Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 13.82 CNY and a target price not specified for the next six months [1]. Core Insights - The company reported a significant recovery in its safety business performance and is deeply engaged in automotive intelligence [2]. - In the first half of 2024, the company achieved a revenue of 27.079 billion CNY, a year-on-year increase of 0.24%, and a net profit attributable to shareholders of 637 million CNY, up 33.91% year-on-year [2]. - The automotive safety business showed a notable recovery, with revenues of 18.765 billion CNY, a slight increase of 0.02% year-on-year, and a net profit of 326 million CNY, a substantial increase of 3416.2% year-on-year [2]. - The company secured new orders totaling approximately 50.4 billion CNY in the first half of 2024, representing a year-on-year increase of 19.4%, with over 60% of these orders related to new energy vehicles [3]. - The company is actively advancing its smart driving and automotive safety solutions, including the development of innovative safety products and participation in industry standards [3]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 27.079 billion CNY, with a gross margin of approximately 15.58%, an increase of 2.14% year-on-year [2]. - The automotive safety segment's gross margin improved to 13.94%, up 3.29% year-on-year, while the automotive electronics segment's gross margin was 19.37%, down 0.5% year-on-year [2]. Business Segments - The automotive safety business generated revenues of 18.765 billion CNY, while the automotive electronics business generated 8.134 billion CNY, a slight decline of 0.22% year-on-year [2]. - The company has implemented cost reduction and efficiency improvement measures, leading to a significant enhancement in overall profitability [2]. Market Position and Strategy - The company has strengthened its partnerships with domestic brands and new energy vehicle manufacturers, with new orders from these sectors accounting for a significant portion of total orders [3]. - The company is focusing on smart vehicle technology, including intelligent cockpit development and V2X product applications, to enhance its competitive edge in the automotive market [3]. Future Outlook - The company forecasts net profits of 1.52 billion CNY, 1.91 billion CNY, and 2.36 billion CNY for 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) of 29.7% [6]. - The earnings per share (EPS) are projected to be 1.08 CNY, 1.36 CNY, and 1.68 CNY for the same years, with corresponding price-to-earnings (PE) ratios of 13, 10, and 8 [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a revenue of 27.079 billion RMB for the first half of 2024, a year-on-year increase of 0.24%, with a gross margin improvement of 2.14 percentage points to approximately 15.58%. The net profit attributable to shareholders was 637 million RMB, up 33.91% year-on-year [2]. - The automotive safety segment showed significant improvement, with revenues of 18.765 billion RMB and a gross margin increase of 3.3 percentage points to about 13.9%. All four major global business regions achieved profitability [2][3]. - The automotive electronics segment's revenue was stable at 8.134 billion RMB, primarily due to sales pressure from German and American automakers, maintaining a gross margin of approximately 19.4% [2]. Summary by Sections Performance Review - In Q2 2024, the company achieved a revenue of 13.801 billion RMB, a year-on-year increase of 0.06% and a quarter-on-quarter increase of 3.94%. The net profit for Q2 was 330 million RMB, reflecting a year-on-year increase of 19.96% and a quarter-on-quarter increase of 7.75% [2]. Business Analysis and Outlook - The automotive safety business is expected to see a mid-term recovery in profitability, supported by a global revenue contribution of 77% from overseas markets, minimal pricing pressure, and improved margins from high-profit domestic orders [3]. - The automotive electronics segment is progressing well, with expected revenue growth from overseas markets and new product developments in smart driving and cockpit control systems [3]. Profit Forecast, Valuation, and Rating - The company is projected to achieve revenues of 57.212 billion RMB, 59.659 billion RMB, and 63.562 billion RMB for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 1.575 billion RMB, 2.284 billion RMB, and 3.007 billion RMB for the same years. The price-to-earnings ratio is forecasted to be 12.5, 8.6, and 6.6 for 2024, 2025, and 2026, respectively [4][6].

伐谋-中小盘信息更新 中 小 盘 研 究 均胜电子（600699.SH） 2024 年 08 月 22 日 安全业务盈利水平修复，新业务布局持续取得突破 ——中小盘信息更新 投资评级：买入（维持） | --- | --- | |--------------------|-------------| | 日期 | 2024/8/21 | | 当前股价(元) | 13.99 | | 一年最高最低(元) | 20.53/12.64 | | 总市值(亿元) | 197.08 | | 流通市值(亿元) | 191.40 | | 总股本(亿股) | 14.09 | | 流通股本(亿股) | 13.68 | | 近 3 个月换手率(%) | 75.97 | | --- | --- | |--------------------------|--------------------------| | 任浪（分析师） | 赵旭杨（分析师） | | renlang@kysec.cn | zhaoxuyang@kysec.cn | | 证书编号：S0790519100001 | 证书编号：S0790523090002 | 公司发布 ...

投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-21 | | 收盘价(元) | 13.99 | | 流通股本(亿股) | 13.68 | | 每股净资产(元) | 9.59 | | 总股本(亿股) | 14.09 | 最近 12 月市场表现 -26% -19% -11% -3% 5% 13% 均胜电子 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 王妍丹 SAC 证书编号：S0160524040002 wangyd01@ctsec.com 相关报告 1. 《业绩超预期，盈利能力稳健提升》 2024-07-30 2. 《单季度毛利率复苏大超预期》 2024-03-29 3. 《Q4 符合预期，与华为、地平线等龙 头深入合作》 2024-01-17 均胜电子(600699) / 汽车零部件 / 公司点评 / 2024.08.22 盈利能力稳定向上，新订单规模增长 证券研究报告 ❖ 事件：均胜电子 8 月 21 日发布半年度报告，公 ...

宁波均胜电子股份有限公司（以下简称"公司"）根据实际经营管理需要， 同时便于投资者、客户及社会公众更好地了解公司信息，对公司网站域名、电子 邮箱进行变更。具体情况如下： 证券代码：600699 证券简称：均胜电子 公告编号：临 2024-050 宁波均胜电子股份有限公司 关于变更公司网站域名及电子邮箱的公告 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。 宁波均胜电子股份有限公司董事会 2024 年 8 月 22 日 1 / 1 | 项目 | 变更前 | 变更后 | | --- | --- | --- | | 网站域名 | https://www.joyson.cn | https://www.joyson.com | | 电子邮箱 | 600699@joyson.cn | 600699@joyson.com | 除上述变更外，公司注册地址、联系电话等其他联系方式保持不变，敬请广 大投资者注意。 特此公告。 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥27,078,625,642.30, representing a 0.24% increase compared to ¥27,014,364,503.23 in the same period last year[13]. - The net profit attributable to shareholders of the listed company reached ¥636,770,313.79, a significant increase of 33.91% from ¥475,508,341.55 in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥638,531,149.32, marking a 61.20% increase from ¥396,121,416.77 year-on-year[13]. - The net cash flow from operating activities was ¥1,869,058,712.15, up 16.05% from ¥1,610,499,983.95 in the same period last year[13]. - The company achieved a revenue of approximately 27.1 billion RMB in the first half of 2024, with the automotive safety business contributing about 18.8 billion RMB and the automotive electronics business contributing about 8.3 billion RMB[14]. - The basic earnings per share rose to 0.45 RMB, representing a year-on-year increase of 28.57%[14]. - The weighted average return on equity increased to 4.65%, up from 3.77% in the same period last year[14]. - The gross margin for the main business improved by 2.14 percentage points year-on-year to approximately 15.58%, with net profit attributable to shareholders reaching about 637 million RMB, showing significant growth[23]. Market Trends - In the first half of 2024, global light vehicle sales reached approximately 42.35 million units, a year-on-year increase of about 2.3%[17]. - In China, the automotive industry saw production and sales of 13.89 million and 14.04 million units respectively, with year-on-year growth of 4.9% and 6.1%[17]. - New energy vehicle sales in China reached 4.93 million units, marking a year-on-year increase of 32% and a market share of 35.2%[17]. Research and Development - R&D investment totaled approximately 1.7 billion RMB in the first half of 2024, focusing on key technology areas such as intelligent driving and smart cockpit[24]. - The company is actively developing new technologies such as UWB for digital keys and ADAS L2 Smart Camera, expanding its product offerings in intelligent driving and smart cockpit areas[22]. - The company has adjusted its R&D personnel structure and investment based on global automotive industry competition, enhancing R&D efficiency and cost-effectiveness[38]. Strategic Initiatives - The company is actively pursuing opportunities in the smart electric vehicle sector, with a focus on cost reduction and efficiency improvement strategies[20]. - The company secured new orders with a total lifecycle value of approximately 50.4 billion RMB in the first half of 2024, with automotive safety business contributing about 39.8 billion RMB and automotive electronics about 10.6 billion RMB[21]. - New orders related to electric vehicles exceeded 30 billion RMB, accounting for over 60% of total new orders, with domestic new orders amounting to approximately 23 billion RMB, representing over 45%[21]. Environmental and Social Responsibility - The company strictly adheres to national and local pollutant discharge standards, with all domestic key pollutant discharge units obtaining discharge permits and complying with relevant standards[60]. - The company is committed to green and low-carbon development, continuously improving energy efficiency and reducing pollutant emissions through various environmental management systems, including ISO 14001[69]. - The company has established effective environmental risk management systems and continuously enhances environmental supervision and management[68]. Financial Position - The total assets at the end of the reporting period were ¥56,777,526,180.21, a slight decrease of 0.19% from ¥56,886,848,139.45 at the end of the previous year[13]. - The net assets attributable to shareholders of the listed company were ¥13,509,050,816.99, down 0.52% from ¥13,579,034,409.23 at the end of the previous year[13]. - The company's cash and cash equivalents increased by 15.14% year-on-year to approximately RMB 5.96 billion, primarily due to strategic investments received and cash dividends paid[40]. Governance and Compliance - The company has made long-term commitments to avoid engaging in competitive businesses that could harm the interests of its shareholders, ensuring operational independence[73]. - The company guarantees the independence of personnel, assets, finance, organization, and business during its operations[75]. - The company will ensure that any related transactions are conducted in compliance with relevant laws and regulations, including the Company Law of the People's Republic of China[78]. Shareholder Information - The largest shareholder, Junsheng Group Co., Ltd., holds 517,457,701 shares, representing 36.73% of the total shares[105]. - The total number of common shareholders as of the end of the reporting period is 90,662[105]. - The total number of restricted shares held by Junsheng Group remained unchanged at 40,616,919 shares[104]. Risk Management - The company has a risk of rising raw material costs, which could impact production costs and profits if not managed effectively[51]. - The company has successfully avoided goodwill impairment in 2024, despite the risks associated with acquisitions[52].

证券代码：600699 证券简称：均胜电子 公告编号：临 2024-047 宁波均胜电子股份有限公司 第十一届董事会第二十次会议决议公告 具 体 内 容 详 见 公司于 2024 年 8 月 22 日 在 上 海 证 券 交 易 所 官 方 网 站 （www.sse.com.cn）披露的《均胜电子2024年半年度报告》。 本议案已经公司董事会审计委员会2024年第三次会议全体委员审议通过，同 意提交董事会审议。 表决结果：9票同意、0票反对、0票弃权。 二、审议并通过了《关于公司2024年上半年募集资金存放与实际使用情况 的专项报告》 详 情 请 参 见 公 司 于 2024 年 8 月 22 日 在 上 海 证 券 交 易 所 官 方 网 站 （www.sse.com.cn）披露的《均胜电子关于公司2024年上半年募集资金存放与实 际使用情况的专项报告》。 表决结果：9票同意、0票反对、0票弃权。 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 ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2024-051 宁波均胜电子股份有限公司 关于会计政策变更的公告 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： 本次会计政策变更为宁波均胜电子股份有限公司（以下简称"公司"） 执行中华人民共和国财政部（以下简称"财政部"）新颁布或修订的企业会计准 则的相关规定，对公司会计政策和相关会计科目核算进行相应的变更和调整，执 行变更后的会计政策能够客观、公允地反映公司的财务状况和经营成果，不会对 公司财务状况、经营成果和现金流量产生重大影响。 一、会计政策变更情况概述 （四）会计政策变更的适用日期 公司自 2024 年 1 月 1 日起执行上述会计准则，对相关的会计政策进行变更。 二、会计政策变更对公司的影响 财政部于 2024 年 3 月发布了《企业会计准则应用指南汇编 2024》，规定保 证类质保费用应计入营业成本。公司执行该规定的主要影响如下： | 2024年半年度（合并） | | | | | --- | --- | --- | --- | | 受影响 ...

投资者可于 2024 年 8 月 30 日（星期五）至 9 月 5 日（星期四）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 8 月 22 日披 露公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况，公司计划于 2024 年 9 月 6 日 13:00-14:30 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 证券代码：600699 证券简称：均胜电子 公告编号：临 2024-049 宁波均胜电子股份有限公司 关于召开2024年半年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： 四、投资者参加方式 一、说明会类型 本次投资者说明会以视频录播结合网络互动形式召开，公司将针对 2024 年 半年度经营成果及财务指标的具体情况与投 ...