Asia Pacific Equity Research 30 April 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Weichai Power - H/A Raising PT as power transformation moves from narrative to measurable milestones; 1Q26 review We are raising our PT for Weichai Power A/H to HK$52 ...

30 April 2026 | 1:14PM HKT Equity Research Weichai Power (000338.SZ): NDR takeaways: More upside to the AIDC power gen business; Buy Weichai reported 1Q26 results on Apr 29 post market close (see our first take note here), and we held an NDR group call on Apr 30. Key takeaways around the AIDC power business point to 1) strong 1Q26 shipment momentum (+240% yoy) and a back-end loaded shipment schedule into 2H26; 2) notable near-term upside from gas gensets with a much-faster-than-expected path towards GW ship ...