摘要 德昌股份汽车 EPS 电机业务进入放量期，2024 年营收达 4 亿元，占比 10%，预计 2027 年达 15 亿元，成为核心业务，净利润率约 15%。 公司家电业务定位为现金流来源，虽受关税和降价影响，但通过提高自 制率和优化项目，未来将注重盈利能力提升，预计保持 10%-15%的稳 健增长。 德昌股份积极布局机器人关节电机，凭借强大的产品力，有望卡位国内 外头部本体客户，并已间接对接特斯拉，市场空间巨大。 市场对德昌股份认知存在误区，忽视了汽车 EPS 电机和机器人关节电机 等新兴业务的潜力，公司正积极拓展这些高增长领域。 预计德昌股份 2025 年净利润约 2 亿元，2026 年预计达到 4 亿元左右， 主要受家电业务盈利波动影响，但汽车 EPS 电机业务将贡献显著增长。 基于特斯拉机器人量产数量测算，德昌股份在机器人本体市场取得类似 进展，其市场空间与现有市值相近，未来三年市值仍有翻倍空间。 德昌股份在汽车 EPS 电机和机器人等业务上具备增长潜力，公司专注于 核心业务发展，值得持续跟踪和关注，股价在未来三年内翻倍的可能性 较高。 Q&A 德昌股份的核心逻辑是什么？公司在汽车 EPS 电机和机 ...

格隆汇12月9日｜浙商证券研报指出，德昌股份是汽车EPS电机内资企业龙头，公司将高端电机的技术 壁垒延伸至机器人领域做关节电机等业务，未来有望获得国内外头部机器人本体订单，机器人业务预期 目前尚未充分体现。公司近几年已经从家电业务为主的公司逐步开拓有更高技术壁垒、更强盈利能力的 汽车EPS电机第二增长曲线业务，目前在内资中处于领先地位，已经进入放量期；公司25年将高端电机 的技术壁垒延伸至机器人领域做关节电机等业务，未来有望取得客户端突破。考虑到公司是十大吸尘器 出口企业以及汽车EPS电机内资企业龙头，机器人关节电机业务有望打开成长空间，基于2025年12月5 日收盘价计算PE为41.5、21.0、14.7倍，上调至"买入"评级。 ...

Investment Rating - The investment rating for 德昌股份 is upgraded to "Buy" [6][8]. Core Views - 德昌股份 is a leading domestic enterprise in automotive EPS motors, extending its high-end motor technology barriers into the robotics sector, particularly in joint motors, which is expected to open up growth opportunities [1][5]. - The market currently perceives the company as a traditional home appliance manufacturer, underestimating its growth potential [2][3]. Summary by Sections Business Transformation - The company's business focus has significantly shifted, with home appliance operations serving as a cash cow. The automotive EPS motor business, developed over the past five years, has entered a growth phase and is becoming the second growth curve for the company. The market's understanding of the automotive EPS motor sector is limited, as it has higher technical barriers compared to ordinary motors. Previously, the global market was dominated by foreign giants like Nidec and Bosch, but 德昌股份 has established itself as a leading domestic player with strong product capabilities and competitive advantages [3][5]. Robotics Sector Potential - The difficulty of entering the robotics joint motor market is higher than market expectations, and the company's capabilities in this area are significantly underestimated. There is little market anticipation regarding the company's foray into this sector [3][5]. Performance Indicators and Catalysts - Key performance indicators include the revenue share and profitability of automotive EPS motors, as well as customer acquisition and order status in the robotics sector. Catalysts for growth include an increase in revenue share from automotive EPS motors and successful breakthroughs in customer acquisition for the robotics business [4][5]. Financial Forecasts - Revenue projections for 德昌股份 from 2025 to 2027 are estimated at 46.9 billion, 53.9 billion, and 63.2 billion yuan, representing year-on-year growth rates of 14.6%, 14.8%, and 17.3% respectively. The net profit attributable to the parent company is forecasted to be 2.0 billion, 4.0 billion, and 5.7 billion yuan, with significant fluctuations in growth rates [6][12].

Core Insights - Dechang Co., Ltd. is a leading player in the small home appliance industry, focusing on small appliances and automotive EPS motors, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Dechang's revenue reached 3.288 billion yuan, ranking 4th among 8 companies in the industry, with the top company, Ecovacs, generating 12.877 billion yuan [2] - The net profit for the same period was 162 million yuan, also ranking 4th, while Ecovacs reported a net profit of 1.418 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Dechang's debt-to-asset ratio was 42.42%, lower than the industry average of 47.40% [3] - The gross profit margin for the same period was 14.05%, which is below the industry average of 30.98% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.98% to 25,900 [5] - The average number of circulating A-shares held per shareholder decreased by 10.70% to 18,700 [5] Group 4: Management Compensation - The chairman and general manager, Huang Yuchang, received a salary of 1.9998 million yuan in 2024, an increase of 259,500 yuan from the previous year [4] Group 5: Analyst Insights - Guosheng Securities noted a 10.1% year-on-year revenue growth to 3.29 billion yuan in the first three quarters of 2025, but a 46.3% decline in net profit to 160 million yuan due to tariff impacts [5] - CICC indicated that Q3 2025 performance was below expectations due to tariffs, overseas production shifts, and exchange rate effects, but revenue growth accelerated quarter-on-quarter [5]