证券研究报告 | 2025年07月11日 汽车行业 2025 年 7 月投资策略 优于大市 新品密集上市有望提振板块景气度，建议关注财报行情 销量跟踪：根据乘联会，2025 年 6 月全国乘用车市场零售 208.4 万辆，同比 增长 18.1%，环比增长 7.6%，1-6 月累计零售 1090.1 万辆，同比增长 10.8%； 6 月新能源乘用车市场零售 111.1 万辆，同比增长 29.7%，环比增长 8.2%； 1-6 月累计零售 546.8 万辆，增长 33.3%；上险数据看，6 月（6.2-6.29）国 内乘用车累计上牌 195.79 万辆，同比+18.4%；其中新能源乘用车累计上牌 103.71 万辆，同比+30.7%。 本月行情：6 月 CS 汽车板块下跌 0.13%，其中 CS 乘用车下跌 2.34%，CS 商用车下跌 0.25%，CS 汽车零部件上涨 0.92%，CS 汽车销售与服务上涨 1.42%，CS 摩托车及其它上涨 6.72%，同期沪深 300 指数上涨 2.5%，上 证综合指数上涨 2.9%，CS 汽车板块跑输沪深 300 指数 2.63pct，跑输上 证综合指数 3.03pct；汽 ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-047 宁波均胜电子股份有限公司 关于控股股东、董事及高级管理人员增持 股份进展暨增持时间过半的公告 本公司董事会、全体董事及相关股东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： 已披露增持计划情况：宁波均胜电子股份有限公司（以下简称"均胜电 子"或"公司"）于2025年4月11日披露了《均胜电子关于控股股东、董事及高 级管理人员增持公司股份计划的公告》（公告编号：临2025-029），基于未来战 略规划、发展前景的信心以及对公司投资价值的认可，公司控股股东均胜集团有 限公司（以下简称"均胜集团"）、公司董事及高级管理人员计划自2025年4月 11日起6个月内，通过上海证券交易所交易系统集中竞价交易的方式，以自有资 金或自筹资金增持公司A股股票。其中，均胜集团预计累计增持金额不低于人民 币5,000万元且不高于人民币10,000万元；公司董事、高级管理人员预计合计增 持金额为人民币1,000万元（以下简称"本次增持计划"）。 增持计划的实施进展情况：截至本公告披露 ...

Core Viewpoint - Zhiyuan Robotics plans to go public through a reverse merger, potentially becoming the first humanoid robot company listed on the A-share market, marking a significant milestone in the industry [1] Group 1: Company Developments - Zhiyuan Robotics will acquire a 63.62% stake in Shangwei New Materials, becoming its controlling shareholder [1] - If the transaction is successful, Zhiyuan Robotics will be the first intelligent enterprise on the Sci-Tech Innovation Board and the "first stock of humanoid robots" [1] - The company has established three major robot families: Expedition, Elf, and Lingxi, positioning itself among the leading domestic humanoid robot startups [1] Group 2: Strategic Partnerships - In April, Junsheng Group signed a strategic cooperation agreement with Zhiyuan Robotics to collaborate on technology research and development, product application, and market expansion [2] - Junsheng Group's three listed companies, Junpu Intelligent, Junsheng Electronics, and Xiangshan Co., have also signed strategic cooperation agreements with Zhiyuan Robotics [2] - A joint venture, Ningbo Puzhi Future Robot Co., was established between Junpu Intelligent and Zhiyuan Robotics to co-develop, produce, and sell general humanoid robots [2] Group 3: Collaborative Efforts - Junsheng Electronics and Zhiyuan Robotics will focus on core technology breakthroughs related to the robot's "big and small brains" and key components [2] - Xiangshan Co. and Zhiyuan Robotics will collaborate on the research and supply chain coordination of key robot components [2] - A strategic cooperation agreement was signed between Ningbo Huaxiang, Xiangshan Industrial Investment, and Zhiyuan Robotics to enhance collaboration in various areas, including joint ventures and overseas business expansion [2] Group 4: Market Expansion - Jiangsu Leili is actively expanding its market for robot components and has recognized its subsidiary Dingzhi Technology as an excellent partner of Zhiyuan Robotics [2] - Other listed companies, including Ruantong Power, Dongyang Sunshine, Fulian Precision, Lens Technology, Wolong Electric Drive, Bozhong Precision, and Dafeng Industrial, have also formed joint ventures with Zhiyuan Robotics [2]

Group 1 - The Shanghai Intelligent Transportation Index (H50035) rose by 0.66% to 1722.24 points, with a trading volume of 7.249 billion yuan [1] - Over the past month, the index has increased by 0.09%, decreased by 2.10% over the last three months, and has risen by 2.03% year-to-date [1] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures during the urbanization process, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten holdings of the Shanghai Intelligent Transportation Index include SAIC Motor (10.32%), Huayu Automotive (9.49%), Aerospace Electronics (9.01%), Hongfa Technology (8.87%), and others [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with industrial (30.40%), consumer discretionary (30.09%), information technology (27.24%), and communication services (12.27%) sectors represented [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Core Viewpoint - The company, Junsheng Electronics, has achieved significant growth and global presence in the automotive parts industry, with a record order intake and plans for an IPO in Hong Kong to enhance its international capital platform [1][12]. Group 1: Business Performance - In 2024, Junsheng Electronics reported a revenue of 55.86 billion, with new orders reaching 83.9 billion, marking a 13.8% increase from 73.7 billion in 2023 [3]. - The company’s net profit attributable to shareholders increased by 27.7% to 1.28 billion, showcasing a robust performance despite market fluctuations [8]. - The gross profit margin improved by 1.8 percentage points to 16.3%, driven by the automotive safety and electronics segments [8]. Group 2: Strategic Advantages - Junsheng Electronics has a strong order reserve, with over 55% of new orders coming from the new energy sector, providing a solid performance cushion for the next 3-5 years [3]. - The company ranks fourth globally in the intelligent cockpit domain and is the second-largest supplier in automotive safety, benefiting from high technical and compliance barriers [4]. - The company is expanding into the robotics sector, leveraging its automotive technology to create a new growth avenue [5]. Group 3: Globalization and Market Position - In 2024, 76% of the company’s revenue came from overseas markets, supported by a network of 19 R&D centers and over 50 production bases worldwide [6]. - The company’s strategic restructuring in Europe aims to optimize costs and enhance long-term profitability, despite short-term impacts on net profit [9][10]. - Junsheng Electronics is positioned to capitalize on the global shift towards intelligent automotive solutions, enhancing its competitive edge [12]. Group 4: Future Prospects - The upcoming IPO in Hong Kong is expected to provide necessary capital for expanding production bases in Southeast Asia and developing cloud supply chain systems [13]. - The company aims to strengthen its brand influence and international identity through the dual listing strategy, enhancing its market position [13]. - Junsheng Electronics is transitioning from a "market for technology" model to a "technology export" strategy, reflecting the evolution of the Chinese automotive supply chain [12].

重要内容提示： | 回购方案首次披露日 | 2024/11/6 | | | | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 12 月 23 日~2025 | 年 | 12 月 22 日 | | 预计回购金额 | 15,000万元~30,000万元 | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | □用于转换公司可转债 | | | | | □为维护公司价值及股东权益 | | | | 累计已回购股数 | 1,143.438万股 | | | | 累计已回购股数占总股本比例 | 0.8117% | | | | 累计已回购金额 | 19,341.838256万元 | | | | 实际回购价格区间 | 14.08元/股~20.79元/股 | | | 一、回购股份的基本情况 证券代码：600699 证券简称：均胜电子 公告编号：临 2025-046 宁波均胜电子股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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 ...

Core Insights - The "2025 Global Automotive Supply Chain Core Enterprise Competitiveness White Paper" was released, highlighting the performance of automotive parts companies, particularly those from China, amidst a challenging global market [1][2]. Group 1: Global Automotive Supply Chain Rankings - In the 2025 global automotive supply chain top 100 list, the number of Chinese companies increased by 4 to a total of 17, marking a historical high [2]. - New entrants to the list include Sailun Group, Desay SV, Tuopu Group, and Ningbo Huaxiang [2][3]. - Sailun Group's overseas revenue reached 23.81 billion yuan, accounting for 75% of total revenue, driven by its global strategy and product innovation [2]. Group 2: Company Performance - Desay SV reported a 26% year-on-year revenue growth in 2024, with its smart cockpit business contributing 66% of total revenue [2]. - Tuopu Group achieved a revenue of 26.6 billion yuan, ranking 95th globally, with a 35% year-on-year growth attributed to product line expansion and customer structure optimization [3]. - Ningbo Huaxiang's revenue reached 26.32 billion yuan, with over 50% growth in its independent brand business [3]. Group 3: Challenges in the Global Market - Despite the growth of Chinese companies, global automotive parts sales generally declined due to stagnation in global vehicle sales and unmet expectations for electric vehicle penetration [3]. - Bosch maintained its top position for the 14th consecutive year, but its revenue fell by 21.53 billion yuan in 2024 [4]. - Major international suppliers like Continental and ZF also experienced revenue declines, with ZF's automotive business revenue dropping by 50.43 billion yuan [4]. Group 4: Profitability of Chinese Companies - Chinese automotive parts companies reported the highest profit margins globally, with an EBITDA margin of 5.7%, outperforming Europe and South Korea [5]. - For instance, CATL's revenue decreased by 32.25 billion yuan, yet its net profit increased by 15% to 50.745 billion yuan, reflecting a profit margin improvement to 14% [5].

Core Viewpoint - Ningbo Joyson Electronic Corp's controlling shareholder, Joyson Group, has released a notice regarding the release of share pledges, indicating a reduction in pledged shares and a stable ownership structure [1][2]. Group 1: Shareholding and Pledge Details - Joyson Group holds 518,787,401 shares of the company, accounting for 36.83% of the total share capital [1]. - Before the release of pledges, Joyson Group had pledged 330,473,996 shares, which represented 63.70% of its holdings and 23.46% of the company's total shares [1]. - After the release of pledges, the total number of pledged shares by Joyson Group is reduced to 119,723,996, which is 21.60% of its holdings and 8.50% of the company's total shares [1][2]. Group 2: Release of Pledges - Joyson Group has released a total of 210,750,000 shares from pledge, which constitutes 40.62% of the pledged shares and 14.96% of the company's total shares [2]. - The release of shares includes 70,000,000 shares from Zheshang Bank and 30,000,000 shares from China Construction Bank, both on June 24, 2025 [2]. - Following the release, Joyson Group has no plans for subsequent pledges of these shares [2]. Group 3: Overall Pledge Situation - The combined shareholding of Joyson Group and its concerted actor, Wang Jianfeng, amounts to 554,224,360 shares, representing 39.34% of the total share capital [3]. - The cumulative pledge ratio for Joyson Group and Wang Jianfeng is 21.60% of their total holdings and 8.50% of the company's total shares [3].

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-045 本次解质后，均胜集团剩余被质押股份数量为 119,723,996 股，占其所持股 份比例为 23.08%，占公司总股本比例为 8.50%。本次均胜集团解质股份暂无后续 质押的安排，其股份质押情况后续如有变动，公司将根据相关法律法规要求及时 履行信息披露义务。 宁波均胜电子股份有限公司（以下简称"公司"或"本公司"）控股股东 均胜集团有限公司（以下简称"均胜集团"）持有公司股份数量为 518,787,401 股，占公司总股本的比例为 36.83%。本次解质前，均胜集团持有的本公司股份 累计质押数量为 330,473,996 股，占其持股数量的比例为 63.70%，占公司总股 本的比例为 23.46%。本次解质后，均胜集团持有的本公司股份累计质押数量为 119,723,996 股，占其持股数量的比例为 23.08%，占公司总股本的比例为 8.50%。 均胜集团及其一致行动人王剑峰先生合计持有公司股份数量为 554,224,360 股，占公司总股本的比例为 39.34%。本次解质前，均胜集团及王剑 峰先生合计持有的本公司股份累计质押数量为 ...

Group 1 - The core viewpoint of the articles highlights that Junsheng Electronics is a leader in smart cockpits, smart driving, new energy management, and automotive safety systems, with a strong growth trajectory in new orders for 2024 [1][2] - Junsheng Electronics has secured new projects in automotive safety with a total lifecycle value of approximately 57.4 billion yuan, marking a historical high, and has exceeded expectations in the Chinese, Asia-Pacific, and European markets, particularly regaining large-scale orders from Japanese clients [1] - The company is expanding its production capacity, with the first phase of its new automotive safety base in Hefei completed and operational by the second half of 2023, expected to achieve an annual production capacity of 4 million steering wheels and 10 million airbags [1] Group 2 - Junsheng Electronics has received multiple high-level advanced driver assistance orders from a well-known domestic automaker, providing advanced intelligent driving domain controller solutions [2] - The company is entering the robotics sector, positioning itself as an "automotive + robotics Tier 1" supplier, leveraging its automotive technology and global customer base to offer hardware and software solutions to intelligent robotics manufacturers [2] - According to Tianfeng Securities, Junsheng Electronics is expected to benefit from the growing demand for smart driving and humanoid robots, with projected revenues of 64.51 billion yuan, 71.63 billion yuan, and 78.82 billion yuan from 2025 to 2027, and net profits of 1.565 billion yuan, 1.877 billion yuan, and 2.299 billion yuan respectively, with a target price of 27.75 yuan [2]