金吾财讯 | 招银国际发研报指，预计潍柴动力(02338)将在短期内获得关注，主要由于市场一直在人工智能相关领域寻找受益者。该行估计2024年潍柴动力交付数据中心专用大缸径高速发动机400台，其中60%销往海外。该行预计2025年销量将同比大增1.5倍至1,000台。按平均售价200万元人民币计算，该行预计2025年分部收入将达到20亿元人民币。假设净利润率为25%，分部净利润将达到5亿元人民币，占该行预测净利润总额的4%左右。虽然目前贡献不高，但该行预计该细分市场在未来几年将出现结构性增长。
该行指，数据中心需要不间断电源（UPS）以保持稳定的功能，因此需要发电机组作为备用解决方案。潍柴动力借助博杜安（十多年前被潍柴动力收购的法国公司）的技术不断升级，开发出大缸径高速发动机，可应用于包括数据中心在内的各种应用。
该行基于SOTP的A/H目标价维持在17.9元人民币/17.7港元不变。维持“买入”评级。
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