NJEC(SH:600699) Ge Long Hui·2025-08-29 02:05Core Viewpoint - The automotive industry has been described as being at a "cyclical bottom" for the past three years, yet the company, Joyson Electronics, has delivered resilient and better-than-expected mid-term results, achieving a revenue of 30.347 billion yuan, a year-on-year increase of 12.07%, and a net profit of 708 million yuan, up 11.13% [1] Group 1: Revenue and Profit Growth Drivers - The overall gross margin increased to 18.2%, up 2.6 percentage points year-on-year, with the second quarter reaching a record high of 18.4%. The automotive safety business gross margin was 15.9%, up 2.0 percentage points, while the automotive electronics gross margin rose approximately 2.2 percentage points to about 21.5% [2] - The company secured new orders totaling 31.2 billion yuan in the first half of the year, with 17.4 billion yuan from automotive safety and 13.8 billion yuan from automotive electronics. The proportion of new energy vehicle orders remained stable at 60%-70% [3][4] - Operating cash flow for the first half was 1.906 billion yuan, maintaining a net inflow, which supports ongoing investments in R&D and capacity expansion. The company has cumulatively distributed dividends of 860 million yuan over the past three years, with a buyback of 222 million yuan planned for 2025 [5] Group 2: Core Options for Future Growth - The company has established a comprehensive capability in intelligent driving, covering algorithms, hardware, and system integration, and has formed a deep partnership with leading domestic autonomous driving firms [6][7] - In the robotics sector, the company has made significant strides, entering the supply chain of major global players like Tesla and establishing a wholly-owned subsidiary focused on robotics [8] - The intersection of intelligent driving and robotics creates synergistic effects, allowing for shared R&D costs and rapid response capabilities to meet global customer needs [9] Group 3: Market Outlook and Catalysts - The company is expected to list on the Hong Kong stock exchange soon, which is anticipated to provide a significant short-term catalyst for growth [10]