SIASUN(SZ:300024) Ge Long Hui·2026-01-23 20:50Group 1 - The core viewpoint of the report is that 德昌电机 (Dachang Electric) is expected to maintain stable operations in the first three quarters of the 2025-2026 fiscal year, with future growth driven by developments in robotics and liquid cooling industries, maintaining a "Buy" rating [1] - The company has reported total revenue of $2.73 billion for the first three quarters of the 2025-2026 fiscal year, showing no year-on-year change; automotive product revenue decreased by 2%, primarily due to a 6% decline in the Asia-Pacific region, while industrial and commercial product revenue increased by 1%, mainly driven by a 6% rise in the EMEA region [1] - The company forecasts EPS of $0.28, $0.33, and $0.36 for the fiscal years 2025-2026, 2026-2027, and 2027-2028 respectively, and sets a target price of HKD 52.80 based on a PE ratio of 24 times for the fiscal year 2025-2026 [1] Group 2 - Uncertainties among automotive clients in the China region have negatively impacted the revenue trend for the automotive sector in the Asia-Pacific region; however, the company's efforts to enhance automation and vertical integration are expected to mitigate these negative effects [2] - The company aims to leverage its deep technical expertise and production experience in motors to expand its product offerings into humanoid robot actuators and joint modules, positioning itself for long-term leadership in the robotics sector [2] - With the booming AI industry requiring infrastructure support such as liquid cooling, the company, as a liquid cooling solution provider, is expected to capture a significant market share through its core liquid cooling components [2]