Goldman Sachs Leads Market in Substantially Raising Weichai Power's Target Price to HK$37, Citing Power Generation as New Growth Driver

Stock News02-04 15:12

Goldman Sachs has issued a research report stating that it is leading the market in raising its long-term profit forecasts for Weichai Power (02338). This adjustment reflects the enhanced prospects of the company's power generation business as Weichai continues to expand its product and technological portfolio. The firm has reaffirmed its "Buy" rating on Weichai and significantly increased its target price from HK$21 to HK$37, identifying the company as a key beneficiary in Asia's AIDC (Artificial Intelligence Data Center) power generation sector. Currently, the AIDC power generation business accounts for approximately 10% of Weichai's projected total net profit for 2025. It is expected to grow by 3.3 times by 2030, with its profit contribution more than doubling to reach about one-third of total profits, surpassing the contribution from domestic Heavy-Duty Truck (HDT) engines. Goldman Sachs has raised its earnings per share forecasts for Weichai by 1% to 7% for the years 2025 to 2027, with even more substantial increases of 9% to 21% projected for the period after 2027. The investment bank believes that Weichai's investment thesis, which is shifting from being driven by Heavy-Duty Trucks (cyclical) to being driven by power generation (structural), justifies a re-rating of the company.

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