Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company reported a revenue of 55.86 billion yuan in 2024, showing a year-on-year growth of 0.2%. The net profit attributable to the parent company was 960 million yuan, a decrease of 11.33% year-on-year, primarily due to one-time restructuring costs in Europe. However, the net profit excluding non-recurring items was 1.28 billion yuan, reflecting a year-on-year increase of 27.7% [4][7] - The company is expected to achieve a revenue of 64.84 billion yuan in 2025, with a year-on-year growth rate of 16%. The net profit is projected to reach 1.48 billion yuan, representing a 54% increase year-on-year [2][4] - The company has secured new projects with a total lifecycle value of approximately 83.9 billion yuan, indicating strong future growth potential in its core automotive safety and electronics businesses [7] Financial Summary - Revenue projections for the company are as follows: 55.86 billion yuan in 2024, 64.84 billion yuan in 2025, 68.1 billion yuan in 2026, and 71.63 billion yuan in 2027, with respective growth rates of 0%, 16%, 5%, and 5% [2][9] - The net profit attributable to the parent company is forecasted to be 960 million yuan in 2024, 1.48 billion yuan in 2025, 1.88 billion yuan in 2026, and 2.18 billion yuan in 2027, with growth rates of -11%, 54%, 27%, and 16% respectively [2][9] - The company's earnings per share (EPS) are projected to be 0.68 yuan in 2024, 1.05 yuan in 2025, 1.34 yuan in 2026, and 1.55 yuan in 2027 [2][9] Business Performance - The automotive safety business generated revenue of 38.62 billion yuan in 2024, with a year-on-year growth of 0.2%. The automotive electronics business revenue was 16.6 billion yuan, showing a decline of 1.1% [7] - The overall gross margin for the company in 2024 was 16.2%, an increase of 1.1 percentage points year-on-year. The gross margin for the automotive safety business was 14.8%, up by 2.0 percentage points, while the automotive electronics business gross margin was 19.7%, down by 0.9 percentage points [7]

中国国际金融股份有限公司 关于宁波均胜电子股份有限公司 2024 年度持续督导年度报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意宁波均 胜电子股份有限公司向特定对象发行股票注册的批复》（证监许可[2023]1169 号） 同意注册，宁波均胜电子股份有限公司（以下简称"均胜电子"、"公司"）向 特定对象发行人民币普通股股票 40,616,919 股，募集资金总额为人民币 365,146,101.81 元（以下简称"2022 年度向特定对象发行股票"）。中国国际金 融股份有限公司（以下简称"中金公司"、"保荐人"）担任公司 2022 年度向 特定对象发行股票的保荐人。 根据《上海证券交易所股票上市规则》，中金公司对均胜电子 2022 年度向 特定对象发行股票履行法定持续督导义务至 2024 年 12 月 31 日。 | 序号 | 项目 | 工作内容 | | --- | --- | --- | | | 制度，审阅信息披露文件及其他相关文件， | 露审阅的情况" | | | 并有充分理由确信上市公司向上海证券交易 | | | | 所提交的文件不存在虚假记载、误导性陈述 | | | | 或重大遗漏 ...

日前，财通证券（601108）对均胜电子（600699）2024年报点评认为，公司全年收入符合预期，净利率 同比提升，且全球订单创历史新高，长期来看汽车业务发展边际向好，机器人业务有望带来第二增长曲 线，维持均胜电子"增持"评级。 2024年，均胜电子持续提升运营效率、增强自主创新技术能力，全年实现营业收入约558.64亿元，实现 扣非归母净利润为约12.8亿元，同比增长28%。2024年公司新获定点项目的全生命周期订单金额约839 亿元，规模再创新高。 同时，均胜电子去年毛利率、净利率分别为16.22%、2.37%，公司毛利率与净利率均有所提升。单季度 看，公司2024年四季度营业收入为147.29亿元，扣非归母净利润3.41亿元，二者同比均有所增长。 财通证券分析指出，均胜电子去年扣非归母符合预期，归母净利润同比减少主要源于2024年公司对欧洲 区进行重组整合、削减人员产生一次性重组费用。总体来说，公司近年推进的各项降本增效措施成效显 著，费用率管控得当，使主营业务毛利率维持提高，盈利能力持续增强。 去年，公司的新订单结构持续优化，订单质量稳步提高，2024年新获订单中，新能源汽车相关订单超 460亿元， ...

标普统计数据显示，2024年全球整车制造商的汽车产量同比下降了1.1%。在这样的大环境下，汽车产 业链内部的分化趋势愈发明显。此时，企业的年报便成为了投资者洞察企业韧性的关键窗口，成为检验 企业在复杂市场环境中抗风险能力的重要依据。 在过去一年中，均胜电子继续在全球范围内稳步推进产能优化，精简整合了欧洲和美洲区域的产能，以 提升产能利用率。具体措施包括削减研发、管理和生产人员，关闭德国阿沙芬堡工厂和罗马尼亚周边的 卫星工厂，并推进美洲地区5个工厂的关停工作。公司依据最佳成本原则进行全球产能协同，特别是将 海外地区成本较高的产能向最佳成本国家以及中国转移，这不仅优化了成本结构，也为全球供应链的高 效布局奠定了基础。 从长期来看，随着智能出海进入深水区，海外供应链的稳定性和高效性至关重要。目前，均胜电子已在 全球形成覆盖欧洲、北美、东南亚以及中国的四大区域布局，打造了"Local for Local"的核心供应链、 生产体系，以及核心零部件的垂直一体化，为智能驾驶业务的全球化布局夯实了基础。 在业务拓展方面，均胜电子持续加速推动汽车智能电动化产品的研发及落地，汽车电子业务加速开拓， 业务品类不断拓展延伸，为公司带 ...

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。 | 回购方案首次披露日 | 2024/11/6 | | --- | --- | | 回购方案实施期限 | 2024/12/23~2025/12/22 | | 预计回购金额 | 15,000 万元~30,000 万元 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 602.50 万股 | | 累计已回购股数占总股本比例 | 0.4277% | | 累计已回购金额 | 11,239.01376 万元 | | 实际回购价格区间 | 17.00 元/股~20.79 元/股 | 重要内容提示： 一、 回购股份的基本情况 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 5 日召开第十一届董事会第二十六次会议，审议并通过了《关于以集中竞价 交易方式回购公司股份方案的议案 ...

证券研究报告 | 公司点评报告 2025 年 04 月 02 日 均胜电子（600699.SH） 2024 年经营持续修复，布局机器人业务 中游制造/汽车 3 月 28 日公司发布 2024 年度报告，2024 年分别实现营收、归母、扣非归母 558.64、9.60、12.82 亿元，同比分别+0.24%、-11.33%、+27.74%；销售 毛利率 16.22%，同比+1.13pct；销售净利率 2.37%，同比+0.14pct。公司新 业务订单不断增加，其中汽车安全业务已实现对新能源销量榜排名前十名客 户的全覆盖。 ❑ 2024Q4 降本增效成果显现。2024Q4，分别实现营收、归母、扣非归母 147.29、 0.19、3.41 亿元，同比分别+2.15%、-93.77%、+2.47%，环比分别+4.79%、 -93.77%、+12.46%。销售毛利率 18.01%，同比-0.37pct，环比+2.27pct；净 利率 0.43%，同比-2.14pct，环比-2.60pct。 2024 年，公司新业务订单增长强劲，新获定点项目的全生命周期订单金额约 839 亿元，规模再创新高。其中，分动力类型看，新能源汽 ...

Core Viewpoint - Junsheng Electronics is expected to achieve a revenue of 55.9 billion yuan in 2024, with a net profit of approximately 1.28 billion yuan after deducting non-recurring items, and has secured a record high order of 83.9 billion yuan, indicating strong operational cash flow of about 4.6 billion yuan [1][2] Group 1: Financial Performance - The net profit attributable to the parent company fell short of expectations mainly due to one-time restructuring costs from factory closures and personnel optimization [1] - The company reported a gross margin increase of 1.8 percentage points year-on-year to 16.3%, with automotive safety revenue around 38.6 billion yuan and gross margins projected at 9.1%, 12.8%, and 14.8% for 2022, 2023, and 2024 respectively [1] - Automotive electronics revenue was approximately 16.6 billion yuan, with a gross margin of 19.71% [1] Group 2: Business Strategy and Growth - Junsheng Electronics achieved a historical high in orders for 2024, with automotive safety and automotive electronics orders at 57.4 billion yuan and 26.5 billion yuan respectively, which is expected to support future revenue growth [2] - The company is making significant strides in the intelligent driving sector, having secured new orders for L2 and L2++ intelligent driving assistance systems from overseas OEMs, and is collaborating with companies like Momenta, Horizon, Black Sesame, Qualcomm, and TI [2] - Junsheng is accelerating its layout in the robotics sector, positioning itself as a "Tier 1" supplier in the automotive and robotics fields, currently involved in sensors and battery management systems, making robotics a long-term strategic investment direction [2] Group 3: Future Outlook - Based on the anticipated recovery in overseas automotive demand by 2025 and the consolidation of Xiangshan Co. at the end of 2024, revenue expectations for 2025, 2026, and 2027 have been adjusted to 64.0 billion yuan, 70.79 billion yuan, and 77.58 billion yuan respectively [2]

Macro Strategy - The March PMI data indicates three characteristics of economic recovery: the pre-positioning of work due to the Spring Festival, better recovery of manufacturing demand compared to supply, and weak consumer service consumption [1][30]. - The manufacturing PMI for March is 50.5%, showing a slight increase of 0.3 percentage points from the previous month, while the service PMI is at 50.3%, also up by 0.3 percentage points [1][30]. - The new order index for manufacturing increased by 0.7 points to 51.8%, indicating stronger demand recovery compared to supply [1][30]. Industry Insights - The report highlights the need for macro policies to be adjusted in response to potential economic pressures in the second quarter, particularly in exports and real estate [1][30]. - The construction industry PMI rose to 53.4%, reflecting seasonal recovery, but remains at a historically low level for this time of year [1][30]. - The report emphasizes the importance of monitoring the impact of tariff increases on exports and the ongoing trends in the real estate market [1][30]. Company Analysis - The report provides insights into various companies, including their performance forecasts and investment ratings, such as the significant growth in sales for Lao Pu Gold and the strategic partnerships for Jianghuai Automobile [9][15]. - Companies like Yubiquitous and Geli Pharmaceutical are noted for their innovative product developments and market potential, with investment ratings maintained at "buy" [11][12]. - Shanghai Pharmaceuticals reported a revenue of 275.25 billion yuan, reflecting a 5.75% year-on-year increase, with a net profit of 4.553 billion yuan, up 20.82% [14]. Financial Performance - The report indicates that the overall financial performance of companies is under scrutiny, with adjustments made to profit forecasts for several firms based on market conditions and operational challenges [15][19]. - Companies such as China Communications Construction Company and Orient Securities are highlighted for their revenue growth and strategic adjustments in response to market dynamics [22][23]. - The report also notes the importance of cash flow management and cost control in maintaining profitability amid fluctuating market conditions [22][24].

汽车/汽车零部件 均胜电子（600699.SH） 整体毛利率稳步回升，机器人业务打开成长空间 2025 年 04 月 01 日 投资评级：买入（维持） | 日期 | 2025/3/31 | | --- | --- | | 当前股价(元) | 17.95 | | 一年最高最低(元) | 20.90/13.33 | | 总市值(亿元) | 252.86 | | 流通市值(亿元) | 245.57 | | 总股本(亿股) | 14.09 | | 流通股本(亿股) | 13.68 | | 近 3 个月换手率(%) | 147.23 | 股价走势图 坚定降本增效推动盈利能力持续恢复，主营业务保持稳健 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 均胜电子 沪深300 相关研究报告 《盈利能力持续提升，公司经营稳健 向好—中小盘信息更新》-2024.10.29 《安全业务盈利水平修复，新业务布 局持续取得突破—中小盘信息更新》 -2024.8.22 《汽车安全+汽车电子双轮驱动，公司 业绩持续兑现—中小盘信息更新》 -2024.7.31 赵旭杨（分析师 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall gross margin is steadily recovering, and the robotics business is opening up growth opportunities [1] - In 2024, the company achieved operating revenue of 55.864 billion yuan, a year-on-year increase of 0.24%, and a net profit attributable to shareholders of 960 million yuan, a year-on-year decrease of 11.33% due to one-time restructuring costs of approximately 550 million yuan from overseas business [4][5] - The company maintains a positive outlook despite adjusting earnings forecasts for 2025-2026 due to intensified competition in the downstream market [4] Financial Performance Summary - The company reported revenue of 55.864 billion yuan in 2024, with a gross margin of 16.2% and a net margin of 2.4%, reflecting a year-on-year increase of 1.14 and 0.15 percentage points respectively [5][7] - The automotive safety and automotive electronics segments generated revenues of 38.617 billion yuan and 16.600 billion yuan respectively, with domestic business growing by 6.68% year-on-year while overseas business declined by 1.83% [5] - The projected net profits for 2025-2027 are 1.392 billion yuan, 1.755 billion yuan, and 2.077 billion yuan respectively, with corresponding EPS of 0.99 yuan, 1.25 yuan, and 1.47 yuan [4][7] Business Development - The company is deeply engaged in the electric and intelligent automotive sector, collaborating with Momenta to develop comprehensive intelligent driving solutions, with mass production expected by the end of 2025 [6] - The company is also expanding into the robotics industry, focusing on core technologies such as "brain," "small brain," and "limbs," which is expected to create a second growth curve [6]