花旗指出，公司管理层预计明年3月底止2026财年下半年收入将实现温和增长，其中汽车产品(APG)和 工业产品(IPG)两个分部均可能录得增长。惟该行认为增长势头最早可能要到2027财年才会见到，且两 大新业务(AI液冷泵及人型机械人关节)在2027财年预计总销售额中仅佔3%，不足以支持今年大幅重 估。花旗提及，公司今年以来股价累升约2.8倍，就是因为两大新业务，管理层强调有长期增长潜力。 但该行认为，公司股价已被过度重估，远较基本面超前。 小摩发布研报称，德昌电机控股9月底止中期业绩符合预期。公司于财报简报会中对新业务计划仍仅提 供极有限细节，延续其一贯的沟通风格。在缺乏更多关于AIDC及机器人订单进度的披露下，预期对该 股市场情绪将维持冷淡，认为任何关于这些业务渠道的具体更新皆可能触发显著的估值重估。 德昌电机控股(00179)跌超5%，截至发稿，跌5.53%，报29.36港元，成交额4887.62万港元。 ...

Core Viewpoint - Morgan Stanley's report indicates that the mid-term performance of Delta Electronics Holdings (00179) as of the end of September met expectations, with revenue showing a slight year-on-year decline but a half-year increase, while net profit experienced a year-on-year growth [1] Financial Performance - Revenue decreased by 1% year-on-year but increased by 2% half-year-on-half to reach $1.8 billion [1] - Net profit grew by 3% year-on-year and remained flat half-year-on-half, amounting to $133 million [1] - The improvement in automotive products (APG) and contributions from industrial products (IPG) were key factors in the financial performance [1] Market Sentiment and Future Outlook - The company provided limited details on new business plans during the earnings briefing, maintaining its usual communication style [1] - The lack of updates regarding AIDC and robotics order progress is expected to keep market sentiment towards the stock subdued [1] - Any specific updates on these business channels could potentially trigger significant valuation reassessments [1] Target Price and Rating - The target price for Delta Electronics Holdings has been reduced from HKD 67 to HKD 54, while the rating remains "Overweight" [1]

报告指，公司于财报简报会中对新业务计划仍仅提供极有限细节，延续其一贯的沟通风格。在缺乏更多 关于AIDC及机器人订单进度的披露下，预期对该股市场情绪将维持冷淡，认为任何关于这些业务渠道 的具体更新皆可能触发显著的估值重估。 摩根大通发布研报称，德昌电机控股(00179)9月底止中期业绩符合预期。营收同比下降1%、按半年增长 2%至18亿美元，净利润同比增长3%、按半年持平，达1.33亿美元，主要受惠于汽车产品(APG)业务持 续改善，以及工业产品(IPG)业务的贡献。目标价由67港元降至54港元，评级"增持"。 ...

报告指，公司于财报简报会中对新业务计划仍仅提供极有限细节，延续其一贯的沟通风格。在缺乏更多 关于AI DC及机器人订单进度的披露下，预期对该股市场情绪将维持冷淡，认为任何关于这些业务管道 的具体更新皆可能触发显著的估值重估。该行将其目标价由67港元降至54港元，评级"增持"。 摩根大通发表报告指，德昌电机9月底止中期业绩符合预期。营收按年下降1%、按半年增长2%至18亿 美元，净利润按年增长3%、按半年持平至1.33亿美元，主要受惠于汽车产品(APG)业务持续改善，以及 工业产品(IPG)业务的贡献。 ...