研报掘金丨国海证券：首予均胜电子“增持”评级，业绩增长确定性较强

Core Viewpoint - The report from Guohai Securities indicates that Junsheng Electronics achieved a net profit attributable to shareholders of 707 million yuan in the first half of the year, representing a year-on-year increase of 11.13% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders is projected to be 367 million yuan, with a year-on-year increase of 11.18% and a quarter-on-quarter increase of 7.85% [1] - The company is focused on automotive safety and electronics, continuously optimizing integration to achieve profit growth over multiple quarters [1] Business Strategy - Junsheng Electronics is leveraging its global customer and production capacity layout, actively expanding into the "automotive + robotics" sector, with new business developments progressing smoothly [1] - The company is expected to achieve main business revenues of 63.03 billion, 66.07 billion, and 69.22 billion yuan from 2025 to 2027, with year-on-year growth rates of 13%, 5%, and 5% respectively [1] Profitability Outlook - The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 1.558 billion, 1.831 billion, and 2.127 billion yuan, with year-on-year growth rates of 62%, 18%, and 16% respectively [1] - The corresponding price-to-earnings (PE) ratios based on the current stock price are expected to be 19, 16, and 14 times for the respective years [1] Investment Recommendation - The company's profitability is steadily recovering, and the certainty of performance growth is strong, leading to an initial coverage with a "buy" rating [1]