NJEC(SH:600699) Zhong Zheng Wang·2025-10-28 02:49Core Viewpoint - Junsheng Electronics is launching its Hong Kong IPO, aiming to become a dual-listed leader in the automotive and robotics sectors, with a global offering size of 155 million H-shares and a maximum offer price of HKD 23.60 per share [1][3]. Group 1: IPO Details - The IPO period for Junsheng Electronics runs from October 28 to November 3, with the listing date set for November 6 under the stock code "0699" on the Hong Kong Stock Exchange [1]. - The global issuance includes 15.51 million shares for public offering in Hong Kong and approximately 140 million shares for international placement, subject to adjustments [1]. Group 2: Fund Utilization - Proceeds from the IPO will be allocated to the development and commercialization of automotive intelligent solutions, smart manufacturing upgrades, supply chain optimization, overseas business expansion, and potential investments and acquisitions [3][4]. Group 3: Company Overview - Established in 2004, Junsheng Electronics specializes in automotive electronic and safety solutions, covering key automotive domains such as cockpit, intelligent driving, connectivity, power, and body [3]. - According to a report by Sullivan, Junsheng ranks 41st among global automotive parts companies by revenue in 2024, and is the second-largest supplier of intelligent cockpit control systems in China and the fourth globally [3]. Group 4: Financial Performance - Junsheng Electronics has shown consistent growth in profitability, with a projected revenue of approximately CNY 55.9 billion and a net profit of about CNY 1.28 billion for 2024, reflecting a 1.8 percentage point increase in gross margin to 16.3% [4]. - For the first half of 2025, the company expects revenue of around CNY 30.35 billion, a year-on-year increase of 12.07%, with a net profit of CNY 708 million [4][5]. Group 5: Global Expansion and Client Base - Junsheng Electronics has established over 25 R&D centers and 60 production bases across major automotive markets in Asia, Europe, and North America, implementing a "Local for Local" strategy [5]. - By 2024, overseas revenue is expected to account for 74.7% of total revenue, with a client base exceeding 100 global automotive brands, including the top ten manufacturers [5]. Group 6: Growth Opportunities - The company is experiencing a surge in orders in the automotive intelligentization and robotics sectors, benefiting from the global shift towards smart electric vehicles [6]. - Junsheng has secured significant orders, including over one million units for regional controllers and approximately CNY 15 billion in lifecycle orders for cockpit integration solutions [6]. Group 7: Robotics Business Development - Junsheng Electronics is expanding its business into robotics, having established key component solutions and partnerships with leading companies in the field [7]. - The company plans to upgrade its operations to become a "Tier 1" supplier in both automotive and robotics sectors, with core products already in production [7].