茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 刊 登 之《畢 馬 威 華 振 會 計 師 事 務 所（特 殊 普 通 合 夥）出 具 的 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司2025年 度 審 計 報 告》，僅 供 參 閱。 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 海外監管公告 本 公 告 乃 由 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限 公司證券上市規則第13.10B條而作出。 於本公告日期，本公司董事長兼執行董事為李東林；副董事長兼執行董事為尚敬； 其他執行董事為徐紹龍；獨立非執行董事為李開國、鍾寧樺、林兆豐及馮曉雲；以 及職工董事為陳志漫。 株洲中车时代电气股份有限公司 自 2025 年 1 月 ...

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]

Investment Rating - The report maintains a "Buy" rating for 德昌电机控股 (0179) [2][11] Core Insights - The company has shown stable operations in the first three quarters of the 2025-2026 fiscal year, with future growth expected from the robotics and liquid cooling sectors [2][11] - Despite facing operational pressures in the Asia-Pacific region, the company is implementing vertical integration and increasing automation to enhance efficiency and reduce costs [11] - The company is projected to achieve total revenue of USD 3.648 billion in 2025, with a slight decline of 4% year-on-year, and is expected to recover with a 2% increase in 2026 [10][12] Financial Summary - Total revenue for the first three quarters of 2025-2026 was USD 2.73 billion, remaining flat year-on-year [11] - The automotive segment saw a 2% decline in revenue, primarily due to a 6% drop in the Asia-Pacific region, while the industrial segment experienced a 1% increase, driven by a 6% rise in the EMEA region [11] - The company forecasts earnings per share (EPS) of USD 0.28 for 2025, with projections of USD 0.33 and USD 0.36 for 2026 and 2027 respectively [11][12] - The target price is set at HKD 52.80, based on a 24x PE ratio for the fiscal year 2025-2026 [11]

Investment Rating - The report maintains a "Buy" rating for 德昌电机控股 (0179) [2][11] Core Views - The company has shown stable operations in the first three quarters of the 2025-2026 fiscal year, with future growth expected from its robotics and liquid cooling sectors [2][11] - Despite facing operational pressures in the Asia-Pacific region, the company is implementing vertical integration and increasing automation to enhance efficiency and reduce costs [11] - The company is well-positioned to leverage its deep technical expertise in motors to expand into humanoid robotics and liquid cooling solutions, which are anticipated to be significant growth areas [11] Financial Summary - Total revenue for the first three quarters of 2025-2026 was $2.73 billion, remaining flat year-on-year; automotive product revenue decreased by 2%, while industrial product revenue increased by 1% [11] - The company forecasts earnings per share (EPS) of $0.28 for 2025, $0.33 for 2026, and $0.36 for 2027, with a target price of HKD 52.80 based on a 24x PE ratio for the 2025 fiscal year [11][12] - Projected total revenues are $3.648 billion for 2025, $3.718 billion for 2026, $4.060 billion for 2027, and $4.436 billion for 2028, with net profits expected to be $263 million for 2025 and growing to $338 million by 2028 [10][12]

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]

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating and target price of HKD 59 for Delta Electronics Holdings (00179) despite a mixed operational update [1] Group 1: Financial Performance - Delta Electronics reported that revenue for the first three fiscal quarters remained flat year-on-year, but third-quarter revenue increased by 2% 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] 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 businesses, along with uncertainty in the recovery speed of the automotive products segment, restricts short-term visibility [1]

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]

Core Viewpoint - 德昌电机控股's stock dropped over 7%, currently at 28.44 HKD, with a trading volume of 160 million HKD [1] Financial Performance - For the nine months ending December 31, 2025, the company's revenue was 2.726 billion USD, a decrease of approximately 4 million USD compared to the same period last fiscal year [1] - The revenue increase of 40 million USD was attributed to currency fluctuations [1] - The automotive segment generated 2.301 billion USD, down 14 million USD or 1% compared to the same period in the 2024/25 fiscal year [1] - Excluding foreign exchange effects, the automotive segment's revenue declined by 49 million USD or 2% [1] Management Commentary - The Chairman and CEO, Dr. Wang Suizhong, noted that the company's revenue has remained stable this fiscal year, reflecting a weak overall macroeconomic environment and high uncertainty related to geopolitical issues and US trade policies [1] - Based on current trading conditions and customer orders, the company expects its full-year revenue to be roughly similar to last year [1]

Core Viewpoint - 德昌电机控股 reported a slight decline in revenue for the nine months ending December 31, 2025, with total revenue at $2.726 billion, down approximately $4 million compared to the same period last fiscal year [1] Financial Performance - The group's revenue for the automotive product segment was $2.301 billion, a decrease of $14 million or 1% compared to the same period in the 2024/25 fiscal year [1] - Excluding foreign exchange impacts, the automotive product segment's revenue declined by $49 million or 2% [1] - The overall revenue remained stable, reflecting a weak macroeconomic environment and high uncertainty related to geopolitical issues and U.S. trade policies [1] Future Outlook - The chairman and CEO, Dr. Wang Suizhong, indicated that the company expects the full-year revenue to be roughly similar to last year's figures based on current trading conditions and customer orders [1]

Core Viewpoint - 德昌电机控股 reported a slight decline in revenue for the nine months ending December 31, 2025, with total revenue at $2.726 billion, down approximately $4 million compared to the same period last fiscal year, although currency fluctuations contributed an increase of $40 million [1] Revenue Breakdown - The automotive product segment generated revenue of $2.301 billion, a decrease of $14 million or 1% compared to the same period in the previous fiscal year. Excluding foreign exchange effects, the automotive segment's revenue fell by $49 million or 2% [1] - The industrial products segment reported revenue of $425 million, an increase of $10 million or 2% year-on-year. When excluding foreign exchange impacts, the industrial segment's revenue rose by $5 million or 1% [1] - Overall performance reflects significant regional disparities influenced by market and customer dynamics [1]