Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 35.38 CNY [5][12]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of approximately 1.35 billion CNY in 2025, representing a year-on-year increase of over 40% [2][12]. - The strategic upgrade to "Automotive + Robotics Tier 1" is anticipated to expand the company's R&D and manufacturing expertise from the automotive sector into the robotics industry, potentially opening a new growth curve [2][12]. - The company has secured over 20 billion CNY in orders for automotive intelligent products, covering various domains such as intelligent driving and cockpit integration, indicating strong demand from both domestic and international automotive manufacturers [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]. - The net profit attributable to shareholders is forecasted to increase from 1.08 billion CNY in 2023 to 2.27 billion CNY in 2027, reflecting a significant growth trajectory [4][14]. - The earnings per share (EPS) is expected to rise from 0.70 CNY in 2023 to 1.46 CNY in 2027, indicating a positive outlook for shareholder returns [4][14]. Business Segments - The automotive safety segment is projected to generate revenue of approximately 39.39 billion CNY in 2025, with a gross margin of 16.0% [14]. - The automotive electronics segment is expected to see a slight revenue increase to 16.77 billion CNY in 2025, with a gross margin of 20.7% [14]. - Emerging business segments, particularly in humanoid robotics, are anticipated to experience substantial growth, with revenue expected to increase dramatically in the coming years [12][14].

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 30.04 CNY [5]. Core Insights - The company expects a significant increase in net profit for 2025, projecting approximately 1.35 billion CNY, a year-on-year increase of 40.56%. The non-recurring net profit is expected to be around 1.5 billion CNY, reflecting a 17.02% increase year-on-year [2]. - The company is focusing on a dual-driven strategy of "Automotive + Robotics Tier 1," emphasizing core components and related assembly solutions for both automotive and robotics sectors [11]. - The company has entered into a strategic partnership with a leading autonomous driving firm to jointly explore L4 commercial applications and embodied intelligence technology [11]. Financial Projections - Revenue is projected to grow from 55.86 billion CNY in 2024 to 68.57 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 5.5% [4]. - The net profit attributable to shareholders is expected to rise from 960 million CNY in 2024 to 2.15 billion CNY in 2027, indicating a strong growth trajectory [4]. - Earnings per share (EPS) are forecasted to increase from 0.62 CNY in 2024 to 1.39 CNY in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 49 to 22 over the same period [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve a net profit of approximately 1.35 billion yuan in 2025, representing a year-on-year increase of 40.56%. The non-recurring net profit is projected to be around 1.5 billion yuan, with a year-on-year growth of 17.02% [2] - The company has initiated a dual-driven strategy focusing on "Automotive + Robotics Tier 1," emphasizing core components and related assembly solutions for both automotive and robotics sectors [11] - The company has entered into a strategic partnership with a leading autonomous driving firm to jointly explore L4 commercial applications and embodied intelligence technology [11] Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 62.25 billion yuan, 64.99 billion yuan, and 68.57 billion yuan respectively, with growth rates of 11.4%, 4.4%, and 5.5% [4] - The expected net profit for 2025, 2026, and 2027 is 1.35 billion yuan, 1.83 billion yuan, and 2.15 billion yuan, corresponding to earnings per share (EPS) of 0.87 yuan, 1.18 yuan, and 1.39 yuan [4][12] - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 34, 26, and 22 respectively, based on the closing price of 30.04 yuan on January 27, 2026 [4][12]

Core Viewpoint - Junsheng Electronics, a leader in the global automotive safety systems sector, has announced a positive earnings forecast for 2025, expecting a net profit of approximately 1.35 billion yuan, a year-on-year increase of about 40.56% [1] Group 1: Earnings Forecast - The company anticipates a net profit of around 1.35 billion yuan for 2025, representing a growth of approximately 40.56% year-on-year [1] - The expected non-recurring net profit is about 1.5 billion yuan, with a year-on-year increase of approximately 17.02% [1] - Key factors for the earnings increase include successful profitability improvement measures and business integration, as well as the recovery of overseas business profitability [1] Group 2: Business Performance - In 2025, Junsheng Electronics achieved significant breakthroughs in automotive intelligence, securing over 20 billion yuan in orders for products such as intelligent driving domain controllers and central computing units [1] - The total amount of new orders received globally for the first three quarters of 2025 reached approximately 71.4 billion yuan, with contract liabilities at 8.21 billion yuan, a year-on-year increase of 3.42% [1] Group 3: Research and Development - The company has invested heavily in R&D, with expenses of 2.541 billion yuan, 2.585 billion yuan, and 2.558 billion yuan from 2023 to the first three quarters of 2025, reflecting year-on-year growth of 18.83%, 1.71%, and 44.38% respectively [2] - Cumulatively, R&D expenses over the past three years amount to 7.684 billion yuan [2] - Junsheng Electronics has redefined its positioning to "Automotive + Robotics Tier 1," expanding its R&D and manufacturing expertise into the robotics sector [2] Group 4: Revenue Composition - The international market is the primary revenue source for Junsheng Electronics, contributing approximately 75% of total revenue [2] - In the first half of 2025, revenue from international markets reached 22.542 billion yuan, an increase of 8.11% year-on-year, accounting for 74.28% of total revenue during the same period [2] - The company officially listed on the Hong Kong Stock Exchange on November 6, 2025, marking a new phase in its global development [2]

Core Viewpoint - The investment by Junsheng Electronics in the autonomous driving chip design company, Xinxin Hangtu, is seen as a strategic move to enhance its diversified chip cooperation ecosystem and build a long-term competitive advantage in the domestic intelligent driving chip sector [1][2]. Group 1: Investment and Strategic Positioning - Junsheng Electronics has increased its stake in Xinxin Hangtu to 2.78%, joining other industry players like Chery and SAIC as shareholders [1]. - This investment is part of Junsheng Electronics' broader strategy to establish a "chip ecosystem matrix" that includes partnerships with global technology leaders such as Qualcomm and NVIDIA, as well as domestic firms like Hezhima and Horizon [2][3]. - The newly invested Xinxin Hangtu, established in December 2023, has already secured investments from notable institutions like NIO Capital and SAIC funds, and is closely associated with the autonomous driving algorithm company Momenta [2]. Group 2: Product Development and Market Strategy - The BMC X7 chip developed by Xinxin Hangtu, which boasts a computing power of 272 TOPS, is designed for high-level urban Navigation on Autopilot (NOA) and is set to be featured in a globally launched vehicle [2]. - Junsheng Electronics aims to expand its adaptable chip platform options through this investment, allowing it to offer domain controller products based on various chip solutions tailored to different automotive clients [3]. Group 3: System Integration and Value Enhancement - In response to the trend of software-defined vehicles, Junsheng Electronics is focusing on deepening its value in high-value system integration, moving from single components to integrated domain controllers and central computing units [4]. - The company's cross-domain integrated central computing platform aims to reduce system complexity and costs by sharing computing power across multiple functional domains [4]. - This strategic shift positions Junsheng Electronics as a provider of intelligent driving solutions, enabling it to offer near "plug-and-play" solutions to automakers, thereby shortening their R&D cycles [4]. Group 4: Commercialization and Market Expansion - By 2025, Junsheng Electronics is expected to transition from the layout phase to a critical value realization phase in the intelligent driving sector, with significant commercial projects underway [5]. - The company has secured over 1 billion yuan in orders for a high-level intelligent driving domain control project with a well-known domestic brand, set for mass production in 2026 [5]. - Additionally, Junsheng Electronics has won global projects for central computing units from two leading OEMs, with a total lifecycle order value projected to reach 15 billion yuan, expected to be produced by 2027 [5]. Group 5: Global Market and Competitive Advantage - Junsheng Electronics has leveraged its long-term partnerships with international chip manufacturers to secure mass production orders for L2/L2++ level intelligent driving systems, covering tens of thousands of vehicles [6]. - The company's global engineering and supply chain capabilities are crucial for converting its ecological layout into market advantages, enabling efficient order fulfillment across various regions [6]. - Through investments like that in Xinxin Hangtu, Junsheng Electronics is building a comprehensive system capability from hardware to solutions in the high-end intelligent driving sector [6].

Core Viewpoint - Junsheng Electronics (600699) expects a significant increase in net profit for the year 2025, projecting a net profit of approximately 1.35 billion yuan, which represents a year-on-year increase of about 390 million yuan, or a growth rate of approximately 40.56% [1] Group 1: Financial Performance - The company anticipates a non-deducted net profit of around 1.5 billion yuan for 2025 [1] - The measures taken for profit improvement and business integration are showing results across global business regions, with overseas business profitability continuing to recover [1] Group 2: Strategic Positioning - Junsheng Electronics is upgrading its strategic positioning from "Automotive Tier 1" to "Automotive + Robotics Tier 1," expanding its R&D and manufacturing experience from the automotive sector into the robotics industry [1] - The company has made significant progress in establishing a layout for key components in robotics, launching a product matrix that includes AI head assemblies, universal controllers, energy management assemblies, and mech kits [1] Group 3: Partnerships and Collaborations - Junsheng Electronics has formed partnerships with overseas robotics companies such as Zhiyuan, Galaxy General, and RIVR, with some products already in bulk supply or sample delivery [1]

Vi e w p o i n t | 26 Jan 2026 06:05:22 ET │ 11 pages Joyson (600699.SS / 0699.HK) 2025 Core NP In Line; Buy CITI'S TAKE Joyson released its 2025 preliminary results on 26 January, indicating that 2025 net profit could rise by 40.56% YoY to Rmb1.35bn. Excluding the one- off expense of Rmb160mn relating to (i) asset disposal by its subsidiary Guangdong Senssun and (ii) disposal of overseas factory, 2025 core NP came at Rmb1.5bn (+17.02% YoY), meeting the low-end of investor expectations between Rmb1.5-1.6bn. ...

Core Viewpoint - In December 2025, China's new energy heavy truck sales reached a record high, totaling 231,100 units for the year, representing a year-on-year growth of 182% [1] Group 1: Overall Market Performance - In December 2025, domestic new energy heavy trucks sold 45,300 units, a year-on-year increase of 198%, with pure electric, fuel cell, and hybrid models selling 40,800 units, 4,202 units, and 284 units respectively [2] - The sales growth for fuel cell and hybrid heavy trucks significantly outpaced the overall market, with fuel cell trucks experiencing a year-on-year growth of 623% and hybrid trucks 209% [2][4] - The market for fuel cell and hybrid heavy trucks showed a notable increase in December, with fuel cell trucks accounting for 9.28% of the market share, while hybrid trucks remained low at 0.63% [5] Group 2: Fuel Cell Heavy Truck Performance - In December 2025, fuel cell heavy trucks sold 4,202 units, with a month-on-month growth of 610% and a year-on-year growth of 623%, marking a significant surge in both sales and growth rate [8] - Dongfeng led the sales with 1,592 units, capturing a market share of 37.9%, followed by Yutong and Sinotruk with 625 and 463 units respectively [10] - The competition for monthly sales champions in the fuel cell heavy truck market was intense, with Dongfeng securing the year-end sales champion after consistently leading since September [12] Group 3: Yearly Performance and Market Share - In 2025, the fuel cell heavy truck market saw a total sales volume of 7,282 units, a year-on-year increase of 64%, with significant growth from companies like Sinotruk and GAC, which saw increases of 3,294% and 16,650% respectively [14][17] - Dongfeng achieved the highest annual sales with 2,563 units, capturing a market share of 35.2%, an increase of 19.7 percentage points from 2024 [17] - The market dynamics showed a pattern of fluctuations throughout the year, with a total of five monthly champions emerging, indicating a highly competitive environment [17]

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