NJEC(SH:600699) Zhi Tong Cai Jing·2025-12-09 01:33Core Viewpoint - Dongwu Securities International initiates coverage on Joyson Electronics (600699) with a "Buy" rating, projecting revenue growth from 2025 to 2027 at 626/670/719 billion CNY, representing year-on-year increases of +12%/+7%/+7%, and net profit attributable to shareholders at 16/18/20 billion CNY, reflecting year-on-year growth of +67%/+12%/+11% [1] Group 1 - Joyson Electronics is a global automotive technology supplier based in China, covering automotive safety, electronics, and key components for robotics [2] - The company is transitioning from the "Takata integration shadow" to a new phase characterized by "global safety cash cow + smart automotive Tier 1 + robotics second curve," with three core investment logic points [2] Group 2 - As one of the top three global automotive safety suppliers, Joyson Electronics is entering a new phase of cash flow recovery, with stable revenue in the hundreds of billions CNY range from safety business, expected to maintain mid-to-high single-digit revenue growth over the next three years [3] - The automotive electronics segment focuses on smart cockpits, connected vehicles, ADAS/domain control, and new energy management systems, with a complete product line and platform-based R&D system [3] Group 3 - The company is strategically positioning itself in the robotics sector, developing integrated solutions for robotic control and collaborating with leading robotics players, which may lead to meaningful revenue growth in 3-5 years [4]