2018 年第三季度报告 公司代码：600699 公司简称：均胜电子 宁波均胜电子股份有限公司 600699 一、 重要提示 2018 年第三季度报告 $$=0-1(\pm\pm\pm\pi$$ 1 / 17 2018 年第三季度报告 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人王剑峰、主管会计工作负责人李俊彧及会计机构负责人（会计主管人员）张彧保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 9 | 营业收入：主要原因为公司业务持续发展、2018 年 4 月对高田公司优质资产收购完成后该资产对 应产能释放产生绩效和整合顺利推进所致。 归属于上市公司股东的净利润：主要原因为公司业务持续发展、对高田公司优质资产收购完成后 该资产对应产能释放产生效益和整合顺 ...

Financial Performance - The company's operating revenue for the first half of 2018 reached approximately RMB 22.63 billion, representing a 72.90% increase compared to RMB 13.09 billion in the same period last year[24]. - Net profit attributable to shareholders was approximately RMB 821.15 million, an increase of 33.39% from RMB 615.60 million in the previous year[24]. - Basic earnings per share increased by 33.85% to RMB 0.87 from RMB 0.65 in the same period last year[21]. - The weighted average return on net assets rose to 5.99%, an increase of 1.29 percentage points compared to 4.70% in the previous year[21]. - The net cash flow from operating activities was approximately RMB 1.15 billion, a 7.22% increase from RMB 1.07 billion in the same period last year[24]. - The company achieved a revenue of approximately 22.63 billion RMB, a 72.90% increase compared to the same period last year[47]. - The company reported a significant increase in revenue, achieving a total of 5 billion in the first half of 2018, reflecting a year-on-year growth of 26%[77]. Asset and Liability Management - Total assets increased by 41.64% to approximately RMB 50.08 billion from RMB 35.36 billion at the end of the previous year, primarily due to the acquisition of high-quality assets from Takata[24]. - The net assets attributable to shareholders increased by 16.21% to approximately RMB 14.75 billion from RMB 12.69 billion at the end of the previous year[24]. - Total liabilities increased to ¥32.48 billion from ¥21.65 billion, reflecting a growth of 50.1%[104]. - Long-term borrowings rose to ¥11.32 billion from ¥6.67 billion, an increase of 70.0%[104]. - The company reported a significant increase in accounts payable, which rose to ¥7.11 billion from ¥5.13 billion, a 38.6% increase[104]. Acquisition and Integration - The company completed the acquisition of high-quality assets from Takata in April 2018, which contributed to the performance and capacity release[22]. - The company completed the acquisition of Takata's high-quality assets for a total consideration of 1.588 billion USD, enhancing its position as the second-largest automotive safety product manufacturer globally[29]. - The integration of Takata's assets is progressing smoothly, with expected completion of major integration activities by the first half of 2019[37]. - The company reported a non-recurring loss of approximately RMB 319.92 million related to transaction costs associated with the Takata acquisition[25]. Market Position and Growth Strategy - Following the acquisition, the company has a market share of approximately 30% in the global automotive safety sector, with airbags, seat belts, and steering wheels contributing 43%, 28%, and 21% to revenue respectively[34]. - The company has established a new subsidiary, Joyson Safety Systems, to focus on the automotive safety market, with over 50,000 employees and more than 4,000 patents globally[34]. - The company aims to lead in the field of automotive safety by providing high-quality, reliable safety solutions and fostering long-term relationships with customers[37]. - The company secured new orders worth around 5 billion USD from major global automakers such as Volkswagen, BMW, Ford, and Nissan following the acquisition of Takata's assets[40]. Research and Development - R&D expenditure increased by 57.10% to approximately 1.33 billion RMB, reflecting the company's commitment to innovation[47]. - The company plans to continue significant R&D investments in smart connected vehicles and new energy products to enhance competitiveness in these segments[52]. - The company has launched a new intelligent cockpit system that combines multiple functionalities, enhancing user experience[44]. Compliance and Governance - The company has established a strict compliance program to enhance risk control and customer confidence[39]. - The company guarantees that it will not use its controlling shareholder status to harm the interests of minority shareholders[75]. - The company will adhere to legal and regulatory requirements in conducting related party transactions[75]. - The company has established independent financial departments and accounting systems, ensuring financial autonomy and compliance with tax regulations[79]. Risks and Challenges - The company faces integration risks post-acquisition, which may affect profitability due to potential integration costs[65]. - Currency fluctuation risks are present, particularly with the depreciation of the RMB against the USD, impacting future operational performance[66]. - Rising raw material prices, especially for electronic components, may pressure manufacturing costs and affect gross margin levels[67]. - Trade tensions between China and the US have begun to impact global automotive sales, potentially affecting revenue and profitability[68]. Shareholder Information - The total number of ordinary shareholders reached 49,601 by the end of the reporting period[94]. - The top shareholder, Junsheng Group Co., Ltd., holds 323,393,383 shares, representing 34.07% of the total shares[95]. - The company has repurchased a total of 53,003,678 shares, representing 5.58% of the total share capital, with a total payment of 1,364,189,804.48 RMB[85]. Environmental and Social Responsibility - The company has established an effective environmental risk management system and adheres strictly to national environmental protection laws and regulations[84]. - The company emphasizes energy conservation and ecological protection in its operations as a first-tier supplier of automotive parts[84].

Financial Performance - The company's overall gross profit margin for Q1 2018 was 17.1%, an increase of 3 percentage points compared to Q4 2017, indicating a recovery trend [7]. - Operating revenue for the period reached ¥6,984,880,892.07, representing a year-on-year increase of 7.03% [10]. - Net profit attributable to shareholders was ¥31,102,804.31, a significant decrease of 85.04% compared to the same period last year [10]. - The company experienced a 59.97% decline in operating profit, totaling ¥141,331,490.13, due to increased financial and management expenses related to the Takata acquisition [16]. - Total operating revenue for Q1 2018 was CNY 6,984,880,892.07, an increase of 7.0% compared to CNY 6,526,275,229.55 in the same period last year [30]. - Net profit for Q1 2018 was CNY 120,517,050.28, a decrease of 60.6% from CNY 305,256,448.37 in Q1 2017 [30]. - The company reported a total comprehensive loss of CNY 124,456,936.54 for Q1 2018, compared to a comprehensive income of CNY 321,489,146.78 in Q1 2017 [31]. Cash Flow - The net cash flow from operating activities was a net outflow of ¥102,650,974.44, a decline of 130.01% year-on-year, primarily due to increased raw material procurement payments [10]. - The net cash flow from operating activities for the current period was -102.65 million RMB, a decrease of 130.01% compared to the previous period [17]. - Cash inflow from investment activities totaled ¥2,230,303,854.37, significantly up from ¥1,045,552,142.28, marking an increase of about 113% [38]. - Net cash flow from investment activities improved to ¥173,931,245.87 from -¥2,142,570,126.77, indicating a recovery in investment performance [38]. - Cash inflow from financing activities rose to ¥4,380,345,389.28, compared to ¥1,952,973,521.13, an increase of approximately 124% [38]. - Net cash flow from financing activities was positive at ¥1,921,774,726.34, a significant turnaround from -¥5,095,287,359.89 in the previous period [38]. - The ending cash and cash equivalents balance increased to ¥5,777,438,294.01 from ¥2,205,564,911.39, reflecting a substantial growth of about 161% [38]. Assets and Liabilities - Total assets increased by 4.20% to ¥36,839,278,920.95 compared to the end of the previous year [10]. - The total assets as of March 31, 2018, amounted to 36.84 billion RMB, an increase from 35.36 billion RMB at the beginning of the year [22]. - The total liabilities as of March 31, 2018, were 23.27 billion RMB, compared to 21.65 billion RMB at the beginning of the year [23]. - The company reported a total equity of 13.57 billion RMB as of March 31, 2018, slightly down from 13.70 billion RMB at the beginning of the year [23]. - The company’s total equity decreased to CNY 12,375,549,371.21 from CNY 12,414,717,420.19 year-over-year [30]. Financial Expenses - The company issued ¥1 billion in medium-term notes and ¥1 billion in short-term financing bonds, leading to an increase in overall financing costs [7]. - The company's financial expenses increased due to costs associated with the acquisition of Takata assets, totaling approximately ¥200 million [7]. - The company incurred financial expenses of CNY 186,644,585.81, an increase of 62.1% from CNY 115,212,067.14 in Q1 2017 [30]. Future Outlook - The company expects to achieve revenue between 22 billion RMB and 25 billion RMB for the first half of 2018, with a net profit attributable to shareholders of approximately 400 million to 500 million RMB [19]. - The completion of the acquisition of Takata's major assets, excluding the PSAN business, was finalized on April 12, 2018, which is expected to positively impact overall performance [18].

Business Performance - In 2017, Joyson Electronics achieved new orders totaling approximately RMB 38 billion, laying a solid foundation for long-term sustainable development[17]. - The company’s operating revenue for 2017 was approximately CNY 26.61 billion, representing a 43.41% increase compared to CNY 18.55 billion in 2016[30]. - The net profit attributable to shareholders for 2017 was CNY 395.87 million, a decrease of 12.75% from CNY 453.69 million in 2016[30]. - The net cash flow from operating activities increased by 182.23% to CNY 1.90 billion, up from CNY 673.69 million in 2016[30]. - The company reported a significant increase in R&D expenses, totaling CNY 1.98 billion in 2017, an increase of CNY 820 million year-over-year[31]. - The company achieved a total asset of RMB 266,535.29 million and operating revenue of RMB 167,385.19 million from its subsidiary Ningbo Joyson Automotive Electronics Co., Ltd. with a 75% direct holding[85]. - The company reported a total of ¥1.7 billion in trust financial products and ¥1.7815 billion in bank financial products, with a remaining balance of ¥1.5 billion and ¥10 million respectively[120]. Market Position and Strategy - The company successfully integrated KSS and acquired Takata's target assets, positioning itself as the second-largest automotive safety system supplier globally, with annual sales revenue nearing USD 7 billion and a market share close to 30%[18]. - The acquisition of Takata's major assets, excluding the PSAN business, is expected to significantly increase the company's market share in automotive safety, positioning it as a global leader in the field[49]. - The company has established strong partnerships with major automakers, including BMW, Daimler, and Ford, and successfully entered the supply chain of Japanese brands like Toyota and Honda[46]. - The company aims to achieve over RMB 50 billion in total revenue for the year 2018, while striving towards a target of USD 10 billion in revenue[94]. - The company plans to increase its market share in the battery management system and mild hybrid (48V) system market in China to 25% to 30% within three years[93]. Research and Development - Joyson Electronics increased its global R&D and technical personnel by over 1,000 in 2017, focusing on human-machine interaction, intelligent vehicle networking, and new energy power control[17]. - The company established a new R&D center in Europe for its functional components business, successfully implementing its "going out" strategy with new orders totaling approximately RMB 5.9 billion[17]. - R&D investment in 2017 was approximately 1.9 billion RMB, accounting for 7.1% of the company's revenue[49]. - The company has three major R&D centers located in China, the United States, and Germany, with over 3,000 engineering and R&D personnel[45]. - The company plans to invest 300 million RMB in research and development over the next two years to innovate new technologies[160]. Financial Management and Dividend Policy - The company proposed a cash dividend of RMB 1.0 per 10 shares, totaling a distribution of RMB 94,928,900 based on a total share capital of 949,289,000 shares[7]. - The net profit attributable to ordinary shareholders for 2017 was 395,870,260.54 RMB, with a dividend payout ratio of 23.98%[102]. - The company has revised its cash dividend policy to enhance transparency and align with regulatory requirements[101]. - The company has established a complete decision-making process for dividend distribution, ensuring independent directors fulfill their responsibilities[101]. Operational Challenges - Joyson Electronics faced challenges in 2017, including a decline in gross profit margin due to the ramp-up of new product production and unexpected costs related to the integration of KSS[19]. - The gross margin for the KSS business was affected by new project ramp-up, resulting in a decrease of 1.5 percentage points compared to normal levels[31]. - The company faces risks related to integration, exchange rate fluctuations, and raw material price volatility, which could impact manufacturing costs and financial data[95][96][97]. Corporate Governance and Compliance - The company appointed KPMG Huazhen as the financial audit and internal control audit institution for the fiscal year 2017, with a total audit fee of RMB 6.5 million[112]. - The company has implemented changes to its accounting policies in accordance with the Ministry of Finance's notifications, which will not affect total assets, net assets, or net profit[107]. - The internal control management system has been established and evaluated, with no significant deficiencies in financial reporting internal controls identified[175]. - The company maintains independence from its controlling shareholder, ensuring fair and reasonable related transactions[172]. Social Responsibility and Environmental Commitment - The company emphasizes its commitment to environmental protection and has established an effective environmental risk management system[130]. - The company has a strong focus on social responsibility, including environmental protection and energy conservation[129]. - The company respects the intellectual property rights of customers and suppliers, ensuring their legal rights are protected[128]. Shareholder Structure and Changes - The company's total share capital increased from 689,369,800 shares to 949,289,000 shares, with Junsheng Group holding 33.56% of the shares post-change[140]. - The top ten shareholders collectively hold 66.56% of the company's shares, indicating a concentrated ownership structure[144]. - The total number of ordinary shareholders increased from 52,934 to 54,225 during the reporting period, reflecting a growth of approximately 2.44%[142].

Financial Performance - Net profit attributable to shareholders increased by 119.78% to approximately CNY 886.69 million, driven by business growth and investment income from the sale of smart manufacturing business[6]. - Operating revenue for the first nine months rose by 65.46% to CNY 19.41 billion, supported by the integration of KSS and PCC and the rapid development of new energy vehicle (BMS) and connected car businesses[5]. - Basic earnings per share increased by 57.63% to CNY 0.93[5]. - The company reported a net profit margin improvement, with retained earnings rising from CNY 1.72 billion to CNY 2.40 billion, an increase of about 39%[22]. - The company’s total profit for Q3 was ¥401.39 million, a 40.0% increase from ¥286.91 million year-over-year[27]. - Net profit for Q3 was ¥336.55 million, up 45.2% from ¥231.95 million year-over-year[27]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 128.58% to CNY 999.63 million compared to the same period last year[5]. - Operating cash inflow for the period reached CNY 21.19 billion, a significant increase from CNY 12.10 billion in the previous year, representing a growth of approximately 75.5%[33]. - Total cash inflow from operating activities was CNY 21.19 billion, while total cash outflow was CNY 20.19 billion, resulting in a net cash inflow of CNY 999.63 million[33]. - Cash inflow from financing activities was CNY 7.10 billion, compared to CNY 9.60 billion in the previous year, showing a decline of 26.0%[33]. - The ending cash and cash equivalents balance was CNY 2.34 billion, up from CNY 1.63 billion at the end of the previous year, marking an increase of 43.3%[33]. - Cash and cash equivalents decreased significantly from CNY 7.97 billion to CNY 0.82 billion, a drop of about 90%[23]. Assets and Liabilities - Total assets decreased by 10.28% to CNY 33.40 billion compared to the end of the previous year[5]. - Total liabilities decreased from CNY 23.39 billion to CNY 18.64 billion, a reduction of approximately 20%[22]. - Current liabilities decreased from CNY 11.94 billion to CNY 9.54 billion, a decline of about 20%[22]. - Non-current liabilities decreased from CNY 11.44 billion to CNY 9.10 billion, representing a decrease of around 20%[22]. - Total equity increased from CNY 13.84 billion to CNY 14.76 billion, an increase of approximately 6.7%[22]. - The company’s total current assets decreased from CNY 10.16 billion to CNY 3.73 billion, a decline of about 63%[23]. Business Development and Strategy - The company showcased its latest highly integrated HMI system at the Frankfurt Auto Show, representing the industry's advanced level[6]. - The company completed the full consolidation of KSS and PCC, contributing positively to the overall performance[18]. - The company plans to continue investing in the integration and expansion of KSS and PCC[18]. - The company anticipates a significant increase in cumulative net profit compared to the previous year due to stable growth in its core business[17]. - The company plans to focus on market expansion and new product development in the upcoming quarters[25]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[27]. Shareholder Information - The number of shareholders reached 46,530, with the largest shareholder, Junsheng Group, holding 33.56% of the shares[10]. - The weighted average return on equity decreased by 3.36 percentage points to 6.78% due to an increase in share capital from a non-public offering[5][7]. Investment Activities - Cash outflow from investment activities totaled CNY 6.50 billion, down from CNY 15.22 billion in the previous year, reflecting a decrease of 57.3%[33]. - Net cash flow from investment activities was negative at CNY 3.05 billion, an improvement from a loss of CNY 7.59 billion last year[33]. - Investment income for Q3 was ¥289.59 million, significantly higher than ¥4.18 million in the same period last year[27]. Operating Costs - The company reported a total operating cost of ¥6.22 billion for Q3, which is an increase of 13.0% compared to ¥5.51 billion in Q3 of the previous year[27]. - The gross profit margin for Q3 improved to 1.0%, compared to 0.5% in the same quarter last year[27].