| 投资要点 | | --- | 公告要点： 公 司 发 布 2025 年 一 季 报 ， 符 合 我 们 的 预 期 。 2025Q1 实 现 营 收 约 146 亿 元 ， 同 环 比 +9.78%/-1.04%，归母净利润3.4亿元，同环比+11.1%+1695%，扣非归母净利润3.20亿元，同环 比+2.79%/-6.02%。 安全与电子业务双轮驱动，毛利率持续改善： 公司降本增效成效显著，追溯会计准则调整对毛利率的影响，2025Q1整体毛利率达17.9%，同 环比+2.6pct/-0.1pct。其中，汽车安全业务毛利率15.6%，同环比+1.9pct/-1.5pct，主要是海外整 合红利释放；汽车电子业务毛利率21.2%，同环比+2.1pct/-0.1pct。 现金流与经营效率优化，抗风险能力增强： 公司2025年一季度经营性现金流为8.68亿元，同比提升25.16%，存货周转率与应收账款管理改 善，体现供应链精细化管控。货币资金较年初增加6.0亿元至78.62亿元，为技术投入与产能扩 张提供充足资金支持。 未经许可，不得转载或者引用。 新订单再创新高，全球化布局深化： 2025Q1公司全球新获订单 ...

证券研究报告·公司点评报告·汽车零部件 均胜电子（600699） 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） | 55,728 | 55,864 | 67,426 | 72,820 | 78,172 | | 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 | 1,945.38 | 2,317.55 | | 同比（%） | — | (11.33) | 67.98 | 20.58 | 19.13 | | EPS-最新摊薄（元/股） | 0.77 | 0.68 | 1.15 | 1.38 | 1.65 | | P/E（现价&最新摊薄） | 20.95 | 23.63 | 14.07 | 11.67 | 9.79 | [Table_Tag] [Table_Summary] 投资要点 2025 ...

Summary of Junsheng Electronics Q1 2025 Earnings Call Company Overview - **Company**: Junsheng Electronics - **Date**: Q1 2025 Earnings Call Key Financial Metrics - **Revenue**: Approximately 14.6 billion CNY, a year-on-year increase of 9.78% [2][4] - **Net Profit**: Approximately 340 million CNY, a year-on-year increase of 11.1%, but lower than the growth rate of gross margin due to increased R&D and other expenses [2][6] - **Gross Margin**: Overall gross margin improved by 2.6 percentage points to 17.9% [2][5] - **Cash Flow**: Operating cash flow improved with a net inflow of 870 million CNY, an increase of 170 million CNY year-on-year [2][8] Business Segments Performance - **Automotive Safety**: Contributed approximately 9.2 billion CNY to revenue, with a gross margin increase of 1.9 percentage points to 15.6% [2][4][21] - **Automotive Electronics**: Contributed approximately 4 billion CNY, with a gross margin increase of 2 percentage points to 21.2% [2][4][5] - **Xiangshan Co.**: As an independent listed company, contributed approximately 1.4 billion CNY [2][4] Cost Management and Efficiency - Significant cost reduction and efficiency improvements since 2022, leading to enhanced gross margins [2][5] - R&D expenses increased by 93 million CNY year-on-year, primarily due to new project orders entering R&D and production phases [2][7] Order and Market Dynamics - **New Orders**: As of the end of Q1, the company secured new orders worth approximately 15.7 billion CNY, covering both domestic and international brands [2][12] - **Global Automotive Market**: Q1 2025 global light vehicle production was approximately 21.72 million units, a year-on-year increase of 1.3% [3] Strategic Developments - Continued innovation in smart driving technology and product development, with new orders from both overseas brands and leading domestic companies [2][16] - Showcased new technologies at the Shanghai Auto Show, including the ASpace+ immersive smart cockpit and various robotic components [2][13] Industry Trends and Outlook - The automotive industry is focusing on electrification and intelligence, with significant developments in both domestic and overseas markets [2][18] - The company is adopting a "in China for global" strategy to integrate local innovations with global market needs [2][18] Challenges and Risks - Increased competition in the Asian market, particularly in the automotive safety segment [2][21] - Potential impacts from tariffs and geopolitical tensions, although Q1 2025 showed no significant effects [2][19][20] Future Projections - The company aims to control R&D expenses within budget levels while maintaining gross margin and net profit targets [2][27] - Anticipates continued growth in smart cockpit and robotic product lines, with ongoing communication with clients to adapt to market needs [2][25][23] Conclusion Junsheng Electronics demonstrated solid financial performance in Q1 2025, with significant improvements in revenue and gross margins. The company is strategically positioned to leverage its innovations in smart driving and robotics while navigating industry challenges and market dynamics.

Core Insights - The Shanghai Auto Show serves as a key platform for showcasing cutting-edge technologies and innovations in the automotive industry, attracting significant market attention [1][2] - The event highlights the restructuring of the industry value chain, indicating a shift towards new growth areas and technological advancements [2] Group 1: Company Innovations and Strategies - JoySpace+, a new immersive smart cockpit solution, was unveiled by the company, addressing consumer demands for enhanced smart cockpit experiences with features like customizable buttons and multifunctional controls [4] - The company continues to strengthen its traditional strengths in automotive safety by launching innovative products such as a driver monitoring system and integrated smart steering wheel, aimed at reducing safety risks [5] - The strategy of advancing both smart technology and safety aligns with current regulatory trends, positioning the company as a leader in the "automotive + robotics" sector [6] Group 2: Globalization and Operational Resilience - The company has been actively restructuring and integrating global resources since 2018, with a focus on long-term value creation through systematic management [9] - From 2022 to 2024, the company's overall gross margin is projected to increase from 11.96% to 16.22%, with the first quarter of 2025 showing a further increase to 17.9% [10][15] - The company is implementing a flexible capacity network and cost transfer strategies to enhance operational efficiency and resilience [11][12] Group 3: Market Opportunities and Financial Performance - The company has secured a record high of new project orders in 2024, amounting to approximately 83.9 billion yuan, with significant contributions from automotive safety and electronics sectors [14] - The merger with Xiangshan Co. is expected to accelerate business potential, particularly in smart cockpit and new energy charging products [14] - The first quarter of 2025 reported a revenue of 14.576 billion yuan, reflecting a year-on-year growth of 9.78% [15] Group 4: Investment Outlook - The company is positioned to benefit from both Alpha and Beta returns, with a strong order backlog and a favorable market perception leading to potential value reassessment [13][17] - The technological advancements in robotics and automotive sectors are expected to create new valuation models, prompting several institutions to raise target prices for the company [17][18] - The ongoing evolution towards "automotive + robotics Tier 1" signifies the company's commitment to innovation and market leadership [19]

Group 1: Poly Developments - Poly Developments reported a net profit of 5 billion yuan for 2024, a decrease of 58.6% year-on-year [1] - The company achieved total revenue of 311.67 billion yuan in 2024, down 10% from the previous year [2] - The gross profit margin for settlements was 14%, a decline of 2 percentage points compared to the same period last year [1][2] - The company signed a total area of 17.9661 million square meters, a decrease of 24.7% year-on-year, while sales contracts amounted to 323.029 billion yuan, down 23.5% [2] - The company maintained a cash balance of 134.2 billion yuan at the end of the year, with a net cash flow from operating activities of 6.257 billion yuan [3] Group 2: Mindray Medical - Mindray Medical reported a revenue of 36.726 billion yuan for 2024, an increase of 5.14% year-on-year [5][6] - The net profit attributable to shareholders was 11.668 billion yuan, a slight increase of 0.74% compared to the previous year [5][6] - The company's cash flow from operating activities was not disclosed in the provided data [6] Group 3: Unisplendour - Unisplendour announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] - The company achieved a revenue of 79.024 billion yuan in 2024, a growth of 2.22% year-on-year [10] - The net profit attributable to shareholders was 1.572 billion yuan, a decrease of 25.23% compared to the previous year [10] Group 4: SF Holding - SF Holding reported a revenue of 69.849 billion yuan for the first quarter, an increase of 6.9% year-on-year [17][18] - The net profit attributable to shareholders was 2.234 billion yuan, reflecting a growth of 16.9% compared to the same period last year [17][18] - The company plans to repurchase shares worth between 500 million and 1 billion yuan [17] Group 5: Qingdao Beer - Qingdao Beer reported a revenue of 10.445 billion yuan for the first quarter, a growth of 2.91% year-on-year [20][21] - The net profit attributable to shareholders was 1.710 billion yuan, an increase of 7.08% compared to the previous year [20][21] Group 6: China State Construction - China State Construction reported a revenue of 555.3 billion yuan for the first quarter, a growth of 1.1% year-on-year [23] - The net profit attributable to shareholders was 15.01 billion yuan, reflecting a growth of 0.6% compared to the same period last year [23] Group 7: WuXi AppTec - WuXi AppTec reported a revenue of 9.655 billion yuan for the first quarter, a growth of 20.96% year-on-year [24] - The net profit attributable to shareholders was 3.672 billion yuan, a significant increase of 89.06% compared to the previous year [24] Group 8: China Nuclear Power - China Nuclear Power reported a revenue of 20.273 billion yuan for the first quarter, a growth of 12.7% year-on-year [25] - The net profit attributable to shareholders was 3.137 billion yuan, reflecting a growth of 2.55% compared to the same period last year [25] Group 9: Haitian Flavoring - Haitian Flavoring reported a revenue of 8.315 billion yuan for the first quarter, a growth of 8.08% year-on-year [26] - The net profit attributable to shareholders was 2.202 billion yuan, an increase of 14.77% compared to the previous year [26] Group 10: Yunnan Baiyao - Yunnan Baiyao reported a revenue of 10.841 billion yuan for the first quarter, a growth of 0.62% year-on-year [27] - The net profit attributable to shareholders was 1.935 billion yuan, reflecting a growth of 13.67% compared to the same period last year [27]

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-035 宁波均胜电子股份有限公司 关于召开2025年第一季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 5 月 14 日（星期三）至 5 月 20 日（星期二）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 （600699@joyson.com）进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 宁波均胜电子股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日披 露公司 2025 年第一季度报告，为便于广大投资者更全面深入地了解公司 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 21 日（星期三） 13:45-14:45 举行 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频录播结合网络互动形式召开，公司将针 ...

宁波均胜电子股份有限公司 2024 年度可持续发展报告 关于均胜电子 完善治理 筑牢发展基石 质量先行 创新智慧未来 产业共荣 助力责任发展 生态友好 守护绿色家园 彼此成就 赋能价值成长 附录 股票代码：600699 NINGBO JOYSON ELECTRONIC CORP. 目录 | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 02 | | 均胜电子响应联合国可持续发展目标（UN SDGs） | 03 | | 均胜电子可持续发展长期战略 | 05 | | 关于均胜电子 | 06 | | 公司概况 | 06 | | 发展历程 | 09 | | 2024年度重点奖项 | 10 | | 2024年度ESG相关认可 | 11 | | 01 | 完善治理 筑牢发展基石 | 高效治理体系 | 13 03 | 优质客户服务 | 产业共荣 助力责任发展 | 47 | 05 | 彼此成就 赋能价值成长 | 多元化与平等机会 | 77 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 坚守商业 ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-034 宁波均胜电子股份有限公司 第十一届监事会第十八次会议决议公告 具 体 内 容 详 见 公 司 于 2025 年 4 月 29 日 在 上 海 证 券 交 易 所 官 方 网 站 （www.sse.com.cn）披露的《均胜电子2025年第一季度报告》。 表决结果：3票同意、0票反对、0票弃权。 二、审议并通过了《关于2024年度可持续发展报告》 详 情 请 参 见 公 司 于 2025 年 4 月 29 日 在 上 海 证 券 交 易 所 官 方 网 站 （www.sse.com.cn）披露的《均胜电子2024年度可持续发展报告》。 本公司监事会及全体监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。 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）第十一届 监事会第十八次会议于2025年4月28日在浙江宁波以现场表决的方式召开。会议 通知于2025年4月26日以专人送达的方式向公司全体监事发出。会议应出席监事3 名，实际出席3名。 会议由公司监事会主席王玉德先生 ...

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。 证券代码：600699 证券简称：均胜电子 公告编号：临 2025-033 宁波均胜电子股份有限公司 第十一届董事会第三十四次会议决议公告 本议案已经公司董事会战略与ESG委员会2025年第一次会议全体委员审议通 过 。 详 情 请 参 见 公 司 于 2025 年 4 月 29 日 在 上 海 证 券 交 易 所 官 方 网 站 （www.sse.com.cn）披露的《均胜电子2024年度可持续发展报告》。 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）第十一届 董事会第三十四次会议于2025年4月28日在浙江宁波以现场结合通讯会议的方式 召开。会议通知于2025年4月26日以电话、专人送达等方式向公司全体董事发出， 会议应出席董事9名，实际出席9名。公司监事及高级管理人员列席了会议。 会议由公司董事长王剑峰先生主持，会议的召开符合《公司法》与《公司章 程》的有关规定。 表决结果：9票同意、0票反对、0票弃权。 会议以现场结合通讯表决方式审议并通过以下议案： 一、审 ...

Financial Performance - The company achieved operating revenue of approximately CNY 14.66 billion in Q1 2025, representing a year-on-year increase of 9.78%[4] - Net profit attributable to shareholders was CNY 340.45 million, up 11.08% compared to the same period last year[4] - The gross profit margin improved by 2.6 percentage points to approximately 17.9% in Q1 2025, with the automotive safety business margin increasing by 1.9 percentage points to about 15.6%[6] - Total revenue for Q1 2025 reached ¥14.58 billion, an increase of 9.7% compared to ¥13.28 billion in Q1 2024[21] - Operating profit for Q1 2025 was ¥588.08 million, up from ¥516.78 million in Q1 2024, reflecting a growth of 13.8%[21] - Net profit for Q1 2025 was ¥403.10 million, compared to ¥380.18 million in Q1 2024, representing an increase of 6.0%[21] - Basic earnings per share rose to CNY 0.24, a 9.09% increase from the previous year[5] - Basic earnings per share for Q1 2025 were ¥0.24, compared to ¥0.22 in Q1 2024, indicating a growth of 9.1%[22] - The company reported a total comprehensive income of ¥454.06 million for Q1 2025, significantly higher than ¥100.93 million in Q1 2024[22] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 867.55 million, reflecting a significant increase of 25.16% year-on-year[4] - In Q1 2025, the net cash flow from operating activities was ¥867,545,248.77, an increase of 25.2% compared to ¥693,172,389.92 in Q1 2024[25] - Total cash inflow from operating activities reached ¥17,047,160,438.55, up from ¥15,728,504,094.42 in the same period last year, reflecting a growth of 8.4%[25] - The company’s cash flow statement for Q1 2025 indicates a strong liquidity position, although specific cash flow figures were not detailed in the provided content[23] - The cash and cash equivalents at the end of Q1 2025 amounted to ¥6,187,439,562.11, compared to ¥5,890,165,774.59 at the end of Q1 2024, showing an increase of 5.1%[26] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 67.04 billion, an increase of 4.48% from the end of the previous year[5] - Total assets increased to ¥67,037,818,001.59 as of March 31, 2025, up from ¥64,165,868,100.72 at the end of 2024, representing a growth of approximately 2.73%[17] - The company’s total current assets reached ¥32,214,489,003.16, up from ¥30,088,535,413.33, indicating a growth of 7.07%[17] - Long-term assets totaled ¥34,823,328,998.43, an increase from ¥34,077,332,687.39, marking a growth of 2.19%[17] - The company's total liabilities increased to ¥46.81 billion in Q1 2025, up from ¥44.32 billion in Q1 2024, marking a growth of 5.6%[21] Shareholder Information - The company reported a total of 81,758 common shareholders at the end of the reporting period[12] - The largest shareholder, Junsheng Group Co., Ltd., holds 36.73% of the shares, with 517,457,701 shares pledged[12] - The number of shares held by the repurchase account was 18,689,015, accounting for 1.33% of the total shares[13] - The company has no significant changes in the participation of major shareholders in the securities lending business[14] Research and Development - Research and development expenses increased by approximately CNY 9.3 million compared to the same period last year, indicating ongoing investment in new business orders[6] - Research and development expenses rose to ¥796.43 million in Q1 2025, a 31.7% increase from ¥604.88 million in Q1 2024[21] Financial Expenses - Financial expenses increased to ¥294.54 million in Q1 2025, compared to ¥210.92 million in Q1 2024, reflecting a rise of 39.6%[21] Order Acquisition - The total amount of new orders acquired globally in Q1 2025 reached approximately CNY 15.7 billion[7] Automotive Segment Performance - The automotive electronics segment generated approximately CNY 4 billion in revenue during the quarter[4]