Weichai Power - A/H: Fireside chat and management update support the AIDC thesis; price reset creates an attractive entry point; 1H26 preview

研报英文原文证据摘录

Weichai Power - A/H: Fireside chat and management update support the AIDC thesis; price reset creates an attractive entry point; 1H26 preview

Asia Pacific Equity Research

20 July 2026

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Weichai Power - A/H

Fireside chat and management update support the

AIDC thesis; price reset creates an attractive entry

point; 1H26 preview

Recent investor engagement around Weichai Power remains high despite Infrastructure, Industrials &

recent price swings, as reflected in strong participation at the fireside chat Transport

with Phil Buller (JPM European Capital Goods Analyst, covering Karen Li, CFA AC

Siemens). The session, which drew over 130 sign-ups, focused on the (852) 2800-8589

global AIDC cycle, architecture shifts, and sector risk/reward—key karen.yy.li@jpmorgan.com

themes directly relevant to Weichai’s positioning and outlook. In addition, J.P.J.P. MorganMorgan SecuritiesBroking (Hong(AsiaKong)Pacific)LimitedLimited/

we highlight our update call with Weichai’s management that provided Mufan Shi

incremental color on AIDC execution, orderbook trends, and margin (852) 2800-8502

outlook. Weichai’s US market entry is progressing on track, as the 2.5MW mufan.shi@jpmorgan.com

gas engine product for AIDC was officially launched at the end of June, J.P. Morgan Securities (Asia Pacific) Limited/

J.P. Morgan Broking (Hong Kong) Limited

with customer validation and US EPA certification now underway and

Jenny Qiu, CFA

expected to take 2-3 months, i.e., by August.