Core Insights - Citi previously noted that Delta Electronics announced its first fiscal quarter sales performance and established two equity joint ventures with Shanghai Electric, enhancing its component engineering capabilities in new business areas [2] - Although Delta Electronics' first fiscal quarter sales declined by 2%, robust backlog orders are expected to lead to a recovery in sales during the second and third quarters [2] - The company is experiencing strong momentum in the humanoid robot market, which is anticipated to bring larger-scale business opportunities [2] Summary by Categories - **Sales Performance** - Delta Electronics reported a 2% decline in sales for the first fiscal quarter [2] - The company expects sales to recover in the second and third quarters due to strong backlog orders [2] - **Joint Ventures** - In July, Delta Electronics announced that its wholly-owned subsidiary, Delta Automotive Electronics, formed two equity joint ventures with Shanghai Electric to engage in the design and manufacturing of humanoid robot components in China [2] - **Product Development** - According to the company's website, the AI server thermal management business includes components such as cooling pumps [2] - The company plans to launch the new DCP series liquid cooling pumps by May 2025, designed for modern data centers and AI server architectures, featuring high efficiency, low noise, and modular design [2]

德昌电机控股(00179)逆市涨超4%，高见44.58港元刷新年内新高，年初至今股价已累涨3.2倍。截至发 稿，涨4.48%，报44.3港元，成交额5.54亿港元。 消息面上，花旗此前指出，德昌电机控股公布首财季销售表现，并宣布与上海机电（600835）成立两家 股权式合资企业。此举将增强德昌电机在新业务的组件工程实力。该行表示，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 司在仿人机器人市场的发展势头良好，料将带来更大规模的商机。 今年7月，德昌电机控股宣布，其全资附属公司德昌汽车电气与上海机电成立两家股权式合资企业，在 中国从事人形机器人零部件的设计及制造业务。另根据公司官网，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。 ...

消息面上，今年7月，德昌电机控股宣布，其全资附属公司德昌汽车电气与上海机电成立两家股权式合 资企业，在中国从事人形机器人零部件的设计及制造业务。另根据公司官网，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。 国泰海通证券此前指，德昌电机控股的汽车电机、泵业务与机器人、AI服务器相关需求通用性较强， 公司可依托全球头部的规模有制造成本和know how优势；公司进入相关领域后，对应的营收有望实现 快速提升。花旗认为，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。 智通财经APP获悉，德昌电机控股(00179)转涨逾5%，早盘一度跌超6%。截至发稿，涨4.96%，报41.44 港元，成交额7.23亿港元。 ...

Group 1 - The core point of the article highlights that 德昌电机控股 (Dechang Motor Holdings) experienced a fluctuation in stock price, initially dropping over 6% before recovering to a 4.96% increase, trading at 41.44 HKD with a transaction volume of 723 million HKD [1] - In July, 德昌电机控股 announced the establishment of two equity joint ventures with 上海机电 (Shanghai Electric) to engage in the design and manufacturing of humanoid robot components in China [1] - The company is set to launch the DCP series liquid cooling pumps in May 2025, designed for modern data centers and AI server architectures, featuring high efficiency, low noise, and modular design [1] Group 2 - 国泰海通证券 (Guotai Junan Securities) noted that 德昌电机控股's automotive motor and pump businesses have strong applicability to the demands of robotics and AI servers, leveraging the company's global scale for manufacturing cost advantages and expertise [1] - Despite a 2% decline in sales for the first fiscal quarter, 花旗 (Citi) anticipates a recovery in sales during the second and third quarters due to a solid backlog of orders [1]

Core Viewpoint - Dechang Motor Holdings (00179) has seen its stock price increase by over 220% year-to-date, with a current rise of 9.5% to HKD 33.88, supported by strong trading volume of HKD 424 million [1] Group 1: Joint Ventures and Market Focus - In July, Dechang Motor Holdings announced the establishment of two joint ventures with Shanghai Mechanical (600835), aimed at serving the domestic humanoid robot market [1] - The joint ventures include a design and manufacturing company, where Dechang holds a 51% stake, and a sales company, where Dechang holds a 49% stake [1] - Planned products from these joint ventures include joints for the waist, hips, knees, and ankles, as well as dexterous hand actuators and sensors [1] Group 2: Sales and Growth Expectations - Despite a 2% decline in sales for the first quarter, Citigroup expects sales to recover in the second and third quarters due to a solid backlog of orders [1] - The company is experiencing positive momentum in the humanoid robotics market, which is anticipated to create larger business opportunities [1] Group 3: Diversification and Innovation - According to the company's annual report, Dechang Motor Holdings is focusing on differentiated and innovative drive system solutions, including robotics, warehouse automation, medical devices, electric bicycles, and high-precision manufacturing and measurement equipment [1] - The company plans to enter the AI server thermal management system business, which includes components like cooling pumps [1] - The newly launched DCP series liquid cooling pumps, set to debut in May 2025, are designed for modern data centers and AI server architectures, featuring high efficiency, low noise, and modular design [1]

Core Viewpoint - Dechang Motor Holdings (00179) has seen its stock price increase by over 220% this year, with a current rise of 9.5% to HKD 33.88, supported by strong market developments and strategic partnerships [1] Group 1: Company Developments - In July, Dechang Motor Holdings announced the establishment of two joint ventures with Shanghai Electric, aimed at serving the domestic humanoid robot market [1] - The joint ventures will focus on developing products such as waist, hip, knee, and ankle joints, as well as dexterous hand actuators and sensors [1] - Despite a 2% decline in sales for the first quarter, the company expects sales to recover in the second and third quarters due to a solid backlog of orders [1] Group 2: Market Opportunities - The company is experiencing positive momentum in the humanoid robotics market, which is anticipated to create larger business opportunities [1] - Dechang Motor Holdings is also diversifying into differentiated and innovative drive system solutions, including robotics, warehouse automation, medical devices, electric bicycles, and high-precision manufacturing and measurement equipment [1] - The company plans to enter the AI server thermal management system business, with a new DCP series liquid cooling pump set to launch in May 2025, designed for modern data centers and AI server architectures [1]

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]

Group 1 - The core viewpoint of the report is that 德昌电机控股 is expected to maintain stable performance in the fiscal year 2025 while increasing its focus on robotics and liquid cooling for data centers [1][2] - The company is projected to achieve revenues of $39.8 billion, $43.5 billion, and $47.5 billion for the fiscal years 2026, 2027, and 2028 respectively, with net profits of $3.08 billion, $3.45 billion, and $3.77 billion, reflecting year-on-year growth of 17%, 12%, and 9% [1] - The company reported a revenue of $36.5 billion for the fiscal year 2025, a decrease of 4.4% year-on-year, while net profit increased by 14.6% to $2.6 billion, with a gross margin of 23.1%, up by 0.8 percentage points [1] Group 2 - The company is actively developing smart electric motor applications and expanding its business in China's independent passenger vehicle market, which is expected to help return revenue growth [2] - 德昌电机控股 is entering the robotics and data center liquid cooling sectors, focusing on differentiated and innovative drive system solutions, including AI server thermal management systems [2] - The launch of the DCP series liquid cooling pumps in May 2025 is aimed at modern data centers and AI server architectures, featuring high efficiency, low noise, and modular design [2]