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JPM Raises WEICHAI POWER (02338.HK) TP to HKD52, Transformation Reaches Measurable Milestone
JPMorgan raises the H-share TP of WEICHAI POWER (02338.HK) from HKD40 to HKD52, and lifts the A-share TP of WEICHAI POWER (000388.SZ) from RMB38 to RMB49, maintaining an Overweight...
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JPM Raises WEICHAI POWER (02338.HK) TP to HKD52, Transformation Reaches Measurable Milestone
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JPMorgan raises the H-share TP of WEICHAI POWER (02338.HK)  +2.020 (+5.166%)    Short selling $128.47M; Ratio 12.379%   from HKD40 to HKD52, and lifts the A-share TP of WEICHAI POWER (000388.SZ) from RMB38 to RMB49, maintaining an Overweight rating on both. The broker said the companys transformation has reached measurable milestones, and its valuation model now factors in a higher-quality and higher-margin earnings mix starting from 2027.

The report noted that margin expansion is the key incremental driver. As artificial intelligence data centers (AIDC) scale up, the roadmap is expanding from backup diesel generators to primary gas engines and solid oxide fuel cells (SOFC). The broker expects the companys power and energy business to account for a larger share of overall profits.

JPM added that although WEICHAI POWERs shares have surged YTD and Outperform the MSCI China Index, the gains still lag other AIDC and SOFC peers, suggesting the valuation re-rating is not yet complete. The TP implies about 25x forecast PE. Considering the companys growth, margin improvement and shift toward a more recurring revenue mix, the broker believes the valuation is not demanding. (ss/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.) (A Shares quote is delayed for at least 15 mins.)

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