金吾财讯 | 德昌电机控股(00179)涨逾5%，最新报26.70港元，涨幅5.20%，成交额8808.09万港元。消息面上，国泰海通证券发布研报指，看好德昌电机控股SOFC开启全新增长曲线，重点探索工商用产品业务机遇。维持“增持”评级，目标价50.84港元。研报指出，德昌电机控股2025-2026财年实现营业总收入36.5亿美元，同比基本持平；归母净利润2.0亿美元，同比-23%。毛利率23.0%，同比-0.1%；净利率5.5%，同比-1.8个百分点。业务亮点方面，德昌电机控股具备粉末冶金技术能力，可用于SOFC、汽车等多个领域，随着AIDC领域SOFC发电需求增长，粉末冶金业务有望高速增长。2025-2026财年工商用产品组别销售额6.0亿美元，同比+2%，该部门业务中心已转向中国制造商，涵盖人形机器人、仓储自动化、医疗设备、半导体制造设备及液冷应用。汽车业务受亚太市场合资客户份额下行影响承压，预计仍需时间扭转。未来公司将加大印度地区投资，支持当地生产及作为额外出口基地服务全球客户。
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