消息面上，今年7月，德昌电机控股宣布与上海机电成立两个合资公司，其中设计制造公司由德昌电机 控股51%，销售公司由上海机电控股，德昌电机持股49%。成立两个合资公司的主要目的是服务国内人 形机器人市场。拟开发的产品包括腰部、胯部关节、膝关节和踝关节，以及灵巧手执行器和传感器。花 旗此前指，虽然德昌电机控股首财季的销售额下跌2%，但由于稳健的积压订单，预计销售额将于第二 季及第三季恢复增长。另外，由于公司在仿人机械人市场的发展势头良好，料将带来更大规模的商机。 此外，据公司此前年报，德昌电机控股正在布局差异化及创新型驱动系统解决方案，包括机器人、仓库 自动化、医疗设备、电动单车，以及高精密制造及测量设备。计划进入AI服务器热管理系统业务。根 据公司官网，AI服务器热管理业务包括冷却泵等热管理系统零部件。2025年5月公司全新推出DCP系列 液冷泵，该系列产品具备高效能、低噪音与模组化设计，专为现代化资料中心与AI伺服器架构量身打 造。 智通财经APP获悉，德昌电机控股(00179)涨超9%，年内股价已累涨超2.2倍。截至发稿，涨9.5%，报 33.88港元，成交额4.24亿港元。 ...

Group 1 - Dechang Electric Holdings (00179) saw a stock increase of over 10%, reaching 28.48 HKD with a trading volume of 483 million HKD [1] - In July, Dechang Electric announced the establishment of two joint ventures with Shanghai Electric, focusing on the humanoid robot market, with Dechang holding 51% in the design and manufacturing company and 49% in the sales company [1] - The joint ventures aim to develop key components for humanoid robots, including joints and actuators, enhancing Dechang's capabilities in the core component systems for humanoid robots [1] Group 2 - In May, Dechang Electric hosted a forum discussing liquid cooling solutions for data centers in the AI era, highlighting the launch of the new DCP series liquid cooling pumps designed for modern data centers and AI server architectures [2] - The DCP series is characterized by high efficiency, low noise, and modular design, addressing the increasing thermal power demands of AI servers [2] - The company plans to release an advanced DC pump for cold plate liquid cooling in 2024, which has already been adopted by data centers and ultra-fast electric vehicle charging stations [2]

Group 1 - Dechang Motor Holdings (00179) saw a stock increase of over 10%, currently up 10.73% at HKD 28.48, with a trading volume of HKD 483 million [1] - In July, Dechang Motor announced the establishment of two joint ventures with Shanghai Mechanical, aimed at serving the domestic humanoid robot market, with Dechang holding 51% in the design and manufacturing company and 49% in the sales company [1] - The joint ventures will focus on developing key components for humanoid robots, including joints and actuators, enhancing Dechang's capabilities in motor design and manufacturing [1] Group 2 - In May, Dechang Motor hosted a forum discussing liquid cooling solutions for data centers in the AI era, highlighting the need to address the increasing thermal power demands of AI servers [2] - A key highlight of the forum was the launch of the new DCP series liquid cooling pumps, designed for modern data centers and AI server architectures, emphasizing efficiency, low noise, and modular design [2] - The company plans to release an advanced DC pump for cold plate liquid cooling in 2024, which has already been widely adopted in data centers and ultra-fast electric vehicle charging stations [2]

Core Viewpoint - 德昌电机控股 has established two joint ventures with Shanghai Mechanical and Electrical, aiming to serve the domestic humanoid robot market, which is expected to enhance its capabilities in manufacturing core components for humanoid robots [1] Group 1: Company Developments - 德昌电机控股's stock rose over 3%, currently trading at 23.6 HKD with a transaction volume of 47.21 million HKD [1] - The joint ventures consist of a design and manufacturing company where 德昌电机控股 holds a 51% stake, and a sales company where Shanghai Mechanical and Electrical holds the majority [1] - The products to be developed include joints for the waist, hips, knees, and ankles, as well as dexterous hand actuators and sensors [1] Group 2: Industry Outlook - According to Cathay Haitong, 德昌电机控股 has a strong foundation in motor design and manufacturing, and the collaboration with Shanghai Mechanical and Electrical is expected to enhance its financial strength and capabilities in non-motor components [1] - The partnership is anticipated to strengthen 德昌电机控股's ability to develop core component systems for humanoid robots, indicating a positive long-term development outlook for the company in this sector [1]

Group 1 - The core point of the article is that 德昌电机控股 (Dachang Electric) has established two joint ventures with 上海机电 (Shanghai Electric) to target the domestic humanoid robot market, leading to a stock price increase of over 3% [1] - The joint ventures include a design and manufacturing company where 德昌电机控股 holds a 51% stake and a sales company where 上海机电 holds the majority [1] - The products to be developed include key components such as waist, hip, knee, and ankle joints, as well as dexterous hand actuators and sensors [1] Group 2 - 国泰海通 (Guotai Junan) believes that 德昌电机控股's deep experience in motor design and manufacturing will be enhanced through collaboration with 上海机电, improving financial strength and capabilities in non-motor components [1] - The partnership is expected to strengthen 德昌电机控股's ability to develop core component systems for humanoid robots, indicating a positive long-term development outlook for the company [1]

Group 1 - The core viewpoint is that 德昌电机 (Dachang Electric) has formed a joint venture with 上海机电 (Shanghai Electric) to enter the humanoid robot joint market, leveraging their long-standing partnership to enhance capabilities in core component systems for humanoid robots [1][2] - The joint venture consists of two companies: one for design and manufacturing, controlled 51% by 德昌电机, and another for sales, controlled by 上海机电 with a 49% stake from 德昌电机. The aim is to serve the domestic humanoid robot market with products like waist, hip, knee, and ankle joints, as well as dexterous hand actuators and sensors [2] - 德昌电机 reported a 2% year-on-year decline in revenue for Q1 of the 25-26 fiscal year, totaling $915 million, primarily due to decreased sales from Chinese customers and intensified price competition in the automotive sector, which saw a 4% revenue drop [3] Group 2 - The company expects long-term growth prospects following its entry into humanoid robot component manufacturing, forecasting profits of $281 million, $322 million, and $355 million for the fiscal years 2026, 2027, and 2028, representing year-on-year growth rates of 7%, 15%, and 10% respectively [1] - Given the company's strategic positioning in the humanoid robot sector and the higher valuations of comparable companies in the robotics industry, a target price of HKD 30.61 is set based on a 13x PE for the fiscal year 2025 [1]

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].