证券代码：600699 证券简称：均胜电子 公告编号：临 2024-028 宁波均胜电子股份有限公司 关于 2021 年员工持股计划第一个锁定期和第二个锁 定期届满暨解锁条件成就的公告 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。 宁波均胜电子股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开 第十一届董事会第十六次会议、第十一届监事会第九次会议，审议通过了《关于 公司 2021 年员工持股计划第一个锁定期和第二个锁定期届满暨解锁条件成就的 议案》，具体情况如下： 一、员工持股计划实施进展 1、为充分调动公司员工的积极性和创造性，有效地将股东利益、公司利益 和员工利益结合在一起，促进公司长期、持续、健康发展，公司于2021年10月14 日召开第十届董事会第十六次会议、第十届监事会第十三次会议，于2021年11月 1日召开2021年第二次临时股东大会，审议并通过了公司2021年员工持股计划相 关议案。具体内容详见公司于2021年10月15日、2021年11月2日在上海证券交易 所（以下简称"上交所"）网站（ ...

Financial Performance - The company's operating revenue for Q1 2024 was approximately ¥13.28 billion, representing a year-on-year increase of 0.42%[4] - Net profit attributable to shareholders was approximately ¥306.50 million, reflecting a significant year-on-year increase of 53.11%[4] - The net profit after deducting non-recurring gains and losses was approximately ¥311.32 million, showing a substantial increase of 134.18% compared to the previous year[4] - The gross profit margin for the automotive safety business improved by 3.8 percentage points to approximately 13.9%[9] - Operating profit for Q1 2024 was ¥516,775,498.49, significantly higher than ¥233,675,479.21 in Q1 2023, indicating an increase of 121.00%[18] - Net profit attributable to shareholders of the parent company was ¥306,501,980.99 in Q1 2024, compared to ¥200,186,408.63 in Q1 2023, reflecting a growth of 53.00%[19] - The company reported a comprehensive income total of ¥100,927,525.60 in Q1 2024, compared to ¥17,447,874.92 in Q1 2023, indicating a significant increase[19] - Basic earnings per share for Q1 2024 were ¥0.22, up from ¥0.15 in Q1 2023, reflecting a growth of 46.67%[19] Cash Flow and Financing - The net cash flow from operating activities was approximately ¥693.17 million, an increase of 9.22% year-on-year[4] - In Q1 2024, the company reported cash inflows from operating activities of approximately $15.73 billion, an increase of 6.6% compared to $14.76 billion in Q1 2023[21] - The net cash flow from operating activities was $693.17 million, up from $634.63 million in the same period last year, reflecting a growth of 9.2%[21] - Cash inflows from financing activities totaled approximately $6.38 billion, significantly higher than $1.04 billion in Q1 2023, indicating a substantial increase in financing activities[22] - The net cash flow from financing activities was $1.96 billion, a turnaround from a net outflow of $468.40 million in the previous year[22] - The company received approximately $4.66 billion in borrowings during the quarter, compared to $1.00 billion in the same period last year, indicating a significant increase in debt financing[22] Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥58.73 billion, an increase of 3.24% from the end of the previous year[5] - As of March 31, 2024, the total assets amounted to CNY 58,728,113,946.98, an increase from CNY 56,886,848,139.45 as of December 31, 2023[16] - Total liabilities rose to ¥38,963,191,271.13 in Q1 2024 from ¥37,760,475,654.04 in Q1 2023, an increase of 3.19%[17] - The company's total equity increased to ¥19,764,922,675.85 in Q1 2024, up from ¥19,126,372,485.41 in Q1 2023, showing a growth of 3.33%[17] Operational Metrics - New orders acquired globally totaled approximately ¥29.8 billion, with ¥23.9 billion from the automotive safety business and ¥5.9 billion from the automotive electronics business[9] - New orders related to new energy vehicles amounted to approximately ¥22.9 billion, accounting for about 77% of the total new orders[9] - Research and development expenses increased to ¥604,875,761.66 in Q1 2024 from ¥578,124,161.39 in Q1 2023, marking a rise of 4.63%[18] Inventory and Receivables - Accounts receivable decreased to CNY 7,774,530,837.70 from CNY 8,032,060,897.42, indicating a decline of about 3.2%[16] - Inventory increased to CNY 9,599,828,985.94 from CNY 9,246,184,266.21, representing a growth of approximately 3.8%[16] Financial Position - The company's financial expenses decreased to ¥210,918,699.03 in Q1 2024 from ¥268,645,058.95 in Q1 2023, a reduction of 21.43%[18] - The total cost of sales decreased to ¥12,827,729,002.96 in Q1 2024 from ¥13,108,276,526.34 in Q1 2023, a decline of 2.14%[18] - The cash and cash equivalents increased to CNY 6,697,093,256.85 from CNY 5,176,307,912.36, reflecting a growth of approximately 29.3%[16] - The company's cash and cash equivalents at the end of Q1 2024 stood at approximately $5.89 billion, up from $3.16 billion at the end of Q1 2023, marking a 86.5% increase[22] Shareholder Information - The company has not reported any significant changes in the top 10 shareholders or their shareholding percentages[14]

证券代码：600699 证券简称：均胜电子 公告编号：临 2024-030 宁波均胜电子股份有限公司 关于召开2024年第一季度业绩说明会的公告 1 / 2 会议召开时间：2024 年 5 月 13 日（星期一）13:00-14:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 5 月 13 日 13:00-14:30 （二）会议召开地点：上证路演中心 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 2024 年 5 月 6 日（星期一）至 5 月 10 日（星期五）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.cn）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" ...

公司研究 | 年报点评 均胜电子 600699.SH 汽车安全业务盈利改善，汽车电子业务稳 买入 （维持） 股价（2024年04月03日） 16.92元 定增长 目标价格 26.26元 52周最高价/最低价 21.58/12.64元 总股本/流通A股（万股） 140,870/136,808 A股市值（百万元） 23,835 核心观点 国家/地区 中国 行业 汽车与零部件 ⚫ 业绩符合预期。公司2023年营业收入 557.28亿元，同比增长11.9%；归母净利润 报告发布日期 2024年04月07日 10.83亿元，同比增长174.8%；扣非归母净利润10.03亿元，同比增长219.2%。4 季度营业收入 144.18 亿元，同比增长 2.6%，环比增长 0.9%；归母净利润 3.04 亿 元，同比增长 15.7%，环比增长 0.4%；扣非归母净利润 3.32 亿元，同比增长 443.8%，环比增长20.8%。2023年智能座舱域控制器及中国市场强劲增长带动公司 1周 1月 3月 12月 营收规模稳步提升，降本增效战略取得成效推动全年盈利能力大幅改善。2023 年公 绝对表现% 3.93 1.08 -2.81 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 20.40, down from the previous target of RMB 24.60 [1][9]. Core Insights - The automotive safety business has completed its integration, and the report is optimistic about sustained growth in performance. The overseas automotive safety business continued to reduce losses in Q4 2023, with an annual gross margin exceeding expectations at 15.1% [1][2]. - In Q4 2023, new orders reached RMB 14.7 billion, with expectations for orders from German automotive companies in 2024 [2][7]. - The report projects a revenue adjustment for 2024-2025, with expected revenues of RMB 643.0 billion and RMB 728.4 billion, representing year-on-year growth of 15.4% and 13.3% respectively [7][8]. Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of RMB 144.2 billion, a quarter-on-quarter increase of 2.6% and a year-on-year increase of 0.9%. The gross margin for Q4 was 18.4%, up 6.6 percentage points year-on-year [1][6]. - For the full year 2023, the company reported revenue of RMB 557.3 billion, an 11.9% increase year-on-year, with a gross margin of 15.1%, up 3.1 percentage points year-on-year. The net profit attributable to shareholders was RMB 10.8 billion, a significant increase of 174.8% year-on-year [1][5]. Order Book and Future Projections - The total new orders for 2023 amounted to approximately RMB 737 billion, with new energy orders accounting for RMB 442 billion, or about 60% of the total. The company expects to fully turn around its North American automotive safety business in 2024, further enhancing profitability [2][7]. - The report introduces 2026 performance forecasts, estimating revenues of RMB 786.7 billion and net profits of RMB 22.7 billion, reflecting year-on-year growth of 8.0% and 11.9% respectively [7][8]. Valuation Adjustments - The report slightly lowers the company's 2024 P/E valuation to 20 times, down from 23 times, reflecting the completed integration of the automotive safety business and the expectation of steady profit growth in 2024 [9][10].

证券代码：600699 证券简称：均胜电子 公告编号：临 2024-025 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。 重要内容提示： | 回购方案实施期限 | 2024 年 2 | 月 | 19 | 日~2025 | 年 2 月 18 日 | | --- | --- | --- | --- | --- | --- | | 预计回购金额 | 10,000 | | 万元~20,000 | | 万元 | | 回购用途 | | | 用于员工持股计划或股权激励 | | | | 累计已回购股数 | 1,669,131 股 | | | | | | 累计已回购股数占总股本比例 | 0.1185% | | | | | | 累计已回购金额 | 2,654.457873 | | | 万元 | | | 实际回购价格区间 | 15.80 元/股~16.38 | | | | 元/股 | | 回购方案首次披露日 | 2024/2/20 | | | | | 二、 回购股份的进展情况 根 ...

证券研究报告 公司点评 均胜电子（600699.SH） 汽车｜ 汽车零部件 各项业务稳步增长，盈利能力大幅提升 2024年04月01日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入（亿元） 497.93 557.28 609.85 660.14 703.80 归母净利润（亿元） 3.94 10.83 14.03 17.59 21.41 评级变动 维持 每股收益（元） 0.28 0.77 1.00 1.25 1.52 交易数据 每股净资产（元） 8.70 9.64 10.52 11.62 12.97 当前价格（元） 17.28 P/E 61.71 22.44 17.28 13.82 11.37 52周价格区间（元） 13.31-20.59 P/B 1.99 1.79 1.64 1.49 1.33 总市值（百万） 24342.37 资料来源：iFinD（2024-3-29收盘价），财信证券 流通市值（百万） 23640.51 总股本（万股） 140870.20 投资要点： 流通股（万股） 136808.50  事件：公司发布2023年年度报告，2023年公司实现营业 ...

伐谋-中小盘信息更新 中 小 盘 均胜电子（600699.SH） 汽车安全+汽车电子双轮驱动，把握机遇稳健增长 研 究 2024年04月01日 ——中小盘信息更新 投资评级：买入（维持） 任浪（分析师） 赵旭杨（分析师） renlang@kysec.cn zhaoxuyang@kysec.cn 证 书编号：S0790519100001 证书编号：S0790523090002 日期 2024/4/1 当前股价(元) 17.59  公司2023年营收实现稳健增长，盈利能力大幅提升 中 一年最高最低(元) 21.58/12.64 公司发布 2023 年年报，实现营收 557.28 亿元，同比+11.92%；实现归母净利润 小 总市值(亿元) 247.79 与扣非归母净利润 10.83/10.03 亿元，同比+174.79%/+219.21%。尽管 2023 年全 盘 流通市值(亿元) 240.65 球汽车行业发生如美国汽车工人阶段性罢工、欧洲收紧新能源汽车补贴政策等诸 信 息 总股本(亿股) 14.09 多变化，公司依然实现营收的稳健增长与盈利水平的大幅提升，势能强劲，基于 更 流通股本(亿股) 13.68 此我 ...

Investment Rating - The investment rating for the company is "Buy" [5][19]. Core Views - The company achieved a net profit attributable to shareholders of 1.083 billion yuan in 2023, representing a year-on-year growth of 175%. The total revenue for 2023 was 55.728 billion yuan, an increase of 11.9% compared to the previous year [6][15]. - The automotive safety business has shown significant improvement in profitability, with the gross margin for the automotive safety segment reaching 12.77%, up 3.6 percentage points year-on-year. The overall gross margin for the company was 15.09%, an increase of 3.1 percentage points [6][7]. - The company has optimized its order structure, securing over 73 billion yuan in new lifetime orders in 2023, with more than 60% of these related to new energy vehicles [12][13]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 55.728 billion yuan, a year-on-year increase of 11.9%. The net profit attributable to shareholders was 1.083 billion yuan, reflecting a growth of 174.8% [6][15]. - The gross margin for the automotive electronics business was 20.65%, up 2.1 percentage points year-on-year, while the automotive safety business achieved a gross margin of 12.77% [6][7]. Business Segments - The automotive electronics segment generated a revenue of 16.8 billion yuan in 2023, growing by 11% year-on-year. The automotive safety segment achieved a revenue of 38.5 billion yuan, also up by 12% [6][15]. - The company is focusing on smart driving and has partnered with various manufacturers to develop domain controllers and central computing units based on different chip platforms [2][14]. Future Outlook - The company maintains its profit forecast for 2024-2025, projecting net profits of 1.366 billion yuan, 1.661 billion yuan, and 2.001 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 26.1%, 21.6%, and 20.5% [15][17]. - The company is expected to benefit from its ongoing investments in R&D and production capacity, particularly in the Chinese market, which is being upgraded to manage the Asia-Pacific region [12][14].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2023 annual report shows performance in line with expectations, achieving a revenue of 55.728 billion yuan, a year-on-year increase of 12%, and a net profit attributable to shareholders of 1.08319 billion yuan, a year-on-year increase of 175% [3][4] - The company benefits from a dual-driven model of safety and electronics, with steady revenue growth supported by recovering demand in major global automotive markets and the rapid development of smart electric vehicles [3][4] - Continuous cost reduction and efficiency improvement efforts are yielding scale effects, with a gross margin of 15.09% in 2023, up 3.16 percentage points year-on-year [3][4] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 55.728 billion yuan, with a year-on-year growth of 12% and a net profit of 1.08319 billion yuan, reflecting a significant increase of 175% [3][4] - The fourth quarter of 2023 saw revenues of 14.4 billion yuan, with a quarter-on-quarter increase of 2.6% and a year-on-year increase of 0.9% [3] - The company forecasts revenues of 60.416 billion yuan for 2024, with a year-on-year growth of 8% [4] Business Segments - The automotive safety segment generated 38.5 billion yuan in revenue, up 12% year-on-year, while the automotive electronics segment achieved 16.8 billion yuan, up 11% year-on-year [3][4] - The company secured new full-lifecycle orders totaling approximately 73.7 billion yuan in 2023, with over 60% of new orders related to new energy vehicles [4] Profitability and Efficiency - The gross margin for the automotive safety business was 12.77%, an increase of 3.63 percentage points year-on-year, while the automotive electronics business achieved a gross margin of 20.65%, up 2.13 percentage points [3][4] - The overall expense ratio for 2023 was 12.31%, with a slight increase of 0.57 percentage points year-on-year [3] Future Outlook - The company expects continued revenue growth, with projected revenues of 67.692 billion yuan in 2025 and 75.759 billion yuan in 2026, reflecting year-on-year growth rates of 12% [4] - The report anticipates a net profit of 2.07812 billion yuan in 2025 and 2.77635 billion yuan in 2026, with corresponding growth rates of 37.32% and 33.60% [4]