Group 1 - The report maintains an overweight rating on the automotive industry, highlighting that Robotaxi is approaching a commercialization inflection point driven by policy support, technological maturity, and cost reductions [5][65]. - Robotaxi is defined as an autonomous taxi service that operates without human drivers, utilizing advanced technologies such as sensors, artificial intelligence, and high-precision maps for navigation and decision-making [14][16]. - The report indicates that the global market for Robotaxi services is expected to reach $1.6 billion by 2025, with exponential growth projected to $119.2 billion by 2030 and $462.7 billion by 2035, showcasing significant development potential [5][56]. Group 2 - The report emphasizes that Robotaxi can significantly reduce traffic accident rates and improve travel efficiency, with data showing that 94% of traffic accidents are caused by human error, which Robotaxi systems can mitigate through advanced algorithms and multi-sensor integration [29][30]. - The report notes that the cost of Robotaxi services is expected to decline significantly, with projections indicating that by 2030, the operating cost could drop to $1.0/km, which is 42% of the cost of human-driven taxis [50][56]. - The report identifies key players in the Robotaxi sector, including companies like Xiaoma Zhixing, Baidu's Luobo Kuaipao, and WeRide, which are leading the commercialization efforts in China [19][21]. Group 3 - The report highlights the importance of core components in the Robotaxi ecosystem, noting that the cost of essential parts like LiDAR has decreased significantly, with Xiaoma Zhixing's seventh-generation Robotaxi hardware costs dropping from 1 million yuan to 270,000 yuan [45][46]. - The report suggests that the Robotaxi model has the potential to transform transportation methods, with a market penetration rate of less than 2% currently, indicating substantial room for growth as costs decrease and consumer acceptance increases [49][50]. - The report recommends focusing on related component companies such as Juxing Technology, Yutong Optical, and Junsheng Electronics, which are positioned to benefit from the growth of the Robotaxi market [5][65].

格隆汇8月28日｜华安证券研报指出，均胜电子25H1营收利润稳健增长，盈利能力持续提升，业绩表现 稳健，符合预期，机器人业务加速布局。公司研发费用同比增长49.91%，主要系公司为增强核心竞争 力，针对智能驾驶、舱驾融合域控制器以及人形机器人等前沿技术加大研发投入所致。公司为人形机器 人提供包括大小脑控制器、能源管理模块、高性能机身机甲材料等关键零部件以及机器人头部、胸腔总 成等软硬件一体化解决方案。客户合作进展迅速，公司与智元机器人签署战略合作协议，在核心技术攻 关、定制化开发等方面深度合作。目前主要客户包括海外机器人头部企业、国内的智元机器人、银河通 用等。公司各项降本增效措施取得成效，主营业务盈利能力持续增强。机器人业务产品丰富，客户突破 进展。维持公司"买入"评级。 ...

Core Viewpoint - Junsheng Electronics has submitted a prospectus to the Hong Kong Stock Exchange, aiming to raise funds for business development and manufacturing capacity improvement, amidst fluctuating financial performance and high expenses [2][11]. Group 1: Business Overview - Junsheng Electronics specializes in automotive electronics and safety solutions, with revenue contributions from automotive safety solutions at approximately 69.2% and automotive electronics at about 30.4% for 2024 [2][5]. - The company is the second-largest supplier of passive safety products in China and globally, according to Frost & Sullivan [3]. Group 2: Financial Performance - The company's revenue for 2024 is projected to be 558.64 billion, showing no growth compared to 2023, while net profit is expected to decline by 11.3% due to high financial, administrative, and R&D expenses [6][7]. - In the first half of 2025, Junsheng Electronics reported a revenue of 303.47 billion, a year-on-year increase of 12.07%, and a net profit of 7.08 billion, up 11.13% [7][8]. Group 3: Financial Metrics - Financial expenses have significantly impacted profitability, with total financial expenses from 2022 to 2024 being 4.78 billion, 8.9 billion, and 8.28 billion, respectively, constituting 204.7%, 71.8%, and 62.4% of annual profits [6][7]. - The company's total liabilities have increased from 364.1 billion in 2022 to 468.1 billion by April 2025, with a debt-to-asset ratio of 69.8%, which is relatively high compared to peers [6][7]. Group 4: Investment Plans - The funds raised from the Hong Kong listing will be used for the development and commercialization of automotive intelligent solutions, power electronics products, and new generation wireless charging systems, as well as improving manufacturing capabilities and expanding overseas market share [11].

华龙证券研究所 最近一年走势 | 当前价格（元） | 21.01 | | --- | --- | | 52 周价格区间（元） | 13.33-21.18 | | 总市值（百万元） | 29,323.04 | | 流通市值（百万元） | 28,469.68 | | 总股本（万股） | 139,567.06 | | 流通股（万股） | 135,505.36 | | 近一月换手（%） | 71.88 | 证券研究报告 汽车 报告日期：2025 年 08 月 27 日 毛利率同环比改善明显，智驾&具身智能新业务逐步落地 ——均胜电子（600699.SH）2025 年半年报点评报告 事件： 投资评级：增持（首次覆盖） 公司发布 2025 年半年报：公司 2025H1 实现营收 303.47 亿元， 同比+12.07%，实现归母净利润 7.08 亿元，同比+11.13%。公司 2025Q2 实现营收 157.71 亿元，同比+14.27%，实现归母净利润 3.67 亿元，同 比+11.18%。 观点： 请认真阅读文后免责条款 市场数据 2025 年 08 月 26 日 降本增效推进 2025Q2 毛利率同环比+2.9/+ ...

华龙证券股份有限公司杨阳,李浩洋近期对均胜电子（600699）进行研究并发布了研究报告《2025年半年报点评报 告：毛利率同环比改善明显，智驾&具身智能新业务逐步落地》，首次覆盖均胜电子给予增持评级。 均胜电子 事件： 公司发布2025年半年报：公司2025H1实现营收303.47亿元，同比+12.07%，实现归母净利润7.08亿元，同比+11.13%。 公司2025Q2实现营收157.71亿元，同比+14.27%，实现归母净利润3.67亿元，同比+11.18%。 观点： 降本增效推进2025Q2毛利率同环比+2.9/+0.5pct。分业务来看，2025年上半年公司汽车安全系统/汽车电子系统业务分 别实现营收189.77/83.56亿元，同比+1.13%/+2.73%。公司2025H1实现毛利率18.15%，其中2025Q2实现毛利率18.4%， 同环比+2.9/+0.5pct。毛利率改善主要系原材料降本以及运营效率提升，其中海外地区通过引入中国供应商、产能全 球结构调整等，2025H1毛利率同比+3.0pct至17.8%。展望后续毛利率变动趋势，公司有望通过芯片等核心零部件国产 化、安全气囊气体发生器自主生 ...

2025 年 8 月 27 日│中国内地 其他电子 均胜电子 1H25 实现营收 303.47 亿元（yoy：+12.07%），综合毛利率约 18.2%（yoy+2.6pp），归母净利润 7.08 亿元（yoy：+11.13%），得益于 公司原有汽车电子业务与汽车安全业务稳健发展及并表香山股份。2Q25， 公司实现毛利率 18.39%，创过去五年单季度历史新高。我们看好公司降本 增效促使盈利能力持续提升+坚定布局智驾和机器人带来第二成长曲线，我 们维持 25/26/27E 公司归母净利润预期 15.6/19.0/21.9 亿元，目标价上调至 26.56 元，维持"买入"评级。 1H25 回顾：降本增效效果显著，汽车安全和电子稳健发展 证券研究报告 1H25 分业务看：汽车安全业务营收 189.77 亿元（yoy：+1.13%），毛利 率 15.93%（yoy+1.99pp），在中、日、欧、美四个区域均实现毛利率同比 提升；公司计划通过持续关停高成本工厂、引入中国零部件供应商等进一步 降低成本。汽车电子业务营收 83.56 亿元（yoy：+2.73%），毛利率 21.54% （yoy+2.17pp）。1H25 ...

Group 1 - Junsun Electronics' subsidiary, Ningbo Junsun Embodied Intelligent Robot Co., has entered into a comprehensive AI cooperation with Alibaba Cloud to develop advanced cognitive, decision-making, and interaction capabilities for robots [1][2] - The partnership aims to create solutions for various sectors including industrial manufacturing, healthcare, and special operations, while also targeting overseas markets for embodied intelligent robots [1][2] - Junsun Electronics is positioning itself as a leading provider of smart automotive technology solutions, having fully entered the humanoid robot field this year and focusing on key components such as controllers and energy management modules [1][2] Group 2 - Since the beginning of the year, Junsun Electronics has expanded its R&D and manufacturing capabilities from the automotive sector to the embodied intelligent robot field, achieving breakthroughs in key components [2] - The establishment of Junsun Embodied Intelligence in April 2025 has brought together experts from renowned universities to provide various intelligent system solutions for robots [2] - The collaboration with Alibaba Cloud will leverage its global cloud infrastructure and advanced AI capabilities to support Junsun's robot development, ensuring compliance and cultural adaptability for international markets [2]

Group 1 - The core viewpoint of the report is that Goer Group plans to acquire Shanghai Aolai through its subsidiary Goer Optics, which will enhance its optical waveguide capacity and technical strength, accelerating the integration of optical products into global leading XR clients [1][2] - The report maintains a "Buy" rating for Goer Group, raising the target price to 43.05 yuan, considering the impact of product life cycles and client new product release schedules, while also increasing R&D investment [1][2] - The expected EPS for Goer Group is adjusted to 0.96/1.23 yuan for 2025-2026, with a forecast of 1.50 yuan for 2027, reflecting the company's high growth rate and leading position in AI glasses and AR products [1][2] Group 2 - Goer Group has established a vertical integration layout in the XR field, benefiting from future industry demand surges, and has close cooperation with global leading XR clients [3] - The company has made strategic investments and acquisitions to strengthen its customer resources and technical capabilities, including acquiring a stake in Silan Microelectronics and investing in Plessey to enhance its AR display capabilities [3] - The merger with Shanghai Aolai is expected to accelerate the expansion of mature optical waveguide production capacity and consolidate Goer Group's competitive advantage in wafer-level micro-nano optical devices [2][3]

均胜电子 20250826 摘要 均胜电子 2025 年上半年营收 303.5 亿元，同比增长 12.1%，二季度营 收环比显著提升。公司通过降本增效，毛利率同比提升 2.6 个百分点至 18.2%，二季度单季毛利率提升 2.9 个百分点至 18.4%，原材料降本和 运营效率提升效果显著。 海外地区毛利率提升 3 个百分点至 17.8%，国内提升 1 个百分点至 19.3%。汽车安全业务毛利率提高 2 个百分点至 15.9%，全球四大区域 同步提升。优化全球供应链，引入中国供应商，提升海外工厂设备效率 对毛利产生积极影响。 2025 年上半年归母净利润 7.08 亿元，同比增长 11.1%。近三年累计 分红 8.6 亿元，平均分红比例 35.3%。积极推进股份回购，两年实施金 额约 4.2 亿元，今年回购 2 亿元并完成部分注销。 2025 年上半年经营性活动产生现金流 19.1 亿元。湘山股份并表影响导 致期间费率略有增加，但剔除该因素后整体费用增长幅度不高。销售费 用增加主要因新订单开发阶段样品费用增加，研发支出因湘山股份并表 影响有所增加。 Q&A 2025 年上半年全球轻型车市场的表现如何？ 2025 ...

近日，均胜电子（600699）发布的半年报中，智能驾驶业务与机器人业务有了重要突破。 均胜电子智驾业务不仅开始获得超10亿元订单，高阶智驾产品也进入到头部自主品牌车型中；同时，均 胜电子在智能驾驶上与智驾算法公司Momenta强强联合，将进一步加速智驾业务订单获取与产品竞争 力。机器人零部件领域，均胜电子已经产品线基本完备，客户层面则突破海外内多个知名机器人公司， 有望成为公司第二增长曲线。 智驾业务进入落地爆发期 今年以来，人形机器人赛道持续火热。均胜电子前瞻性地布局机器人零部件业务，依托汽车零部件核心 主业沉淀的研发实力与高端制造能力，以"汽车+机器人Tier1"的全新定位，全面布局人形机器人领域， 积极打造第二增长曲线。 2025年4月，均胜电子正式成立全资子公司宁波均胜具身智能机器人有限责任公司，快速搭建人才队 伍，截至目前已发布机器人电池管理系统、无线充电系统、传感器套件以及机器人机甲等关键零部件， 还推出行业首创的"大小脑融合+供电+散热"一体化集成的具身智能机器人"全域控制器"胸腔及底盘总 成，为机器人域控提供新一代解决方案，助力具身智能机器人的升级与迭代。 目前，均胜电子已与多家机器人企业建立 ...