评级：买入（首次评级） 行业：汽车 证券分析师：王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 证券分析师：吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 核心摘要 n 投资评级与估值：首次覆盖，给予"买入"评级。公司是全球领先的汽车微型电机及系统供应商，具备完备的全球制造体系与稳定的Tier1客户资源。我 们预计公司2026E–2028E营业收入分别为38.16/41.00/46.34亿美元，同比增长4.6%/7.5%/13.0%；归母净利润分别为2.71/2.97/3.39亿美元，同比增 长3.1%/9.5%/14.0%；对应PE为15.2/13.9/12.2倍。A股可比公司2026E/2027E平均PE分别为77.3倍/59.9倍；全球可比公司2026E/2027E平均PE分别 为23.6倍/21.5倍。相较之下，公司估值具备显著的配置吸引力。 证券研究报告 2025年11月6日 汽车微电机单车价值提升，机器人与AIDC液冷泵开辟新成长曲线 德昌电机控股（0179.HK）首次覆盖报告 ...

Market Overview - After a rebound yesterday, the markets continued to rise today, with the Hang Seng Index increasing by 2.12% [1] - The potential end of the government shutdown is seen as a positive for the stock market, as President Trump urged the Republican Party to pass the spending bill quickly [1] - AI sector developments, particularly comments from NVIDIA's CEO Jensen Huang regarding China's advantages in AI, have fueled market sentiment [1] Company Performance - Hua Hong Semiconductor reported a record third-quarter revenue of $635.2 million, with expectations for fourth-quarter revenue between $650 million and $660 million [2] - The company's 12-inch wafer business now accounts for 59.3% of total revenue, driving overall growth [2] - The utilization rate of the 8-inch wafer plant is at 109.5%, indicating strong market demand in specialty processes [2] Strategic Partnerships - Ceres Power signed a manufacturing license agreement with Weichai Power for solid oxide fuel cells, aiming to produce batteries for data centers and industrial markets [3] - A strategic cooperation agreement was signed between DayOne and Weisheng Holdings to deepen collaboration in the data center sector [3] Resource Sector Developments - Major gas turbine orders in North America are projected to extend to 2030, driven by increased capital expenditure in data centers [3] - The aluminum industry is experiencing a positive trend, with companies like China Aluminum and China Hongqiao seeing stock increases of over 10% due to improved profit margins [3] Robotics and AI Applications - Xpeng Motors showcased its new generation humanoid robot, which is expected to begin commercialization next year [4] - Blues Technology has received an order for 10,000 quadruped robots, highlighting its manufacturing capabilities in the intelligent hardware sector [5] Financial Transactions - Cathay Pacific announced a share buyback agreement with Qatar Airways for approximately 9.57% of its shares, valued at HKD 6.969 billion [6] - The buyback price represents a 4% discount compared to the closing price before the announcement, which is seen as favorable for the company [6] Industry Events - The Fourth China Nuclear Energy High-Quality Development Conference will be held in November 2025, showcasing innovations in nuclear technology [7] PCB Industry Insights - Kingboard Laminates reported a revenue increase of 11% year-on-year, driven by rising prices of copper-clad laminates [8] - The company is advancing in high-end product development, with plans for new production lines for low dielectric materials [9]

每经AI快讯，港股机器人概念股多数走高，截至发稿，三花智控(02050.HK)涨7.3%，报38.52港元；德 昌电机控股(00179.HK)涨6.74%，报36.42港元；蓝思科技(06613.HK)涨6.56%，报26.96港元；微创机器 人-B(02252.HK)涨2.76%，报26.08港元。 ...

申万宏源认为，国产的机器人技术能力全球领先，除了初创企业外，更多新能源车企开始发力，进步速 度非常快，本次发布小鹏IRON机器人有望增强市场对国产的信心。开源证券指出，人形机器人量产时 刻已至，2026年随着特斯拉、宇树、智元等产线投产，产业首次进入万台级规模化制造阶段。未来5— 10年，人形机器人有望重塑制造业、服务业乃至家庭生活，成为继智能手机、新能源汽车后的下一代通 用平台。 机器人概念股多数走高，截至发稿，三花智控（002050）(02050)涨7.3%，报38.52港元；德昌电机控股 (00179)涨6.74%，报36.42港元；蓝思科技（300433）(06613)涨6.56%，报26.96港元；微创机器人- B(02252)涨2.76%，报26.08港元。 消息面上，近期，机器人领域迎来密集催化，包括小鹏发布新一代人形机器人，优必选和越疆签订机器 人大单等。此外，昨日，工信部科技司副司长姚佳在第八届虹桥国际经济论坛的"人形机器人创新发展 合作"分论坛上表示，人形机器人被认为是具身智能的最佳形态，将深刻变革人类的生产生活方式，重 塑全球产业发展格局。海外方面，特斯拉股东大会将在11月6日召开，马斯 ...

消息面上，近期，机器人领域迎来密集催化，包括小鹏发布新一代人形机器人，优必选和越疆签订机器 人大单等。此外，昨日，工信部科技司副司长姚佳在第八届虹桥国际经济论坛的"人形机器人创新发展 合作"分论坛上表示，人形机器人被认为是具身智能的最佳形态，将深刻变革人类的生产生活方式，重 塑全球产业发展格局。海外方面，特斯拉股东大会将在11月6日召开，马斯克的新薪酬计划也将进行投 票表决。其薪酬计划涉及交付100万台人形机器人目标。 申万宏源认为，国产的机器人技术能力全球领先，除了初创企业外，更多新能源车企开始发力，进步速 度非常快，本次发布小鹏IRON机器人有望增强市场对国产的信心。开源证券指出，人形机器人量产时 刻已至，2026年随着特斯拉、宇树、智元等产线投产，产业首次进入万台级规模化制造阶段。未来5— 10年，人形机器人有望重塑制造业、服务业乃至家庭生活，成为继智能手机、新能源汽车后的下一代通 用平台。 智通财经APP获悉，机器人概念股多数走高，截至发稿，三花智控(02050)涨7.3%，报38.52港元；德昌 电机控股(00179)涨6.74%，报36.42港元；蓝思科技(06613)涨6.56%，报26.96港 ...

每经AI快讯，11月6日，港股机器人概念股午后全线走强，蓝思科技、三花智控涨近7%，德昌电机控股 涨近6%，地平线机器人涨超2%。 ...

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: 2025年10月31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: 2025年11月3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 | | 0.05 HKD | | 88,0 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Johnson Electric Holdings Limited 德昌電機控股有限公司* (在百慕達註冊成立之有限公司) (股份代號: 179) 承董事會命 德昌電機控股有限公司 鄭麗珠 公司秘書 香港，2025 年 10 月 27 日 www.johnsonelectric.com * 僅供識別 董事會召開日期 德昌電機控股有限公司 (「本公司」) 董事會宣佈，本公司將於 2025 年 11 月 12 日 (星期三) 舉行董事會會議，藉以 (其中包括) 批准本公司及其附屬公司截至 2025 年 9 月 30 日止六個月的中期業績公告，以及考慮派發中期股息。 董事會 於本公告日期，本公司董事會成員包括執行董事汪穗中及汪浩然；非執行董事麥汪詠宜 及汪建中以及獨立非執行董事 Catherine Annick Caroline BRADLEY、Michael John ENRIGHT、劉美璇、Patrick ...

Core Viewpoint - Dechang Motor Holdings (00179) saw a nearly 6% increase in stock price, closing at HKD 37.56 with a trading volume of HKD 296 million, driven by positive sentiment from Tesla's Q3 earnings report and favorable industry outlooks [1] Group 1: Tesla's Q3 Earnings Impact - Tesla's Q3 earnings call has garnered significant attention, with CITIC Securities noting a slight delay in the Gen3 release, which is considered normal for new products [1] - The earnings call presented a more optimistic outlook compared to previous reports, highlighting advancements in mass production lines and long-term production expectations [1] Group 2: Dechang Motor's Competitive Advantages - Guotai Junan's report emphasizes Dechang Motor's strengths in motor design, overseas expansion, and powder metallurgy capabilities, positioning the company favorably in the humanoid robot component market [1] - The rapid development of liquid cooling in data centers is expected to further drive growth in Dechang Motor's pump business [1]

Core Viewpoint - The stock of 德昌电机股份 (00179) has seen a significant increase of approximately 5.45%, reaching 37.56 HKD, with a trading volume of 296 million HKD, following positive insights from Tesla's Q3 earnings call and favorable research reports regarding the company's competitive advantages in the humanoid robot components market [1][1][1] Group 1: Tesla's Q3 Earnings Call - Tesla's Q3 earnings call has garnered widespread attention, with 中信建投's report indicating that the slight delay in the Gen3 release is normal for new products with high variability, and the overall tone of the earnings call is more positive compared to previous ones [1][1] - The earnings report showcased progress in mass production lines for the first time, which opens up long-term mass production expectations [1][1] Group 2: 德昌电机's Competitive Advantages - 国泰海通's research report highlights 德昌电机's strengths in motor design capabilities, overseas layout, and powder metallurgy, suggesting that the company is well-positioned to gain a competitive edge in the humanoid robot motion components market [1][1] - The rapid development of liquid cooling in data centers is expected to further drive growth in 德昌电机's pump business [1][1]