有内生优势的人形机器人供应链公司 德昌电机控股(0179) 德昌电机控股公司深度报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | [当前价格 Table_CurPrice] (港元)： | 35.64 | | 石佳艺(分析师) | 021-38676666 | shijiayi@gtht.com | S0880525070001 | | | 本报告导读： 德昌电机控股发展人形机器人业务有独特的优势。数据中心液冷的高速发展将继续 推动公司泵类业务的成长。随着汽车智能化的全球渗透，单车小电机 ASP 仍有较大 的成长空间。 投资要点： | 财务摘要(百万美元) | 2025A | ...

Summary of the Conference Call for 德昌电机控股 Company Overview - 德昌电机控股 specializes in actuator assemblies, including motors and most components, dexterous hands, and hollow cup motors [1] Financial Performance - For the fiscal year ending Q1 2025, the company reported revenue of $36.5 million, a year-over-year decrease of 4.4% [2] - Net profit reached $2.6 million, reflecting a year-over-year increase of 14.6% [2] - Gross margin was reported at 23.1%, an increase of 0.8 percentage points year-over-year [2] - The company declared a dividend of $0.73 million, with a payout ratio of approximately 28% [3] Product Development and Market Strategy - The company is currently providing samples to clients in both China and the United States [2] - A cost-reduced and standardized joint product is expected to be launched in September during the A3 event [2] - The company is entering the AIDC liquid cooling sector, having released a liquid cooling pump designed to assist clients in building high-density computing environments [3] - These new products are characterized by their small size, stable flow rates, and compatibility with multiple GPU architectures [3] Capital Expenditure and Risks - Currently, there is minimal capital expenditure (Capex) planned, pending downstream progress [2] - Approximately 5% of revenue is subject to U.S. tariffs, indicating a potential risk [3] - Due to tariff risks, related Capex for local production may see a slight increase [3]