KTAs from Tianrun Visit: Benefiting from the AIDC Engine Upcycle

研报英文原文证据摘录

KTAs from Tianrun Visit: Benefiting from the AIDC Engine Upcycle

China (PRC) | Autos & Auto Parts EquityJulyResearch10, 2026

KTAs from Tianrun Visit: Benefiting from the Related Report

AIDC Engine Upcycle Key Takeaways from Tianrun Industry

Group Call

We visited Tianrun Industry in Shandong this week. Key messages

include: 1) Large-engine order momentum is strengthening, with OEMs Key Takes From Company Visit: The Watt

Cycle Has Just Begun

pushing for earlier deliveries, and large-engine revenue guided at

RMB700-800mn/1.5-1.6bn in 2026/27; 2) Tianrun’s new crankshaft lines Marketing Feedback on Weichai: High

are expected to come online in 3Q27, supporting total c.30k crankshaft Conviction Amid the Noise

annually, with imported grinding machines being key bottleneck; 3) Gas

injection system would become another growth driver.

Recent order progress. Mgmt suggested although OEMs have not formally revised up

shipment targets, they are asking Tianrun to bring forward 2026 deliveries, with July-August

orders being advanced and production lines already running at full capacity. Yuchai and

Weichai are both pushing for faster delivery, as per mgmt. The company maintained the

revenue guidance of RMB700-800mn from the large-engine business in 2026, but revised up

the 2027 target to RMB1.5-1.6bn with 2028 revenue potentially reaching c.RMB2.5-2.6bn.

Capacity expansion. Tianrun’s new crankshaft lines are expected to come online in 3Q27,

supporting total c.30k crankshaft annual capacity, with upside from more working days, line-

sharing/changeover optimization, and potential efficiency gains as the current production

pace of c.3 hours per crankshaft could be optimized to c.2-2.5 hours per unit. The crankshaft