CMI – Quick Take – Takeaways from the Truist Securities Industrials & Services Conference

研报英文原文证据摘录

CMI – Quick Take – Takeaways from the Truist Securities Industrials & Services Conference

Truist Securities

Equity Research Report June 18, 2026

INDUSTRIALS: Machinery Cummins Inc. (CMI)

CMI – Quick Take – Takeaways from the Truist Securities Jamie Cook, CFA

212-303-4116 Industrials & Services Conference

Jamie.Cook@truist.com

Kevin Wilson, CFA Power Systems Demand Remains Robust; CMI Prime Time Announcements Begin:

212-590-0996 Demand for backup power remains strong with backlog extending into 2028 and quoting

Kevin.S.Wilson@truist.com activity beyond. CMI is investing $450M to expand HHP engine and genset capacity by 20

W by 2030, increasing the total capacity to 55 GW by 2030 (from 35 GW at the end of

Stephen Farkouh 2025). The incremental investment will be within CMI’s existing global footprint. The newly

212-401-4459 announced capacity investment is aligned to visible customer demand and will come online

Stephen.Farkouh@truist.com gradually rather than in step changes, with the ramp beginning in 2027. CMI is developing

a new large-megawatt natural gas engine and genset built on its proven HSK78 platform,

extending up to 4 MW of prime power. The launch is targeted for 2028, with first units

delivered to customers that year. The existing HSK78 platform already addresses prime

Current Price (Jun. 17, $717.78 power today with orders in backlog and a pipeline extending beyond 2030. In fact, CMI made 2026)

its first public announcement into prime. CMI is supporting Circe Energy’s (private) behind-

Stock Rating BUY the-meter power needs for their AI HPC data center campuses, including its West Texas

Unchanged campus development, with the HSK78 and QSK60 high-horsepower natural gas generator

sets. We believe this is the first of more announcements to come.