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]

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].