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重庆机电(2722.HK):AIDC基建浪潮下被错杀的核心资产!

香港智远权证网2026年6月26日 00:00
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一座投资数十亿的AIDC集群,最怕什么?不是芯片算力不够,而是突然断电时的“心脏骤停”,或是数千个高功率机柜同时运转产生的“热浪洪流”。正因如此,柴油发电机组和高效温控系统,成了AIDC基建中弹性最大、价值量飙升最猛的“隐形黄金赛道”。

2026年以来,AIDC(人工智能数据中心)板块无疑是资本市场最炙手可热的主线之一。AIDC电源概念股年内平均涨幅高达36.79%,多只个股实现翻倍。然而,在一片喧嚣之中,有一家港股装备制造企业却因市场情绪波动遭遇大幅回撤——重庆机电(02722.HK)。

一边是AIDC柴发机组订单排到2028年、相关概念股年内平均涨幅近40%的火热景象;另一边,却是港股装备制造龙头股价莫名回撤、市盈率竟不足10倍的冰冷现实。这种极致反差,出现在同一赛道。通过深入观察,这家拥有深厚技术积淀的国企,或许正被市场严重错杀。

01、一条确定性极强的万亿级赛道、和被忽视的AIDC核心受益者

先看一组数据:中商产业研究院预测,2026年中国AIDC市场规模将达1778亿元,到2030年有望接近4000亿元。智能算力方面,截至2025年6月,我国智能算力规模已达782EFlops,同比增长96%,占总算力比重突破81%。2023年至2028年,中国智能算力规模五年复合增长率预计达46.2%

政策层面同样暖风频吹。“十五五”规划建议已将全国一体化算力网纳入现代化基础设施体系。工信部相继发布《算力强基揭榜行动》《算力互联互通行动计划》等系列政策。银河证券明确将AIDC发电设备(柴油发电机、燃气轮机、核电设备等)和液冷设备列为“十五五”重点配置方向。AIDC已从概念叙事步入业绩验证的关键转折期

然而,市场对AIDC的认知多停留在算力芯片、服务器和IDC运营商,却严重忽视了电力配套这一不可或缺的环节。

AIDC机柜功率密度正由传统IDC的5kW逐步提升至数十kW以上。数据中心配套电力设备容量一般是算力负载的3-5倍,预计2025-2030年AIDC电力设备需求年均增速达20%。柴油发电机组作为数据中心“市电+UPS+柴油发电机组”供电架构中的核心备电保障,重要性不言而喻。

重庆机电旗下合营企业重庆康明斯,正是康明斯在华唯一的大马力发动机研发和制造基地。根据市场测算,到2028年全球数据中心用柴发规模将达834亿元,其中AIDC用柴发规模达302亿元,复合增长率高达43%。重庆康明斯作为国内大马力柴油发动机的绝对龙头,无疑是这一高景气赛道的核心供应商。

不仅如此,公司在AIDC温控领域同样大有可为。据Omdia,全球数据中心温控市场预计2028年规模达178亿美元。中国液冷数据中心市场2025年已达159.8亿元,同比增长45.2%,预计2028年将增长至470.4亿元。重庆机电旗下重通集团拥有中央空调及特种空调的深厚技术积累,完全具备切入数据中心温控赛道的产业基础。

此外,公司“十五五”战略明确提出加快热泵系统(含高温CO₂)装备研制,持续优化空调系统能效,抓住数据中心建设等人工智能产业高速发展窗口期。战略布局的前瞻性由此可见一斑。

02、基本面扎实,估值却已跌至历史低位

再看公司基本面。十四五期间,公司营业收入年均同比增长9%,归母净利润年均同比增长高达34%,三大主要经营指标同步稳定增长。净资产收益率、资本回报率逐年向好,研发经费投入强度维持在5%水平,资产负债率维持在55%以下。公司维持稳定分红政策,年均派息率在30%以上

风电业务从21.18亿元增至32.6亿元,电线电缆业务从17.93亿元增至23亿元,工业泵及核电泵业务从7.6亿元增至15.5亿元,主业增长动能强劲。公司还新增2个国家企业技术中心、7家国家级专精特新“小巨人”企业,创新实力持续夯实。

然而,截至2026年6月24日,重庆机电市盈率仅约9倍。与之形成鲜明对比的是,AIDC概念龙头润泽科技PE估值约26倍;杰瑞股份PE约60倍。即便考虑行业差异,一家深度受益于AIDC基建浪潮、拥有核心竞争壁垒、业绩稳健增长的装备制造龙头,不足10倍的PE显然与其成长潜力严重不匹配

03、被错杀的核心资产,静待价值发现

近期股价的大幅回撤,更多是市场情绪的非理性宣泄,而非基本面的恶化。公司在“十五五”战略中锚定“开发新产品、拓展新市场、开辟新赛道”三大重点任务,存量产业年均增长5%-10%,增量产业目标达到存量规模的30%-50%。重庆作为西部战略腹地和全国先进制造业基地,公司地缘政策红利持续释放。

银河证券指出,机械设备行业投资机会具备鲜明的时代特征——十一五是工程机械,十二五是工业机器人,十三五是新能源装备。而“十五五”的主线,毫无疑问是“AI基建”

当市场从情绪的泥潭中走出,当AIDC产业链的价值传导进一步向电力配套、温控设备等环节延伸,重庆机电这家被低估的“隐形冠军”,终将迎来属于它的价值重估时刻。

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