研报掘金丨华安证券：维持均胜电子“买入”评级，机器人业务加速布局

Core Viewpoint - The report from Huazhong Securities indicates that Junsheng Electronics has shown steady growth in revenue and profit for the first half of 2025, with an ongoing enhancement in profitability and a robust performance that meets expectations, particularly in the robotics business [1] Financial Performance - Junsheng Electronics' revenue and profit have demonstrated stable growth, aligning with market expectations [1] - The company's R&D expenses increased by 49.91% year-on-year, primarily due to investments in advanced technologies such as intelligent driving and humanoid robots [1] Business Development - The company is providing key components and integrated solutions for humanoid robots, including brain controllers, energy management modules, and high-performance materials [1] - A strategic cooperation agreement has been signed with Zhiyuan Robotics for deep collaboration in core technology development and customized solutions [1] - The company has made significant progress in client partnerships, with major clients including leading overseas robotics firms and domestic companies like Zhiyuan Robotics and Galaxy Universal [1] Operational Efficiency - Various cost-reduction and efficiency-enhancement measures have been successfully implemented, leading to improved profitability in the main business [1] - The robotics product line is diverse, and there has been notable progress in client acquisition [1]