均胜电子Local for Local全球化布局价值凸显

Core Insights - The article highlights the resilience and strong risk management capabilities of Junsheng Electronics in the face of complex global automotive industry changes due to US-China trade tensions [1][2] - Junsheng Electronics has established a comprehensive global supply chain and localized production strategy, which minimizes the impact of tariffs on its operations [1] - The company has reported significant growth in its financial performance for the first half of 2025, demonstrating the value of its global layout [2] Group 1: Globalization and Localization Strategy - Junsheng Electronics has built a global, closed-loop system covering R&D, production, supply, and sales, resulting in limited impact from tariff policies [1] - The company leverages its Mexican factory to provide localized supply to the North American market, utilizing the USMCA tariff exemption policy to mitigate new tariff risks [1] - Morgan Stanley recommends Junsheng Electronics and other established first-tier suppliers for their ability to navigate international challenges due to their established industrial systems overseas [1] Group 2: Financial Performance - In the first half of 2025, Junsheng Electronics achieved revenue of approximately 30.347 billion yuan, a year-on-year increase of 12.07% [2] - The total operating profit for the same period was about 1.247 billion yuan, with net profit attributable to shareholders increasing by 11.13% to 708 million yuan [2] - The overall gross profit margin improved by 2.6 percentage points to approximately 18.2%, marking multiple quarters of growth [2] Group 3: Future Prospects - Junsheng Electronics is set to strengthen its "international business + international capital" dual-drive strategy through a planned issuance of up to 283 million ordinary shares, enhancing its financing channels for global expansion [2]