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： 1、鉴于原有担保到期，均胜电子继续为相关子公司提供担保（不含广东香 山衡器集团股份有限公司（SZ：002870，以下简称"香山股份"）及其子公 司）：（1）为宁波均胜安全提供担保金额为人民币 11 亿元，已实际为其提 供的担保余额为人民币 16.83 亿元；（2）为临港均胜安全提供担保金额为 人民币 2.2 亿元，已实际为其提供的担保余额为人民币 4 亿元；（3）为均 联智行提供担保金额为人民币 5.65 亿元，已实际为其提供的担保余额为人 民币 3.01 亿元； 以上担保均为对原有担保进行续保，不涉及新增担保。 证券代码：600699 证券简称：均胜电子 公告编号：临 2025-041 宁波均胜电子股份有限公司 关于为子公司提供担保的进展公告 2、公司旗下控股上市公司香山股份之控股子公司宁波均胜群英汽车系统股 份有限公司（以下简称"均胜群英"）为其子公司提供担保：（1）为全资 子公司德国群英、智能技术分别提供担保金额为 1,005 万欧元、人民币 0.3 1 / ...

据了解，为反映中证500指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将中证500 指数样本按中证行业分类分为11个一级行业、35个二级行业及90余个三级行业，再以进入各一、二、三 级行业的全部证券作为样本编制指数，形成中证500行业指数。该指数以2004年12月31日为基日，以 1000.0点为基点。 从指数持仓来看，中证500可选消费指数十大权重分别为：四川长虹（7.2%）、九号公司（6.29%）、 伯特利（4.58%）、永辉超市（4.46%）、双环传动（4.29%）、神州数码（4.2%）、万丰奥威 （3.99%）、海信视像（3.71%）、均胜电子（3.52%）、海澜之家（3.4%）。 从中证500可选消费指数持仓的市场板块来看，上海证券交易所占比62.50%、深圳证券交易所占比 37.50%。 金融界5月30日消息，上证指数低开低走，中证500可选消费指数 (500可选，H30253)报3907.19点。 从中证500可选消费指数持仓样本的行业来看，乘用车及零部件占比34.55%、耐用消费品占比30.33%、 纺织服装与珠宝占比14.65%、零售业占比10.85%、消费者服务占比9.62% ...

Core Insights - The automotive industry is experiencing a shift towards higher standards for active and passive safety products, driven by technological advancements and regulatory requirements, with the market for Advanced Emergency Braking Systems (AEBS) expected to reach a scale of hundreds of billions [1] - Companies like Joyson Electronics, Baolong Technology, and Wan'an Technology have already secured significant orders and are poised to benefit from the mandatory installation of safety technologies in vehicles [1] Group 1: Technological Integration and Product Development - Joyson Electronics has integrated safety products with electronic technology, launching innovative safety solutions for future driving, including ADAS domain controllers and integrated hardware-software solutions [2] - The AEBS is a core system in active safety, now mandatory in EU regulations, with Joyson's latest front-view integrated machine capable of automatic emergency braking and adaptive cruise control [2] - The cost of the 8MP front-view integrated machine has decreased to around 500 yuan, making it a more viable option compared to traditional camera-module and domain controller solutions, which remain expensive [2] Group 2: Product Line Expansion and Market Position - Joyson Electronics launched its first ADAS domain controller, nDrive-H, in 2023, featuring a dual-chip architecture that supports a range of driving assistance capabilities from L2+ to Level 4 [3] - The company is continuously iterating its products, with successful mass production of various solutions for both international and domestic automotive manufacturers [3] - Joyson Electronics is enhancing its profitability through strategic partnerships and technological advancements in the smart driving sector, with new mandatory standards expected to create additional revenue streams [3] Group 3: Policy Impact and Industry Trends - The introduction of mandatory AEBS installation by the government is expected to drive the industry towards higher penetration rates of safety technologies, facilitating the integration of active safety and intelligent cockpit systems [4] - Joyson Electronics emphasizes the importance of safety in electric vehicles, positioning itself as a leading supplier of automotive safety systems with a focus on innovative solutions [4] - The company has developed a range of safety solutions tailored to different safety needs during the vehicle's perception, decision-making, and execution phases [4] Group 4: Advanced Monitoring Systems - Joyson Electronics is integrating intelligent driving and active safety features, enhancing real-time perception and dynamic adaptation capabilities [5] - The cabin monitoring system is evolving from a single-function DMS to a more valuable integrated monitoring system (IMS), with an expected penetration rate of 35% in Chinese passenger vehicles by 2026 [5] - The company has also developed advanced monitoring products using UWB technology for child detection in vehicles, showcasing its commitment to safety innovation [6]

"我运输的货物类型差别大，尤其大件货物，运输起来极其复杂。得亏我换了庆铃五十铃巨 咖，动力足、皮实还耐用。" 在十多年的运输生涯中，由于复杂多变的路况和严苛的作业环境，来自安徽亳州的袁师傅始终 没遇到真正称心如意的"梦想卡车"。直到2022年底，他邂逅了庆铃五十铃巨咖国六牵引车， 凭借其卓越品质、强劲动力和出色燃油经济性，让他在充满挑战的准大件运输的道路上，一步 步开拓出了属于自己的成功之路。 中意庆铃五十铃品质 "全国飞"不发愁 "别看这两年多就跑了23万公里，但是拉的货有大有小、有轻有重，去的都是不同地方，路况 也时好时坏，特别费车。为了能让车辆多干几年，该保养的时候我都会按时保养，这个钱可不 能省。"袁师傅除了进行提前保养外，车辆的后处理系统、传动等易损部件，也从未因为持续 的高负荷而出现频繁故障。 平均油耗31升 高品质动力链助力降本增效 在当前运输行业竞争激烈的市场环境下，袁师傅对庆铃五十铃巨咖在运营成本优化方面所展现 的卓越性能充满信心，尤其是该车搭载的高效动力链发挥了决定性作用。 据了解，五十铃巨咖搭载庆铃五十铃6WG1-TCG61国六发动机，排量15.681升，发动机采用 日本电装提供的高压共 ...

Core Insights - Junsheng Electronics is experiencing a recovery in automotive safety profitability and has reached a new production cycle for automotive electronic technologies while actively expanding into robotics [1] - The company holds a leading market share in automotive safety and intelligent cockpit domain control, with record high orders ensuring future growth [1] Automotive Safety and Technology - Junsheng Electronics has a significant first-mover advantage in technology, ranking second globally in passive safety market share and fourth in intelligent cockpit domain control [1] - The company is expected to benefit from the EU's mandatory driver monitoring systems for new cars in 2024 and the evolution of China's cockpit monitoring solutions from single-function DMS to multi-functional and higher-value IMS systems [1] - Global human-machine interaction and cockpit domain control are projected to grow at annual rates of 14% and 22% respectively, reaching 357 billion and 148.3 billion by 2028 [1] - The global intelligent driving domain controller market is expected to grow at an annual rate of 38% to 63.5 billion from 2024 to 2028, while the global 5G T-Box market is projected to grow at 78% to 1.6 billion [1] Robotics and Strategic Partnerships - Junsheng Electronics is strategically positioning itself in the "automotive + robotics" sector by collaborating with companies like Zhiyuan to develop integrated hardware solutions [1] - The company has launched sensor kits, mechas, BMS, and wireless charging systems as part of its robotics initiatives [1] Financial Projections - Based on the value of its "automotive + robotics" moat and growth potential, Junsheng Electronics is projected to achieve net profits of 1.5 billion, 1.8 billion, and 2.2 billion for the years 2025 to 2027, with a compound annual growth rate of 31% [1]

Group 1: Key Recommendations - The report recommends Junsheng Electronics (均胜电子, 600699) due to the recovery of automotive safety profitability, the arrival of new automotive electronic technologies, and the company's investment in humanoid robots, which is expected to accelerate performance release [5] - The report highlights Bubugao (步步高, 002251) as a strong candidate for investment, citing its successful restructuring and significant sales growth post-adjustment, with expectations for rapid profit improvement [6] - The report identifies AsiaInfo Technology (亚信科技, 01675) as a key player in the AI sector, benefiting from its partnership with Alibaba in large model delivery, which is expected to drive revenue growth [7][9] - The report recommends Boke Technology (步科股份, 688160) for its leadership in frameless torque motors and the growth potential in humanoid robotics [10] - Gree Electric Appliances (格力电器, 000651) is noted for its recovery in management and channel reforms, which are expected to drive performance beyond expectations [11] Group 2: Financial Projections and Valuations - For Junsheng Electronics, projected revenues for 2025-2027 are 64.53 billion, 66.45 billion, and 71.02 billion CNY, with net profits expected to grow at rates of 59.7%, 19.5%, and 17.9% respectively [5] - Bubugao's revenue projections for 2025-2027 are 7.75 billion, 9.55 billion, and 12.10 billion CNY, with a remarkable revenue growth rate of 126.01% in 2025 [6] - AsiaInfo Technology's revenue is forecasted to reach 6.915 billion, 7.461 billion, and 8.269 billion CNY from 2025 to 2027, with net profit growth rates of 4.84%, 17.99%, and 15.25% [9] - Boke Technology's revenue is expected to be 684 million, 859 million, and 1.069 billion CNY for 2025-2027, with net profit growth rates of 76.0%, 26.2%, and 24.2% [10] - Gree Electric's projected revenues for 2025-2027 are 200.12 billion, 208.32 billion, and 216.82 billion CNY, with net profit growth rates of 10.32%, 7.99%, and 6.85% [12] Group 3: Market Insights and Trends - The report indicates that the automotive safety sector is stabilizing, with Junsheng Electronics expected to benefit from the recovery in profitability and the new technology production cycle [5] - Bubugao's restructuring has led to a significant increase in daily sales, with expectations for further improvements in profit margins as the company completes its store adjustments [6] - The AI industry is experiencing rapid growth, with AsiaInfo Technology positioned to capitalize on this trend through its comprehensive digital solutions [9] - The demand for frameless torque motors is expected to rise, driven by advancements in robotics and automation, benefiting Boke Technology [10] - Gree Electric is anticipated to see improved operational efficiency and profitability as it navigates through its channel reform phase [11]

Group 1 - The stock price of Junsheng Electronics (600699) closed at 19.23 yuan on May 23, 2025, up 3.44% from the previous week [1] - The company's market capitalization is currently 27.089 billion yuan, ranking 11th out of 228 in the automotive parts sector and 528th out of 5148 in the A-share market [1] - On May 21, the stock reached a peak price of 20.48 yuan, while the lowest price on May 19 was 17.99 yuan [1] Group 2 - On May 20, 2025, board member Zhu Xuesong and senior executive Hua Muwen collectively increased their holdings by 50,000 shares, representing 0.0035% of the total share capital [2][4] - The company announced an adjustment to the maximum repurchase price to not exceed 23.74 yuan per share, effective from May 28, 2025 [2][4] - The total repurchase fund will be no less than 150 million yuan and no more than 300 million yuan, with the repurchase period set from December 23, 2024, to December 22, 2025 [2] Group 3 - The company will distribute a cash dividend of 2.60 yuan per 10 shares (including tax) to all shareholders, with a total dividend payout of approximately 360 million yuan [3] - The record date for the dividend distribution is May 27, 2025, and the ex-dividend date and payment date are both set for May 28, 2025 [3]

Domestic News - Tianjin will increase the number of car license plate lottery indicators by 80,000, with 30,000 additional indicators allocated annually and 50,000 for a separate tiered lottery for citizens who have participated 25 times without winning [6] - A new standard for all-solid-state batteries has been established, defining the technology and testing methods, which will help in the development and commercialization of safer and more efficient batteries [7] - Deep Blue Automotive aims to achieve global sales of 2 million vehicles by 2030, with 35% of sales coming from overseas markets and plans to launch 30 new products [8] - Changan Automobile plans to introduce 35 new smart vehicles over the next three years, with a total battery capacity of 75GWh by 2026 [9] - Xiaomi's first SUV, the YU7, is set to launch in July, featuring advanced technology including a Snapdragon 8 chip and a comprehensive control module [10] - Xingqu Technology has released the world's first mass-produced magnesium-aluminum alloy shell dual-motor assembly, enhancing the power system for electric vehicles [11] - Junsheng Electronics has launched its first child presence detection product, enhancing child safety in vehicles [12] - Funeng Technology plans to deliver small batches of its 60Ah sulfide all-solid-state batteries by the end of 2025 [13] International News - India has allocated over €200 million for electric vehicle charging infrastructure, aiming to deploy approximately 72,000 public charging stations across the country [15] - Mercedes-Benz announced the establishment of its North American headquarters in Atlanta, consolidating key functions and investing millions in a new R&D facility [16] - Hyundai is investing in its first factory in the Middle East, marking a significant step in its strategy to penetrate the region [17] - Subaru is reassessing its electrification strategy in response to global trade uncertainties and declining sales [19] Commercial Vehicles - Qingling Group unveiled the world's first megawatt-level supercharged heavy truck at the China Western International Investment and Trade Fair, showcasing advancements in green logistics [20] - Weidu Technology will invest €175 million in France to establish a production base for long-range electric trucks, aiming for an annual capacity of 12,000 units [21] - Yuanmeng Technology's self-developed Xuanwu battery has passed the new national safety standards for electric vehicle batteries, indicating its leading safety performance [22] - CATL and Sinopec have signed an agreement to establish a heavy truck battery swap station in Fuzhou, with plans to build at least 500 stations by the end of the year [24]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights the company's strong position in global automotive safety and electronics, with potential growth opportunities in humanoid robotics [1][7] - The company has achieved a historical high in new orders, amounting to 83.9 billion yuan in 2024, indicating robust future growth prospects [7] - The report emphasizes the company's competitive advantages in passive safety and cockpit domain control, with significant market shares in these areas [7][19] Financial Summary - The projected revenue for the company is as follows: - 2024: 55.864 billion yuan - 2025: 64.530 billion yuan (up 15.5%) - 2026: 66.450 billion yuan (up 3.0%) - 2027: 71.023 billion yuan (up 6.9%) [2] - The projected net profit attributable to shareholders is as follows: - 2024: 960 million yuan - 2025: 1.534 billion yuan (up 59.7%) - 2026: 1.833 billion yuan (up 19.5%) - 2027: 2.161 billion yuan (up 17.9%) [2] - The earnings per share (EPS) is expected to grow from 0.7 yuan in 2024 to 1.5 yuan in 2027 [2] Business Overview - The company is a leading Tier 1 supplier in automotive safety and electronics, with a focus on optimizing production capacity and enhancing profitability [7][13] - The automotive safety segment accounts for approximately 70% of the company's revenue, while the automotive electronics segment accounts for about 30% [19] - The company has a strong market position, being the second-largest in passive safety globally and fourth in cockpit domain control [19][28] Growth Drivers - The report identifies several growth drivers, including: - The increasing average selling price (ASP) in passive safety and the optimization of production capacity [7] - The transition to new technologies in automotive electronics, such as smart cockpit and intelligent driving domain control [7] - The company's strategic partnerships and technological advancements in humanoid robotics [7][63] Order and Revenue Trends - The company has seen a steady increase in new orders, with a significant portion directed towards new energy vehicle projects [46] - The revenue from automotive safety is projected to grow at a CAGR of 6.1% from 2021 to 2024, while automotive electronics is expected to grow at a CAGR of 9.3% during the same period [20]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The core logic of the report highlights the recovery of automotive safety profitability, the arrival of mass production cycles for new automotive electronic technologies, and the potential growth from humanoid robots [7] - The company is positioned as a leading Tier 1 supplier in global automotive safety and electronics, with a strong order backlog ensuring future growth [7] Summary by Sections Company Overview - The company has established itself as a top Tier 1 supplier in automotive safety and electronics through global acquisitions and continuous asset integration [13] - The company has a significant market share in passive safety (second globally) and cockpit domain control systems (fourth globally) [19] Financial Analysis - The company is expected to achieve revenues of 55.864 billion in 2024, with a projected growth to 71.023 billion by 2027, reflecting a compound annual growth rate (CAGR) of 6.9% [2] - The net profit attributable to the parent company is forecasted to grow from 960 million in 2024 to 2.161 billion by 2027, with a CAGR of 31% [2] - The company has secured a record high of 839 billion in new orders in 2024, with a focus on new energy vehicle projects [46] Automotive Safety - The average selling price (ASP) for passive safety products is expected to increase, with the 2024 ASP in China projected at 200 USD and in high-income markets at 340 USD [7] - The company is optimizing production capacity, which is expected to drive an increase in gross margins [7] Automotive Electronics - The company is focusing on hardware upgrades in the automotive sector, with significant growth expected in smart cockpit and intelligent driving domain controllers [7] - The global market for smart cockpit systems is projected to grow at an annual rate of 14% to reach 357 billion by 2028 [7] Humanoid Robots - The company is collaborating with partners to develop humanoid robot components, positioning itself in the "automotive + robotics" Tier 1 space [7] - The industry for humanoid robots is still in its early stages, presenting significant opportunities for domestic substitution [7] Profit Forecast and Valuation - The company is expected to maintain a low valuation compared to peers in automotive safety and electronics, with projected P/E ratios decreasing from 28.4 in 2024 to 12.6 by 2027 [2] - The report anticipates a significant increase in net profit from 1.534 billion in 2025 to 2.161 billion in 2027, indicating strong growth potential [2]