Zhi Tong Cai Jing·2025-10-14 03:23Core Viewpoint - Morgan Stanley initiates coverage on Dechang Electric Holdings (00179) with a target price of HKD 67 and a "Buy" rating, while also setting a target price of RMB 43 for Wolong Electric Drive (600580.SH) with a "Neutral" rating, highlighting AI data centers, humanoid robots, and electric vertical takeoff and landing (eVTOL) aircraft as long-term growth drivers that will reshape industry profitability [1] Group 1: AI Data Centers - Wolong Electric Drive has supplied EC fans and cold plates to major domestic enterprises, while Dechang Electric provides integrated cooling pumps to top global hyperscale companies, indicating strong positioning in the AI data center cooling solutions market [1] - The long-term market size for AI data center cooling solutions is projected to reach 5 billion units, suggesting significant potential for growth [1] Group 2: Humanoid Robots - Dechang Electric supplies linear/rotary actuators and integrated dexterous hands for humanoid robots, while Wolong Electric Drive provides rotary actuators and dexterous hands, showcasing their contributions to this emerging sector [1] - The market for humanoid robots is expected to have a substantial growth trajectory, driven by advancements in technology and increasing demand [1] Group 3: Electric Vertical Takeoff and Landing Aircraft - The domestic market for eVTOL aircraft is anticipated to reach an annual production of 5,000 units by 2035, indicating a burgeoning industry [1] - Wolong Electric Drive collaborates with Geely's (00175) subsidiary, VoFly, while Dechang Electric leverages its automotive-grade technology to gain a competitive advantage in the eVTOL market [1]