Summary of Jinsheng Electronics Q3 2024 Earnings Call Company Overview - **Company**: Jinsheng Electronics - **Industry**: Automotive Electronics and Safety Key Points Industry Performance - Global automotive sales saw a **2.3% increase** in the first half of 2024, but a decline was noted in Q3, particularly in China and Europe, indicating a challenging market environment [2][2] - Despite the overall market downturn, Jinsheng Electronics maintained stable revenue growth due to strategic adjustments in customer structure [2][2] Financial Performance - **Total Revenue**: Achieved **41 billion CNY** in the first three quarters, stable compared to the previous year [2][2] - **Automotive Electronics Revenue**: **12.7 billion CNY** - **Automotive Safety Revenue**: Approximately **28.4 billion CNY** - **Gross Margin**: Improved to **15.6%**, with Q3 gross margin at **15.7%**, a **1.6 percentage point** increase year-over-year [3][3] - Automotive Safety gross margin at **14%**, up **2.6 percentage points** year-over-year [3][3] - Automotive Electronics gross margin at **19.2%**, slightly down due to accounting changes, but expected to exceed **20%** when adjusted [4][4] Cost Management - Continuous optimization of production processes and cost control measures contributed to improved gross margins [3][3] - Operating profit for Q3 was around **14 billion CNY**, showing growth compared to Q2 [5][5] - R&D expenses increased by approximately **10 million CNY** in Q3, reflecting ongoing investment in new business orders [6][6] Cash Flow and Investments - **Operating Cash Flow**: Healthy growth with **3.05 billion CNY** in Q3, indicating strong cash management [7][7] - Investment cash flow was influenced by strategic investments and debt restructuring in a low-interest environment [8][8] New Business Orders - Total new orders reached **70.4 billion CNY** in the first three quarters, with automotive safety orders at **49 billion CNY**, surpassing last year's total [11][11] - New energy vehicle-related orders accounted for **37.6 billion CNY**, indicating a strong market position [12][12] Market Strategy - Jinsheng Electronics is focusing on expanding its presence in the domestic market, particularly with new energy vehicles and local brands [15][15] - The company is adapting to the competitive landscape by diversifying its customer base and enhancing product offerings [17][17] Challenges and Outlook - The company is cautious about future revenue growth due to potential order reductions from overseas clients [24][24] - Despite challenges, the management remains optimistic about maintaining revenue stability through diversified customer relationships and product lines [24][24] Taxation and Financial Management - Increased tax expenses due to higher overseas tax rates and changes in local tax regulations, with efforts to optimize tax liabilities ongoing [20][20][21][21] Technological Developments - Jinsheng Electronics is actively pursuing advancements in wireless charging technology and smart vehicle systems, with ongoing collaborations with major automotive brands [30][30][36][36] Conclusion - Jinsheng Electronics demonstrated resilience in a challenging automotive market, maintaining stable revenue and improving margins through strategic adjustments and cost management. The focus on new energy vehicles and technological innovation positions the company for future growth despite external pressures.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady performance in Q3 2024, with new order sizes continuously breaking through. Despite a 4.8% year-on-year decline in global light vehicle production, the company achieved revenue of 14.056 billion yuan in Q3 2024, with automotive safety business revenue at 4.4 billion yuan and automotive electronics revenue at 9.6 billion yuan. The total amount of new orders received in 2024 reached approximately 70.4 billion yuan, with 37.6 billion yuan related to new energy vehicles [1][3] - The gross profit margin for Q3 2024 was 15.74%, an increase of 0.81 percentage points year-on-year and 0.24 percentage points quarter-on-quarter. The overall gross profit margin for the first three quarters of 2024 increased by 1.6 percentage points year-on-year to approximately 15.6% [1] - The company is actively pursuing cost reduction and efficiency improvement measures, resulting in a decrease in expense ratios. The automotive safety business continues to grow, with a gross margin of approximately 14.0%, up 2.6 percentage points year-on-year. The company has signed a global strategic cooperation agreement with GAC Aion, supporting the expansion of Chinese automotive brands into international markets [1][3] Financial Summary - For 2024, the company expects revenue of 56.848 billion yuan, with a year-on-year growth of 2.0%. The net profit attributable to the parent company is projected to be 1.328 billion yuan, reflecting a year-on-year increase of 22.6% [5][8] - The gross margin is expected to improve from 15.1% in 2023 to 15.8% in 2024, and the return on equity (ROE) is projected to rise from 8.0% in 2023 to 9.1% in 2024 [5][8] - The company’s cash flow from operating activities is expected to increase from 3.929 billion yuan in 2023 to 4.543 billion yuan in 2024 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability continues to improve, demonstrating strong resilience despite a decline in global light vehicle production [4][5] - The company has a robust order acquisition capability, with a total new order value of approximately 70.4 billion yuan in the first three quarters of 2024, indicating a healthy backlog of orders [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 41.135 billion yuan, a year-on-year decrease of 0.42%, while net profit attributable to the parent company was 0.941 billion yuan, an increase of 20.90% year-on-year [4] - The company's non-recurring net profit attributable to the parent company was 0.941 billion yuan, reflecting a year-on-year increase of 40.25% [4] - In Q3 2024, the company reported operating revenue of 14.056 billion yuan, a year-on-year decrease of 1.68%, with a net profit of 0.305 billion yuan, a slight increase of 0.50% year-on-year [4] Business Segment Performance - The automotive safety and automotive electronics segments generated revenues of approximately 28.4 billion yuan and 12.7 billion yuan, respectively, with gross margins of 14.0% and 19.2% [5] - The overall gross margin and net margin for the company were 15.59% and 3.07%, respectively, both showing year-on-year increases [5] Future Earnings Forecast - The company maintains its earnings forecast for 2024-2026, expecting net profits attributable to the parent company to reach 1.455 billion yuan, 1.940 billion yuan, and 2.368 billion yuan, respectively, with corresponding EPS of 1.03 yuan, 1.38 yuan, and 1.68 yuan per share [4][5] - The price-to-earnings ratios corresponding to the current stock price are projected to be 16.3, 12.2, and 10.0 times for 2024, 2025, and 2026, respectively [4]

证券代码：600699 证券简称：均胜电子 单位：元 币种：人民币 宁波均胜电子股份有限公司 2024 年第三季度报告 宁波均胜电子股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 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、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|-------------------|---------------------------------------|-------------------|--------------- ...

关于召开2024年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 11 月 6 日（星期三）至 11 月 12 日（星期二）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （600699@joyson.com）进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 宁波均胜电子股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日披 露公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年 第三季度经营成果、财务状况，公司计划于 2024 年 11 月 13 日 13:00-14:30 举 行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频录播和网络互动形式召开，公司将针对 2024 年第 三季度经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披 露允许的范围内就投资者普遍关注的问题进行回答。 证券代码：60069 ...

根据有关规定，公司监事事先对2024年第三季度报告进行了审阅，并发表意 见如下： 证券代码：600699 证券简称：均胜电子 公告编号：临 2024-061 宁波均胜电子股份有限公司 第十一届监事会第十三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）第十一届 监事会第十三次会议于2024年10月28日在浙江宁波以现场会议的方式召开。会议 通知于2024年10月26日以专人送达方式向公司全体监事发出；会议应出席监事3 名，实际出席3名。 会议由监事会主席王玉德先生主持，会议的召开符合《公司法》与《公司章 程》的有关规定。 会议以现场投票表决的方式审议并通过以下议案： 审议并通过了《2024年第三季度报告》 我们作为公司的监事，在全面了解和审核公司2024年第三季度报告后认为： 公司严格按照股份有限公司财务制度规范运作，2024年第三季度报告公允地反映 了公司本报告期的财务状况；保证公司2024年第三季度报告所披露的信息真实、 准确、完整，承诺其中不存在虚 ...

宁波均胜电子股份有限公司 第十一届董事会第二十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）第十一届 董事会第二十四次会议于2024年10月18日在浙江宁波以现场结合通讯会议的方 式召开。会议通知于2024年10月16日以电话、专人送达等方式向公司全体董事发 出，会议应出席董事9名，实际出席9名。公司监事及高级管理人员列席了会议。 证券代码：600699 证券简称：均胜电子 公告编号：临 2024-059 基于对广东香山衡器集团股份有限公司（以下简称"香山股份"）长期投资 价值的认可及未来发展前景的信心，公司已通过深圳证券交易所系统允许的方式 增持香山股份股票。截至本公告披露日，公司持有香山股份26,415,200股，占其 总股本的比例为20.0001%，为香山股份第一大股东。 为进一步强化公司与香山股份在汽车零部件业务方面的战略协同效应，夯实 公司在新能源汽车产业链、智能座舱等领域的整体战略布局的同时，赋能香山股 份在客户资源、管理经验、研发创新、 ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2024-060 宁波均胜电子股份有限公司 关于获得政府补助的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 获得政府补助金额：人民币 12,528.50 万元； 对当期损益的影响：根据《企业会计准则第 16 号--政府补助》的相关规定， 本次公司收到的政府补助均与收益相关，对公司 2024 年当期损益产生积极影响， 计入其他收益或递延收益。上述政府补助未经审计，最终会计处理以及对公司当 期损益产生的影响以审计机构年度审计确认后的结果为准。 一、获得补助的基本情况 宁波均胜电子股份有限公司（以下简称"公司"）及下属子公司近期累计收 到与收益相关的政府补助合计人民币 12,528.50 万元，涉及智能驾驶、汽车安全 等相关技术研发、软件和信息技术升级、专项及人才发展和科技创新等事项，占 公司 2023 年度经审计归属于上市公司股东净利润的 11.57%。其中，归属于上市 公司股东部分的政府补助金额合计约 8,049.66 万元，占公司 2023 年度 ...

是动物汽车团队成员孙人浩很欢迎大家参加我们本次的这个军生电子的深度汇报会议我们也是在日前刚刚发布了这个军生的这个 首先来看的话我觉得首先我们有几大推荐的逻辑第一点的话我们认为其实海外的零部件公司有望迎来新一波的修复因为我们回过头去看的话像在2021年2022年疫情之后 一方面是由于上游的通胀造成了商业材料的一个上涨另一方面下游的这个船价其实在零部件里面是不够顺畅的在这个基础上其实我们看到哪怕是军胜哪怕是像博世大陆等等所有的海外TL1其实都面临着一定的这个利润压力所以说在这个基础上我们觉得在24年之后这种的利润压力很快就会被传导一方面的话其实通胀应该来说血率增长的血率是在放缓的另一方面像 军胜等这种公司也在选择下游记忆地去议价在这种情况下我们觉得在海外的零部件的大雷塔也望向一个反转这是第一点第二点的话我觉得军胜其实是A股当中很具备代表性的一个标的它就是全球布局我们觉得在这个时间点在当前这个时代需要哪样的零部件公司其实特别是面临全球化面临向自主车期走出去的一个大趋势下军胜这种已经具备的海外布局全球布局这个公司应该来说是具备着吸血性的 那第三个的话我们从业绩端也会觉得公司其实在前两年给资本市场带来的印象并不是太好核 ...

证券研究报告·公司深度研究·汽车零部件 均胜电子（600699） 汽零行业稀缺全球资产，周期向上行稳致远 2024 年 10 月 13 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 49793 | 55728 | 60416 | 64307 | 70396 | | 同比（ % ） | 9.03 | 11.92 | 8.41 | 6.44 | 9.47 | | 归母净利润（百万元） | 394.18 | 1,083.19 | 1,513.35 | 2,040.09 | 2,737.88 | | 同比（ % ） | — | 174.79 | 39.71 | 34.81 | 34.20 | | EPS- 最新摊薄（元 / 股） | 0.28 | ...