Core Viewpoint - Recently, Joyson Electronics (均胜电子) has increased its registered capital from approximately 1.41 billion RMB to about 1.55 billion RMB, marking an increase of approximately 10% [1]. Company Information - Joyson Electronics was established in August 1992 and is legally represented by Wang Jianfeng. The company's business scope includes mold design, manufacturing, processing, manufacturing project investment, and import-export of goods and technology [1][3]. - The company is a publicly listed entity and operates in the electronic device manufacturing sector [3]. Shareholder Information - The shareholders of Joyson Electronics include Joyson Group Limited, Hong Kong Central Clearing Limited, and Wang Jianfeng among others [1][4]. - The major shareholders hold the following percentages: Joyson Group Limited (37.31%), Hong Kong Central Clearing Limited (6.66%), and Wang Jianfeng (2.54%) [4].

Core Viewpoint - Junsheng Electronics has increased its registered capital by approximately 10%, from about 1.41 billion RMB to about 1.55 billion RMB, indicating growth and potential for further investment opportunities [1] Company Information - Junsheng Electronics Co., Ltd. was established in August 1992 and is represented by Wang Jianfeng [1] - The company's business scope includes mold design, manufacturing, processing, manufacturing project investment, and import and export of goods and technology [1] - Shareholder information reveals that the company is jointly held by Junsheng Group Co., Ltd., Hong Kong Central Clearing Limited, and Wang Jianfeng [1]

Investment Highlights - The SW auto parts index increased by 0.34% this week, ranking 4th among SW automotive sectors, with a year-to-date increase of 3.20% [3][14] - The latest PE (TTM) for SW auto parts is at the 83.10% historical percentile, while the PB (LF) is at the 77.55% historical percentile [3][35] - The Wande robot index decreased by 0.21% this week, with a year-to-date increase of 0.27%, underperforming the SW auto parts sector by 0.55% [4][14] - The latest PE (TTM) for the Wande robot index is at the 67.47% historical percentile, and the PB (LF) is at the 77.11% historical percentile [4][44] Key Stock Movements - The top five gainers this week are: - Yinchuan Co., Ltd. +17.13% - Xingyu Co., Ltd. +8.65% - Daimai Co., Ltd. +6.67% - Yap Co., Ltd. +3.71% - Ruima Precision +2.74% [6][51] Major Events - On February 4, Elon Musk publicly praised Optimus again - On February 8, Zhiyuan will host the world's first large-scale robot gala [7][45] Core Coverage Changes - Xinquan announced a $100 million investment in Bayern Xinquan and the establishment of subsidiaries in Malaysia and Kaifeng - Precision Forging Technology established a subsidiary in Germany [8][54] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value sectors to increase ASP, with a priority on potential leading companies in Europe, North America, and Southeast Asia [9][56] - For robots, seek certainty in opportunities, with Musk stating that Optimus V3 is expected to be released in Q1 2026, and monitor the order timeline and application deployment by domestic companies like Xiaopeng, Yushu, and Zhiyuan [9][56]

Summary of Conference Call on China Autos & Shared Mobility Industry Overview - The focus is on the integration of smart-driving and cockpit functionalities within the automotive industry, particularly in China. This integration is expected to accelerate significantly in the next 6-12 months due to advancements in VLA (vision-language-action) models and a pressing need for cost savings [1][2]. Key Insights 1. **Integration of Smart Systems**: The integration of smart cockpit and smart driving systems is anticipated to reach a new level, with penetration rates of approximately 80% for smart cockpits and 60% for smart driving (L2 and above) in China by 2025. This shift is driven by the synergy between these systems, increased AI computing needs, and OEMs' focus on cost savings [2][3]. 2. **Cost Savings from Integration**: Integrating cockpit and driving functions onto a single SoC (System on Chip) could yield cost savings of Rmb2-3k per vehicle by eliminating the need for separate hardware components. This integration is expected to make advanced features accessible in vehicles priced below Rmb150k [10][11]. 3. **Technological Advancements**: The automotive industry is witnessing rapid technological upgrades, with chip processes advancing from 7nm to 5nm and below. This is crucial for meeting the higher computing power demands of L3 autonomous driving systems, which require onboard computing power ranging from 700 to 2250 TOPS [4]. 4. **Market Dynamics**: Companies like Horizon Robotics are positioned to benefit from this trend, provided they can compete effectively with established players like Nvidia in the SoC market. However, this integration poses risks for tier-one DCU makers, as it may lead to a decrease in the value content of their products [11][16]. Additional Considerations - **Supplier Landscape**: Key suppliers and OEMs adopting integrated smart cockpit and driving solutions are highlighted, indicating a shift in the competitive landscape within the industry [11]. - **Risks**: Potential risks include slower-than-expected adoption of ADAS/AD technologies, supply chain disruptions, and successful in-house hardware design initiatives by OEMs [18]. Conclusion The automotive industry in China is on the brink of significant transformation with the integration of smart-driving and cockpit functionalities. This shift is driven by technological advancements, cost-saving measures, and changing market dynamics, presenting both opportunities and risks for stakeholders involved.

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 公司名稱: 寧波均勝電子股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00699 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 155,100,000 | RMB | | 1 RMB | | 155,100,000 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 155,100,000 | RMB | | 1 RMB | | 155,100,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 ( ...

Group 1 - The Shanghai government has launched the "Mosu Zhixing" action plan aiming for large-scale implementation of high-level autonomous driving scenarios by 2027, emphasizing "cross-domain connectivity" and "scene integration" [1] - The focus of autonomous driving development has shifted from mere vehicle intelligence to a spatial service network deeply integrated with urban functions [1] Group 2 - Citic Securities notes that Tesla's FSD V14 may have reached near Level 4 autonomy, with expectations for a relaxed regulatory environment, making 2026 a potential year for commercializing autonomous driving [2] - The industry is undergoing a paradigm shift, moving from "transportation technology validation" to "scaled scene services and sustainable operations" [2][3] - Nvidia's launch of the "Alpamayo" platform aims to accelerate the development of autonomous vehicles and support new-generation robots, indicating a shift towards a composite model of "space services + high-frequency operations" [2] Group 3 - The competitive landscape is evolving from a focus on "chip-algorithm-data" self-research to an ecosystem collaboration, with Nvidia's open-source approach lowering R&D barriers for second-tier automakers and tech companies [3] - Companies like PIX are exemplifying new business models by launching commercial operations such as the "WonderLoop" project, which integrates smart transportation into urban infrastructure [3] Group 4 - The changing industry dynamics are leading to a revaluation in the capital markets, with companies like Joyson Electronics being recognized for their role in integrating open-source models into production [4] - Joyson Electronics has seen its market value increase from 24 billion on January 28, 2025, to 44 billion on January 28, 2026, reflecting market recognition of its upgraded positioning as "automotive + robotics Tier 1" [4] Group 5 - The competition in the second half of the autonomous driving sector will hinge on understanding specific scenarios, building sustainable business models, and enhancing collaborative efficiency within the open industry ecosystem [5][6] - Innovative companies like PIX are focusing on "urban robots" to avoid saturated competition, leveraging modular chassis for flexible configurations and efficient integration into the open industry ecosystem [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.35 billion yuan in 2025, representing a year-on-year increase of 40.6%. The net profit after deducting non-recurring items is projected to be 1.5 billion yuan, up 17.0% year-on-year [2][5]. - The company benefits from a diverse customer base and the continuous conversion of new orders, leading to steady revenue growth. With ongoing supply chain optimization and improved operational efficiency, the company's profitability is expected to enhance [2][11]. - The company plans to extend its advantages in R&D, products, technology, high-end manufacturing, and customer relationships from the automotive sector into the robotics field, establishing a dual-track strategy of "Automotive + Robotics Tier 1" to unlock new growth points [2][11]. Financial Projections - The projected total revenue for 2025 is 60.919 billion yuan, with a gross profit of 10.748 billion yuan, resulting in a gross margin of 18% [16]. - The expected net profit for 2025 is 1.35 billion yuan, with projections of 1.76 billion yuan in 2026 and 2.13 billion yuan in 2027, corresponding to price-to-earnings ratios of 33.5X, 25.7X, and 21.1X respectively [11][16].

这份成绩不仅是公司深耕汽车智能化领域的成果，更是其布局"A+H"双资本平台、开拓 机器人 新赛道 后，迎来的业绩与战略发展双丰收。 值得关注的是，2025年公司在智能驾驶核心领域斩获超200亿元量产订单，机器人业务也实现从技术布 局到量产落地的关键突破，双赛道驱动的发展格局已然成型。 智驾业务成业绩支柱 全球 汽车电子 龙头 均胜电子 （600699.SH，00699.HK）交出2025年亮眼业绩答卷，同时在新赛道加速 突破。 近日，均胜电子发布2025年度业绩预告，预计2025年实现归母净利润约13.5亿元，同比增长约40.56%； 扣非净利润约15亿元，同比增长约17.02%。 掘金机器人新赛道 在巩固智能驾驶主业优势的同时，均胜电子率先开启"汽车+机器人Tier1"双赛道发展模式，将汽车领域 数十年的研发制造经验、车规级可靠性标准与成熟供应链体系，成功向机器人行业延伸，2025年该业务 实现实质性突破，迈入产业化发展新阶段。 公司专门成立全资子公司宁波均胜 具身智能 机器人有限责任公司，明确机器人Tier1的战略定位，搭建 起完善的机器人关键部件解决方案体系，推出的AI头部总成、全域控制器总成等产品矩阵 ...

Investment Rating - The report maintains a "Buy" rating for Junsheng Electronics, with a target price of 35.38 CNY [5][12]. Core Insights - Junsheng Electronics forecasts a net profit attributable to shareholders of approximately 1.35 billion CNY for 2025, representing a year-on-year increase of over 40% [2][12]. - The company's strategic upgrade to "Automotive + Robotics Tier 1" is expected to leverage its R&D and manufacturing experience in the automotive sector to expand into the robotics industry, potentially opening a new growth curve [2][12]. - The automotive intelligence sector has seen significant breakthroughs, with over 20 billion CNY in orders received for products related to intelligent driving and cockpit integration [12]. Financial Summary - Total revenue is projected to grow from 55.73 billion CNY in 2023 to 68.34 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 5.2% [4][14]. - Net profit attributable to shareholders is expected to increase from 1.08 billion CNY in 2023 to 2.27 billion CNY in 2027, reflecting a CAGR of about 20.1% [4][14]. - The earnings per share (EPS) is forecasted to rise from 0.70 CNY in 2023 to 1.46 CNY in 2027 [4][14]. Order and Business Development - The company has secured a total order value of approximately 714 billion CNY globally in the first three quarters of 2025 [12]. - The human-shaped robotics business is anticipated to create a new growth trajectory, with partnerships established with several overseas robotics companies [12].

Core Viewpoint - The company expects a significant increase in net profit for 2025, projecting approximately 1.35 billion yuan, a year-on-year increase of 40.56%, and a non-net profit of about 1.5 billion yuan, a year-on-year increase of 17.02% [2] Financial Performance - In Q4 2025, the net profit attributable to the parent company was 230 million yuan, a year-on-year increase of 1,109.26%, but a quarter-on-quarter decrease of 44.32%. The non-net profit was 378 million yuan, a year-on-year increase of 10.79% and a quarter-on-quarter decrease of 9.28% [4] - The year-on-year increase in net profit is primarily due to the restructuring and integration efforts in the European region and the reduction of personnel, which resulted in one-time restructuring costs [4] - The steady growth in non-net profit is attributed to various profit improvement and business integration measures implemented globally, leading to a recovery in overseas business profitability [4] Strategic Focus - The company has launched a dual-driven strategy of "Automotive + Robotics Tier 1" at the beginning of 2025, focusing on core components of robotics and related assembly solutions [5] - The company provides key components such as control units, energy management modules, and high-performance materials for global automotive and robotics companies, with successful collaborations with major domestic clients [5] Strategic Partnerships - The company signed a strategic cooperation agreement with Sien Intelligent Driving to jointly explore L4 commercial applications and embodied intelligent technology [6] - A jointly developed smart port digital management platform based on "V2X + L4 intelligent driving + intelligent cloud scheduling" has been successfully implemented and is operating stably at Ningbo Port [6] Revenue and Profit Forecast - The company forecasts revenues of 62.25 billion yuan, 64.99 billion yuan, and 68.57 billion yuan for 2025, 2026, and 2027 respectively, with net profits attributable to the parent company projected at 1.35 billion yuan, 1.83 billion yuan, and 2.15 billion yuan for the same years [7][8] - The expected earnings per share (EPS) are 0.87 yuan, 1.18 yuan, and 1.39 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 34, 26, and 22 times [7][8]