NJEC(SH:600699) Quan Jing Wang·2025-11-07 03:23Core Viewpoint - Junsheng Electronics has officially listed on the Hong Kong Stock Exchange, marking a new phase in its "A+H" dual capital platform operation, with a total issuance of approximately 155 million H-shares at a price of HKD 22 per share, attracting significant cornerstone investments [1][2] Group 1: Company Overview - Junsheng Electronics holds a 22.9% market share in the global passive safety market, ranking second globally, and is the second largest in China and fourth globally in smart cockpit domain controllers [1] - The company reported a net profit of approximately CNY 410 million for Q3, a year-on-year increase of 35.4% and a quarter-on-quarter increase of 12.4%, with a net cash flow from operating activities of CNY 3.64 billion [1] - Junsheng Electronics has established a comprehensive global presence with 25 R&D centers and over 60 production bases, covering major automotive markets in Asia, Europe, and North America [6] Group 2: Business Strategy - The funds raised from the IPO will be used for R&D and commercialization of automotive intelligent solutions, enhancing smart manufacturing capabilities, optimizing supply chains, and expanding overseas business [2] - The company has positioned itself as a key player in the automotive parts sector, recognized by major international manufacturers such as BMW and Mercedes, and is capitalizing on the trend of automotive intelligence [2][3] - Junsheng Electronics is leveraging its existing technologies in automotive electronics to enter the robotics sector, developing solutions for intelligent system integration and energy management [4] Group 3: Market Potential - The penetration rate of L2-level passenger cars is projected to reach 62.58% by July 2025, with L3 and above expected to exceed 10% by 2030, indicating significant growth potential for Junsheng Electronics in the intelligent driving market [2] - The global humanoid robot market is expected to exceed USD 100 billion by 2030, with a compound annual growth rate of 35%, providing new growth opportunities for the company's robotics business [4] Group 4: Investment Value - The dual listing in Hong Kong is expected to enhance the company's valuation, as the market may adopt future-oriented valuation methods for technology-driven companies [7] - Junsheng Electronics' "Local for Local" strategy has proven effective in mitigating risks amid trade tensions, with a complete localized supply chain established in North America [6] - The company's dual focus on automotive intelligence and robotics is anticipated to attract long-term global investment, leading to a revaluation of its market position [7]