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 ...

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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]

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 copper cost increases [1] Financial Performance - Citigroup has revised its earnings forecast for Delta Electronics Holdings down by approximately 5% for fiscal years 2026 to 2028 [1] - The target price has been adjusted from HKD 33 to HKD 32, maintaining a "Neutral" rating [1] - The company is expected to face short-term pressure on its stock price due to the underperformance [1] Business Segments - The company is involved in the AI liquid cooling pump and humanoid robot supply chain industries, which are considered overvalued [1] - Revenue contribution from these segments is projected to be only 1% in fiscal year 2026 and 3% in fiscal year 2027, with gross profit contributions of 2% and 6% respectively [1] - The contribution from these new business areas is expected to remain minimal for fiscal year 2027 [1]

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]

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。 ...

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]