SMEIC(SH:600835) Ge Long Hui·2025-07-31 02:50Group 1 - The core viewpoint is that 德昌电机 (Dachang Electric) has formed a joint venture with 上海机电 (Shanghai Electric) to enter the humanoid robot joint market, leveraging their long-standing partnership to enhance capabilities in core component systems for humanoid robots [1][2] - The joint venture consists of two companies: one for design and manufacturing, controlled 51% by 德昌电机, and another for sales, controlled by 上海机电 with a 49% stake from 德昌电机. The aim is to serve the domestic humanoid robot market with products like waist, hip, knee, and ankle joints, as well as dexterous hand actuators and sensors [2] - 德昌电机 reported a 2% year-on-year decline in revenue for Q1 of the 25-26 fiscal year, totaling $915 million, primarily due to decreased sales from Chinese customers and intensified price competition in the automotive sector, which saw a 4% revenue drop [3] Group 2 - The company expects long-term growth prospects following its entry into humanoid robot component manufacturing, forecasting profits of $281 million, $322 million, and $355 million for the fiscal years 2026, 2027, and 2028, representing year-on-year growth rates of 7%, 15%, and 10% respectively [1] - Given the company's strategic positioning in the humanoid robot sector and the higher valuations of comparable companies in the robotics industry, a target price of HKD 30.61 is set based on a 13x PE for the fiscal year 2025 [1]