Investment Rating - The investment rating for the company is "Accumulate" [6][10]. Core Views - The report highlights that the company, 德昌电机控股, has formed a joint venture with 上海机电 to enter the humanoid robot joint market, leveraging decades of collaboration to enhance efficiency in this sector [2][10]. - The company is expected to face revenue pressure in the first quarter of the 2025-2026 fiscal year, with a reported revenue decline of 2% year-on-year to $915 million [10]. Financial Summary - Total revenue projections are as follows: - 2025A: $3,815 million - 2026E: $3,751 million - 2027E: $4,096 million - 2028E: $4,475 million - The revenue growth rates are projected at 5%, -4%, 3%, 9%, and 9% respectively [4]. - Gross profit and net profit forecasts are: - Gross profit for 2025A: $851 million, with a projected increase to $1,029 million by 2028E - Net profit for 2025A: $263 million, expected to grow to $355 million by 2028E, reflecting growth rates of 15%, 7%, 15%, and 10% respectively [4][10]. - The company’s PE ratio is projected to be 5.57 for 2025A, increasing to 8.44 by 2028E, while the PB ratio is expected to rise from 0.51 to 0.83 over the same period [4]. Market Data - The current stock price is HKD 25.40, with a 52-week price range of HKD 10.00 to HKD 26.00 [6][7]. - The current market capitalization is approximately HKD 23,734 million [7]. Investment Recommendation - The report maintains a positive outlook on the long-term development prospects of 德昌电机控股 in the humanoid robot components manufacturing sector, with a target price set at HKD 30.61 based on a 13x PE for the fiscal year 2025 [10].