海外公司跟踪报告 | 工业 证券研究报告 | 报告日期 | 2026 年 2 月 5 日 | | --- | --- | | 公司评级 | 增持（维持） | 基础数据 | 2 月 5 日收盘价（港元） | 26.64 | | --- | --- | | 总市值（亿港元） | 248.93 | | 总股本（亿股） | 9.34 | 来源：聚源，兴业证券经济与金融研究院整理 相关研究 【兴证海外机器人】港股人形机器人行 业 2026 年策略：产业突破，前景可期- 2025.12.16 【兴证海外机器人】德昌电机控股首次 覆盖报告：液冷水泵、人形机器人零部 件弹性可期-2025.09.28 分析师：余小丽 S0190518020003 AXK331 yuxiaoli@xyzq.com.cn 分析师：张忠业 S0190522070004 zhangzhongye@xyzq.com.cn 分析师：李梦旋 S0190523060003 limengxuan@xyzq.com.cn 分析师：张弘彬 S0190524080002 zhanghongbin@xyzq.com.cn 请注意: 张忠业、李梦旋、张弘彬并非香 港证券 ...

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1月31日 狀態: 新提交 | 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 | | 88,000,000 | 本月底法定/註冊股本總額： HKD 88,000,000 備註： * 僅供識別 FF301 第 1 頁 共 10 頁 v 1.2.0 致：香港交易及結算所有限公司 公司名稱: J ...

机构：中金公司 发展趋势 汽车业务：亚太地区压力持续，期待后续自主车企订单释放。1-3QFY26 汽车部门收入同比-2%，分地 区看亚太地区同比-6%，同比降幅并未收窄、低于我们预期，主要系中国市场短期承压、自主车企客户 延迟部分项目导致中国市场依旧承压；EMEA 地区同比-1%、美洲地区同比+1%，基本符合预期。向前 看，公司认为在手自主车企订单释放将带动营收重回增长轨道，以及希望自身凭借全球产能布局和技术 优势，把握全球汽车新能源化机遇。 工商业业务：逐步企稳、地区分化，期待新业务释放新动能。1-3QFY26 工商业部门收入同比微增，尽 管全球市场环境严峻但整体逐步企稳；区域表现分化，亚太地区同比-1%，EMEA 地区同比+6%（受库 存补充及新产品推出驱动），美洲地区同比-2%。向前看，公司认为后续增长来自于新业务：1）液冷 AIDC，目前向美国一家领先冷却公司供货，用于NVIDIA Blackwell 服务器；同时与美国及亚洲其他领 先企业合作，部分项目已量产。2）机器人，目前处于非常初期阶段，客户接洽、样品提供、原型制作 及订单均有增加。 全年收入展望平稳，2H 盈利能力环比1H 相对承压。公司认为 ...

智通财经APP获悉，花旗发布研报称，因应近期铜价大幅上升对企业盈利造成的分化影响，首次给予建 滔积层板(01888)"增持"评级，同时给予德昌电机控股(00179)"中性"评级。 相反，德昌电机则面临严峻的成本挑战。铜占其销售成本超过25%，尽管公司已改为"成本加成"定价模 式，但花旗指出，在占其销售额84%的汽车领域，面对强大的全球客户，其实际议价能力有限，难以完 全转嫁成本升幅。该行估算，若铜价上涨10%，并假设德昌电机需承担一半成本压力，其盈利可能受冲 击达11%。因此，预计公司2026财年下半年核心盈利将转为同比下跌7.1%，远逊于上半年的增长2.8%。 该行指出，2025年第四季度铜价同比飙升22%，按季上升约14%。在此背景下，两家行业龙头企业的盈 利前景出现显著背离：建滔积层板作为全球最大覆铜面板制造商，市占率约16%，有望将成本上涨转嫁 予下游，从而带动盈利加速增长; 而德昌电机作为全球最大汽车微电机制造商，市占率超20%，议价能 力相对较弱，盈利将受压。 花旗预期，建滔积层板的核心盈利增长将在铜价上行周期中显著提速。其增长率将从2025年上半年的同 比10%，跃升至下半年的约58%，并在20 ...

Core Viewpoint - Citi has issued a report highlighting the divergent impact of rising copper prices on corporate earnings, initiating an "Overweight" rating for Kingboard Laminates (01888) and a "Neutral" rating for Delta Electronics (00179) [1] Group 1: Kingboard Laminates - Kingboard Laminates, the world's largest copper-clad laminate manufacturer with a market share of approximately 16%, is expected to pass on rising costs to downstream customers, leading to accelerated profit growth [1] - The core profit growth rate for Kingboard Laminates is projected to increase significantly from a year-on-year growth of 10% in the first half of 2025 to about 58% in the second half, with further growth of 57% anticipated in 2026 [1] - The report notes that the high concentration in the copper-clad laminate industry allows leading companies to leverage their technological and cost advantages to transfer raw material price pressures to their printed circuit board customers [1] Group 2: Delta Electronics - Delta Electronics faces significant cost challenges, with copper accounting for over 25% of its sales costs; despite switching to a "cost-plus" pricing model, the company has limited pricing power in the automotive sector, which constitutes 84% of its sales [2] - If copper prices rise by 10% and Delta Electronics bears half of the cost pressure, its earnings could be impacted by up to 11% [2] - The forecast for the second half of the 2026 fiscal year indicates a year-on-year decline of 7.1% in core earnings for Delta Electronics, contrasting with a growth of 2.8% in the first half [2]

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证 券 研 究 报 告 行业周报 人形机器人+航空航天双轮驱动，旋转变压器迎广阔新兴市场 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年01月26日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌人形机器人+航空航天双轮驱动，旋转变压器迎来广阔新兴市场 依托极强的抗冲击抗振特性，旋转变压器有望适配人形机器人关节。旋变采用无接触式电磁感应原理，无 磨损部件仅轴承存在微量损耗，实现近乎无限的使用寿命，无需频繁维护更换，完美契合人形机器人对关 节部件高可靠性、长耐久性、抗复杂工况的严苛要求。人形机器人旋变市场规模有望远超传统旋变市场空 间。我们认为出于人形机器人的抗冲击性要求和寿命要求，人形机器人将会应用旋转变压器用来替代编码 器。我们预测到2030年人形机器人旋变市场规模有望达到61.5亿元，到2035年有望达到471.0亿元市场 规模，2026-2035年CAGR为85.9%。 卫星发射数量快速上升，带动航天领域旋变市场放量。从发射计划数据看，SpaceX将在2033年完成4.2万 颗发射，国网星座将在2035年前发射1.3万颗，千帆星座将在2030年 ...

Investment Rating - The report maintains a "Buy" rating for 德昌电机控股 (0179) [2][11] Core Views - The company has shown stable operations in the first three quarters of the 2025-2026 fiscal year, with future growth expected from its robotics and liquid cooling sectors [2][11] - Despite facing operational pressures in the Asia-Pacific region, the company is implementing vertical integration and increasing automation to enhance efficiency and reduce costs [11] - The company is well-positioned to leverage its deep technical expertise in motors to expand into humanoid robotics and liquid cooling solutions, which are anticipated to be significant growth areas [11] Financial Summary - Total revenue for the first three quarters of 2025-2026 was $2.73 billion, remaining flat year-on-year; automotive product revenue decreased by 2%, while industrial product revenue increased by 1% [11] - The company forecasts earnings per share (EPS) of $0.28 for 2025, $0.33 for 2026, and $0.36 for 2027, with a target price of HKD 52.80 based on a 24x PE ratio for the 2025 fiscal year [11][12] - Projected total revenues are $3.648 billion for 2025, $3.718 billion for 2026, $4.060 billion for 2027, and $4.436 billion for 2028, with net profits expected to be $263 million for 2025 and growing to $338 million by 2028 [10][12]

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。 ...

Core Viewpoint - Citigroup's report indicates that the performance of Delta Electronics Holdings (00179) for the third quarter of fiscal year 2026 slightly missed expectations due to recent increases in copper costs [1] Financial Performance - Citigroup has revised its earnings forecast for Delta Electronics Holdings downward by approximately 5% for the fiscal years 2026 to 2028 [1] - The target price for the company's stock has been adjusted from HKD 33 to HKD 32, maintaining a "Neutral" rating [1] Market Outlook - The company is expected to face short-term pressure on its stock price due to the underperformance in earnings [1] - Citigroup believes that the company's involvement in the AI liquid cooling pump and humanoid robot supply chain industries is overvalued, with these segments projected to contribute only 1% and 3% to sales, and 2% and 6% to gross profit for fiscal years 2026 and 2027, respectively [1]