February 4, 2026 08:52 AM GMT China Autos & Shared Mobility | Asia Pacific One box, one dream - Smart- driving/cockpit racing towards integration Smart-driving/cockpit integration has been discussed for years, but deployment has been slow. We expect the trend to make great strides in the next 6-12 months, propelled by further breakthroughs in VLA model/SoC solutions and a pressing need for cost savings. The fusion of smart-driving and cockpit functionalities is poised to accelerate toward the next stage of ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 公司名稱: 寧波均勝電子股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00699 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 155,100,000 | RMB | | 1 RMB | | 155,100,000 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 155,100,000 | RMB | | 1 RMB | | 155,100,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 ( ...

这一判断从何小鹏强调小鹏Robotaxi开放SDK计划通过生态合作覆盖全球市场、英伟达通过开源降低研 发门槛为场景创新者提供平等参与的技术基座、PIX等企业通过场景落地运营践行行业发展新阶段等事 件得以佐证。市场认为，随着越来越多企业在各自优势领域的实践落地，自动驾驶行业竞争将从技术内 卷转向生态协同。 值得关注的是，头部车企此前追求"芯片-算法-数据"全栈自研的重投入模式，使行业竞争聚焦在"算力竞 争"上。而英伟达开源Alpamayo的举动或将彻底改变这一行业困境，开源背景下二线车企、科技公司可 直接基于基础模型调整，大幅降低车企与科技公司的研发门槛， 竞争焦点转向"空间服务+高频运营"的 复合商业模式。 以PIX近期在贵阳启动的商业化运营项目"奇遇环线（WonderLoop）"为例，公司通过与勘设股份 （603458.SH）的控股子公司泰宇坦行合作，协同构建一个开放的生态系统，共同推动智慧交通融入城 市并成为新型基础设施，构建以"城市机器人出行服务"为主的城市增值网络，共同推动智慧交通服务融 入城市日常。 行业格局的改变势必会带来资本市场的价值重估。在二级市场，诸如均胜电子（600699.SH）等具备软 ...

[Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 $${\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}{\mathrm{iii}}\{8\}$$ 丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨均胜电子（600699.SH） [Table_Title] 均胜电子点评：扣非利润符合预期，期待智驾及 机器人带动公司新成长 报告要点 [Table_Summary] 公司 2025 年预计归母净利润 13.5 亿元，同比+40.6%；扣非后归母净利润 15.0 亿元，同比 +17.0%。受益于丰富的客户结构，新获订单的持续转化，公司收入规模持续保持稳健增长。随 着供应链的持续优化、运营效率的不断提升，公司盈利能力持续增强。公司将在汽车领域积累 的研发、产品、技术、高端制造和客户优势系统性延伸至机器人领域，率先构建"汽车+机器人 Tier1"双轨战略，打开未来新 ...

这份成绩不仅是公司深耕汽车智能化领域的成果，更是其布局"A+H"双资本平台、开拓 机器人 新赛道 后，迎来的业绩与战略发展双丰收。 值得关注的是，2025年公司在智能驾驶核心领域斩获超200亿元量产订单，机器人业务也实现从技术布 局到量产落地的关键突破，双赛道驱动的发展格局已然成型。 智驾业务成业绩支柱 全球 汽车电子 龙头 均胜电子 （600699.SH，00699.HK）交出2025年亮眼业绩答卷，同时在新赛道加速 突破。 近日，均胜电子发布2025年度业绩预告，预计2025年实现归母净利润约13.5亿元，同比增长约40.56%； 扣非净利润约15亿元，同比增长约17.02%。 掘金机器人新赛道 在巩固智能驾驶主业优势的同时，均胜电子率先开启"汽车+机器人Tier1"双赛道发展模式，将汽车领域 数十年的研发制造经验、车规级可靠性标准与成熟供应链体系，成功向机器人行业延伸，2025年该业务 实现实质性突破，迈入产业化发展新阶段。 公司专门成立全资子公司宁波均胜 具身智能 机器人有限责任公司，明确机器人Tier1的战略定位，搭建 起完善的机器人关键部件解决方案体系，推出的AI头部总成、全域控制器总成等产品矩阵 ...

股 票 研 究 2025 年归母净利润预增超 40% 均胜电子(600699) 均胜电子公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 房乔华(分析师) | 021-23185699 | fangqiaohua@gtht.com | S0880525040065 | 本报告导读： 均胜电子发布 2025 年业绩预告，预计 2025 年归母净利润 13.5 亿元，同比增长超 40%，我们认为公司战略在升级为"汽车+机器人 Tier1"后，不断将汽车领域的研 发与制造经验向机器人行业拓展，有望开辟全新成长曲线。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 55,728 | 55,864 | ...

Core Viewpoint - The company expects a significant increase in net profit for 2025, projecting approximately 1.35 billion yuan, a year-on-year increase of 40.56%, and a non-net profit of about 1.5 billion yuan, a year-on-year increase of 17.02% [2] Financial Performance - In Q4 2025, the net profit attributable to the parent company was 230 million yuan, a year-on-year increase of 1,109.26%, but a quarter-on-quarter decrease of 44.32%. The non-net profit was 378 million yuan, a year-on-year increase of 10.79% and a quarter-on-quarter decrease of 9.28% [4] - The year-on-year increase in net profit is primarily due to the restructuring and integration efforts in the European region and the reduction of personnel, which resulted in one-time restructuring costs [4] - The steady growth in non-net profit is attributed to various profit improvement and business integration measures implemented globally, leading to a recovery in overseas business profitability [4] Strategic Focus - The company has launched a dual-driven strategy of "Automotive + Robotics Tier 1" at the beginning of 2025, focusing on core components of robotics and related assembly solutions [5] - The company provides key components such as control units, energy management modules, and high-performance materials for global automotive and robotics companies, with successful collaborations with major domestic clients [5] Strategic Partnerships - The company signed a strategic cooperation agreement with Sien Intelligent Driving to jointly explore L4 commercial applications and embodied intelligent technology [6] - A jointly developed smart port digital management platform based on "V2X + L4 intelligent driving + intelligent cloud scheduling" has been successfully implemented and is operating stably at Ningbo Port [6] Revenue and Profit Forecast - The company forecasts revenues of 62.25 billion yuan, 64.99 billion yuan, and 68.57 billion yuan for 2025, 2026, and 2027 respectively, with net profits attributable to the parent company projected at 1.35 billion yuan, 1.83 billion yuan, and 2.15 billion yuan for the same years [7][8] - The expected earnings per share (EPS) are 0.87 yuan, 1.18 yuan, and 1.39 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 34, 26, and 22 times [7][8]

股 票 研 究 2025 年归母净利润预增超 40% 均胜电子(600699) 均胜电子公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 房乔华(分析师) | 021-23185699 | fangqiaohua@gtht.com | S0880525040065 | 本报告导读： 均胜电子发布 2025 年业绩预告，预计 2025 年归母净利润 13.5 亿元，同比增长超 40%，我们认为公司战略在升级为"汽车+机器人 Tier1"后，不断将汽车领域的研 发与制造经验向机器人行业拓展，有望开辟全新成长曲线。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 55,728 | 55,864 | ...

2026 年 01 月 27 日 2025 盈利高增 汽车+机器人 Tier1 全面启航 glmszqdatemark | 事件：公司发布 2025 年度业绩预增公告，预计 2025 年实现归属于母公司所有 | | --- | | 者的净利润约 13.5 亿元，同比+40.56%；预计实现扣非归母净利润约 15 亿元， | | 同比+17.02%。 | 风险提示：智驾进展不及预期，乘用车销量低迷，机器人进展不及预期等。 [盈利预测与财务指标 Table_Forcast] 均胜电子（600699.SH）系列点评三 | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 55,864 | 62,249 | 64,995 | 68,566 | | 增长率（%） | 0.2 | 11.4 | 4.4 | 5.5 | | 归属母公司股东净利润（百万元） | 960 | 1,352 | 1,826 | 2,150 | | 增长率（%） | -11.3 | 40.8 | 35.0 | 17.8 | | 每 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve a net profit of approximately 1.35 billion yuan in 2025, representing a year-on-year increase of 40.56%. The non-recurring net profit is projected to be around 1.5 billion yuan, with a year-on-year growth of 17.02% [2] - The company has initiated a dual-driven strategy focusing on "Automotive + Robotics Tier 1," emphasizing core components and related assembly solutions for both automotive and robotics sectors [11] - The company has entered into a strategic partnership with a leading autonomous driving firm to jointly explore L4 commercial applications and embodied intelligence technology [11] Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 62.25 billion yuan, 64.99 billion yuan, and 68.57 billion yuan respectively, with growth rates of 11.4%, 4.4%, and 5.5% [4] - The expected net profit for 2025, 2026, and 2027 is 1.35 billion yuan, 1.83 billion yuan, and 2.15 billion yuan, corresponding to earnings per share (EPS) of 0.87 yuan, 1.18 yuan, and 1.39 yuan [4][12] - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 34, 26, and 22 respectively, based on the closing price of 30.04 yuan on January 27, 2026 [4][12]