The cost of power equipment manufacturing enterprises is influenced by multiple factors, such as production, marketing, and service. In order to further improve the cost management efficiency of the power equipment manufacturing industry, a system dynamics (SD) model of cost control for power equipment manufacturing enterprises was established based on the principle of multi-value chain collaboration. By analyzing the collaborative relationship between the production value chain, marketing value chain, and service value chain, a multi value chain collaborative cost control model for power equipment manufacturing enterprises was constructed using system dynamics methods to analyze causal relationship between each element in the system. Vensim software was used for empirical analysis and sensitivity analysis by taking the actual data of A power equipment manufacturing enterprise as an example. The cost changes under different scenarios were analyzed, and management suggestions were proposed to provide reference for cost control and optimization management of multi-value chain collaboration in power equipment manufacturing enterprises. The results indicate that R&D expenditure and sales investment have a significant impact on cost control. Setting a reasonable ratio between them can effectively control the total cost of power equipment manufacturing enterprise under multi value chain collaboration while maintaining the entire system within a relatively reasonable range.