汽车零部件行业点评报告：全球微电机领军企业，或进军人形机器人赛道

Investment Rating - The report maintains a "Recommended" investment rating for the automotive parts industry, indicating an expected performance exceeding the benchmark index by more than 10% [11]. Core Insights - The report highlights that the company, 德昌电机控股, has experienced a slight decline in revenue but a significant improvement in profitability, with a revenue of $1.85 billion for the first half of the 2024 fiscal year, down 4.3% year-on-year, while the net profit excluding non-recurring items increased by 10.8% to $130 million [4][5]. - The company is recognized as a global leader in automotive micro-motors, holding a 14.1% market share, ranking second globally, and is preparing to enter the humanoid robotics sector, which is rapidly expanding [6][8]. Summary by Sections Market Performance - The automotive parts sector has shown strong relative performance over the past year, with a 31.6% increase compared to the benchmark index [1]. Company Performance - 德昌电机控股's automotive products accounted for 84% of its revenue, with a gross margin of 23.6%, reflecting a 1.4 percentage point improvement due to lower raw material costs and foreign exchange hedging [5]. - The company is actively recruiting for a humanoid robotics business development manager, indicating its strategic move into the humanoid robotics industry [8]. Industry Trends - The humanoid robotics industry is witnessing rapid growth, with approximately 150 companies globally, over 80 of which are based in China, driven by advancements in AI and robotics technology [8]. - The report suggests that the automotive and humanoid robotics industries are highly correlated, and companies with strong capabilities in automotive parts are well-positioned to capitalize on opportunities in the robotics sector [9].