‼维蒂技术发布2026年业绩指引大超市场预期，在手订单新高。 #A股建议关注维蒂核心液冷泵供应商:大元泵业、飞龙股份 公司订单积压规模扩大至 150 亿美元，同比+ 109%，订货出货比约为 2.9x。 建议重点关注其核心液冷泵供应商 ‼维蒂技术发布2026年业绩指引大超市场预期，在手订单新高。 大元泵业当前客户订单进展顺利主要客户包括 #英维克（目前第一大客户）#维谛、#NV、#谷歌、#meta、#秦淮数 据、#中芯，#阿里、#华为、#申菱等。 #A股建议关注维蒂核心液冷泵供应商:大元泵业、飞龙股份 预计维蒂销售额达132.5亿至137.5亿美元，调整后每股收益5.97至6.07美元，大超市场预期，管理层对未来增长 信心增强。 公司订单积压规模扩大至 150 亿美元，同比+ 109%，订货出货比约为 2.9x。 建议重点关注其核心液冷泵供应商 预计维蒂销售额达132.5亿至137.5亿美元，调整后每股收益5.97至6.07美元，大超市场预期，管理层对未来增长 信心增强。 #大元作为维蒂核心CDU泵供应商，将显著受益于数据中心从传统机械泵向CDU泵转型的行业趋势，以及维蒂订单 释放带来的增长。 ...

Investment Highlights - The company is a leading player in the automotive micro-motor sector with a global market presence for over 60 years, focusing on micro-motors and controllers [1] - Revenue breakdown shows automotive and industrial segments contributing approximately 85% and 15% respectively, with automotive being the main growth driver [1] - The global automotive micro-motor market is projected to reach 119.6 billion yuan in 2025, reflecting a year-on-year growth of 6.7% [1] Expansion into New Fields - The company is increasing its focus on humanoid robots and liquid cooling technologies, aiming to create new growth points [2] - In the robotics sector, the company leverages its traditional motor business advantages and has established a joint venture with Shanghai Electric to enhance its business channel capabilities [2] - The liquid cooling segment has introduced CDU pumps and server liquid cooling pumps, showcasing significant performance advantages and potential for acquiring more international client orders [2] Financial Projections and Valuation - Earnings per share (EPS) are projected to be $0.28 and $0.30 for FY26 and FY27 respectively, with a compound annual growth rate (CAGR) of 5.0% from FY25 to FY27 [2] - The current stock price corresponds to FY26 and FY27 price-to-earnings (P/E) ratios of 14.4x and 13.3x, with a target price of 43.6 HKD indicating a potential upside of 40.2% [2]

Group 1 - The core viewpoint is that 德昌电机控股 has unique advantages in developing humanoid robot components and is expected to see long-term growth in this sector [1] - The company is projected to achieve net profits of 281 million, 322 million, and 355 million USD for the fiscal years 2026, 2027, and 2028, representing year-on-year growth of 7%, 15%, and 10% respectively [1] - The company is assigned a target price of 51.43 HKD based on a 22x PE ratio for the fiscal year 2026, maintaining a "buy" rating [1] Group 2 - 德昌电机控股 has advantages in the robotics field, including a leading position in automotive motors, numerous overseas factories, advanced manufacturing technologies, and partnerships that enhance its capabilities [1] - The rapid development of liquid cooling in data centers is expected to drive growth in the company's pump business, particularly in electronic water pumps [1] - The average selling price (ASP) of small motors in electric vehicles has a potential for a 50% increase compared to traditional fuel vehicles, with growth driven by various automotive systems [2] Group 3 - The company aims to improve its customer structure in the automotive sector, which has been overly reliant on foreign automakers, to enhance revenue growth [2]