NJEC(SH:600699) Ge Long Hui A P P·2025-11-06 03:21Core Viewpoint - Junsheng Electronics, a leading Tier-1 supplier in automotive safety and electronics, has successfully listed on the Hong Kong Stock Exchange, achieving a subscription rate of 147.67 times for its public offering and 9.78 times for the international offering [1]. Group 1: Market Position and Competitive Advantage - Junsheng Electronics is recognized as the second-largest supplier of automotive passive safety products globally, with market shares of 26.1% in China and 22.9% worldwide, and is a leading supplier of steering wheels, seat belts, and airbags [8]. - The company has established a "Local for Local" platform across major automotive markets in Asia, Europe, and North America, with over 60 production bases and 25 R&D centers, achieving 74.7% of its revenue from overseas clients [8][9]. Group 2: Growth Drivers and Financial Performance - The automotive electronics segment is a key growth driver, with significant innovations in smart cockpit and intelligent driving technologies, including the launch of the immersive smart cockpit JoySpace+ [10][13]. - In the first three quarters of 2025, Junsheng Electronics secured new orders totaling approximately 714 billion yuan, with 318 billion yuan from automotive electronics, marking a historical high in order acquisition [13]. - The company reported a revenue of approximately 458 billion yuan for the first three quarters of 2025, a year-on-year increase of 11.45%, and a net profit of 11.2 billion yuan, up 19% [19]. Group 3: New Business Ventures - Junsheng Electronics has entered the humanoid robotics sector, establishing a subsidiary and launching key products such as robotic controllers and energy management systems, leveraging its existing automotive technology [15][16]. - The global humanoid robot market is projected to reach $15.26 billion by 2030, with a compound annual growth rate of 39.2% from 2025 to 2030, indicating significant growth potential for the company in this new domain [17]. Group 4: Strategic Outlook - The company's listing on the Hong Kong Stock Exchange is expected to attract more international investors and trigger a "second pricing" effect, enhancing its market valuation [5][19]. - Junsheng Electronics aims to utilize the funds raised from the IPO for R&D in automotive intelligent solutions, smart manufacturing upgrades, and potential acquisitions, indicating a clear growth strategy [19].