Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company has maintained stable performance in the fiscal year 2025, with a focus on expanding into robotics and liquid cooling for data centers [2] - The company is expected to achieve revenues of $3.98 billion, $4.35 billion, and $4.75 billion in the fiscal years 2026, 2027, and 2028 respectively, with corresponding net profits of $308 million, $345 million, and $377 million, reflecting year-on-year growth of 17%, 12%, and 9% [7] - The company is entering the AI server thermal management system business, launching a new series of liquid cooling pumps designed for modern data centers and AI server architectures [7] Financial Summary - The company reported revenues of $3.65 billion for the fiscal year 2025, a year-on-year decrease of 4.4%, while net profit was $263 million, an increase of 14.6% [7] - The gross profit margin for the fiscal year 2025 was 23.1%, an increase of 0.8 percentage points year-on-year [7] - The company plans to distribute cash dividends of $73 million for the fiscal year 2025, with a dividend payout ratio of approximately 28% [7] Future Projections - The projected earnings per share (EPS) for the fiscal years 2026, 2027, and 2028 are $0.33, $0.37, and $0.40 respectively, with price-to-earnings (PE) ratios of 7.74, 6.91, and 6.32 [7] - The company is expected to see a recovery in revenue growth as it adjusts its customer mix and capitalizes on the rising demand for smart electric applications [7]
德昌电机控股（00179）：股 2025 财年年报点评：布局机器人与AI服务器液冷