重要内容提示： 是否需要提交股东大会审议：是 日常关联交易对公司的影响：有利于公司的日常生产经营，不会对公司 的经营成果和财务状况产生不利影响；日常关联交易金额较小，不会对关联方 形成较大的依赖，不会损害公司及中小股东的利益。 证券代码：600699 证券简称：均胜电子 公告编号：临2025-018 宁波均胜电子股份有限公司 关于预测2025年度日常关联交易的公告 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。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 经宁波均胜电子股份有限公司（以下简称"公司"）独立董事专门会议 2025 年第一次会议审议通过，公司于 2025 年 3 月 27 日召开第十一届董事会第 三十三次会议，以 5 票同意、0 票反对、0 票弃权（公司共计 9 名董事，其中关 联董事王剑峰先生、朱雪松先生、李俊彧女士及周兴宥先生回避表决）的表决 结果通过了《关于预测 2025 年度日常关联交易的议案》。 同日，公司召开第十一届监事会第十七次会议，以 3 票同意、0 票反对、0 票弃权的表决结果审议 ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-014 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Viewpoints - The company is recognized as China's second-largest independent automotive parts supplier and has established a comprehensive automotive technology platform covering key areas such as cockpit, intelligent driving, connectivity, power, and body [1][14]. - The company has initiated a dual-track strategy of "Automotive + Robotics Tier1" in 2025, leveraging its expertise in intelligent cockpit and autonomous driving to expand into the robotics sector [2][18]. - The company is expected to benefit from the global trends of electrification and intelligence in the automotive industry, with projected revenues of 565.04 billion, 639.26 billion, and 689.58 billion yuan for 2024, 2025, and 2026 respectively [3][5]. Summary by Sections 1. Robotics Development - The company has launched a full-chain layout for humanoid robots, achieving significant advancements in sensor technology, including the release of a self-developed olfactory sensor [2][19]. - The company’s subsidiary NESINEXT has collaborated with other firms to develop a versatile humanoid robot, showcasing its capabilities at CES 2025 [22][23]. - The integration of automotive technology into robotics is expected to enhance the company's competitive edge in the robotics market [31][32]. 2. Automotive Business Layout - The company has built a comprehensive product matrix in automotive safety, achieving a global market share of 23.1% in 2023, making it the second-largest globally [45]. - The automotive electronics business focuses on human-machine interaction, energy management, and intelligent automotive solutions, contributing to 30.9% of revenue in the first three quarters of 2024 [45][47]. - The company has established itself as a leading supplier of intelligent cockpit domain control systems, ranking second in China and fourth globally [47][48]. 3. Financial Projections - The company’s projected net profits for 2024, 2025, and 2026 are 12.97 billion, 16.25 billion, and 19.56 billion yuan respectively, with corresponding P/E ratios of 20.72x, 16.54x, and 13.74x [3][5]. - The revenue growth rates are expected to be 1.39%, 13.14%, and 7.87% for the years 2024, 2025, and 2026 respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company is recognized as China's second-largest independent automotive parts manufacturer, having established a comprehensive automotive technology platform that covers key areas such as cockpit, intelligent driving, connectivity, power, and body [1][14]. - The company has launched a dual-track strategy of "Automotive + Robotics Tier1" in 2025, leveraging its expertise in intelligent cockpit and autonomous driving to expand into the robotics sector [2][18]. - The company is expected to benefit from the global trends of electrification and intelligence in the automotive industry, with projected revenues of 565.04 billion, 639.26 billion, and 689.58 billion yuan for 2024, 2025, and 2026 respectively [3][5]. Summary by Sections 1. Robotics Development - The company has initiated a comprehensive layout in the humanoid robotics industry, focusing on the full industrial chain [2][18]. - Significant advancements have been made in sensor technology, including the launch of a self-developed olfactory sensor that demonstrates high precision and rapid response capabilities [19][22]. - Collaborations with leading firms in the robotics sector are underway, enhancing the company's capabilities in key components [22][24]. 2. Automotive Business Layout - The company has built a robust product matrix in automotive safety, achieving a global market share of 23.1% and ranking second worldwide [45]. - The automotive electronics business focuses on human-machine interaction, energy management, and intelligent automotive solutions, contributing to 30.9% of revenue in the first three quarters of 2024 [45][47]. - The company is a leading supplier of intelligent cockpit domain control systems, with a cumulative sales volume exceeding 10 million units [47][48]. 3. Financial Projections - The company’s projected revenues for 2024, 2025, and 2026 are 565.04 billion, 639.26 billion, and 689.58 billion yuan respectively, with corresponding net profits of 12.97 billion, 16.25 billion, and 19.56 billion yuan [3][5]. - The expected price-to-earnings ratios for the same periods are 20.72x, 16.54x, and 13.74x, indicating a favorable growth outlook [3][5].

关于以集中竞价交易方式回购股份的进展公告 证券代码：600699 证券简称：均胜电子 公告编号：临 2025-013 宁波均胜电子股份有限公司 根据《上市公司股份回购规则》、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，在回购股份期间，公司应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将 2025 年 2 月以及截至 2025 年 2 月 28 日回购股份的进展情况分别公告如下： 2025 年 2 月，公司通过上海证券交易所交易系统以集中竞价交易方式累计回 购公司股份数量为 2,014,000 股，占公司总股本的比例约为 0.1430%，最低成交价 为人民币 18.31 元/股，最高成交价为人民币 20.79 元/股，已支付的资金总额为 人民币 38,497,925.40 元（不含交易费用）。 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 ...

Summary of Conference Call Company and Industry Involved - **Company**: Huachun Automotive - **Industry**: Autonomous Driving and Robotics Key Points and Arguments Company Overview and Strategy - Huachun Automotive is focusing on the autonomous driving sector and has engaged in collaborations with several domestic and international chip manufacturers, prioritizing overseas clients based on their resource endowment and customer structure [2][3] - The company is exploring partnerships with leading automotive manufacturers to enhance production control and product collaboration, aiming for significant developments within the year [3][4] Robotics Development - The company has shifted its focus towards robotics, investing in research and development over the past year, with a strategy to integrate various components into robotic systems [4][5] - Huachun Automotive is leveraging its existing automotive parts technology to enter the robotics sector, particularly in military and industrial applications [5][6] Financial Performance and Projections - The company anticipates achieving over 80 billion in orders for the year, with a projected revenue growth of 15-20% for 2025, driven by recent acquisitions and a shift in customer structure towards domestic clients [21][22] - Profit margins are expected to improve as the company enhances internal management and operational efficiency, with a focus on increasing profitability faster than revenue growth [22][23] Market Dynamics and Customer Structure - The company has adapted to changes in the market, with a notable shift from foreign to domestic clients, including partnerships with major Chinese companies like Huawei and Xiaomi [23][24] - The revenue structure has evolved, with a significant portion now coming from domestic markets, reflecting a strategic pivot in response to competitive pressures [24][25] Product Development and Innovation - The company is actively developing new products, including advanced sensors and battery management systems, with ongoing collaborations with various robotics firms [9][10] - There is a focus on ensuring product quality and meeting the specific needs of clients in both the automotive and robotics sectors [10][11] Regulatory and Financial Considerations - The company is managing financial expenses, particularly interest costs, by converting loans from USD to RMB and benefiting from a declining interest rate environment [28][29] - Future financing plans include continued investment in autonomous robotics and potential IPO activities in Hong Kong [29][30] Shareholder Engagement - The company has initiated share buybacks as part of its strategy to enhance shareholder value, with plans for further announcements regarding capital management [31][32] Other Important but Overlooked Content - The company is cautious about regulatory scrutiny regarding announcements related to new business developments, particularly in the context of ongoing IPO preparations [8][9] - There is an emphasis on maintaining strong relationships with key clients and adapting to market demands for robotic technologies [17][18]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][5][17] Core Viewpoints - The company is positioned as a "Tier 1" supplier in the automotive and robotics sectors, accelerating its expansion into the humanoid robotics industry to create a second growth curve [3][4][16] - In the humanoid robotics field, the company has developed a core component and has sent samples to well-known humanoid robotics companies. Additionally, it has created an olfactory sensor that will enhance environmental monitoring, medical diagnostics, and the sensory capabilities of intelligent robots [2][6][17] - In the automotive electronics sector, the company has secured its first mass production order for a regional controller project, which will provide over one million units for a well-known domestic new energy brand by 2025 [2][12][16] Summary by Relevant Sections Humanoid Robotics - The company is actively deploying strategies in the humanoid robotics sector, focusing on advanced technologies and market strategies. It has developed a new olfactory sensor that integrates 10,000 vertical nanotube sensors on a 4mm² chip, capable of detecting gas concentrations at the ppb level with a 99% accuracy rate [2][6][17] Automotive Electronics - The company has launched a series of intelligent products, including domain controllers and central computing units, and has received a mass production order for regional controllers. This order reflects the company's strong product development capabilities in automotive intelligence [3][12][16] - The company is leveraging AI technologies, having integrated the DeepSeek large model to enhance the efficiency and quality of software development in intelligent driving, smart cockpits, and connected vehicles [3][14][15] Financial Projections - The company forecasts revenues of 56.843 billion, 60.528 billion, and 65.212 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.310 billion, 1.582 billion, and 1.920 billion yuan for the same years. The corresponding P/E ratios are projected to be 22, 18, and 15 times [3][17][20]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][5][17] Core Viewpoints - The company is positioned as a "Tier 1" supplier in the automotive and robotics sectors, accelerating its expansion into the humanoid robotics industry to create a second growth curve [3][4][16] - In the humanoid robotics field, the company has developed a core component and has sent samples to well-known humanoid robotics companies. Additionally, it has created an olfactory sensor that will enhance environmental monitoring, medical diagnostics, and the sensory capabilities of intelligent robots [2][6][17] - In the automotive electronics sector, the company has secured its first mass production order for a regional controller, which will provide over one million units for a well-known domestic new energy brand by 2025. The integration of AI models like DeepSeek is expected to enhance the efficiency and quality of software development in intelligent driving and connected vehicles [2][3][12][16] Summary by Relevant Sections Humanoid Robotics - The company is actively deploying strategies in the humanoid robotics sector, focusing on advanced technologies and market strategies. It has developed a core component for humanoid robots and is working on an olfactory sensor that can detect gas concentrations at the ppb level with a 99% accuracy rate [2][6][17] Automotive Electronics - The company has made significant advancements in automotive electronics, including the successful acquisition of a mass production order for a regional controller. This will support the production of over one million vehicles for a prominent new energy brand, with rapid mass production expected in 2025 [3][12][16] - The company has also integrated AI capabilities into its automotive software development processes, enhancing the efficiency and quality of its products [12][14][15] Financial Projections - The company forecasts revenues of 56.843 billion, 60.528 billion, and 65.212 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.310 billion, 1.582 billion, and 1.920 billion yuan for the same years. The corresponding price-to-earnings ratios are projected to be 22, 18, and 15 times [3][17][20]

均胜电子系列 车中旭霞 深度报告： 深度|均胜电子：汽车安全盈利修复，汽车电子加速布局—— 2022-10-24 点评报告： 均胜电子系列十-公司快评-人形机器人及汽车电子业务加速发展-20250223 均胜电子系列九—2024年三季报点评-盈利能力同比提升，汽车电子业务加速开拓-20241113 均胜电子系列八—2024年一季报点评-盈利能力持续改善，一季度归母净利润环比提升-20240428 均胜电子系列七—2023年年报点评：安全业务盈利改善，发力智能驾驶-20240331 均胜电子系列六—2023年三季报点评：汽车安全业务盈利持续改善，发力智能驾驶-20231025 均胜电子系列五-中报预告点评：业绩稳步改善，发力智能驾驶—20230713 均胜电子系列四-一季报点评：业绩稳步改善，在手订单充沛—20230427 均胜电子系列三—年报点评：多措并举，业绩扭亏为盈—20230403 均胜电子三季报点评：盈利能力逐季改善，汽车电子业务保持高增长— 20221025 事项 公司公告： 根据均胜电子官微， 人形机器人领域， 2025年，均胜电子在董事长王剑峰"再创业，创新前行"号召下， 对工作进行全面部署，尤 ...

Core Viewpoint - Joyson Electronics has developed an AI programming tool named JAIC (Joyson AI Coding) tailored for the automotive industry's software development processes and standards [1] Group 1: Product Development - JAIC has been deployed with multiple series of open-source large models, including DeepSeek, Llama, and Qwen [1] - The company is also working on developing new tools such as coding agents to enhance the quality and efficiency of technology development in smart driving, smart cockpits, and intelligent connected vehicles [1]