Core Viewpoint - Morgan Stanley's report indicates that the mid-term performance of Delta Electronics for the period ending September met expectations, with revenue and net profit showing slight variations year-on-year and half-on-half [1] Financial Performance - Revenue decreased by 1% year-on-year but increased by 2% half-on-half to reach 1.8 billion USD [1] - Net profit grew by 3% year-on-year and remained flat half-on-half at 133 million USD [1] Business Segments - The improvement in the automotive products (APG) segment and contributions from the industrial products (IPG) segment were key factors in the financial performance [1] Communication and Market Sentiment - The company provided limited details on new business plans during the earnings briefing, maintaining its usual communication style [1] - The lack of updates regarding AI DC and robotics order progress is expected to keep market sentiment towards the stock subdued [1] Valuation and Target Price - Any specific updates on these business pipelines could trigger significant valuation reassessments [1] - The target price has been reduced from 67 HKD to 54 HKD, while maintaining a "buy" rating [1]
大行评级丨摩根大通：德昌电机中期业绩符合预期 目标价降至54港元