在汽车产业智能化与电动化浪潮奔涌、全球供应链格局深度重构的当下，中国汽车零部件巨头如何借力 资本、前瞻布局，不仅实现自身的高质量发展，更在激烈的全球竞争中塑造不可替代的竞争优势？ 近日，均胜电子董事长王剑峰在接受中国证券报记者专访时，深入剖析了均胜电子的成长逻辑、战略定 力以及对未来产业的深刻洞察。通过精准全球并购，均胜电子实现"中国基因、全球布局"的关键跨越， 如今正加速描绘智能驾驶与机器人新赛道上的广阔蓝图。 并购整合塑造全球竞争力 回顾均胜电子近二十年的发展历程，其跨越式成长与一系列关键的国际并购紧密相连。 这种前瞻性布局，正逐步转化为实实在在的业务进展。目前，均胜电子已基本完成机器人关键部件解决 方案的搭建，并与智元机器人、银河通用等国内外多家机器人公司展开合作，部分产品已实现批量供货 或送样。王剑峰特别强调了与工业场景结合的务实路径。"我们首先聚焦的是工业机器人，希望在未来 三年内，解决其在复杂工业场景中应用的'最后一公里'问题，让生产线上的机器人能像熟练工人一样高 效、灵活地工作。"他认为，相较于目前更多处于展示阶段的服务娱乐型人形机器人，能切实提升制造 业效率、降低成本的工业机器人将更快迎来爆发 ...

Core Insights - The article discusses how Junsheng Electronics leverages capital and strategic planning to achieve high-quality development and competitive advantages in the global automotive parts industry amid the trends of electrification and smart technology [1] Group 1: Mergers and Acquisitions - Junsheng Electronics' growth is closely linked to a series of strategic international mergers and acquisitions, including the acquisition of German company Preh and American company KSS, marking a significant transition from a local to a global player [1][2] - The company emphasizes a "dual-wheel drive" strategy, focusing on manufacturing as the main driver and capital markets as a supplementary force, which has embedded global integration and resource allocation capabilities into its operations [1][2] Group 2: Financial Performance - In the first three quarters of 2025, Junsheng Electronics reported a revenue of 45.844 billion yuan, a year-on-year increase of 11.45%, and a net profit attributable to shareholders of 1.12 billion yuan, up 18.98% [2] - The overall gross margin improved to 18.3%, with the third quarter achieving a gross margin of 18.6%, the highest in nearly three years, attributed to deep integration and synergy from global acquisitions [2] Group 3: Competitive Positioning - Junsheng Electronics is now the second-largest automotive safety system supplier globally, with strong competitiveness in smart driving, smart cockpit, and new energy management [3] - The company’s core competitiveness stems from its precise judgment of industry trends and timely market entry, enhancing its product lines and technological moat through successful acquisitions [3] Group 4: Future Investments - The company is focusing on the emerging robotics business, which, despite its current low revenue contribution, is seen as a significant growth area following smart connectivity and autonomous driving [4] - Junsheng Electronics has been proactive in the robotics sector for three years, leveraging its existing technology in automotive electronics and safety to develop robotic solutions [4][5] Group 5: Regional Advantages - The company acknowledges the advantages of its roots in Ningbo, which is characterized by high-end manufacturing and a complete industrial chain, contributing to its growth and operational efficiency [6] - The supportive business environment in Ningbo, including government and financial institution backing, is crucial for the company’s development and strategic mergers [6] Group 6: Strategic Vision - Junsheng Electronics emphasizes the importance of long-term vision and continuous innovation in manufacturing, requiring regular reassessment of its strategic direction every few years [7] - The company’s approach to industry transformation and its commitment to global expansion serve as a practical case for observing the evolution of Chinese manufacturing in the context of globalization and technological advancement [7]

Core Insights - The article discusses how Junsheng Electronics leverages capital and strategic planning to achieve high-quality development and competitive advantages in the global automotive parts industry amid the trends of electrification and smart technology [1] Mergers and Acquisitions - Junsheng Electronics' growth over the past two decades is closely linked to a series of key international acquisitions, including the purchase of German company Preh and American KSS, marking a significant transition from a local to a global player [1][2] - The company emphasizes a "dual-wheel drive" strategy, focusing on manufacturing as the main driver and capital markets as a supplementary force, which has embedded global integration and resource allocation capabilities into its operations [1] Financial Performance - In the first three quarters of 2025, Junsheng Electronics reported a revenue of 45.844 billion yuan, a year-on-year increase of 11.45%, and a net profit of 1.12 billion yuan, up 18.98% [2] - The overall gross margin improved to 18.3%, with the third quarter achieving a gross margin of 18.6%, the highest in nearly three years, attributed to deep integration and synergy from global acquisitions [2] Competitive Positioning - Junsheng Electronics is now the second-largest automotive safety system supplier globally, with strong competitiveness in smart driving, smart cockpit, and new energy management [3] - The company’s core competitiveness stems from its precise judgment of industry trends and timely acquisitions, which have strengthened its product lines and technological advantages [3] Future Investments - The company is focusing on emerging robotics business, which, despite its current low revenue contribution, is seen as a significant growth area following smart connectivity and autonomous driving [4] - Junsheng Electronics has been proactive in the robotics sector, leveraging its existing technology in automotive electronics and safety to develop humanoid robots [4][5] R&D and Innovation - The company has invested heavily in R&D, with expenditures reaching 2.558 billion yuan in the first three quarters of 2025, aimed at driving innovation across various sectors, including robotics [5] - Junsheng Electronics aims to address the "last mile" problem in industrial robotics, enhancing efficiency and flexibility in manufacturing environments [5] Regional Advantages - The company acknowledges the supportive business environment in Ningbo, which fosters high-end manufacturing and innovation, and emphasizes the need for better talent attraction and retention policies [6] - The unique characteristics of Ningbo's industrial ecosystem contribute to the company's operational success and strategic growth [6] Strategic Vision - Junsheng Electronics maintains a forward-looking approach, continuously adapting to industry changes and emphasizing the importance of innovation and long-term planning [7] - The company’s journey from a local supplier to a global player serves as a case study for the evolution of Chinese manufacturing in the context of globalization and technological advancement [7]

Core Insights - Ningbo has demonstrated robust economic growth, achieving a GDP of 1.35 trillion yuan in the first three quarters of 2025, with a year-on-year increase of 5.0% [1] - The city is home to 119 national manufacturing champions, maintaining its position as the leader in this category for eight consecutive years [2][3] - Emerging industries such as artificial intelligence, robotics, and high-tech services have seen significant investment growth, with increases of 9.3%, 41.2%, and 56.7% respectively [1] Economic Performance - Ningbo's GDP reached 1.35 trillion yuan in the first three quarters of 2025, reflecting a 5.0% year-on-year growth [1] - The city has a diverse economic structure, with strong performance in manufacturing, foreign trade, and logistics [1] Innovation and Technology - Approximately 90% of R&D institutions, personnel, and investments, as well as over 80% of invention patents, originate from enterprises in Ningbo [2] - The number of high-tech enterprises in Ningbo has reached 8,855, with an average annual growth rate exceeding 30% over the past three years [2] - Ningbo's innovation landscape includes significant contributions from companies like Long阳科技, which has captured a 55% market share in optical reflection films globally [3] Industry Development - The humanoid robot industry in Ningbo has expanded rapidly, with the number of companies capable of producing humanoid robots increasing from 3 to 8 since 2025 [5] - The city has established a strong presence in the new energy vehicle supply chain, housing 22 single-item champions and 97 specialized "little giant" enterprises [4][5] Financial Support and Investment - The financial sector in Ningbo has shown robust growth, with a value added of 1,224.3 billion yuan in the first three quarters of 2025, marking a 13.8% increase [12] - As of October 2025, the balance of loans to the manufacturing sector reached 8,175.3 billion yuan, a 7.3% year-on-year increase [12] - Ningbo has implemented various financial tools to support technology-driven enterprises, including loans and financing policies [12][19] Market Expansion - Ningbo's exports to Central and Eastern European countries reached 45.45 billion yuan in the first three quarters of 2025, growing by 7% [11] - The city has organized over 300 enterprises to participate in exhibitions across 12 countries, achieving an intended transaction amount exceeding 500 million USD [10] Strategic Initiatives - Ningbo aims to establish 10 national-level innovation platforms and over 1,000 provincial-level R&D institutions by 2030 [7] - The city has introduced policies to enhance the integration of technology and industry, focusing on core technology breakthroughs and high-end brand development [14][16]

Core Insights - The report emphasizes a positive outlook for the mechanical industry in 2026, driven by structural transformation and a rebound in external demand [3][4] - The report introduces a "risk排雷" manual to proactively identify potential market misjudgments and challenges within various sectors [3][4] Industry Overview - The mechanical industry is expected to experience a cyclical reversal, with growth in engineering machinery, industrial gases, shipbuilding, photovoltaic equipment, and lithium battery equipment [6][8] - Key assumptions include continued government support for emerging technology industries and a stable macroeconomic recovery [11][16] Engineering Machinery - The engineering machinery sector is witnessing a cyclical upturn, with increased overseas market share and a gradual domestic renewal cycle [17] - Key growth drivers include global market expansion, improved domestic demand due to favorable macro policies, and a stabilizing domestic infrastructure and real estate market [17] Shipbuilding - The shipbuilding industry is on an upward trend, with demand supported by a variety of vessel types and improving profitability for shipyards [19] - The sector is expected to benefit from supply constraints driving up ship prices and a focus on high-end, large-scale, dual-fuel vessels [20] Export Chain - The export chain is optimistic about demand recovery, particularly in the U.S. market, with a focus on strategic exports and emerging markets [22] - Key assumptions include a favorable trade environment and ongoing industrial shifts towards resource-rich countries [22] Industrial Gases - The industrial gases sector is viewed positively, with expectations of volume and price increases leading to improved valuations [27] - The report highlights the importance of leading companies in the sector and recommends focusing on those with operational highlights in niche markets [30] Lithium Battery Equipment - The lithium battery equipment sector is expected to emerge from a downturn, with solid-state battery technology creating significant market opportunities [51] - The report anticipates a substantial increase in market size, projecting a growth from 2.06 billion in 2025 to 33.62 billion by 2030 [51] Wind Power Equipment - The wind power industry is projected to maintain high growth, particularly in offshore wind projects, with significant investments expected [63] - The report recommends focusing on leading manufacturers and components that support the offshore wind market [64] Testing and Inspection - The testing and inspection sector is expected to see upward momentum, driven by increasing demand and a trend towards consolidation among leading firms [71] - The report emphasizes the importance of focusing on emerging fields and the long-term growth potential of comprehensive testing companies [71] Rail Transit Equipment - The rail transit equipment sector is expected to benefit from steady investment in fixed assets and high demand for passenger and freight transport [75] - The report highlights the potential for continued growth in the high-speed train sector and recommends key players in the industry [76] Oil Service Equipment - The oil service equipment sector is anticipated to thrive due to sustained demand driven by oil prices and energy security concerns [79] - The report suggests focusing on companies with strong technical barriers and those benefiting from domestic and international market opportunities [80]

Group 1 - The SW auto parts index increased by 2.91% this week, ranking first in the SW automotive sector, with a year-to-date increase of 42.58% since the beginning of 2025 [2][3] - The latest trading day PE (TTM) for the SW auto parts index is at the 79.44% historical percentile, while the PB (LF) is at the 75.50% historical percentile [3] - The robot index rose by 3.73% this week, with a year-to-date increase of 62.08% since the beginning of 2025, outperforming the SW auto parts index by 0.83% [2][3] Group 2 - Key companies' weekly changes include Silver Wheel Co., which invested 380 million yuan in Sichuan Silver Wheel for capacity construction of water-cooled plates and front-end modules, expected to reach production capacity by 2029 [3] - Huada Technology announced a mid-term dividend plan for 2025, proposing a cash dividend of 0.15 yuan per share (tax included), totaling 70.46 million yuan [3] - Fuda Co. completed the transfer of 25% equity in Guilin Fuda Alfin for 48 million yuan [3] Group 3 - The top five companies by weekly increase are Xinquan Co. (+14.05%), Beite Technology (+11.64%), Top Group (+8.26%), Daimai Co. (+8.01%), and New Coordinates (+7.97%) [4] - Investment recommendations for auto parts focus on product-oriented companies and those entering high-value sectors, prioritizing potential leaders with production capacity in Europe, North America, and Southeast Asia [4] - For the robotics sector, the focus is on certainty opportunities, with the Optimus V3 expected to launch in Q1 2026, and attention on domestic applications from companies like Xiaopeng, Yushu, and Zhiyuan [4]

Core Insights - The report emphasizes the importance of proactive discovery in the financial market rather than merely relaying information [2] Macro News Summary - The first batch of 625 billion yuan of ultra-long special government bonds for supporting the consumption upgrade plan has been allocated ahead of schedule for 2026 [6] - In 2026, continued support for new energy city buses and battery updates has been announced by two departments [7] - Four departments are promoting the large-scale application of intelligent robots in welding, spraying, and assembly in the automotive industry [7] Industry Latest Developments - The Ministry of Education will systematically promote artificial intelligence education and applications, with related stocks including Dou Shen Education (300010) and Kede Education (300192) [9] - Four departments are pushing for the large-scale application of intelligent robots in various segments of the automotive industry, with related stocks including Junsheng Electronics (600699) and Sanhua Intelligent Control (002050) [9] - A new type of simulation computing chip has been successfully developed in China, achieving a thousand-fold increase in energy efficiency, with related stocks including Shengbang Co., Ltd. (300661) and Tulan Micro (600460) [9] Focus on Listed Companies - Lexin Technology (688018) announced a partnership with Bosch Sensortec to jointly launch an innovative human-machine interaction solution based on motion perception and large model capabilities [11] - Robotec (300757) stated on its interactive platform that the world's first 300mm double-sided wafer testing platform, developed in collaboration with TSMC and NVIDIA, has completed reliability testing [11] - Xicai Testing (301306) has officially signed a strategic cooperation agreement with Shaanxi Huada, moving from single business cooperation to a new stage of comprehensive and in-depth collaborative development [11] Market Review and Outlook - On December 31, the total trading volume of the two markets was 20,451 billion yuan, with 2,359 stocks rising and 2,608 stocks falling. The net capital outflow was 546.32 billion yuan, with a decrease in trading volume of 972 billion yuan compared to the previous day [13] - The Shanghai Composite Index opened slightly higher but showed a narrow range of fluctuations, forming a doji candlestick pattern, while the Shenzhen Component Index opened higher but closed lower [13] - Market hotspots included satellite navigation, AI agents, and commercial aerospace sectors, which saw significant capital inflows, while sectors like pharmaceuticals and liquor experienced declines [13] - The report indicates that if the Shanghai Composite Index cannot maintain volume to absorb profit-taking pressure, it may test the strong support level of 3,930 points [14]

Group 1 - The core viewpoint of the article is that humanoid robots are expected to lead the rise of technology stocks in the coming years, with Morgan Stanley identifying 25 companies poised to dominate this industry, including seven Chinese firms like Joyson Electronics [1] - Joyson Electronics is leveraging its expertise in automotive safety and electronics to pivot into the robotics sector, which is seen as a "re-entrepreneurship" move [1] - The company has a technological advantage as its robotics business is closely related to its automotive business, allowing for cost-effective transitions and control [1] Group 2 - Joyson Electronics has invested significantly in R&D, with expenditures reaching 10 billion yuan over the past three years, positioning itself well for the upcoming mass production phase of humanoid robots [2] - The company has already made strides in the robotics field, launching a series of products that cover the entire robotics chain, and has established long-term collaborations with leading robotics firms [2] - Joyson Electronics has partnered with various companies, including a collaboration with Zhiyuan Robotics for joint R&D and a partnership with Alibaba Cloud to develop advanced cognitive robots [2] Group 3 - Morgan Stanley forecasts that global sales of robotics hardware will surge from $100 billion in 2025 to $5 trillion by 2030, and further to $25 trillion by 2050, indicating a massive growth opportunity in the robotics sector [3] - Joyson Electronics is strategically positioned to capitalize on this growth by combining its automotive and robotics capabilities, aiming to tap into the trillion-dollar market [3]

Core Insights - The integrated domain control solution is a core technology for the development of intelligent and connected vehicles, widely implemented in both passenger and commercial vehicles [1][5] - The global market for integrated domain control solutions is expected to grow rapidly, with projections of approximately 85.16 billion yuan in 2025 and 132.46 billion yuan in 2026 [5] - In China, the market size for integrated domain control solutions is projected to reach about 44.14 billion yuan in 2025 and 66.78 billion yuan in 2026, driven by rising consumer demand for smart experiences and supportive national policies [5] Industry Definition - The term "domain" refers to a collection of electronic and electrical architectures that control major functional modules of a vehicle, typically divided into five domains: intelligent driving, entertainment (cockpit), chassis, power, and body [2] - The trend towards integration in the vehicle's electronic and electrical architecture is driven by the increasing number of electronic control units and the shift towards centralized E/E architectures [2][4] Market Overview - The integrated domain control solution market is experiencing rapid growth due to the shift towards centralized E/E architectures and the increasing demand for integrated computing capabilities in smart vehicles [5] - The market is supported by rising consumer spending and the importance of smart experiences in vehicle purchasing decisions, particularly among younger consumers [5] Industry Chain - The upstream of the integrated domain control solution industry includes core components such as domain control SoCs, vehicle networking, and other embedded computing modules, as well as related software like operating systems and application software [5] - The midstream involves system integration and services for integrated domain control solutions, while the downstream includes traditional domestic manufacturers, foreign manufacturers, joint ventures, and new forces in the automotive industry [5] Competitive Landscape - The competition in the Chinese integrated domain control market is characterized by a transition from separate intelligent driving and cockpit domain controls to integrated solutions, with key players including Desay SV, Jingwei Hirain, and Joyson Electronics [7] - Companies are focusing on developing higher computing power solutions and integrated cockpit and driving domain control solutions [7] Company Highlights - Megvii Technology is a leading automotive technology company focusing on AI-driven integrated domain control solutions, aiming to reshape the next generation of smart vehicles [8] - Desay SV is a global leader in mobile travel technology, focusing on the integration of intelligent cockpit, intelligent driving, and connected services, with significant revenue from its smart cockpit segment [9] Industry Trends - The integrated domain control solution industry is entering a high-growth phase, driven by the electrification, intelligence, and connectivity of the automotive industry [10] - The industry is evolving towards functional integration, AI fusion, and higher safety standards, with an emphasis on cost reduction and domestic substitution [10]

Summary of Junsheng Electronics Conference Call Company Overview - **Company**: Junsheng Electronics - **Industry**: Automotive Electronics and Robotics Key Points Product Development and Customer Feedback - Junsheng Electronics is modifying materials, electronic architecture, and thermal products for head assembly to enhance interactivity, with customer feedback expected after the Christmas and New Year holidays [2][4] - Updates to the body structure are being made to meet requirements for drop resistance and weatherproofing, which will enhance product value [2][4] Production Capacity - The current production capacity supports over 30,000 humanoid robots per month without additional reserves [2][6] - Plans to increase capacity will be based on assembly line automation and material scheduling to ensure smooth production [2][6] Smart Driving Sector - The company has entered a scale effect phase in advanced smart driving, with orders totaling at least 20 billion RMB announced in September and October [2][7] - Collaborations with Qualcomm and Momenta are aimed at providing integrated smart driving solutions for domestic and international brands, with significant revenue and profit expected in 2026 and 2027 [2][8] Chip Solutions and Market Expansion - Junsheng has secured chip solutions for multiple sub-brands of SAIC, with overseas models expected to begin production in 2025 [2][9] - The overseas market is primarily focused on collaboration with Qualcomm, emphasizing competitive pricing and cost efficiency [2][10] Financial Performance and Projections - The company anticipates a net profit exceeding 1.5 billion RMB in 2025, with expectations for over 10% revenue growth and over 20% net profit recovery in automotive electronics and safety sectors by 2026 [2][3][11] - The company has improved from a loss to a projected profit, with a goal of doubling overall profit margins in the next three years [2][11] Market Dynamics and Pricing Strategy - Annual price reduction pressures from automakers are manageable, with the Chinese market contributing approximately 25% to global revenue [2][12] - The company has implemented a pricing reassessment and cost transfer mechanism in overseas markets since 2022, leading to improved cost structures [2][12] Collaborations and Future Directions - Successful collaboration with Zhiyuan Robotics includes products like AI head assemblies and energy management systems [2][13] - Junsheng's subsidiary, Xiangshan, is focused on humanoid robot R&D, maintaining close cooperation and resource sharing with Junsheng [2][14] - Future product expansions with Tesla include battery management and joints, with plans for further diversification [2][15] Regulatory Impact - The L3 regulations are seen as a pivotal point for smart driving commercialization, with plans to expand cooperation with domestic automakers [2][16] Additional Insights - The company’s accounts receivable period is approximately 55 days, providing a significant advantage over competitors [2][12]