Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company, 德昌电机控股, is a leading global micro-motor enterprise with a stable performance in its traditional business and ongoing advancements in emerging sectors such as liquid cooling pumps and humanoid robot components [3][6] - The company is expected to see gradual profit release from its AIDC server cooling pump business, while also expanding into humanoid robot components, which presents long-term growth potential [6] - The projected net profits for FY2025/26, FY2026/27, and FY2027/28 are estimated at $271.82 million, $309.27 million, and $353.56 million respectively, with year-on-year growth rates of 3.4%, 13.8%, and 14.3% [6] Financial Summary - The company's revenue for FY2024/25 is projected at $3.65 billion, with a year-on-year decline of 4.4%, followed by a slight increase of 0.6% in FY2025/26, and expected growth of 7.4% and 8.3% in the subsequent years [5][6] - The gross profit margin is expected to improve gradually from 23.1% in FY2024/25 to 23.7% in FY2027/28 [5] - The company’s earnings per share (EPS) are projected to increase from $0.28 in FY2024/25 to $0.38 in FY2027/28, reflecting a positive trend in profitability [5][6] - The price-to-earnings (P/E) ratio is forecasted to decrease from 12.1x in FY2024/25 to 9.0x in FY2027/28, indicating a favorable valuation [5][6]
德昌电机控股：传统主业稳健，新兴业务推进-20260206