Group 1 - The core viewpoint of the report is that 德昌电机 (Dachang Electric) is expected to maintain stable operations in the first three quarters of the 2025-2026 fiscal year, with future growth driven by developments in robotics and liquid cooling industries, maintaining a "Buy" rating [1] - The company has reported total revenue of $2.73 billion for the first three quarters of the 2025-2026 fiscal year, showing no year-on-year change; automotive product revenue decreased by 2%, primarily due to a 6% decline in the Asia-Pacific region, while industrial and commercial product revenue increased by 1%, mainly driven by a 6% rise in the EMEA region [1] - The company forecasts EPS of $0.28, $0.33, and $0.36 for the fiscal years 2025-2026, 2026-2027, and 2027-2028 respectively, and sets a target price of HKD 52.80 based on a PE ratio of 24 times for the fiscal year 2025-2026 [1] Group 2 - Uncertainties among automotive clients in the China region have negatively impacted the revenue trend for the automotive sector in the Asia-Pacific region; however, the company's efforts to enhance automation and vertical integration are expected to mitigate these negative effects [2] - The company aims to leverage its deep technical expertise and production experience in motors to expand its product offerings into humanoid robot actuators and joint modules, positioning itself for long-term leadership in the robotics sector [2] - With the booming AI industry requiring infrastructure support such as liquid cooling, the company, as a liquid cooling solution provider, is expected to capture a significant market share through its core liquid cooling components [2]

Core Viewpoint - Citigroup's report indicates that the performance of Delta Electronics Holdings (00179) for the third quarter of fiscal year 2026 slightly missed expectations due to recent copper cost increases [1] Financial Performance - Citigroup has revised its earnings forecast for Delta Electronics Holdings down by approximately 5% for fiscal years 2026 to 2028 [1] - The target price has been adjusted from HKD 33 to HKD 32, maintaining a "Neutral" rating [1] - The company is expected to face short-term pressure on its stock price due to the underperformance [1] Business Segments - The company is involved in the AI liquid cooling pump and humanoid robot supply chain industries, which are considered overvalued [1] - Revenue contribution from these segments is projected to be only 1% in fiscal year 2026 and 3% in fiscal year 2027, with gross profit contributions of 2% and 6% respectively [1] - The contribution from these new business areas is expected to remain minimal for fiscal year 2027 [1]

Core Viewpoint - Citigroup's report indicates that Delta Electronics' Q3 performance for FY2026 slightly missed expectations due to recent copper cost increases, leading to a downward revision of profit forecasts for FY2026 to FY2028 by approximately 5% [1] Financial Performance - Target price for Delta Electronics has been reduced from HKD 33 to HKD 32, maintaining a "Neutral" rating, with expectations of short-term pressure on the company's stock price [1] - The company's involvement in AI liquid cooling pumps and humanoid robot supply chains is viewed as overvalued, with projections indicating that these segments will only contribute 1% and 3% to total sales in FY2026 and FY2027, respectively [1] Profit Contribution - Expected gross profit contributions from the AI-related business are projected to be 2% in FY2026 and 6% in FY2027, indicating a minimal impact on overall financial performance for FY2027 [1]

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating and a target price of HKD 59 for Delta Electronics Holdings (00179), despite a mixed performance in recent operational data [1] Financial Performance - Delta's revenue for the first three fiscal quarters ending December remained flat year-on-year, but the third fiscal quarter saw a 2% increase to USD 893 million, indicating a gradual recovery [1] - The revenue growth in the third quarter was slightly below Morgan Stanley's expectations, primarily due to the slower-than-expected project initiation by Chinese automotive companies [1] Business Segments - The industrial products segment continues to outperform due to structural market share growth [1] - Limited data disclosure regarding humanoid robots and AI data center cooling businesses adds uncertainty to short-term visibility [1] - The recovery speed of the automotive products business remains uncertain, impacting short-term outlook [1]

另外，工业产品业务继续因结构性市场份额增长而表现领先，但有关人形机械人及AI数据中心冷却业 务的数据披露有限，加上汽车产品业务复苏速度存在不确定性，令短期能见度受限。 智通财经APP获悉，摩根大通发布研报称，维持德昌电机控股(00179)"增持"评级及目标价59港元不变。 德昌日前更新营运数据，虽然截至去年12月底止首三财季收入同比持平，但第三财季收入同比增长2% 至8.93亿美元，反映逐步复苏，但仍稍逊于该行预期，主要由于中资车企的项目启动进度较预期缓慢。 ...

Core Viewpoint - Morgan Stanley's report indicates that Delta Electronics Holdings has updated its operational data, showing a gradual recovery despite third-quarter revenue growth being slightly below expectations [1] Group 1: Financial Performance - Revenue for the third quarter increased by 2% year-on-year to $893 million, reflecting a gradual recovery [1] - Revenue remained flat year-on-year for the first three fiscal quarters ending December [1] Group 2: Business Segments - The industrial products segment continues to perform well due to structural market share growth [1] - Limited data disclosure regarding humanoid robots and AI data center cooling business creates uncertainty [1] - The recovery speed of the automotive products business remains uncertain, impacting short-term visibility [1] Group 3: Analyst Rating - Morgan Stanley maintains an "Overweight" rating and a target price of HKD 59 [1]

德昌电机控股(00179)跌超7%，截至发稿，跌7.24%，报28.44港元，成交额1.6亿港元。 消息面上，1月22日，德昌电机控股公布，截至202512月31日止9个月，集团营业额为27.26亿美元，对 比上一财政年度同期的27.3亿美元，下跌约400万美元。此外，受惠于汇率变动，集团营业额增加4000 万美元。报告期内，汽车产品组别营业额为23.01亿美元，较24/25财政年度同期下跌1400万美元或1%。 未计入外汇影响，汽车产品组别的营业额下跌4900万美元或2%。 主席及行政总裁汪穗中博士在评论集团的销售表现及短期展望时表示，德昌电机在本财政年度截至目前 为止的营业额保持稳定，反映整体宏观经济环境疲软，以及地缘政治与美国贸易政策相关的高度不确定 性。根据当前交易状况及客户订单，预期全年集团营业额将与去年大致相若。 ...

主席及行政总裁汪穗中博士在评论集团的销售表现及短期展望时表示，德昌电机在本财政年度截至目前 为止的营业额保持稳定，反映整体宏观经济环境疲软，以及地缘政治与美国贸易政策相关的高度不确定 性。根据当前交易状况及客户订单，预期全年集团营业额将与去年大致相若。 智通财经APP获悉，德昌电机控股(00179)跌超7%，截至发稿，跌7.24%，报28.44港元，成交额1.6亿港 元。 消息面上，1月22日，德昌电机控股公布，截至2025年12月31日止9个月，集团营业额为27.26亿美元， 对比上一财政年度同期的27.3亿美元，下跌约400万美元。此外，受惠于汇率变动，集团营业额增加 4000万美元。报告期内，汽车产品组别营业额为23.01亿美元，较24/25财政年度同期下跌1400万美元或 1%。未计入外汇影响，汽车产品组别的营业额下跌4900万美元或2%。 ...

Core Insights - A new type of motor developed by scientists from the University of New South Wales and the University of Sydney utilizes flowing liquid metal instead of traditional rigid components, potentially transforming applications in soft robotics, flexible electronics, and medical devices [1][2]. Group 1: Innovation and Technology - The liquid metal droplet rotating paddle motor operates uniquely without coils or magnets, generating internal vortices in a saline solution when an electric field is applied, achieving a maximum speed of 320 revolutions per minute, setting a new record for liquid metal actuators [1]. - This innovation demonstrates that flowing metal can produce stable rotational motion, paving the way for the development of a new generation of flexible motors [1]. Group 2: Applications and Market Potential - The flexible liquid metal motor is particularly suited for scenarios where traditional rigid motors struggle, such as in soft robotics, where devices need to bend, stretch, or navigate confined spaces [2]. - The potential applications extend beyond soft robotics to include flexible displays, microfluidic chips, and biomedical implants, enabling compact and self-sustaining motion control in closed, precise, and dynamically changing environments [2].

FY25/26 Business Update For the December 2025 Quarter Investor Briefing Jan 2026 Disclaimer This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Johnson Electric and certain plans and objectives of the management of Johnson Electric. Words such as outlook, expects, anticipates, intends, plans, believes, estimates, projects, variations of such words and similar expressions are intended to identify such forward- looking st ...