每(mei)經(jing)AI快(kuai)訊，中(zhong)金(jin)公司研報稱(cheng)，數(shu)(shu)據(ju)(ju)中(zhong)心(xin)資本(ben)開支增長(chang)帶動(dong)(dong)災(zai)備(bei)電(dian)(dian)源(yuan)（柴(chai)(chai)發(fa)）需求(qiu)高(gao)增，海(hai)外(wai)(wai)發(fa)動(dong)(dong)機(ji)(ji)企(qi)(qi)業(ye)(ye)擴產(chan)(chan)(chan)緩慢(man)，國內(nei)機(ji)(ji)組(zu)具備(bei)價(jia)格彈性(xing)，對(dui)國產(chan)(chan)(chan)發(fa)動(dong)(dong)機(ji)(ji)廠(chang)商(shang)而言也迎來較(jiao)好(hao)的(de)國產(chan)(chan)(chan)化機(ji)(ji)會。1）災(zai)備(bei)電(dian)(dian)源(yuan)為(wei)數(shu)(shu)據(ju)(ju)中(zhong)心(xin)所必需，2024年(nian)市(shi)場(chang)空間(jian)(jian)(jian)超(chao)50億(yi)元(yuan)。當數(shu)(shu)據(ju)(ju)中(zhong)心(xin)斷電(dian)(dian)時(shi)(shi)，UPS進(jin)行(xing)短(duan)(duan)時(shi)(shi)間(jian)(jian)(jian)快(kuai)速電(dian)(dian)力(li)供(gong)應(ying)，災(zai)備(bei)電(dian)(dian)源(yuan)同(tong)時(shi)(shi)啟動(dong)(dong)，可(ke)進(jin)行(xing)長(chang)時(shi)(shi)間(jian)(jian)(jian)持(chi)(chi)續的(de)電(dian)(dian)力(li)供(gong)應(ying)。目前數(shu)(shu)據(ju)(ju)中(zhong)心(xin)災(zai)備(bei)電(dian)(dian)源(yuan)均采用柴(chai)(chai)油發(fa)電(dian)(dian)機(ji)(ji)組(zu)，其他技術如(ru)燃氣機(ji)(ji)組(zu)、儲能(neng)(neng)系統、PEM燃料電(dian)(dian)池均因經(jing)濟(ji)性(xing)、燃料可(ke)得(de)性(xing)等問(wen)題(ti)短(duan)(duan)期(qi)難以替代。測算(suan)2024年(nian)中(zhong)國數(shu)(shu)據(ju)(ju)中(zhong)心(xin)領域用柴(chai)(chai)油發(fa)電(dian)(dian)機(ji)(ji)組(zu)市(shi)場(chang)空間(jian)(jian)(jian)或(huo)超(chao)55億(yi)元(yuan)，2025年(nian)有望達(da)83億(yi)元(yuan)，同(tong)比(bi)增長(chang)49%。2）海(hai)外(wai)(wai)發(fa)動(dong)(dong)機(ji)(ji)緊(jin)缺，國產(chan)(chan)(chan)企(qi)(qi)業(ye)(ye)迎機(ji)(ji)遇(yu)。柴(chai)(chai)油發(fa)動(dong)(dong)機(ji)(ji)為(wei)柴(chai)(chai)發(fa)機(ji)(ji)組(zu)中(zhong)的(de)核心(xin)部件，成本(ben)占比(bi)超(chao)60%，數(shu)(shu)據(ju)(ju)中(zhong)心(xin)領域對(dui)發(fa)動(dong)(dong)機(ji)(ji)的(de)技術性(xing)能(neng)(neng)及可(ke)靠性(xing)要求(qiu)較(jiao)高(gao)，市(shi)場(chang)長(chang)期(qi)被海(hai)外(wai)(wai)企(qi)(qi)業(ye)(ye)所占據(ju)(ju)，國產(chan)(chan)(chan)份(fen)額僅約(yue)10%。海(hai)外(wai)(wai)企(qi)(qi)業(ye)(ye)擴產(chan)(chan)(chan)難度(du)大/時(shi)(shi)間(jian)(jian)(jian)長(chang)，短(duan)(duan)期(qi)內(nei)僅有康明斯、MTU在25年(nian)年(nian)底(di)有部分新增產(chan)(chan)(chan)能(neng)(neng)，且(qie)海(hai)外(wai)(wai)市(shi)場(chang)價(jia)格和盈利遠高(gao)于(yu)國內(nei)市(shi)場(chang)，導致海(hai)外(wai)(wai)發(fa)動(dong)(dong)機(ji)(ji)企(qi)(qi)業(ye)(ye)對(dui)國內(nei)市(shi)場(chang)供(gong)給增量較(jiao)為(wei)有限，行(xing)業(ye)(ye)供(gong)需緊(jin)缺或(huo)持(chi)(chi)續至(zhi)2026年(nian)。在海(hai)外(wai)(wai)發(fa)動(dong)(dong)機(ji)(ji)緊(jin)缺情形下，國產(chan)(chan)(chan)發(fa)動(dong)(dong)機(ji)(ji)及機(ji)(ji)組(zu)企(qi)(qi)業(ye)(ye)均迎來較(jiao)大機(ji)(ji)遇(yu)。