（来源：爱建证券研究所） ■ 公司发布截至2025年9月30日止六个月中期业绩公告，整体符合预期。公司2025财年上半年实现收入 18.33亿美元（YoY -1% / 剔除汇率影响 -2%）。毛利率为24.0%（YoY+0.4pct），调整后EBITA为1.59亿 美元（YoY -10%），调整后净利润1.23亿美元（YoY -8%），股东应占净利润1.33亿美元（YoY +3%）。 ■公司在中国本土新能源汽车品牌中新增项目，我们认为相关订单有望下半年逐步量产，带动APG业务 收入改善。1）APG（汽车产品组别）收入同比下降3%，其中亚太-6%、欧洲中东及非洲-1%、美 洲-1%，主要受中外合资OEM市占下滑及成熟项目价格调整影响；海外市场需求偏弱、贸易政策不确定 亦使部分OEM推迟新项目导入。细分应用中，散热管理、转向及闭合系统下降，制动系统增长部分抵 消影响。2）IPG（工商用产品组别）收入总体持平，其中亚太-5%、欧洲中东及非洲+7%、美洲-3%， 相关需求在后疫情阶段趋稳，公司在仓储自动化、医疗设备、半导体制造及液冷系统等细分领域持续拓 展。 ■我们持续看好公司人形机器人与液冷泵业务成为未来新增长点。 ...

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]

Core Viewpoint - Dechang Motor Holdings (00179) has seen its stock price rise over 4%, reaching a new high of HKD 44.58, with a year-to-date increase of 320% [1] Group 1: Stock Performance - As of the latest report, the stock is up 4.48%, trading at HKD 44.3, with a trading volume of HKD 554 million [1] - The stock price has increased by 320% since the beginning of the year [1] Group 2: Business Developments - Citigroup noted that Dechang Motor's first fiscal quarter sales declined by 2%, but strong backlog orders are expected to lead to sales recovery in the second and third quarters [1] - The company has established two equity joint ventures with Shanghai Mechanical and Electrical (600835) to enhance its component engineering capabilities in new business areas [1] Group 3: Market Opportunities - The company is experiencing positive momentum in the humanoid robot market, which is anticipated to create larger business opportunities [1] - In July, Dechang Motor announced that its wholly-owned subsidiary, Dechang Automotive Electric, formed two joint ventures with Shanghai Mechanical and Electrical to design and manufacture humanoid robot components in China [1] - The company is also involved in AI server thermal management, including cooling pumps and other thermal management system components, with a new DCP series liquid cooling pump set to launch in May 2025 [1]

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]