德昌电机控股（00179）公司动态研究报告：全球微型电机领军企业，进军人形机器人赛道

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance [13]. Core Insights - The company is a global leader in micro-motor manufacturing and is expanding into the humanoid robotics sector, which is expected to open a new growth avenue [11][12]. - The company has a strong market presence in the automotive and industrial sectors, with a global market share of 14.1% in automotive micro-motors, ranking second worldwide [8][9]. - The company has shown stable revenue performance, with a focus on automation and high-growth business expansion, despite a slight decline in revenue due to market conditions [9][10]. Summary by Sections Company Overview - Founded in 1959, the company has evolved from a family business focused on toy micro-motors to a leading manufacturer in various sectors including automotive, home appliances, and industrial automation [5][6]. - The company has expanded internationally, establishing a presence in key markets such as the U.S., Japan, and Europe, and has made several strategic acquisitions to enhance its capabilities [6]. Market Position - The company has a robust R&D team of over 1,600 personnel and serves approximately 400 automotive clients and 1,100 industrial clients, producing over 4 million motors daily [8][9]. - The automotive product lines include thermal management systems, drive-by-wire systems, and various electric motors, contributing significantly to the company's revenue [8]. Financial Performance - For the first half of the 2024/2025 fiscal year, the company reported total revenue of $1.85 billion, a year-on-year decrease of 4.3$1.57 billion, while industrial products contributed $290 million [9]. - The company's gross margin improved to 23.6$130 million, up 9.5% year-on-year [10]. Future Growth Prospects - The company is actively exploring opportunities in the humanoid robotics sector, aiming to develop core components and establish strategic partnerships [11][12]. - The revenue forecast for 2025-2027 indicates a gradual recovery and growth, with projected revenues of $3.62 billion in 2025 and$4.12 billion in 2027 [13][15].