AIDC Power Supply Chain Grid constraints and SOFC policy tailwinds drive new era for AIDC onsite power

研报英文原文证据摘录

AIDC Power Supply Chain Grid constraints and SOFC policy tailwinds drive new era for AIDC onsite power

Karen Li, CFA Asia Pacific Equity Research

(852) 2800-8589 12 June 2026

karen.yy.li@jpmorgan.com

valued by data center customers. Gas turbines and gas engines remain

competitive for certain applications, but the industry is seeing a clear trend

toward integrated solutions that combine SOFC, gas engines, and storage to

meet evolving customer needs. The ability to offer a full-stack solution and

adapt to different site requirements is becoming a critical advantage for leading

players.

• Competitive threats from ship engine and Korean suppliers are limited, as

China-based players retain cost, supply chain, and delivery speed

advantages. While Korean ship engine makers have won some data center

orders, the expert believes their impact is limited due to higher costs, longer lead

times, and less flexible supply chains. The global power shortage through 2030

will create enough demand for multiple players, but he believes China-based

suppliers are best positioned to capture share due to their scale and execution.

• Weichai Power stands out for its rapid AIDC engine and SOFC capacity

ramp, US distribution strategy, and integrated technology leadership. The

expert highlighted that Weichai’s AIDC engine shipments are poised to reach

3,500–4,000 units in 2026, with the majority of volume delivered in the second

half and a clear focus on scaling both domestic and export capacity. On the

SOFC front, Weichai is executing an ambitious capacity ramp-up plan: the

company targets 30MW in 2026, 200MW in 2027, 600MW in 2028, and 1GW

by 2030. This rapid scaling is supported by a robust supply chain, strong cost

management, and deep technical expertise in both gas engines and SOFC.