Weichai Power Co.,Ltd. (02338) surged nearly 10% in early trading, last up 7.84% to HKD 33.02, with turnover reaching HKD 228 million.

According to GE Vernova's latest financial report, the backlog of gas power equipment orders and capacity lock-up agreements has continued to expand, rising from 100 gigawatts to 116 gigawatts, with expectations to reach at least 125 gigawatts by the end of 2026. This trend further validates the strong demand for gas turbines driven by AI data centers.

CITIC Construction pointed out that Weichai Power Co.,Ltd.'s core growth engine has shifted from heavy-duty truck powertrains and vehicles to the high-growth AI data center power generation business. The company's profit contribution from this segment is expected to rise from 20% to over 40% between 2026 and 2028, delivering more than 70% of incremental earnings. The firm is optimistic about Weichai Power Co.,Ltd.'s valuation potential relative to overseas peers, anticipating a potential double-win scenario.