华龙证券：首次覆盖均胜电子给予增持评级

Core Viewpoint - Junsheng Electronics reported significant improvements in gross margin and steady growth in revenue and net profit for the first half of 2025, driven by cost reduction and efficiency enhancement initiatives [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 30.347 billion yuan, a year-on-year increase of 12.07%, and a net profit attributable to shareholders of 707 million yuan, up 11.13% year-on-year [1]. - For Q2 2025, revenue reached 15.771 billion yuan, reflecting a year-on-year growth of 14.27%, with a net profit of 367 million yuan, an increase of 11.18% year-on-year [1]. Gross Margin Improvement - The gross margin for H1 2025 was 18.15%, with Q2 showing a gross margin of 18.4%, representing a quarter-on-quarter increase of 2.9 and 0.5 percentage points respectively [2]. - The improvement in gross margin is attributed to reduced raw material costs and enhanced operational efficiency, particularly in overseas markets through the introduction of Chinese suppliers and global capacity adjustments [2]. Business Segmentation - In H1 2025, the automotive safety systems and automotive electronics segments generated revenues of 18.977 billion yuan and 8.356 billion yuan, respectively, with year-on-year growth of 1.13% and 2.73% [2]. New Orders and Growth Prospects - The company secured new projects with a total lifecycle value of approximately 31.2 billion yuan in H1 2025, with over 66% of new orders related to new energy [4]. - The company is making progress in its smart driving and embodied intelligence businesses, including a significant order exceeding 1 billion yuan for smart driving domain controllers expected to start production in 2026 [4]. Investment Outlook - The company is expected to see net profits of 1.49 billion yuan, 1.90 billion yuan, and 2.25 billion yuan for 2025, 2026, and 2027, respectively, with a current price-to-earnings ratio of 19.7, 15.4, and 13.0 times for the respective years [5]. - The initial coverage of the stock has been rated as "Buy" due to the high level of new orders and clear paths for cost reduction and efficiency improvements [5].