访问伦敦瑟尔燃料电池公司后对固体氧化物燃料电池持积极态度

Positive on SOFC afterour London visit toCeresPower Weichai is the largest shareholder ofCeres Power (CWR LN, NR)with anequity interest of ~17.8%.Our meeting with Ceres last weekenhanced ourconfidenceintheoutlook ofSolid Oxide Fuel Cell (SOFC)(for details,pleaserefer toour note“Keytakeaways from London visit” published today).ForWeichai,based on ourunderstanding,the SOFC capacity construction (usingCeres’ technology) is on track.We expectWeichai’s SOFCproductioncapacitytoreach 30MW/200MW by end-2026/27.We forecast it will potentiallycontribute~RMB600mn/4bn revenue in 2027E/28E.Wemaintain our positivestance on Weichai’sAIDC backupengine and SOFC.ReiterateBUYwithunchangedSOTP-based TPofHK$45.1/RMB40.2for Weichai H/A.Weichaiisa key pick in the Capital Goods sector. China Capital Goods Key risks:1)lower-than-expected AIDC powerdemand;2) unexpectedslowdownin HDTengine demand;3) increase in raw material costs. Related reports:Weichai Power–AIDC power driven re-rating to continue; Earnings forecast andTP raised–2 May 2026 (link) Weichai Power–2025 earnings belowexpectations;structural transition story stillintact–27 Mar 2026 (link) Capital Goods-HDT sales +39% YoY inJan on low base–3 Feb 2026 (link) Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuer that the analyst covered inthis report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressedby that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) coveredin this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any ofthe HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 monthsHOLD: Stockwith potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad marketbenchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmarkover next 12 months OUTPERFORMMARKET-PERFORMUNDERPERFORMCMB InternationalGlobal MarketsLimited Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMBInternational Capital Corporation Limited (a wholly ownedsubsidiary of China Merchants Bank) Important DisclosuresThere are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGM does not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on theperformance of underlying assets or other variable market factors.CMBIGMrecommends that investors should independently evaluate particular investmentsand strategies, and encourages investors to consult with a professional financial advisor in order to make their own investment decisions.This report or any information contained herein, have been prepared by theCMBIGM, solely for the purpose of supplying information to the clients ofCMBIGM or its affiliate(s) to whom it is distributed.This report is not and should not be construed as an offer or solicitation tobuy or sell any security or any interest insecurities or enter into any transaction.NeitherCMBIGMnor any of its affiliates,shareholders, agents, consultants, directors, officers or employees shall beliable for any loss, damage or expense whatsoever, whether direct or consequential, incurred in relying on the information contained in this report.Anyonemaking use of the information contained in this report does so entirely at their own risk.The information and contents contained in this report are based on the analyses and interpr