机构：中金公司 研究员：邓学/任丹霖/厍静兰/崔力丹 我们与市场的最大不同？市场关注公司机器人技术能力，我们提示公司产能全球布局，机器人及液冷在 海外客户拓展上均有潜力。 潜在催化剂：机器人/数据中心液冷业务获得订单。 盈利预测与估值 我们预计公司FY26-27 年EPS 分别为0.28/0.30 美元，FY25-27CAGR 为5.0%，当前股价对应FY26/27 14.4/13.3x P/E。采用P/E估值，给予目标价43.6 港元，对应FY26/27E 20.0/18.9x P/E，较当前股价有 40.2%的上行空间，给予跑赢行业评级。 风险 投资亮点 首次覆盖德昌电机控股（00179）给予跑赢行业评级，目标价43.60港元，基于P/E 估值法，对应估值倍 数FY26 20X，公司是全球微电机头部企业，进军人形机器人及液冷新领域。理由如下： 公司是汽车微电机领军企业，深度覆盖全球市场多年。公司深耕微电机行业60 余年，发展为微电机、 控制器等全球头部企业。据 FY2025 数据，分业务看汽车/工商业营收占比约85%/15%，汽车贡献近年来 主要增长；亚太/美洲/欧洲&中东&非洲的营收占比36.8%/32 ...

中金发布研报称，首次覆盖德昌电机控股(00179)，给予"跑赢行业"评级，目标价43.6港元，相当于预测 2026及2027财年市盈率分别20倍及18.9倍。中金表示，公司是全球微电机龙头企业，进军人形机器人及 液冷新领域，因公司是汽车微电机领军企业，深度覆盖全球市场多年。汽车电动化趋势下微电机市场持 续扩容，公司优势稳固，加码人形机器人及液冷领域，打造新增长点。 ...

中金发布研报称，首次覆盖德昌电机控股(00179)，给予"跑赢行业"评级，目标价43.6港元，相当于预测 2026及2027财年市盈率分别20倍及18.9倍。中金表示，公司是全球微电机龙头企业，进军人形机器人及 液冷新领域，因公司是汽车微电机领军企业，深度覆盖全球市场多年。汽车电动化趋势下微电机市场持 续扩容，公司优势稳固，加码人形机器人及液冷领域，打造新增长点。 ...

Core Viewpoint - Hengshuai Co., Ltd. (300969.SZ) experienced a significant stock decline of 12.35%, closing at 105.00 yuan, following a research report from a brokerage firm predicting revenue growth and profitability improvements in the coming years [1]. Financial Projections - The brokerage report forecasts Hengshuai's revenue for 2025, 2026, and 2027 to be 937 million, 1.133 billion, and 1.455 billion yuan, respectively [1]. - Corresponding net profits attributable to shareholders are projected to be 184 million, 220 million, and 291 million yuan for the same years, indicating a year-on-year change of -14%, +20%, and +32% [1]. - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are estimated to be 79x, 66x, and 50x, respectively [1]. Strategic Outlook - The report highlights the company's micro-motor technology capabilities and its expansion into the robotics sector, suggesting a positive long-term development outlook for Hengshuai [1]. - The brokerage maintains an "overweight" rating on the company, reflecting confidence in its growth potential [1].

Core Viewpoint - Kin Yat, a leading OEM manufacturer for IROBOT, is experiencing robust growth driven by strong shipment increases and expansion into new markets, particularly in China, Japan, and EMEA [1][2]. Group 1: Company Overview - Kin Yat is the largest supplier to IROBOT, accounting for 70% of its shipments, with IROBOT contributing approximately 50% to Kin Yat's total revenue in the first half of 2018 [1]. - The company has a long-term OEM relationship with IROBOT, which has been established for over 10 years [1]. Group 2: Growth Drivers - Shipment growth is expected to be strong compared to 2.9 million units in FY16, with China being a major growth driver following the opening of a sales office in 3Q16 [2]. - IROBOT plans to launch a new lawn mower product in 2018, which is anticipated to further drive growth for Kin Yat as it co-develops the product [2]. - Kin Yat's Shenzhen plant has a production capacity of 2.5 million units, with a new plant in Guizhou expected to add 2.4 million units of capacity [2]. Group 3: Micro-Motor Segment - The micro-motor segment grew by 20% in the first half of 2018, primarily due to new client orders in the automotive sector, which accounts for 30% of micro-motor sales [3]. - Key clients in the automotive segment include Hyundai, Kia, Subaru, Mitsubishi, and BMW [3]. - Management aims to increase production capacity from 850,000 units per day to 2 million units per day by 2020, anticipating further margin expansion [3]. Group 4: Land Valuation - The company owns three pieces of land in Guangdong province, with the Shenzhen land valued at over RMB 2 billion and the Shaoguan land valued at RMB 75 million [4]. - There are plans to potentially move the plant to Guizhou to free up land for sale in the medium term [4]. - The Shixing land, covering 300 mu, is likely to be co-developed with property developers in the future [4]. Group 5: Valuation and Dividend Policy - Kin Yat is currently trading at a valuation of 5.8x FY18 PE and 4x FY19 PE, which is considered undemanding [5]. - The company has a 30% payout dividend policy, yielding about 5%, with future growth expected from increased micro-motor capacity and IROBOT product sales [5]. - Any potential land sales could provide opportunities for special dividends [5].

Group 1 - The company, Yutian Guanjia (301173), clarified on September 22 that it is not involved in the micro-motor and sensor fields [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 2025 performance met expectations, with a revenue of 226 million yuan, a year-on-year increase of 1.92%, and a quarter-on-quarter increase of 11.19%. However, the net profit attributable to shareholders decreased by 15.72% year-on-year [7] - The company is recognized as a leader in the micro-motor industry, with long-term growth potential due to its competitive advantages in technology research and development, cost control, customer coverage, product expansion, and capacity layout [7] Financial Performance Summary - In Q2 2025, the company achieved total revenue of 428 million yuan, a year-on-year decrease of 7.46%, and a net profit of 85 million yuan, a year-on-year decrease of 26.79% [7] - The gross margin for Q2 2025 was 31.05%, down 5.15 percentage points year-on-year, primarily due to price reductions from downstream customers [7] - The company’s operating expenses ratio for Q2 2025 was 10.34%, a decrease of 1.19 percentage points quarter-on-quarter [7] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 215 million yuan, 264 million yuan, and 326 million yuan respectively, with corresponding EPS of 1.92 yuan, 2.36 yuan, and 2.91 yuan [7] - The price-to-earnings ratio for 2025-2027 is projected to be 43.59 times, 35.41 times, and 28.69 times respectively [7]

Core Viewpoint - Huayang Intelligent (301502.SZ) emphasizes the necessity of semiconductor devices for the operation of its micro-motor products [1] Group 1 - The company utilizes self-developed control circuits and programs to achieve closed-loop control and feedback [1] - This technology enables micro-special motors to perform high precision, sustained thrust, high reliability, and intelligent motion functions [1]

Core Viewpoint - The trend of the electric motor industry in China is shifting from coastal regions to inland areas, with only about 10% of companies having made this transition so far, indicating a continued trend of relocation in the future [1][20]. Group 1: Industry Transition - A thriving electric motor industry cluster has emerged in Jianghua County, Hunan Province, as companies relocate from the Guangdong Province [4][5]. - Factors such as abundant labor and lower land costs have attracted these companies to establish factories in Jianghua [4][5]. - The electric motor production is transitioning towards smart manufacturing and digital management, with a focus on higher-end products [4][11]. Group 2: Economic Impact - Jianghua County has transformed from a poverty-stricken area to a developing industrial hub, with significant investments from companies affected by industrial upgrades in the Pearl River Delta [5][21]. - The production value of the Jianghua industrial park is projected to reach 6 billion yuan in 2024, with expectations to grow to 10 billion yuan in the following year [6][21]. Group 3: Labor Dynamics - The local workforce in Jianghua is stable, with 98% of employees being local residents, which contributes to high retention rates [6][9]. - Companies are offering incentives such as housing subsidies to attract and retain workers, addressing labor shortages faced in coastal regions [9][10]. Group 4: Competitive Landscape - Jianghua's electric motor industry is experiencing rapid growth, with companies like Guomeng Technology and Ruiyi Motor expanding their production lines and product offerings [12][15]. - The competition is intensifying, with companies investing in automation and digitalization to enhance productivity and reduce costs [14][15]. Group 5: Future Prospects - Jianghua aims to establish a 100 billion yuan electric motor industry, with several companies already achieving significant production values [21][22]. - The industry is expected to continue evolving, with a focus on high-quality development and the establishment of a complete supply chain [11][22].

Core Viewpoint - The company, Baotong Technology, has made significant advancements in its robotics business, particularly through a partnership with BHP, the world's largest mining group, which has placed orders for customized robots. This collaboration is expected to enhance the company's position in the industrial robotics market and expand its application in various industrial scenarios [2][3][5]. Group 1: Company Developments - Baotong Technology has engaged in technical discussions with Yushu Technology, leading to breakthroughs in robot modifications and adjustments for industrial applications [2]. - The company has secured a significant order from BHP for quadruped and biped robots, which will be utilized in hazardous environments at a major copper mine in Chile [2][3]. - The robots will be equipped with advanced sensors and cameras to monitor environmental conditions and assist in maintenance planning, thereby reducing safety risks associated with manual inspections [2][3]. Group 2: Market Position and Strategy - The company has established a competitive advantage through a dual-driven strategy of "Industrial Internet + Mobile Internet," continuous technological innovation, and a global presence [3][4]. - Baotong Technology serves over 1,600 clients globally, with substantial market potential in mining, ports, and steel industries, where robotic applications can significantly reduce labor costs [6]. - The establishment of Wuxi Tailis Electric Drive Technology Co., Ltd. aims to meet market demand for core components in robotics, enhancing the company's supply chain and product offerings [7]. Group 3: Financial Performance - In the first quarter of 2025, Baotong Technology reported a revenue of 759 million yuan, a year-on-year decrease of 9.62%, and a net profit of approximately 54.5 million yuan, down 36.47% from the previous year [8]. - The company's gross profit margin stands at 38.55%, indicating a need for strategic adjustments to improve financial performance [8].