潍柴动力（02338）午前股价上涨4.12%，报19.70港元，成交额2.21亿港元。
近日，长江证券研报指出，潍柴动力2025Q3实现营收约574.2亿元，同比+16.1%，环比+3.1%。受重卡行业修复及大缸径放量等因素影响，Q3收入实现增长。业绩符合预期，多元化布局加速。2025Q3潍柴发动机上牌量为4.0万台，同环比+21.6%/+5.0%，市场份额为17.8%，同环比-2.9pct/+1.0pct。公司持续推进精细化管理，各项费率同比优化。AI产品提升盈利性，积极拥抱新能源。高端液压、变速箱、车桥等业务同步实现高增长，农业装备业务逆势而上，引领农机装备向大型化、高端化、智能化升级。主业稳健发展，多业务加速落地，公司业绩有望持续保持高增长。基于以旧换新政策托底，重卡行业企稳复苏，叠加公司现金流稳定，高股息优质标的，维持“买入”评级。
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