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9月30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* FF301 II. 已發行股份及/或庫存股份變動 呈交日期: 2025年10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 | H ...

Core Viewpoint - Citi has raised its earnings forecast for DCH Holdings from 5% to 16% for the years 2024 to 2028, citing the development of liquid cooling pumps and humanoid robot joints as key drivers [1] Group 1: Stock Performance - DCH Holdings' stock price initially dropped over 6%, currently down 4.98% at HKD 41.6, with a trading volume of HKD 193 million [1] - The stock has appreciated 2.8 times this year and approximately 55% this month [1] Group 2: Earnings Forecast and Valuation - The target price for DCH Holdings has been increased from HKD 29 to HKD 45, reflecting a forecasted P/E ratio of 19 times for next year, which is 2 standard deviations above the average and the highest since 2017 [1] - The target P/E for the ordinary automotive and industrial product segments is set at 11 times, while the new business segments are projected at a P/E of 300 times [1] Group 3: Investment Rating - The investment rating has been downgraded from "Buy" to "Neutral" due to limited upside potential in the stock price [1] - The upcoming interim results are expected to show a moderate profit growth of about 10%, largely benefiting from foreign exchange factors [1]

Group 1 - The core viewpoint of the article indicates that Citigroup has raised its profit forecast for 德昌电机控股 (Dachang Electric) by 5% to 16% for the years 2024 to 2028, based on the development of liquid cooling pumps and humanoid robot joints [1] - The target price for the company has been increased from 29 HKD to 45 HKD, reflecting a forecasted price-to-earnings ratio of 19 times for next year, which is 2 standard deviations above the average and the highest since 2017 [1] - The stock price of 德昌电机 has increased by 2.8 times this year and approximately 55% this month, indicating strong market performance [1] Group 2 - The target price for the ordinary automotive product group and industrial product group is set at a price-to-earnings ratio of 11 times, while the two new business segments are projected to have a price-to-earnings ratio of 300 times next year [1] - The company is expected to report a moderate profit growth of about 10% for the current fiscal year's interim results, largely benefiting from foreign exchange factors [1] - The investment rating has been downgraded from "Buy" to "Neutral," suggesting limited upside potential for the stock price [1]

Core Insights - Citi previously noted that Delta Electronics announced its first fiscal quarter sales performance and established two equity joint ventures with Shanghai Electric, enhancing its component engineering capabilities in new business areas [2] - Although Delta Electronics' first fiscal quarter sales declined by 2%, robust backlog orders are expected to lead to a recovery in sales during the second and third quarters [2] - The company is experiencing strong momentum in the humanoid robot market, which is anticipated to bring larger-scale business opportunities [2] Summary by Categories - **Sales Performance** - Delta Electronics reported a 2% decline in sales for the first fiscal quarter [2] - The company expects sales to recover in the second and third quarters due to strong backlog orders [2] - **Joint Ventures** - In July, Delta Electronics announced that its wholly-owned subsidiary, Delta Automotive Electronics, formed two equity joint ventures with Shanghai Electric to engage in the design and manufacturing of humanoid robot components in China [2] - **Product Development** - According to the company's website, the AI server thermal management business includes components such as cooling pumps [2] - The company plans to launch the new DCP series liquid cooling pumps by May 2025, designed for modern data centers and AI server architectures, featuring high efficiency, low noise, and modular design [2]

Core Viewpoint - Dechang Motor Holdings (00179) has seen its stock price rise over 4%, reaching a new high of HKD 44.58, with a year-to-date increase of 320% [1] Group 1: Stock Performance - As of the latest report, the stock is up 4.48%, trading at HKD 44.3, with a trading volume of HKD 554 million [1] - The stock price has increased by 320% since the beginning of the year [1] Group 2: Business Developments - Citigroup noted that Dechang Motor's first fiscal quarter sales declined by 2%, but strong backlog orders are expected to lead to sales recovery in the second and third quarters [1] - The company has established two equity joint ventures with Shanghai Mechanical and Electrical (600835) to enhance its component engineering capabilities in new business areas [1] Group 3: Market Opportunities - The company is experiencing positive momentum in the humanoid robot market, which is anticipated to create larger business opportunities [1] - In July, Dechang Motor announced that its wholly-owned subsidiary, Dechang Automotive Electric, formed two joint ventures with Shanghai Mechanical and Electrical to design and manufacture humanoid robot components in China [1] - The company is also involved in AI server thermal management, including cooling pumps and other thermal management system components, with a new DCP series liquid cooling pump set to launch in May 2025 [1]

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8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9月1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 | | 0.0 ...

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7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* 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 呈交日期: 2025年8月1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 | | ...

Investment Rating - The investment rating for the company is "Accumulate" [6][10]. Core Views - The report highlights that the company, 德昌电机控股, has formed a joint venture with 上海机电 to enter the humanoid robot joint market, leveraging decades of collaboration to enhance efficiency in this sector [2][10]. - The company is expected to face revenue pressure in the first quarter of the 2025-2026 fiscal year, with a reported revenue decline of 2% year-on-year to $915 million [10]. Financial Summary - Total revenue projections are as follows: - 2025A: $3,815 million - 2026E: $3,751 million - 2027E: $4,096 million - 2028E: $4,475 million - The revenue growth rates are projected at 5%, -4%, 3%, 9%, and 9% respectively [4]. - Gross profit and net profit forecasts are: - Gross profit for 2025A: $851 million, with a projected increase to $1,029 million by 2028E - Net profit for 2025A: $263 million, expected to grow to $355 million by 2028E, reflecting growth rates of 15%, 7%, 15%, and 10% respectively [4][10]. - The company’s PE ratio is projected to be 5.57 for 2025A, increasing to 8.44 by 2028E, while the PB ratio is expected to rise from 0.51 to 0.83 over the same period [4]. Market Data - The current stock price is HKD 25.40, with a 52-week price range of HKD 10.00 to HKD 26.00 [6][7]. - The current market capitalization is approximately HKD 23,734 million [7]. Investment Recommendation - The report maintains a positive outlook on the long-term development prospects of 德昌电机控股 in the humanoid robot components manufacturing sector, with a target price set at HKD 30.61 based on a 13x PE for the fiscal year 2025 [10].

Sales Performance - Group sales declined by 2%[7] - APG's sales decreased mainly due to an unfavorable customer mix in China and competitive pricing pressures[7] - IPG's sales improved slightly amid mixed regional market and customer dynamics[7] - Asia-Pacific IPG sales declined due to keen price competition and customer program delays[19, 22] - EMEA IPG sales were boosted by new launches and replenishment orders[20] - Americas IPG sales faced softer demand in some product segments, partially offset by increased sales for high-precision piezo motors[20] Automotive Products Group (APG) - APG's sales were negatively impacted by reduced demand for non-domestic car brands in China, partially offset by accelerating sales to domestic car brands[11] - APG faced market-driven pricing adjustments[11] - APG experienced phasing out of certain programs[11] Industry Products Group (IPG) - IPG and its customers faced keen price competition and certain customers delayed programs[22] Joint Ventures - Joint venture agreements signed with Shanghai Mechanical & Electrical Industrial Co, Ltd (SMEIC) on 16 July, 2025[27] - Johnson Electric supplies components to the Shenzhen joint venture, including motors and planetary reducers[27] Exchange Rates - CAD weakened against the USD by 1.2%[33] - CNY weakened against the USD by 1.2%[33] - EUR strengthened against the USD by 5.2%[33]

Financial Performance - Total revenue for Johnson Electric Holdings Limited reached $3.64 billion, with a net profit of $263 million[5]. - Group revenue totaled $3,648 million, down 4% from the previous year, with a gross profit of $843 million, representing a gross margin of 23.1%[38]. - Adjusted EBITDA was $344 million, accounting for 9.4% of revenue, an increase from 9.0% in the previous year[38]. - Net profit attributable to shareholders increased by 15% to $263 million, with basic net profit adjusted for non-cash foreign exchange changes at $274 million, up 9%[43]. - The company's revenue for the fiscal year 24/25 decreased by $166.6 million or 4% to $3,647.6 million compared to $3,814.2 million in the fiscal year 23/24[104]. - The automotive product segment's revenue was $3,072.4 million, accounting for 84% of total revenue, which represents a decrease of $137.8 million or 4% from the previous year[104]. - The industrial product segment's revenue was $575.2 million, making up 16% of total revenue, reflecting a decline of $28.8 million or 5% compared to the prior fiscal year[104]. - The group's operating profit for the fiscal year 24/25 was $305.9 million, an increase of $20.6 million or 7.2% compared to the previous fiscal year[119]. - Shareholders' profit for the fiscal year 24/25 was $262.8 million, up by $33.6 million or 15% from $229.2 million in the previous fiscal year[120]. - The adjusted net profit for the fiscal year 24/25 was $274.0 million, reflecting an increase from $252.0 million in the previous fiscal year[121]. Revenue Breakdown - Revenue breakdown shows 84% from automotive products and 16% from industrial products[6]. - Geographical revenue distribution: Americas 32%, Asia-Pacific 37%, EMEA 31%[8][13]. - The automotive products segment generated revenue of $3,072 million, a decrease of 3% year-over-year, primarily due to economic downturns and declining consumer confidence[36]. - The industrial products segment faced challenges with revenue of $575 million, down 5% year-over-year, due to weak demand in post-pandemic conditions[40]. - The automotive products segment is focusing on innovative technologies for electrification and safety improvements while offering competitive value propositions[37]. Innovation and Technology - The company emphasizes innovation and technology leadership, investing significantly in automation and digital transformation[25]. - Johnson Electric is committed to providing innovative drive solutions that enhance the quality of life for end users[12]. - The new Integrated Thermal Management System (ITMS) reduces weight by 25% and assembly time by 20%, while extending the range by 15%-20% in cold weather conditions[58]. - The advanced DC pump for cold plate liquid cooling reduces energy costs by 10% and extends the lifespan of data centers by up to five years[60]. - The company is focusing on developing products that reduce greenhouse gas emissions and energy consumption in the automotive sector[50]. - The company's innovative technologies help customers achieve success in reducing consumption and waste, improving energy efficiency, and lowering carbon emissions[54]. - The company is committed to addressing climate change by enhancing the performance of products in new energy vehicles[52]. - The company is integrating advanced digital technologies, including artificial intelligence, to lower costs and improve efficiency[47]. Sustainability and ESG - The company achieved an 81% reduction in Scope 2 carbon emissions compared to the 22/23 fiscal year baseline, exceeding the recent target of a 65% reduction[84]. - Renewable electricity usage increased to 83%, up from 53% the previous year, with renewable energy usage rising from 44% to 69%[84]. - The MSCI ESG rating improved from "A" to "AA," placing the company in the top 7% of the automotive parts industry[90]. - The company was included in the S&P Global Sustainability Yearbook (China) 2024, ranking in the top 15 among peers in the automotive parts category[91]. - The company has maintained a "B" score in the CDP climate change assessment and improved its water security score by two levels to "B"[89]. - The company has been a constituent of the Hang Seng Sustainable Development Corporate Benchmark Index since 2018 and became part of the FTSE4Good Index Series in June 2024[92]. - The company aims to achieve 100% renewable energy usage by the fiscal year 25/26, demonstrating its commitment to sustainability[99]. Market Challenges and Risks - The geopolitical environment and global trade uncertainties continue to pose significant challenges for the company, with potential impacts on supply chains and international relations[45]. - The products affected by the increased import tariffs currently account for a mid-single-digit percentage of the group's total revenue[47]. - The company actively manages risks through proactive supervision and flexible business processes, with a risk management committee analyzing existing and potential risks quarterly[178]. - Key risks identified include strategic, operational, financial, and sustainability risks, with specific concerns around supply chain, cybersecurity, and global economic conditions[180]. - The company faces risks in emerging markets due to political, regulatory, social, and economic fluctuations, but overcoming these challenges can yield significant returns and strengthen global operations[192]. Employee Engagement and Development - Over 1,700 students graduated from the company's technology academy, and more than 400 children participated in the Little Engineers program[85]. - The company was recognized as one of the "2024 Asia's Best Employers" by HR Asia, reflecting its commitment to employee engagement and development[85]. - The company focuses on attracting and retaining talent, addressing workforce stability amid demographic changes[199]. - The company is retraining employees to maintain productivity and adaptability in response to technological trends and regulatory changes[191]. Financial Health and Capital Management - Cash reserves stood at $791 million as of March 31, 2025, with total debt to capital ratio at 12%[39]. - The company's cash position as of March 31, 2025, was $790.6 million, down from $809.9 million a year earlier[103]. - Total debt decreased significantly from $560.8 million to $359.3 million, resulting in a net cash position of $431.3 million[103]. - The company's market capitalization increased to $1,881.2 million from $1,294.6 million year-over-year[103]. - The debt-to-capital ratio improved to 12% from 18% in the previous year, indicating a stronger balance sheet[103]. - The group maintained investment-grade ratings with a stable outlook from both Moody's and S&P as of March 31, 2025[143]. Strategic Initiatives - Strategic acquisitions have been made over the past two decades to enhance technology and strengthen market position[29]. - The company aims to diversify its customer and product portfolio through internal development, joint ventures, and targeted acquisitions to mitigate adverse market changes[183]. - The company emphasizes the importance of optimizing production capacity and maintaining a flexible global operational footprint to respond to changing customer demands and regulatory factors[184]. - The company is focused on innovation and intellectual property development to improve product cost and production efficiency, ensuring competitiveness in the market[191]. - The company implements strategic in-sourcing of the supply chain and dual sourcing to stabilize supply and alleviate cost pressures[197].