Weichai Power (02338) rose more than 4% in afternoon trading, reaching a high of HK$45 and setting a new record since its listing. As of the time of writing, the stock was up 4.41% at HK$45, with a turnover of HK$1.025 billion.

Recent announcements from Weichai Power indicate that in the first quarter of 2026, the company's new energy power systems generated revenue of RMB 1.69 billion, representing a substantial year-on-year increase of approximately 200%. Sales of power energy products reached 30,000 units, up 21% compared to the same period last year. Large-bore engine sales exceeded 3,000 units, also growing 21% year-on-year. Engine sales for data centers surpassed 500 units, showing a remarkable surge of over 240% year-on-year, highlighting strong growth momentum.

Currently, the company is experiencing robust order demand, and the contribution of its power energy business to overall performance is expected to further increase. Additionally, Weichai Power is accelerating the construction of its solid oxide fuel cell (SOFC) production capacity, aiming to achieve mass production within the year.

J.P. Morgan released a research report noting that Weichai Power benefits from shifting investor focus away from traditional heavy-duty truck engines toward electrification, as well as strong quarterly results and raised guidance from global peers. The report stated that the global AI data center power supply market is facing extremely tight conditions, with customers prioritizing supply speed and delivery capabilities. J.P. Morgan believes the market is reassessing Weichai Power's valuation, maintaining an "overweight" rating on the company and keeping it as a top pick in the sector.