智通财经获悉，均胜电子(00699)盘中涨超6%，截至发稿，涨4.48%，报17.03港元，成交额6613.68万港 元。 消息面上，12月15日，工信部正式公布我国首批L3级有条件自动驾驶车型准入许可，两款分别适配城 市拥堵、高速路段的车型将在北京、重庆指定区域开展上路试点，标志着我国L3级自动驾驶从测试阶 段迈入商业化应用的关键一步。中汽协表示，此次L3级自动驾驶车型获得许可，标志着智能网联汽车 迈入量产应用新阶段。 据公开资料显示，均胜电子为自动驾驶领域的核心Tier1供应商，公司自动驾驶相关产品通过ISO 26262 ASIL - D功能安全认证，能在 - 40℃ - 125℃的极端环境下稳定运行，满足自动驾驶在不同场景下的严苛 可靠性要求；另一方面，此前推出的智能辅助驾驶数据存储系统(DSSAD)，也就是自动驾驶 "黑匣 子"，可记录L3及以上级别自动驾驶的系统运行和驾驶员操作数据，既助力事故溯源与责任判定，也为 自动驾驶技术迭代提供数据支撑。 本文源自：智通财经网 ...

据公开资料显示，均胜电子为自动驾驶领域的核心Tier1供应商，公司自动驾驶相关产品通过ISO 26262 ASIL - D功能安全认证，能在 - 40℃ - 125℃的极端环境下稳定运行，满足自动驾驶在不同场景下的严苛 可靠性要求；另一方面，此前推出的智能辅助驾驶数据存储系统(DSSAD)，也就是自动驾驶 "黑匣 子"，可记录L3及以上级别自动驾驶的系统运行和驾驶员操作数据，既助力事故溯源与责任判定，也为 自动驾驶技术迭代提供数据支撑。 消息面上，12月15日，工信部正式公布我国首批L3级有条件自动驾驶车型准入许可，两款分别适配城 市拥堵、高速路段的车型将在北京、重庆指定区域开展上路试点，标志着我国L3级自动驾驶从测试阶 段迈入商业化应用的关键一步。中汽协表示，此次L3级自动驾驶车型获得许可，标志着智能网联汽车 迈入量产应用新阶段。 均胜电子(00699)盘中涨超6%，截至发稿，涨4.48%，报17.03港元，成交额6613.68万港元。 ...

当前，中国汽车租赁行业正迈向以"智能化、电动化、场景化"为核心的高质量发展新阶段。随着消费理 念转向"使用而非拥有"及旅游经济强劲复苏，租车市场潜力巨大。面对这一趋势，站在18年新起点的神 州租车愿景清晰：在智能驾驶上，坚持科技引领，深化运营保障，开发更多场景化创新产品；在新能源 领域，努力打通车辆全生命周期管理，优化用户消费引导，打造行业最佳运营范本；在文旅融合方面， 则以用户体验为核心，打造差异化产品矩阵，让自由、便捷、绿色的出行方式成为美好旅途的标配。 现如今，神州租车构建起了以"全直营网络、全品类车型、亿级用户基盘、全链生态布局"为核心的坚实 竞争壁垒。全国360余座城市、6500多个服务网点深入商圈、机场、高铁站等核心场景，确保用户"随需 随取"；20万辆、260多款覆盖经济至豪华、传统与新能源的多元化车队矩阵，满足多元化用车需求；累 计服务的1.8亿以一二线城市为主的高价值用户，为新能源与智能出行产品提供了天然的市场土壤；通 过年采购5万—8万辆新车、覆盖52城上千家二手车渠道及6国出海网络，实现了"买—租—修—卖— 智"全链生态布局，展现出强大的产业链协同能力。 本报讯(记者矫月)2025年12 ...

Core Viewpoint - The rising demand for travel protection due to respiratory diseases has led to a collaboration between Yiling Health and Shenzhou Car Rental, launching the "New Year Journey" campaign to provide health products for users during year-end travel [1] Group 1: Product Offerings - The campaign features the Lianhua Respiratory Health product series, which utilizes the patented Lianhua HAbO essential oil to create a comprehensive protective system [1] - The Lianhua mask bead, praised as an "air renewal artifact" for in-car protection, releases essential oil upon squeezing, alleviating discomfort from prolonged mask use [2] - Additional products include the Lianhua throat spray for soothing, Lianhua sugar-free herbal candy for throat relief, and Lianhua plant beverage for hydration, all aimed at enhancing travel comfort [2] Group 2: Market Positioning - Yiling Health aims to meet diverse travel needs across various demographics, including commuters and students, by providing a health barrier through its product offerings [4] - The company plans to continue focusing on consumer protection needs in different life scenarios, integrating traditional Chinese medicine with modern technology for respiratory health [4] - The comprehensive protective logic of the Lianhua Respiratory Health series is designed to ensure safe and healthy travel experiences for users [4]

Core Viewpoint - Dongwu Securities International initiates coverage on Joyson Electronics (00699) with a "Buy" rating, projecting revenue growth from 62.6 billion to 71.9 billion CNY from 2025 to 2027, and net profit growth from 1.6 billion to 2 billion CNY during the same period [1] Group 1 - Joyson Electronics is a global automotive technology supplier based in China, covering automotive safety, electronics, and key components for robotics [2] - The company is transitioning from the "Takata integration shadow" to a new phase characterized by "global safety cash cow + smart automotive Tier 1 + robotics second curve" [2] - The safety business is expected to maintain stable revenue growth in the coming three years, supported by the clearing of historical recall and restructuring costs, alongside increasing orders for new energy vehicles [2] Group 2 - The automotive electronics segment focuses on smart cockpits, connected vehicles, ADAS/domain control, and new energy management systems, with a comprehensive product line and platform-based R&D system [3] - The company is gaining high-end model project allocations due to its local responsiveness and global project experience, achieving breakthroughs in key domain control products [3] Group 3 - The company is strategically expanding into robotics, developing integrated solutions for robotic control and collaborating with leading robotics players [4] - Although the robotics business is currently in an early investment phase, it is expected to generate meaningful revenue within 3-5 years, potentially leading to valuation premiums [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting a target price of HKD 23 based on a 2026 average valuation of PE=18x and a target market capitalization of HKD 35.6 billion [8]. Core Insights - The company is transitioning from the "Takata integration shadow" to a new phase characterized by "global safety cash cow + intelligent automotive Tier 1 + robotics second curve" [9]. - The automotive safety business is expected to maintain stable revenue growth in the mid-to-high single digits over the next three years, supported by the clearing of historical recall and restructuring costs, alongside increasing orders for new energy vehicles [7]. - The company is positioned as a leading global Tier 1 supplier in automotive safety, electronics, and robotics, with a comprehensive product line and platform-based R&D system [9][27]. Summary by Sections Investment Highlights - The company has become one of the few global suppliers capable of providing a complete set of passive safety systems to multinational automakers through acquisitions of KSS and Takata assets, with safety business revenue stabilizing in the hundreds of billions [7]. - The automotive electronics segment focuses on smart cockpits, connected vehicles, ADAS/domain control, and new energy management systems, forming a complete product line and platform-based R&D system [7]. - The company is advancing into robotics, creating integrated solutions for robotic control and collaborating with leading robotics players, which is expected to generate meaningful revenue in 3-5 years [8]. Financial Projections - Revenue projections for 2025-2027 are estimated at RMB 626 billion, RMB 670 billion, and RMB 719 billion, representing year-on-year growth of 12%, 7%, and 7% respectively. Net profit attributable to shareholders is projected at RMB 16 billion, RMB 18 billion, and RMB 20 billion, with growth rates of 67%, 12%, and 11% respectively [8]. Business Development Stages - The company has undergone several development stages: 1. Foundation Stage (2004-2010): Focused on local component supply and quality system establishment [10]. 2. Internationalization Stage (2011-2018): Transitioned to a global Tier 1 supplier through acquisitions [11]. 3. Optimization Stage (2019-2024): Focused on smart and electric vehicle trends, optimizing global operations [12]. 4. Re-entrepreneurship Stage (2025-present): Aiming for dual pillars of automotive and robotics Tier 1 development [13]. Market Position - The company ranks 41st among the largest automotive parts suppliers globally, with projected revenue of RMB 559 billion in 2024. It holds a 26.1% market share in China and a 22.9% share globally in passive safety [19][30]. - The revenue structure is highly internationalized, with approximately 25.3% from the Chinese market and 74.7% from overseas markets [21]. Competitive Landscape - The global automotive passive safety market is characterized by a high concentration of suppliers, with the top three companies holding over 90% market share. The company ranks second globally and in China, benefiting from increasing industry consolidation [42][43].

Core Viewpoint - Dongwu Securities (Hong Kong) initiates coverage on Junsheng Electronics (00699) with a "Buy" rating, highlighting its transition from the "Takata integration shadow" to a new phase of "global safety cash cow + smart automotive Tier 1 + robotics second curve" [1] Group 1: Automotive Safety Business - Junsheng Electronics has become one of the few suppliers capable of providing a complete passive safety system to multinational automakers, following the acquisition of KSS and Takata assets, with stable safety business revenue in the hundreds of billions [2] - The company is expected to achieve mid-to-high single-digit revenue growth in the safety business over the next three years, with steadily improving gross margins contributing to stable cash flow [2] Group 2: Smart Automotive Tier 1 - The automotive electronics segment focuses on smart cockpits, connected vehicles, ADAS/domain control, and new energy management systems, establishing a comprehensive product line and platform-based R&D system [3] - The company is continuously securing mid-to-high-end model projects due to its local responsiveness and global project experience, with breakthroughs in key domain control products like the Central Computing Unit (CCU) [3] Group 3: Robotics Business Development - Junsheng Electronics is extending its automotive safety and electronic technology capabilities into robotics, launching integrated solutions for robotic control and collaborating with leading robotics players [4] - Although the robotics business is currently in an early investment phase, it is expected to generate meaningful revenue within 3-5 years, providing valuation premiums [4] Group 4: Financial Projections - Revenue projections for 2025-2027 are estimated at 62.6 billion, 67 billion, and 71.9 billion yuan, with year-on-year growth rates of 12%, 7%, and 7% respectively [5] - Net profit attributable to the parent company is projected to be 1.6 billion, 1.8 billion, and 2 billion yuan for the same period, with year-on-year growth rates of 67%, 12%, and 11% respectively [5]

全球汽车安全三强之一，现金流修复进入新阶段 通过收购KSS及Takata资产，公司已成为全球少数能够向跨国车企提供全套被动安全系统的供应商之 一，安全业务收入规模稳定在数百亿元级别。随着历史召回与重组相关费用逐步出清，叠加新能源车型 订单放量，该行判断安全业务有望在未来3年保持中高个位数收入增长，同时毛利率稳步抬升，贡献稳 定现金流。 中国智能汽车Tier1，抓住座舱/网联/域控升级机会 汽车电子板块围绕智能座舱、智能网联、ADAS/域控及新能源管理系统展开，已形成较完整的产品线和 平台化研发体系。在自主品牌加速智能化的背景下，公司凭借本土响应速度+全球项目经验，持续获取 中高端车型项目定点，并在中央计算单元（CCU）等关键域控产品上取得突破。新一代座舱域控、 800V高压平台获得订单或项目试点，预计即将进入新品周期。 智通财经APP获悉，东吴证券(香港)发布研报称，均胜电子(00699)是立足中国、布局全球的汽车科技供 应商，业务涵盖汽车安全、汽车电子和机器人关键部件。公司正在从"Takata整合阴影"走向"全球安全现 金牛+智能汽车Tier1+机器人第二曲线"的新阶段。首次覆盖给予"买入"评级。2026年 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 NINGBO JOYSON ELECTRONIC CORP. 寧波均勝電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：0699） 海外監管公告 本公告乃由根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列本公司於上海證券交易所網站刊登的公告如下，僅供參閱。 承董事會命 寧波均勝電子股份有限公司 董事長兼執行董事 王劍峰先生 中國寧波，2025年12月5日 於本公告日期，本公司董事會成員包括：(i)執行董事王劍峰先生、陳偉先生、 李俊彧女士及蔡正欣先生；(ii)非執行董事朱雪松先生及周興宥先生；及(iii)獨立 非執行董事魏學哲教授、魯桂華教授、余方教授及席絢樺女士。 宁波均胜电子股份有限公司 内幕信息知情人登记管理制度 第一章 总 则 第一条 为进一步规范内幕信息管理，加强宁波均胜电子股份有限公司（以下简 称"公司"）内幕信息保密工作，维护信息披露的公平原则， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 NINGBO JOYSON ELECTRONIC CORP. 寧波均勝電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：0699） 海外監管公告 本公告乃由根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列本公司於上海證券交易所網站刊登的公告如下，僅供參閱。 承董事會命 寧波均勝電子股份有限公司 董事長兼執行董事 王劍峰先生 中國寧波，2025年12月5日 於本公告日期，本公司董事會成員包括：(i)執行董事王劍峰先生、陳偉先生、 李俊彧女士及蔡正欣先生；(ii)非執行董事朱雪松先生及周興宥先生；及(iii)獨立 非執行董事魏學哲教授、魯桂華教授、余方教授及席絢樺女士。 宁波均胜电子股份有限公司 独立董事制度 第一章 总 则 第一条 为进一步完善宁波均胜电子股份有限公司（以下简称"公司"）法 人治理结构，促进公司的规范运作，维护公司整体利益，保障全体股东特别是 中 ...