Core Viewpoint - Guosheng Securities initiates coverage on DCH Holdings (00179) with a "Buy" rating, highlighting the company's leadership in the motor industry and its benefits from the growth in automotive intelligence and diversification into AIDC liquid cooling and humanoid robotics [1] Group 1: Globalization and Business Structure - The company is enhancing its global presence with a strategy of "acquiring core assets + divesting non-core businesses," aiming for a footprint across "4 continents and 20 countries" [1] - The focus is on two main business segments: automotive products and industrial products, with micro motors as the primary offering, including automotive micro motors, chassis motors, and thermal management motors [1] - The company is strategically positioning itself in the robotics sector and exploring the AIDC liquid cooling market, developing a diversified product matrix [1] Group 2: Micro Motor Market Growth - The automotive micro motor market is expanding due to the increasing penetration of intelligent vehicles, with the number of micro motors in electric vehicles expected to exceed hundreds compared to traditional fuel vehicles [2] - The global automotive micro motor market is projected to reach approximately 160.2 billion yuan by 2032, with a CAGR of 4% from 2026 to 2032 [2] - The company holds the second-largest market share in micro motors globally and has established partnerships with major clients such as Bosch, Continental, and Volkswagen [2] Group 3: AIDC Liquid Cooling and Humanoid Robotics - AIDC liquid cooling is gaining traction due to its low energy consumption, high heat dissipation, and low noise, becoming a mainstream solution for high-performance computing scenarios [3] - The Chinese liquid cooling server market is expected to reach 16.2 billion USD by 2029, with a CAGR of 47% over five years [3] - The company is actively developing humanoid robotics, with products designed for high torque density, reliability, and compact integration, and has partnered with Shanghai Mechanical and Electrical to focus on humanoid robot joint modules [3]

Core Viewpoint - Guosheng Securities initiates coverage on DCH Holdings (00179) with a "Buy" rating, highlighting the company's benefits from the growth in automotive motor value due to vehicle intelligence and its expansion into AIDC liquid cooling and humanoid robotics sectors, which will support future business growth [1] Group 1: Globalization and Business Structure - The company is enhancing its global presence through a strategy of "acquiring core assets + divesting non-core businesses," aiming for a "4 continents, 20 countries" layout [1] - The focus is on two main product categories: automotive products and industrial products, with micro motors as the primary products, including vehicle micro motors, chassis motors, and thermal management motors [1] - The company is strategically positioning itself in the robotics sector and exploring the AIDC liquid cooling market, developing a diversified product matrix [1] Group 2: Micro Motor Market Growth - The acceleration of vehicle intelligence is expanding the application scenarios for micro motors, with the number of micro motors in electric vehicles increasing to over a hundred compared to traditional fuel vehicles [2] - The global automotive micro motor market is projected to reach approximately 160.2 billion yuan by 2032, with a CAGR of 4% from 2026 to 2032 [2] - The company holds the second-largest market share globally for micro motor products and has established partnerships with major clients such as Bosch, Continental, and Volkswagen, making it difficult for new entrants to replace them [2] Group 3: AIDC Liquid Cooling and Humanoid Robotics - Liquid cooling is becoming a mainstream solution for high-performance computing scenarios due to its low energy consumption, high heat dissipation, and low noise advantages [3] - The Chinese liquid cooling server market is expected to reach 16.2 billion USD by 2029, with a CAGR of 47% over five years [3] - The company's thermal management pump technology is versatile, and its liquid cooling pumps are expected to benefit from surging downstream demand [3] - The humanoid robotics sector is anticipated to enter mass production, with the company actively investing in this area, offering products such as high-torque density rotary joints and high-precision linear joints [3] - The company has partnered with Shanghai Mechanical and Electrical to establish Dongjie Zhikong, focusing on the complete joint module field for humanoid robots [3]

1. Report Industry Investment Ratings - **Dechang Motor Holdings (00179.HK)**: "Buy" rating [8] - **H&H International Holdings (01112.HK)**: "Buy" rating [11] - **Hesai (HSAI.O)**: "Buy" rating [12] - **Hundsun Technologies (600570.SH)**: "Buy" rating [13] - **Jiemei Technology (002859.SZ)**: "Buy" rating [14] 2. Core Views of the Reports Macro Reports - **PMI Report**: The current economy is in a state of "weak reality" with large downward pressure due to insufficient domestic demand and weak confidence. The 2026 GDP target is expected to be 4.5 - 5%, indicating proactive policies. Short - term attention should be paid to policy, data, and external factors, and the economic momentum and credit expansion in Q2 are also crucial [2] - **RMB Exchange Rate Report**: The central bank's exchange - rate regulation is in the liquidity management stage with sufficient policy tools. The probability of direct intervention is low. The RMB exchange - rate increase is mainly due to corporate centralized foreign exchange settlement, and the medium - term exchange rate depends on fundamentals and the US dollar index. The 2026 USD/CNY exchange - rate central value is likely to be between 6.8 - 7.1 [3] Financial Engineering Report - **March Allocation Suggestion**: The economic six - cycle model has retreated to stage 6 of monetary expansion, but the recent decline may be a short - term disturbance. PPI has been rising since July last year, which is beneficial for the cycle sector. The cycle sector's景气指数 has entered the expansion range, and seven industries, mainly pro - cyclical, have shown RS>90 signals and should be focused on [4] Company - Specific Reports - **Dechang Motor Holdings**: The company has a global layout with dual -主业 of automotive and industrial products. It is前瞻ively positioned in the robot and AIDC liquid - cooling markets. It is expected to benefit from the growth of the automotive motor market and the development of new businesses. The归母净利润 from 2026 - 2028 is estimated to grow year - on - year [8] - **H&H International Holdings**: The company's performance has reached an inflection point and is continuously improving. ANC, BNC, and PNC businesses have shown growth. The company is on the path of recovery, and its performance and valuation are expected to resonate [11] - **Hesai**: The company's lidar delivery volume in 2025 exceeded 1.6 million units. It leads in multiple application scenarios such as ADAS, lawn mower robots, and mapping. The shipment volume, revenue, and profit from 2025 - 2027 are expected to increase [12] - **Hundsun Technologies**: The company's 2025 annual report performance met expectations. With a focus on core business and continuous cost control, it is expected to accumulate growth momentum. The revenue and profit from 2025 - 2027 are estimated [13] - **Jiemei Technology**: The company plans to acquire 100% of the equity of Changsha Aifusi, which is expected to achieve synergies with its semiconductor business. The demand for passive components is rising, and the company's product price increase is imminent. The revenue and profit from 2025 - 2027 are expected to grow [14] 3. Summary by Related Catalogs Industry Performance - **Top Five Industries**: The top five industries in terms of performance include Petroleum & Petrochemicals (1 - month: 19.0%, 3 - month: 41.3%, 1 - year: 59.8%), Comprehensive (1 - month: 12.6%, 3 - month: 31.7%, 1 - year: 85.6%), Coal (1 - month: 9.9%, 3 - month: 15.5%, 1 - year: 33.4%), Steel (1 - month: 6.2%, 3 - month: 16.0%, 1 - year: 33.2%), and Utilities (1 - month: 5.3%, 3 - month: 6.9%, 1 - year: 18.4%) [1] - **Bottom Five Industries**: The bottom five industries are Media (- 11.1% in 1 - month, 4.5% in 3 - month, 21.6% in 1 - year), Commerce & Retail (- 9.2% in 1 - month, - 3.6% in 3 - month, 4.4% in 1 - year), Food & Beverage (- 8.2% in 1 - month, - 6.4% in 3 - month, - 8.6% in 1 - year), Non - Banking Finance (- 7.1% in 1 - month, - 0.7% in 3 - month, 7.3% in 1 - year), and Real Estate (- 7.1% in 1 - month, - 3.5% in 3 - month, 0.9% in 1 - year) [1] Company - Specific Analysis Dechang Motor Holdings (00179.HK) - **Business Layout**: It has a "4 - continent, 20 - country" global layout, focusing on automotive and industrial products, mainly micro - motors. It is also involved in the robot and AIDC liquid - cooling markets [6] - **Market Opportunities**: The automotive motor market is growing due to technological updates. The company has a high market share in micro - motors, strong competitiveness in chassis motors and thermal management motors. The AIDC liquid - cooling and humanoid robot markets also have great potential [7][8] - **Financial Forecast**: The estimated归母净利润 for 2026 - 2028 is 2.8/3.0/3.3 billion US dollars, with year - on - year growth of 8%/6%/9% [8] H&H International Holdings (01112.HK) - **Business Performance**: In 2025, the company's revenue had low - double - digit growth. ANC, BNC, and PNC businesses all showed growth, and the adjusted profit indicators also improved [10][11] - **Financial Forecast**: The expected net profit for 2025 - 2027 is 4.2/5.8/7.1 billion yuan, with year - on - year growth of 886.3%/38.2%/22.3% [11] Hesai (HSAI.O) - **Business Performance**: In 2025, the lidar delivery volume exceeded 1.6 million units, with 1.4 million ADAS lidar units and over 200,000 units in the robot category. The ATX product's first - year delivery exceeded 1 million units [11] - **Financial Forecast**: The estimated lidar shipment volume from 2025 - 2027 is about 1.62/2.5/3.41 million units, revenue is about 3.09/4.51/5.92 billion yuan, GAAP归母净利润 is about 0.4/0.62/0.99 billion yuan, and non - GAAP归母净利润 is about 0.53/0.8/1.23 billion yuan [12] Hundsun Technologies (600570.SH) - **Business Performance**: In 2025, the estimated归属上市公司股东的净利润 was 1.229 billion yuan, a year - on - year increase of 17.83%, and the estimated扣非后归母净利润 was 1.005 billion yuan, a year - on - year increase of 20.45% [12] - **Financial Forecast**: The expected revenue from 2025 - 2027 is 5.786/6.205/6.898 billion yuan, and the归母净利润 is 1.229/1.398/1.582 billion yuan [13] Jiemei Technology (002859.SZ) - **Business Layout**: The company plans to acquire 100% of Changsha Aifusi, which is expected to achieve synergies with its semiconductor business. The demand for passive components is rising, and product price increases are expected [13][14] - **Financial Forecast**: The expected total revenue from 2025 - 2027 is 2.151/2.645/3.207 billion yuan, with year - on - year growth of 18.4%/23.0%/21.3%, and the expected归母净利润 is 0.254/0.362/0.526 billion yuan, with year - on - year growth of 25.7%/42.6%/45.1% [14]

力与高精度，峰值力最高可达8500N；灵巧手执行器聚焦小型化、高精度与低功耗；无框力矩电机强化 高扭矩密度与系统级集成能力。此外，公司与上海机电共同成立动界智控，专注人形机器人全套关节模 组领域。 投资建议：作为电机龙头企业，公司受益于汽车智能化带来的车用电机价值量增长，同时布局AIDC 液 冷及人形机器人领域，助力业务未来增长。我们预计公司在2026-2028 财年归母净利润分别为2.8/3.0/3.3 亿美元，同增8%/6%/9%，首次覆盖，给予 买入"评级。 机构：国盛证券 研究员：丁逸朦/江莹 汽车与工商用双主业驱动，构建" 4 大洲20 国"的全球化布局。公司通过 "购核心资产＋剥离非核心业 务"， 逐步完善" 4 大洲20 国"的全球化布局。目前公司聚焦 汽车产品+工商用产品"两大组别，主要产 品为微型电机，其中汽车产品主要为车用微电机、底盘电机、热管理电机等。同时，公司前瞻卡位机器 人赛道，开拓AIDC 液冷市场，构建多元化产品矩阵，其中机器人业务主要是围绕机器人及相关自动化 场景提供创新驱动系统解决方案，目前处于战略投入与布局阶段，AIDC 液冷业务主要是液冷泵产品， 未来有望受益于AI 数据 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Insights - The company is a leading player in the automotive motor sector, focusing on both automotive and industrial applications, and is expanding into the AIDC liquid cooling and robotics markets to drive future growth [3][16]. - The automotive micro-motor market is expected to grow significantly, with a projected global market size of approximately 160.2 billion yuan by 2032, reflecting a CAGR of 4% from 2026 to 2032 [2]. - The company has established a strong customer base, including major clients like Bosch, Continental, and Volkswagen, which enhances its market position and reduces the threat from new entrants [2][3]. Company Overview - The company has a global presence across four continents and twenty countries, achieved through strategic acquisitions and divestitures, focusing on core automotive and industrial products [3][19]. - The company has been in operation since 1959, initially in the toy industry, and has since expanded into the automotive sector, establishing a significant footprint in various international markets [16][19]. Financial Performance - The company’s revenue is projected to grow from 3.814 billion USD in 2024 to 4.265 billion USD in 2028, with a CAGR of 8.9% [5]. - The net profit attributable to the parent company is expected to increase from 229 million USD in 2024 to 328 million USD in 2028, reflecting a growth rate of 8.9% [5]. - The company’s gross margin is expected to improve from 22.3% in 2024 to 24.3% in 2028, indicating enhanced profitability [12][45]. Market Trends - The report highlights the accelerating penetration of electric and intelligent vehicles, which is driving the demand for micro-motors in various automotive applications [47]. - The AIDC liquid cooling market is projected to reach 16.2 billion USD by 2029, with a CAGR of 47%, indicating a significant growth opportunity for the company’s liquid cooling products [3][19]. Product Segmentation - The company’s automotive product portfolio includes electric power steering motors, electric parking brake motors, and various actuators, which are critical for modern vehicle functionalities [27]. - The industrial product segment includes components for heating and ventilation, power and gas metering, and electric bicycles, contributing to a diversified revenue stream [27]. Strategic Initiatives - The company is actively investing in robotics and AIDC liquid cooling technologies, positioning itself for future growth in these emerging markets [3][19]. - A joint venture with Shanghai Mechanical and Electrical Co. aims to develop high-performance robotic components, further enhancing the company’s capabilities in the robotics sector [3][16].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Johnson Electric Holdings Limited 德昌電機控股有限公司* 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00179 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,760,000,000 | HKD | | 0.05 HKD | | | 88,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 1,760,000,000 | HKD | ...

Market Performance - The Hang Seng Index closed up 0.95%, the Hang Seng Tech Index rose 0.56%, and the National Enterprises Index increased by 0.51% on February 27, with net inflows from southbound funds exceeding 14 billion HKD [1] - Major tech stocks such as Tencent, Meituan, JD.com, and Baidu saw gains, with Alibaba initially rising over 1.7% before closing down [3] Sector Performance - The optical communication, steel, non-ferrous metals, rare earth, and innovative pharmaceuticals sectors experienced significant gains, with Longi Green Energy rising nearly 10%, Maanshan Iron & Steel up 6.6%, and Kintor Pharmaceutical increasing by 6% [3] Stock Highlights - Longi Green Energy: 148.800 HKD (+10.059%), market cap 9.101 billion HKD [4] - Tencent Holdings: 518.000 HKD (+1.172%), market cap 16.776 billion HKD [4] - Meituan: 81.150 HKD (+0.870%), market cap 3.462 billion HKD [5] IPO Market Outlook - Multiple institutions are optimistic about the Hong Kong IPO market for 2026, with UBS predicting a financing scale exceeding 300 billion HKD and around 150-200 listings [6] - Huatai Securities estimates the main board IPO financing scale at approximately 310 billion HKD with about 100 new companies [7] - Deloitte forecasts around 160 new listings with a financing amount of no less than 300 billion HKD [8] - PwC anticipates about 150 new listings with total fundraising between 320 billion to 350 billion HKD, potentially ranking among the top three globally [8] Valuation Insights - Analysts from China Merchants Securities indicate that the current valuation of the Hong Kong tech sector is at a historical low, suggesting that the sector is undervalued in the context of the AI development and technology-driven growth [8]

兴业证券此前发布研报称，凭借在电机领域的技术积累，德昌电机控股切入人形机器人零部件赛道，与 海内外知名人形机器人主机厂合作；同时与上海机电（600835）成立合资公司动界智控，以服务中国人 形机器人市场，开发关节模组、灵巧手执行器和传感器等产品。德昌电机与上海机电合作历史悠久，产 品设计、制造、销售渠道等优势互补，合资公司有望推动后续人形机器人零部件业务爆发式增长。 消息面上，特斯拉官方微博本月初宣布，第三代人形机器人Optimus V3即将亮相。中信建投（601066） 发布研报称，Optimus V3持续预热，建议聚焦优质环节。展望板块后续，Gen3定点、新品发布、春晚 机器人表演、国产机器人厂商IPO进展等事件催化值得重点关注，底部建议聚焦优质环节，把握确定性 和灵巧手等核心变化。 德昌电机控股(00179)午后涨近14%，截至发稿，涨13.77%，报30.08港元，成交额3.75亿港元。 ...

Group 1 - The stock price of DCH Holdings (00179) increased by nearly 14%, reaching HKD 30.08, with a trading volume of HKD 375 million [1] - Tesla announced the upcoming launch of its third-generation humanoid robot, Optimus V3, which has generated significant market interest [1] - CITIC Securities suggests focusing on quality segments in the humanoid robot industry, highlighting key upcoming events such as Gen3 launches and IPO progress of domestic robot manufacturers [1] Group 2 - Industrial Securities reported that DCH Holdings is leveraging its technical expertise in the motor sector to enter the humanoid robot components market, collaborating with renowned global humanoid robot manufacturers [1] - DCH Holdings has established a joint venture with Shanghai Electric to serve the Chinese humanoid robot market, developing products such as joint modules, dexterous hand actuators, and sensors [1] - The long-standing partnership between DCH Holdings and Shanghai Electric is expected to enhance product design, manufacturing, and sales channels, potentially leading to explosive growth in the humanoid robot components business [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company, 德昌电机控股, is a leading global micro-motor enterprise with a stable performance in its traditional business and ongoing advancements in emerging sectors such as liquid cooling pumps and humanoid robot components [3][6] - The company is expected to see gradual profit release from its AIDC server cooling pump business, while also expanding into humanoid robot components, which presents long-term growth potential [6] - The projected net profits for FY2025/26, FY2026/27, and FY2027/28 are estimated at $271.82 million, $309.27 million, and $353.56 million respectively, with year-on-year growth rates of 3.4%, 13.8%, and 14.3% [6] Financial Summary - The company's revenue for FY2024/25 is projected at $3.65 billion, with a year-on-year decline of 4.4%, followed by a slight increase of 0.6% in FY2025/26, and expected growth of 7.4% and 8.3% in the subsequent years [5][6] - The gross profit margin is expected to improve gradually from 23.1% in FY2024/25 to 23.7% in FY2027/28 [5] - The company’s earnings per share (EPS) are projected to increase from $0.28 in FY2024/25 to $0.38 in FY2027/28, reflecting a positive trend in profitability [5][6] - The price-to-earnings (P/E) ratio is forecasted to decrease from 12.1x in FY2024/25 to 9.0x in FY2027/28, indicating a favorable valuation [5][6]