华泰证券：均胜电子智驾订单突破、机器人战略布局，目标价24.75元

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]