Group 1 - The core viewpoint of the report is that Junsheng Electronics is positioned as a leading Tier 1 supplier in the smart automotive sector and is expanding into the robotics industry, with a buy rating and a target price of 27.75 yuan [1][4] - Junsheng Electronics is a global leader in automotive electronic solutions and safety solutions, having been listed on the Shanghai Stock Exchange in 2011 and acquiring multiple companies to enhance product development [2][4] - The company has achieved a record high of approximately 57.4 billion yuan in new automotive safety business orders for 2024, with significant growth in China, Asia-Pacific, and Europe, particularly regaining large-scale orders from Japanese clients [3][4] Group 2 - Junsheng Electronics is expanding its production capacity with the completion of its new automotive safety manufacturing base in Hefei, which is expected to produce 4 million steering wheels and 10 million airbags annually [3][4] - The company is collaborating with Momenta to integrate their technology resources for advanced intelligent driving solutions, having secured multiple contracts with a well-known domestic automotive brand [3][4] - The company forecasts revenues of 645.12 billion yuan, 716.32 billion yuan, and 788.18 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 15.65 billion yuan, 18.77 billion yuan, and 22.99 billion yuan, corresponding to a PE ratio of 25X in 2025 [4][6]

公司报告 | 首次覆盖报告 均胜电子（600699） 证券研究报告 国内领先智能汽车 Tier1，机器人打开新增长点 均胜电子是全球领先的汽车电子解决方案和汽车安全解决方案提供商。 公司于 2011 年在上交所上市，先后续收购多家企业助力自身产品研发； 在 2021 年成立智能汽车科技研究院和先进新能源研究院进行创新研究； 目前，均胜电子已经在智能座舱、智能驾驶、新能源管理和汽车安全系统 上占据全球领先地位，并逐步将汽车业务优势延伸至机器人领域。 抓住新订单规模增长势头，稳步推进安全业务产能深化。 24 年汽车安全业务新获定点项目的全生命周期金额约 574 亿元，规模创 历史新高，中国、亚太、欧洲区业务超出预期，市场地位持续增长，尤其 是在日本区域重新获得日系客户规模化订单。同时公司也在积极扩充产能， 公司汽车安全合肥新产业基地第一期项目已于 2023 年下半年正式完工 投产，该智能制造基地包括研发中心、测试验证实验室、乘用车方向盘以 及安全气囊生产中心等，全部建成后预计将实现方向盘 400 万件/年，安 全气囊 1,000 万件/年的产能。 公司逐渐扩大自身生态圈，斩获智驾订单。 基于目前的芯片平台，公司将 ...

Core Viewpoint - Junsheng Electronics, known as the "Merger King," is pursuing a listing in Hong Kong after significant global expansion through acquisitions, but faces financial pressures and declining profitability [1][11]. Group 1: Company Overview - Junsheng Electronics was established in 2004 and entered the A-share market in 2011 through a reverse merger [2]. - The company has grown into a leading provider of smart automotive technology solutions, with total assets reaching 67.038 billion yuan as of the first quarter of this year [1][6]. - The company has completed a series of high-profile acquisitions, including the purchase of German PREH and Japanese Takata, significantly expanding its global footprint [2][3][4]. Group 2: Financial Performance - From 2011 to 2017, Junsheng's revenue increased from 1.462 billion yuan to 26.606 billion yuan, a growth of over 17 times, while net profit grew only 1.6 times [7]. - In 2021, the company reported a rare loss of 3.753 billion yuan, largely due to goodwill impairment [8][9]. - The company's revenue and net profit have shown significant volatility since 2019, with 2024 projections indicating continued financial strain [8][10]. Group 3: Debt and Dividend Policy - As of the first quarter of this year, Junsheng Electronics had approximately 7.239 billion yuan in goodwill and a debt-to-asset ratio of 69.83% [10]. - The company has maintained a cash dividend policy, distributing a total of 863 million yuan in dividends from 2022 to 2024, with an average payout ratio exceeding 30% [11].

摘要 均胜电子 20250611 Q&A 计划投资两个亿，首期安排生产场地 2000 平方米，设计产能为每年 1,000 台 人形机器人和轮式机器人的产能。这将成为宁波首家大规模量产机器人的研发 制造企业。 均胜集团旗下三家上市公司均涉及机器人相关业务，但各自定位明 确。其中均胜电子主要做机器人的核心零部件，可以作为 TIER one 供应商提 供人形机器人总成类环节，也可以作为 TIER two 供应核心零部件产品；均普 智能侧重于产线搭建及组装生产；香山股份则刚刚并表在均胜电子下。在具体 产品方面，均胜电子主要分为四类：客户的大总成产品、特定传感器如 IMU 惯 导传感器及六维力传感器、机器人的域控以及连接机架壳体的电池管理系统 （BMS）。这些产品已开始与国内客户如智源、银河通用合作，并展示了六维 力传感器、惯导传感器等解决方案。 均胜电子在汽车安全领域的发展情况如何？ 均胜电子在汽车安全领域市占率全球第二，是行业龙头企业。经过多年的整合， 公司安全业务经营能力显著改善，一方面新增订单超过收购前水平，有望回归 增长轨道；另一方面盈利能力逐步改善并贡献持续性利润增量。今年（2025 年）的扣非利润预计约 ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-044 宁波均胜电子股份有限公司 关于参与设立私募股权投资基金暨对外投资 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法律责任。 一、参与设立私募股权投资基金情况概述 3、托管人名称：招商银行股份有限公司 4、备案编码：SAZA02 三、风险提示 公司将密切关注基金的后续进展情况，按照有关法律法规的规定和要求，及 时履行信息披露义务。敬请广大投资者注意投资风险。 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）于 2024 年 11 月 29 日召开第十一届董事会第二十七次会议，审议通过了《关于参与设立 私募股权投资基金暨对外投资的议案》，同意公司全资子公司宁波均智汽车科技 有限公司（以下简称"均智科技"）拟与招商致远资本投资有限公司（以下简称 "招商致远资本"）、宁波市甬元投资基金有限公司（以下简称"甬元投资"）以 及宁波市高科创业投资有限公司（以下简称"高科创投"）共同设立宁波甬元高 投均胜致远股权投资合伙企业（有限合伙）（以下简称"本基金" ...

Overview - The automotive safety belt is a standard component in every vehicle, and the demand for automotive safety belts in China is continuously growing due to the steady increase in automobile production and sales, as well as the rising importance of automotive safety regulations [1][10] - In 2024, the sales revenue of China's automotive safety belt market is projected to reach 87.32 billion yuan, representing a year-on-year growth of 5.92%, with the automotive manufacturing market accounting for over 90% of this revenue [1][10] Market Policies - The Chinese government has issued several policies to support the development of the automotive parts industry, including those focused on enhancing manufacturing reliability and promoting high-quality development in the automotive sector [3][5] - These policies create a favorable environment for the growth of the automotive safety belt industry [3] Industry Chain - The automotive safety belt industry consists of upstream suppliers of raw materials (such as polyester and polypropylene), midstream manufacturers of safety belts, and downstream markets including automotive manufacturing and aftermarket services [6] Current Development - The automotive market in China has seen rapid growth, with production and sales figures for the first quarter of 2025 reaching 7.561 million and 7.47 million vehicles, respectively, indicating a year-on-year increase of 14.5% and 11.2% [8] - This growth in the automotive market provides significant opportunities for the automotive safety belt industry [8] Competitive Landscape - The automotive safety belt industry has high technical requirements and significant capital investment, resulting in high entry barriers and market concentration [12] - International brands like Autoliv and Bosch dominate the high-end market, while domestic companies such as Junsheng Electronics and Songyuan Safety are increasing their competitiveness through innovation [12][14] Representative Domestic Companies - Junsheng Electronics is a leading global automotive electronics and safety supplier, with projected total revenue of 55.86 billion yuan in 2024, of which 38.62 billion yuan comes from automotive safety systems [14][16] - Songyuan Safety is a prominent supplier of passive safety systems in China, with total revenue of 1.971 billion yuan in 2024, and 1.264 billion yuan from automotive safety belt assembly [16] Development Trends - Future trends indicate that safety belts will integrate with intelligent vehicle systems, enhancing safety features such as driver fatigue monitoring and collision warnings [18] - There is also a growing demand for lightweight materials to improve vehicle efficiency, particularly in the context of electric vehicles [18]

Overview of the Investment Fund - Ningbo Joyson Electronic Corp. has approved an investment of RMB 300 million by its wholly-owned subsidiary, Ningbo Joyson Automotive Technology Co., Ltd., to participate in the establishment of the Service Trade Innovation Development Guidance Fund Phase II, accounting for 3% of the total capital contribution of the fund [1][15]. Partnership Agreement - The partnership aims to enhance the development of innovative service trade mechanisms and digital trade, leveraging fiscal funds to attract social capital for supporting service trade innovation and promoting new business models in foreign trade [3]. - The partnership has a maximum duration of 15 years, starting from the date of registration [4]. Contribution and Management - All partners will contribute in cash, with contributions made in installments as per the fund's investment needs [5]. - The fund will be managed by the general partner, China Merchants Capital Management (Beijing) Co., Ltd., which will execute partnership affairs [7]. Investment Objectives and Strategies - The fund's investment targets include increasing capital or establishing investments in private equity funds related to service trade and digital trade, as well as directly investing in relevant enterprises [9]. - Investments will be made through equity or equity-related debt instruments [10]. Financial Management - The distribution of profits and losses will be proportional to the actual contributions made by each partner, with a structured order for profit distribution [11][12].

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-043 宁波均胜电子股份有限公司 关于与专业投资机构合作参与投资设立产业基金 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法律责任。 一、参与投资设立产业基金情况概述 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）于 2024 年 12 月 31 日召开第十一届董事会第三十次会议，审议通过了《关于参与投资设 立服务贸易创新发展引导基金二期（有限合伙）暨对外投资的议案》，同意公司 全资子公司宁波均智汽车科技有限公司（以下简称"均智科技"）以人民币 3 亿 元参与投资服务贸易创新发展引导基金二期（有限合伙）（暂定名，具体名称以 工商行政管理机构核定名称为准，以下简称"服贸二期基金"、"本基金"或"合 伙企业"）的发起设立，参与投资金额占服贸基金二期出资总额的 3%。招商局资 本管理（北京）有限公司（以下简称"招商局资本（北京）"）为本基金的普通合 伙人、执行事务合伙人，并担任本基金的基金管理人。 详情请参见公司在上海证券交易所（https://ww ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-043 宁波均胜电子股份有限公司 关于与专业投资机构合作参与投资设立产业基金 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法律责任。 一、参与投资设立产业基金情况概述 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）于 2024 年 12 月 31 日召开第十一届董事会第三十次会议，审议通过了《关于参与投资设 立服务贸易创新发展引导基金二期（有限合伙）暨对外投资的议案》，同意公司 全资子公司宁波均智汽车科技有限公司（以下简称"均智科技"）以人民币 3 亿 元参与投资服务贸易创新发展引导基金二期（有限合伙）（暂定名，具体名称以 工商行政管理机构核定名称为准，以下简称"服贸二期基金"、"本基金"或"合 伙企业"）的发起设立，参与投资金额占服贸基金二期出资总额的 3%。招商局资 本管理（北京）有限公司（以下简称"招商局资本（北京）"）为本基金的普通合 伙人、执行事务合伙人，并担任本基金的基金管理人。 详情请参见公司在上海证券交易所（https://ww ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-042 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法律责任。 重要内容提示： 二、回购股份的进展情况 根据《上市公司股份回购规则》、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，在回购股份期间，公司应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将 2025 年 5 月以及截至 2025 年 5 月 31 日回购股份的进展情况分别公告如下： 2025 年 5 月，公司通过上海证券交易所交易系统以集中竞价交易方式累计回 购公司股份数量为 81,000 股，占公司总股本的比例约为 0.0057%，最低成交价为 人民币 17.75 元/股，最高成交价为人民币 17.81 元/股，已支付的资金总额为人 民币 1,439,991 元（不含交易费用）。 截至 2025 年 5 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购公司股份的数量为11 ...