diesel power+gas power+SOFC three-wheel drive will reshape the company's value in the AI Electric Era. Since 2020, the company has set several world records for thermal efficiency of commercial diesel engines. In 2025, the annual sales volume of M-series large bore engines surpassed 10,000 units for the first time, and the 20M61, the world's first 5 megawatt high-speed diesel power generation product, was launched. Currently, the company's business covers various business sectors such as power systems, commercial vehicles, agricultural equipment, smart logistics, electricity and energy. In 2026-2030, the total effective supply of combustion engines to meet AIDC's electricity demand is around 100 GW, so the AIDC electricity demand gap for non-combustion engines is also expected to be over 100 GW. In the past, other forms of off-grid power generation represented by duplex internal combustion engines/SOFC may have great potential. Reciprocating internal combustion engines are mainly used in AI power generation for diesel and gas, and Weichai products are globally competitive. SOFC is probably the most promising form of off-grid main electricity in the medium to long term, and Weichai is deeply laying out metal support routes. As a leading company with a deep layout for diesel, gas, and SOFC in China, the company is expected to fully benefit from the continued boom in AI power demand, cover it for the first time, and give it a “buy” rating.

According to the Huayuan Securities Research Report, Weichai Power's diesel power+gas power+SOFC three-wheel drive will reshape the company's value in the AI Electric Era. Since 2020, the company has set several world records for thermal efficiency of commercial diesel engines. In 2025, the annual sales volume of M-series large bore engines surpassed 10,000 units for the first time, and the 20M61, the world's first 5 megawatt high-speed diesel power generation product, was launched. Currently, the company's business covers various business sectors such as power systems, commercial vehicles, agricultural equipment, smart logistics, electricity and energy. In 2026-2030, the total effective supply of combustion engines to meet AIDC's electricity demand is around 100 GW, so the AIDC electricity demand gap for non-combustion engines is also expected to be over 100 GW. In the past, other forms of off-grid power generation represented by duplex internal combustion engines/SOFC may have great potential. Reciprocating internal combustion engines are mainly used in AI power generation for diesel and gas, and Weichai products are globally competitive. SOFC is probably the most promising form of off-grid main electricity in the medium to long term, and Weichai is deeply laying out metal support routes. As a leading company with a deep layout for diesel, gas, and SOFC in China, the company is expected to fully benefit from the continued boom in AI power demand, cover it for the first time, and give it a “buy” rating.