三季度经营平稳，机器人和液冷迎新增长 德昌电机控股(0179) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 石佳艺(分析师) | 021-38676666 | shijiayi@gtht.com | S0880525070001 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | 投资要点： 股 票 研 究 本报告导读： 德昌电机 2025-2026 财年前三季度经营平稳，后续机器人和液冷产业发展将为公司 带来全新发展动力，维持"增持"评级。 股票研究 /[Table_Date] 2026.01.23 [Table_Industry] 运输设备业 | | | [当前价格 Table_CurPrice] (港元)： 30.66 | 财务摘要(百万美元) | 2025A | 2026E | 2027E | ...

该行认为，公司因涉足AI液冷泵及人形机器人供应链行业，价值仍被高估，预期该业务在2026及27财 年，仅占公司销售额1%及3%，以及毛利2%及6%，对2027财年贡献仍轻微。 花旗发布研报称，德昌电机控股(00179)2026财年第三季业绩略逊预期。由于近期铜成本上涨，该行将 2026至28财年盈利预测下调约5%，目标价由33港元下调至32港元，维持"中性"评级，预期公司股价短 期将面临压力，因业绩逊预期。 ...

该行认为，公司因涉足AI液冷泵及人形机器人供应链行业，价值仍被高估，预期该业务在2026及27财 年，仅占公司销售额1%及3%，以及毛利2%及6%，对2027财年贡献仍轻微。 智通财经APP获悉，花旗发布研报称，德昌电机控股(00179)2026财年第三季业绩略逊预期。 由于近期 铜成本上涨，该行将2026至28财年盈利预测下调约5%，目标价由33港元下调至32港元，维持"中性"评 级，预期公司股价短期将面临压力，因业绩逊预期。 ...

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating and a target price of HKD 59 for Delta Electronics Holdings (00179), despite a mixed performance in recent operational data [1] Financial Performance - Delta's revenue for the first three fiscal quarters ending December remained flat year-on-year, but the third fiscal quarter saw a 2% increase to USD 893 million, indicating a gradual recovery [1] - The revenue growth in the third quarter was slightly below Morgan Stanley's expectations, primarily due to the slower-than-expected project initiation by Chinese automotive companies [1] Business Segments - The industrial products segment continues to outperform due to structural market share growth [1] - Limited data disclosure regarding humanoid robots and AI data center cooling businesses adds uncertainty to short-term visibility [1] - The recovery speed of the automotive products business remains uncertain, impacting short-term outlook [1]

另外，工业产品业务继续因结构性市场份额增长而表现领先，但有关人形机械人及AI数据中心冷却业 务的数据披露有限，加上汽车产品业务复苏速度存在不确定性，令短期能见度受限。 智通财经APP获悉，摩根大通发布研报称，维持德昌电机控股(00179)"增持"评级及目标价59港元不变。 德昌日前更新营运数据，虽然截至去年12月底止首三财季收入同比持平，但第三财季收入同比增长2% 至8.93亿美元，反映逐步复苏，但仍稍逊于该行预期，主要由于中资车企的项目启动进度较预期缓慢。 ...

Group 1 - Sanhua Intelligent Control (02050) saw a decline of over 3.4% after announcing a share reduction plan involving the actual controller and several directors, with a total of up to approximately 10.2 million A-shares to be sold between February 24, 2026, and May 23, 2026 [1] - Tuo Yun Biotechnology (01332) experienced a significant drop of over 60%, nearly erasing gains since October 2022, following stock movements involving major shareholders [1] - Zhongwei New Materials (02579) increased by over 5% as the company announced securing 5-6 billion wet tons of nickel ore resources and establishing four nickel raw material industrial bases in Indonesia [1] Group 2 - InnoCare Pharma (03696) rose over 6%, reaching a new high of 62.9 HKD, after receiving FDA approval for its oral NLRP3 inhibitor ISM8969 for Parkinson's disease treatment [2] - Solar stocks surged, with Kaisa New Energy (01108) up 17.85% and other companies like Fuyao Glass (06865) and Xinyi Solar (00968) also showing significant gains, driven by a report indicating a new phase in commercial space deployment [2] - Jiangnan Buyi (03306) fell nearly 7% after announcing a placement of 14.535 million shares at a discount to the market price [2] Group 3 - Lithium stocks rose, with Ganfeng Lithium (01772) up 5.22% and Tianqi Lithium (09696) up 2.88%, following a report of a significant increase in lithium carbonate contract prices [3] - Rongchang Bio (09995) increased nearly 2% after UBS expressed a positive outlook on its collaboration with AbbVie, which includes substantial milestone payments [4] - DCH Holdings (00179) fell nearly 7% as it reported a slight decline in revenue for the nine months ending December 31, 2025 [4] Group 4 - Gold stocks rebounded, with Chifeng Jilong Gold Mining (06693) up 6.99% and others also showing gains, as spot gold prices reached a new high of over $4,960 per ounce [4] - Bitgo Holdings (BTGO.US) debuted on the US stock market, rising 2.72% as a leading cryptocurrency custody provider [5] - Rare earth stocks surged, with USA Rare Earth (USAR.US) up 17.49% after announcing partnerships to advance its Round Top project [5] Group 5 - The Nasdaq Golden Dragon China Index opened up 1.6%, with major Chinese stocks like Li Auto (LI.US) and Alibaba (BABA.US) showing gains, supported by comments from the People's Bank of China regarding potential monetary easing [6] - Abbott (ABT.US) fell 10.04% after reporting lower-than-expected sales for Q4 2025, despite a year-over-year increase in adjusted EPS [7] - Alibaba (BABA.US) rose 5.05% as it plans to list its semiconductor division, benefiting from investor interest in competing with Nvidia [7]

Core Viewpoint - Morgan Stanley's report indicates that Delta Electronics Holdings has updated its operational data, showing a gradual recovery despite third-quarter revenue growth being slightly below expectations [1] Group 1: Financial Performance - Revenue for the third quarter increased by 2% year-on-year to $893 million, reflecting a gradual recovery [1] - Revenue remained flat year-on-year for the first three fiscal quarters ending December [1] Group 2: Business Segments - The industrial products segment continues to perform well due to structural market share growth [1] - Limited data disclosure regarding humanoid robots and AI data center cooling business creates uncertainty [1] - The recovery speed of the automotive products business remains uncertain, impacting short-term visibility [1] Group 3: Analyst Rating - Morgan Stanley maintains an "Overweight" rating and a target price of HKD 59 [1]

德昌电机控股(00179)跌超7%，截至发稿，跌7.24%，报28.44港元，成交额1.6亿港元。 消息面上，1月22日，德昌电机控股公布，截至202512月31日止9个月，集团营业额为27.26亿美元，对 比上一财政年度同期的27.3亿美元，下跌约400万美元。此外，受惠于汇率变动，集团营业额增加4000 万美元。报告期内，汽车产品组别营业额为23.01亿美元，较24/25财政年度同期下跌1400万美元或1%。 未计入外汇影响，汽车产品组别的营业额下跌4900万美元或2%。 主席及行政总裁汪穗中博士在评论集团的销售表现及短期展望时表示，德昌电机在本财政年度截至目前 为止的营业额保持稳定，反映整体宏观经济环境疲软，以及地缘政治与美国贸易政策相关的高度不确定 性。根据当前交易状况及客户订单，预期全年集团营业额将与去年大致相若。 ...

主席及行政总裁汪穗中博士在评论集团的销售表现及短期展望时表示，德昌电机在本财政年度截至目前 为止的营业额保持稳定，反映整体宏观经济环境疲软，以及地缘政治与美国贸易政策相关的高度不确定 性。根据当前交易状况及客户订单，预期全年集团营业额将与去年大致相若。 智通财经APP获悉，德昌电机控股(00179)跌超7%，截至发稿，跌7.24%，报28.44港元，成交额1.6亿港 元。 消息面上，1月22日，德昌电机控股公布，截至2025年12月31日止9个月，集团营业额为27.26亿美元， 对比上一财政年度同期的27.3亿美元，下跌约400万美元。此外，受惠于汇率变动，集团营业额增加 4000万美元。报告期内，汽车产品组别营业额为23.01亿美元，较24/25财政年度同期下跌1400万美元或 1%。未计入外汇影响，汽车产品组别的营业额下跌4900万美元或2%。 ...

FY25/26 Business Update For the December 2025 Quarter Investor Briefing Jan 2026 Disclaimer This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Johnson Electric and certain plans and objectives of the management of Johnson Electric. Words such as outlook, expects, anticipates, intends, plans, believes, estimates, projects, variations of such words and similar expressions are intended to identify such forward- looking st ...