Core Viewpoint - Dechang Motor Holdings (00179) experienced a decline of over 5%, closing at HKD 29.36 with a trading volume of HKD 48.88 million, as analysts express concerns over the company's limited disclosure on new business plans and the potential for a significant revaluation based on future updates [1][1][1] Financial Performance - The mid-term results for Dechang Motor Holdings, ending September, met expectations according to Morgan Stanley [1] - Citigroup noted that management anticipates moderate revenue growth for the second half of the fiscal year ending March 2026, with both Automotive Products (APG) and Industrial Products (IPG) segments expected to show growth [1][1] Business Outlook - The company has provided limited details regarding the progress of its new business initiatives, particularly in AIDC and robotics, which is likely to maintain a subdued market sentiment [1] - Citigroup believes that significant growth momentum may not be observed until the fiscal year 2027, with new businesses (AI liquid cooling pumps and humanoid robot joints) projected to account for only 3% of total sales in that year, insufficient to justify a substantial revaluation this year [1][1] Stock Performance - The company's stock price has increased approximately 2.8 times this year, attributed to the long-term growth potential of the two new business segments, although Citigroup argues that the stock is currently overvalued compared to its fundamentals [1][1][1]

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。 ...