招银国际：潍柴动力（000338）-Netprofitin2Q26+57%YoYhelpedbyotherincomeandexpensecontrol;RisingAIDCpowercontribution

潍柴动力(000338) Weichai’snetprofitin1H26grew36%YoYtoRMB7.7bn,whichimpliesnetprofitofRMB4.6bnin2Q26(+57%YoY).Thegrowthin2Q26wasdrivenbyinvestmentincomeandsoundexpensecontrol.Whilerevenuegrewonly9%YoYin1H26,wecontinuetoseerisingcontributionofpower-relatedengines,withAIDCbackuppowerenginesalessurging1.3xYoY.WemaintainourpositivestanceonWeichai’sAIDCbackupengineandSOFC.MaintainBUYwithunchangedSOTP-basedTPofHK$45.1/RMB40.2forWeichaiH/A.WeichairemainsakeypickintheCapitalGoodssector. Improvedmixinenginese