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。 我们预计公司2025-2027 年分别实现收入587.94、619.27、652.62 亿元，实现归母净利润13.91、17.00、 20.94 亿元，对应当前PE 估值分别为19x、15x、12x，维持"增持"评级。 全年收入符合预期，净利率同比提升。根据公司公告，2024 年公司毛利率、净利率分别为16.22%、 2.37%，分别同比+1.13、+0.14pct，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，同比增长2.15%；归母净利润0.19 亿元，同比减少93.77%；扣非归母3.41 亿 元，同比增长2.47%。公司扣非归母符合预期，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。费用率方面，公司2024 年销售费用率、管理费用率、研发 费用率分别为1.05%、5.51%、4.63%，分别同比-0.37pct、+0.78pct、+0.07pct。 风险提示：汽车智能化、电动化发展不及预期风险；汽车安全行业发展不及预期风险；原 ...

Key Takeaways from Joyson Electronic Analyst Briefing Call Company Overview - **Company**: Joyson Electronic (600699.SS) - **Market Cap**: Rmb25,962 million (US$3,573 million) [6] Industry Insights - **Restructuring in Europe**: - Factories in Germany and Romania were shut down in 2024, incurring restructuring fees of approximately Rmb550 million - Expected improvements include fixed cost reductions of EUR40 million and a pre-tax profit margin increase of +2 percentage points in 2025 [2] - Production capacity is being shifted to Morocco and North Africa to enhance cost efficiency [2] - Factory count in the US reduced from 21 to 14, with plans to further reduce to 7-8 [2] Product Development - **ADAS Solutions**: - Low-end ADAS domain controller utilizing Texas Instrument chips and algorithms from software partners, with orders expected from various automakers in 2024 [3] - High-end ADAS domain controller will use Qualcomm 86/87 series chips [3] - Collaboration with Black Sesame and Momenta for ADAS-Cockpit integrated solutions, with anticipated domestic order wins [3] - **Humanoid Robots**: - Development of products related to sensors, energy management modules, and high-performance materials [4] - Competitive advantages include technology reserves in auto electronics and ADAS, global production capacity, and strong customer relationships with automakers [4] - Existing business connections with leading robotics companies [4] Financial Strategy - **HK IPO Plans**: - Application for Hong Kong listing submitted in January 2025, aiming for completion in 1H25 - Funding will focus on R&D for ADAS, cockpit, and vehicle intelligence, as well as global production capacity reallocation [5] Financial Performance - **Gross Profit Margin (GPM) Improvements**: - GPM for 4Q was reported at 18.0%, an increase of +2.1 percentage points YoY and +2.3 percentage points QoQ [1] - Improvements attributed to enhanced cost efficiency, particularly in Europe and the Americas [8] Market Positioning - **Tariff Impact**: - Management believes the company is better positioned to handle tariff impacts compared to peers due to a global layout that mitigates tariff hikes [9] Risks and Opportunities - **Downside Risks**: - Lower-than-expected global production growth for passenger vehicles - Higher raw material prices and shipping fees - Poor sales growth in key markets like the US and Europe [11] - **Upside Risks**: - Better-than-expected auto demand leading to increased component shipment volumes - Enhanced efficiencies resulting in improved margins - Faster adoption of autonomous vehicles [12] Valuation - **Target Price**: Rmb19.1 based on a 15x 2025E P/E, reflecting an earnings recovery narrative amid a weak auto industry [10]

均胜电子（600699） 2024 年业绩点评：重组费用压低表观利润， "汽车+机器人 Tier1"打开增长空间 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 55728 | 55864 | 67426 | 72820 | 78172 | | 同比（%） | 11.92 | 0.24 | 20.70 | 8.00 | 7.35 | | 归母净利润（百万元） | 1,083.19 | 960.47 | 1,613.35 | 1,941.70 | 2,313.70 | | 同比（%） | — | (11.33) | 67.98 | 20.35 | 19.16 | | EPS-最新摊薄（元/股） | 0.77 | 0.68 | 1.15 | 1.38 | 1.64 | | P/E（现价&最新摊薄） | 23.34 | 26.33 | 15.67 | 13.02 | 10.93 | [Table_Tag] [Table ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that restructuring costs have depressed apparent profits, but the "Automotive + Robotics Tier 1" strategy opens up growth opportunities [1] - The company achieved a total revenue of approximately 55.864 billion yuan in 2024, a slight increase of 0.24% year-on-year, while the net profit attributable to shareholders decreased by 11.33% to approximately 960 million yuan [1] - The report emphasizes stable growth in the main business, with a significant increase in new orders reaching 83.9 billion yuan, indicating strong growth certainty [1] Financial Performance Summary - Revenue projections for 2025 and 2026 have been raised to 67.426 billion yuan and 72.820 billion yuan, respectively, with an expected revenue of 78.172 billion yuan in 2027 [1] - The report notes that the overall gross margin for 2024 is 16.2%, an increase of 1.8 percentage points year-on-year, with the automotive safety business gross margin at 14.81% [1] - The company incurred one-time restructuring costs of 550 million yuan in 2024, primarily due to workforce reductions and factory closures in Europe and the U.S. [1] - Research and development expenses are projected at approximately 3.69 billion yuan, focusing on advanced technologies such as intelligent driving and 5G-V2X [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 55.864 billion yuan for 2024, a year-on-year increase of 0.24%, while the net profit attributable to shareholders was 960 million yuan, a decrease of 11.33%. The net profit excluding non-recurring items was 1.282 billion yuan, an increase of 27.74% [4][10] - The automotive safety business achieved a revenue of 38.617 billion yuan, a year-on-year increase of 0.23%, while the automotive electronics business reported a revenue of 16.599 billion yuan, a decrease of 1.13%. The company secured new orders worth approximately 83.9 billion yuan, with over 40% from domestic markets and over 55% related to new energy [6][10] - The company is focusing on optimizing its asset structure and enhancing resource allocation efficiency through strategic moves such as replacing its stake in Junsheng Qunying with a controlling interest in Xiangshan Co., thereby strengthening collaboration in smart cockpits and new energy businesses [8][10] Summary by Sections Financial Performance - In Q4, the company achieved a revenue of 14.729 billion yuan, a year-on-year increase of 2.15%, while the net profit attributable to shareholders was approximately 19 million yuan, a decrease of 93.77% [5] - The gross margin for the main business in 2024 was approximately 16.22%, an increase of 1.14 percentage points year-on-year, with automotive safety and electronics gross margins at 14.81% and 19.71%, respectively [6][10] Future Projections - Revenue projections for 2025, 2026, and 2027 are 64.669 billion yuan, 69.035 billion yuan, and 73.798 billion yuan, respectively, with corresponding net profits of 1.547 billion yuan, 1.881 billion yuan, and 2.195 billion yuan [10][11] - The company expects to maintain a gross margin improvement trend, with projections of 17.2%, 17.8%, and 18.3% for the following years [11] Strategic Initiatives - The company is implementing a "business + capital" globalization strategy, focusing on cost reduction and efficiency improvement measures, which are expected to enhance the profitability of its main business [10] - The company plans to leverage its A+H share structure to accelerate its capital platform layout, with fundraising aimed at advanced technology fields such as autonomous driving and artificial intelligence [8][10]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7][6]. Core Views - The company has over 20 years of experience in automotive electronics and safety, becoming the second-largest independent automotive parts supplier in China. The chairman has announced a "re-entrepreneurship" strategy to leverage industry trends and expand into humanoid robotics [6][7]. - The report emphasizes the company's growth genes through mergers and acquisitions, market recovery in core businesses, and the new growth curve in robotics [6][7]. Financial Data and Profit Forecast - Total revenue (in million yuan) is projected to be 55,728 in 2023, increasing to 78,142 by 2027, with a compound annual growth rate (CAGR) of approximately 10.2% [2]. - Net profit attributable to shareholders is expected to rise from 1,083 million yuan in 2023 to 2,064 million yuan in 2027, reflecting a significant growth rate of 16.0% [2]. - Earnings per share are forecasted to grow from 0.78 yuan in 2023 to 1.46 yuan in 2027 [2]. Growth Genes: Mergers and Acquisitions - The company has adopted a unique "Yuan Sheng Road" strategy, focusing on cross-border mergers to quickly acquire core technologies and global production capacity, thus bypassing the long cycles and risks of independent R&D [13][23]. - The integration capabilities are crucial for sustained performance, with successful mergers leading to rapid revenue growth [23][32]. Core Business Recovery - The automotive safety segment is expected to see significant value enhancement per vehicle due to regulatory drivers and increased product coverage, positioning the company as a potential beneficiary of market shifts [8][43]. - The automotive electronics sector is entering a new product cycle, with orders for next-generation cockpit controllers and 800V high-voltage platforms expected to drive growth [8][43]. Second Curve: Robotics Re-Entrepreneurship - The humanoid robotics sector is entering a commercialization phase, with the company focusing on high-value components such as sensor suites [6][8]. - The company aims to leverage its technological, production, and group synergies to evolve into a Tier 1 player in robotics, implementing a comprehensive strategy for data training and application [6][8]. Investment Analysis Opinion - The report anticipates revenue growth of 16.9% in 2025, with net profit expected to increase by 67.4% in the same year. The company is compared to peers like Top Group and Desay SV, with a projected PE ratio of 22x for 2025 [7][6]. - The target market capitalization is estimated at approximately 35.4 billion yuan based on the 2025 net profit forecast [7][6].

[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 均胜电子（600699）公司年报点评 2025 年 03 月 31 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 28日收盘价（元）] | 18.39 | | --- | --- | | 52 周股价波动（元） | 13.33-20.90 | | 总股本/流通 A 股（百万股） | 1409/1368 | | 总市值/流通市值（百万元） | 25906/25159 | | 相关研究 | | Email:lym15114@haitong.com 证书:S0850522120003 [Table_ReportInfo] 《2024Q3 毛利率持续改善，新签订单表现亮 眼》2024.10.31 《2024H1 业绩稳健增长，安全业务盈利能力 显著改善》2024.08.01 市场表现 [Table_QuoteInfo] -22.00% -11.00% 0.00% 11.00% 22.00% 2024/4 2024/7 2024/10 2025/1 均胜电子 ...

深圳商报·读创客户端记者 李薇 全球汽车零部件巨头均胜电子（600699）（600699.SH）于3月27日发布2024年年度报告。财报显示， 公司全年实现营业收入558.6亿元，同比微增0.2%；归母净利润9.6亿元，同比下降11.3%。 报告期内，该公司经营活动现金流净额达46.02亿元，同比增长17.1%，创历史新高。在新项目获取上， 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。 该公司在年报中列出了利润下滑的三大主因：1、欧洲业务战略性收缩。年报显示，公司在欧洲市场实 施了"壮士断腕"式的重组：关闭德国阿沙芬堡工厂和罗马尼亚卫星工厂，裁员约600人。这一系列举措 虽然导致当期重组费用增加，但长远看将每年节省数亿元运营成本。欧洲业务收缩直接影响了短期利润 表现，却是应对当地汽车产业萎缩的必要之举。2、研发投入持续加码。2024年，公司在智能座舱、自 动驾驶等领域的研发投入同比增长15%，达到38亿元，占营收比例达6.8%。这些投入短期内拖累利润， 但为未来技术领先奠定基础。3、汇率波动与原材料成本压力。受美元、欧元汇率波动影响，公司汇兑 损失较上年增加约1.2亿元。同时，锂 ...

3月27日，均胜电子（600699）2024年年度业绩报告显示，其在复杂多变的市场环境中实现各项业务稳 健发展，通过多措并举提升成本竞争力，提高业绩增长弹性，特别是汽车安全业务业绩提升显著。 受益公司近年深入实施"盈利提升"计划，所推各项降本增效措施取得成效，公司主营业务毛利率较同期 提升1.8个百分点至16.3%。其中，汽车安全业务毛利率同比提升2.27个百分点至约14.81%，欧洲区和美 洲区域盈利能力较同期明显改善，全球四大业务区域均已实现盈利。汽车电子业务毛利率约19.71%。 国内地区毛利率同比提升2.36个百分点至约19.69%。 除了在全球层面继续推进供应链优化、区域管理和全球产品线管理能力提升与融合、产能协同等措施 外，还专门针对欧洲汽车市场情况及时调整战略规划，强力推进欧洲业务资源整合。例如，公司关闭了 阿莎芬堡工厂和罗马尼亚周边的卫星工厂，为未来降本增效打下基础。 均胜电子作为已经完成全球化布局的中国零部件公司，形成了中国企业基因与全球华布局优势构成的独 特竞争优势，在全球形成覆盖欧洲、北美、东南亚以及中国等区域布局，公司打造出的Local for Local 的核心供应链、生产体系，以及 ...

均胜电子表示，得益于公司在智能电动汽车领域的深耕布局及研发投入，公司的业务品类不断得到拓展 延伸，例如在智能驾驶、智能网联、智能座舱等领域，公司新获取了海外主机厂客户L2和L2++智能辅 助驾驶解决方案的业务，为后续海外市场智能驾驶业务的拓展打下坚实的基础。 同时，均胜电子获得了国内某头部造车新势力客户的智能座舱域控制器、区域控制器ZCU等新业务，实 现新突破。 伴随各国汽车新车规程对汽车安全系统的要求日益提高，主被动安全系统的装车配置率和单车价值量有 望持续提升。2024年，均胜电子汽车安全业务新订单规模创下历史新高，特别是中国、亚太和欧洲区的 安全业务订单获取超预期，市场地位稳步提高，尤其是在日本区域重新获得日系客户的规模化订单。 均胜电子表示，2024年以来，公司已重点瞄准新兴市场需求的持续增长、全球智能电动汽车渗透率的提 升，中国自主品牌及头部新势力品牌市场份额的快速增长，以及国内车企加速出海等机遇，积极发挥全 球化布局的研发、生产、销售协同战略，能快速响应客户的本地化市场需求，丰富现有产品矩阵的同时 加大了新订单项目获取力度。 $均胜电子(600699) 均胜电子2024年业绩报告披露，新获得海外主 ...