讀後心得

Dongyuan (1504) held an investor conference today, with Chairman Li Mingxian stating that although the core electromechanical business group declined by 10% last year, he is confident about overcoming the recession in the first half of this year. Among the three major business groups last year, only Smart Living experienced a growth of 0.4%, while the electromechanical systems saw the largest decline, affected by demand in the North American and European markets. Despite this, Li Mingxian expects that the recovery in the North American market will help boost business. Additionally, a decrease in revenue from energy storage projects led to a 7.6% decline in smart energy. In Taiwan, although the economic signals have decreased, the manufacturing PMI continued to rise in February thanks to the AI boom, indicating an optimistic outlook for the future. The U.S. market still faces challenges such as tariff uncertainties and insufficient consumer confidence, while the Chinese market needs to be aware of the lack of consumer spending power. However, AI and related technologies present new business opportunities.

Dong Yuan (1504) held a legal briefing today, during which it was pointed out that the core electromechanical business group experienced a 10% decline last year, but Chairman Li Mingxian is confident about the prospects for recovery in growth in the first half of this year.

Dong Yuan stated that among the three major business groups last year, only the smart living business grew, with a year-on-year increase of 0.4%. The "electromechanical systems" group saw the largest decline, with revenue down 10% compared to the same period last year, primarily due to reduced demand in the North American and European markets. However, Li Mingxian noted that with the North American market showing signs of recovery, it is expected that the first quarter and even the entire first half of the year will likely escape the decline. Additionally, revenue in the "smart energy" sector decreased by 7.6% compared to the same period last year, mainly impacted by a drop in income from energy storage projects.

Dong Yuan further analyzed the conditions in the three main markets: the United States, Taiwan, and mainland China. In January, Taiwan's economic indicator score dropped by 4 points compared to the previous month; however, due to booming AI opportunities, exports turned into a red light. In the domestic market, the manufacturing sales index declined from 10.4% last month to 3.8%; the business change rates for wholesale, retail, and catering industries also fell from 7.7% to 0.9%, indicating a conservative market state. However, boosted by AI technology and the power and machinery industries, the manufacturing machinery equipment PMI in February reached 59.5 (previous value 50.2), maintaining above the growth threshold for four consecutive months, benefiting orders for related Dong Yuan products.

In the U.S. market, uncertainty regarding tariffs and insufficient consumer confidence have impacted investment plans in the livelihood industry, posing challenges to orders for low-voltage motor products and production in Mexico. The continued weakening of oil and natural gas prices has also reduced enterprises' willingness to invest capital, applying short-term pressure on orders for high-voltage motor products. As for mainland China, although the manufacturing PMI remains in expansion, the annual CPI growth rate is below 0.5%, indicating limited improvement in consumer spending power, with low-voltage motor products still facing challenges. However, the high-quality development projects mentioned in the Two Sessions, such as AI, electric vehicles, and robotics-related opportunities, are worth Dong Yuan actively pursuing.