Core Insights - Citi previously noted that Delta Electronics announced its first fiscal quarter sales performance and established two equity joint ventures with Shanghai Electric, enhancing its component engineering capabilities in new business areas [2] - Although Delta Electronics' first fiscal quarter sales declined by 2%, robust backlog orders are expected to lead to a recovery in sales during the second and third quarters [2] - The company is experiencing strong momentum in the humanoid robot market, which is anticipated to bring larger-scale business opportunities [2] Summary by Categories - **Sales Performance** - Delta Electronics reported a 2% decline in sales for the first fiscal quarter [2] - The company expects sales to recover in the second and third quarters due to strong backlog orders [2] - **Joint Ventures** - In July, Delta Electronics announced that its wholly-owned subsidiary, Delta Automotive Electronics, formed two equity joint ventures with Shanghai Electric to engage in the design and manufacturing of humanoid robot components in China [2] - **Product Development** - According to the company's website, the AI server thermal management business includes components such as cooling pumps [2] - The company plans to launch the new DCP series liquid cooling pumps by May 2025, designed for modern data centers and AI server architectures, featuring high efficiency, low noise, and modular design [2]

德昌电机控股(00179)逆市涨超4%，高见44.58港元刷新年内新高，年初至今股价已累涨3.2倍。截至发 稿，涨4.48%，报44.3港元，成交额5.54亿港元。 消息面上，花旗此前指出，德昌电机控股公布首财季销售表现，并宣布与上海机电（600835）成立两家 股权式合资企业。此举将增强德昌电机在新业务的组件工程实力。该行表示，虽然德昌电机控股首财季 的销售额下跌2%，但由于稳健的积压订单，预计销售额将于第二季及第三季恢复增长。另外，由于公 司在仿人机器人市场的发展势头良好，料将带来更大规模的商机。 今年7月，德昌电机控股宣布，其全资附属公司德昌汽车电气与上海机电成立两家股权式合资企业，在 中国从事人形机器人零部件的设计及制造业务。另根据公司官网，AI服务器热管理业务包括冷却泵等 热管理系统零部件。2025年5月公司全新推出DCP系列液冷泵，该系列产品具备高效能、低噪音与模组 化设计，专为现代化资料中心与AI伺服器架构量身打造。 ...

Group 1 - The core point of the article highlights that 德昌电机控股 (Dechang Motor Holdings) experienced a fluctuation in stock price, initially dropping over 6% before recovering to a 4.96% increase, trading at 41.44 HKD with a transaction volume of 723 million HKD [1] - In July, 德昌电机控股 announced the establishment of two equity joint ventures with 上海机电 (Shanghai Electric) to engage in the design and manufacturing of humanoid robot components in China [1] - The company is set to launch the DCP series liquid cooling pumps in May 2025, designed for modern data centers and AI server architectures, featuring high efficiency, low noise, and modular design [1] Group 2 - 国泰海通证券 (Guotai Junan Securities) noted that 德昌电机控股's automotive motor and pump businesses have strong applicability to the demands of robotics and AI servers, leveraging the company's global scale for manufacturing cost advantages and expertise [1] - Despite a 2% decline in sales for the first fiscal quarter, 花旗 (Citi) anticipates a recovery in sales during the second and third quarters due to a solid backlog of orders [1]

Group 1 - The core viewpoint of the report is that 德昌电机控股 is expected to maintain stable performance in the fiscal year 2025 while increasing its focus on robotics and liquid cooling for data centers [1][2] - The company is projected to achieve revenues of $39.8 billion, $43.5 billion, and $47.5 billion for the fiscal years 2026, 2027, and 2028 respectively, with net profits of $3.08 billion, $3.45 billion, and $3.77 billion, reflecting year-on-year growth of 17%, 12%, and 9% [1] - The company reported a revenue of $36.5 billion for the fiscal year 2025, a decrease of 4.4% year-on-year, while net profit increased by 14.6% to $2.6 billion, with a gross margin of 23.1%, up by 0.8 percentage points [1] Group 2 - The company is actively developing smart electric motor applications and expanding its business in China's independent passenger vehicle market, which is expected to help return revenue growth [2] - 德昌电机控股 is entering the robotics and data center liquid cooling sectors, focusing on differentiated and innovative drive system solutions, including AI server thermal management systems [2] - The launch of the DCP series liquid cooling pumps in May 2025 is aimed at modern data centers and AI server architectures, featuring high efficiency, low noise, and modular design [2]