SENSSUN(SZ:002870) Zheng Quan Shi Bao Wang·2025-10-28 15:57Core Insights - The company demonstrates resilience in a challenging global luxury car market, achieving steady revenue growth and showcasing potential through strategic optimization and forward-looking business layout [1] Group 1: Financial Performance - In the first three quarters of the year, the company reported a cumulative revenue of 4.47 billion yuan, reflecting a year-on-year growth of 1.54% [1] - Although net profit faced pressure year-on-year, core business showed improvement on a quarter-on-quarter basis, with breakthroughs in new sectors [1] Group 2: Automotive Components Business - The automotive components segment has shown significant quarter-on-quarter improvement, leveraging domestic market growth to offset overseas sales challenges [2] - In September, domestic vehicle production and sales exceeded 3 million units, marking a historical peak for the same period, which positively impacted related revenues [2] - The subsidiary, Junsheng Qunying, secured a project with BYD for charging piles, achieving a 100% vehicle-to-pile matching rate, enhancing its position in the new energy supply chain [2] Group 3: New Energy Charging and Distribution Business - The charging and distribution business is a key strategy for the company to counter cyclical challenges, with strong domestic performance and initial success in overseas markets [3] - The company has developed differentiated competitive advantages in charging piles, adhering to high automotive standards and offering smart features [3] - The company has completed CE and UL certifications for its products, with plans to launch 11kW/22kW products in the European market and enter the eVTOL charging sector by the end of the year [3] Group 4: Future Development and Capital Structure - The company is pursuing a non-public issuance of shares to the controlling shareholder, which aims to strengthen control and optimize financial structure [4] - The raised funds will enhance cash reserves, reduce debt ratios, and support capacity expansion, R&D investment, and global layout in the automotive sector [4] - The company plans to leverage the technological expertise and resources of its controlling shareholder, Junsheng Electronics, to enhance its competitive edge in the automotive supply chain [4] - Research and development expenses reached 325 million yuan in the first three quarters of 2025, marking a year-on-year increase of 21.42%, with self-developed actuators achieving mass production [4]