中金：首次覆盖德昌电机控股(00179)予“跑赢行业”评级 目标价43.6港元

Core Viewpoint - CICC initiates coverage on DCH Holdings (00179) with an "outperform" rating and a target price of HKD 43.6, reflecting projected P/E ratios of 20x and 18.9x for the fiscal years 2026 and 2027 respectively [1] Group 1: Company Overview - DCH Holdings is recognized as a global leader in micro-motors, with a strong presence in the automotive micro-motor sector and extensive global market coverage [1] - The company is expanding into humanoid robotics and liquid cooling sectors, aiming to create new growth opportunities [1] Group 2: Market Trends - The micro-motor market is expected to continue expanding due to the trend of electrification in the automotive industry, which solidifies the company's competitive advantages [1]