NJEC(SH:600699) Zhong Guo Zheng Quan Bao·2026-01-05 20:05Core Insights - The article discusses how Junsheng Electronics leverages capital and strategic planning to achieve high-quality development and competitive advantages in the global automotive parts industry amid the trends of electrification and smart technology [1] Mergers and Acquisitions - Junsheng Electronics' growth over the past two decades is closely linked to a series of key international acquisitions, including the purchase of German company Preh and American KSS, marking a significant transition from a local to a global player [1][2] - The company emphasizes a "dual-wheel drive" strategy, focusing on manufacturing as the main driver and capital markets as a supplementary force, which has embedded global integration and resource allocation capabilities into its operations [1] Financial Performance - In the first three quarters of 2025, Junsheng Electronics reported a revenue of 45.844 billion yuan, a year-on-year increase of 11.45%, and a net profit of 1.12 billion yuan, up 18.98% [2] - The overall gross margin improved to 18.3%, with the third quarter achieving a gross margin of 18.6%, the highest in nearly three years, attributed to deep integration and synergy from global acquisitions [2] Competitive Positioning - Junsheng Electronics is now the second-largest automotive safety system supplier globally, with strong competitiveness in smart driving, smart cockpit, and new energy management [3] - The company’s core competitiveness stems from its precise judgment of industry trends and timely acquisitions, which have strengthened its product lines and technological advantages [3] Future Investments - The company is focusing on emerging robotics business, which, despite its current low revenue contribution, is seen as a significant growth area following smart connectivity and autonomous driving [4] - Junsheng Electronics has been proactive in the robotics sector, leveraging its existing technology in automotive electronics and safety to develop humanoid robots [4][5] R&D and Innovation - The company has invested heavily in R&D, with expenditures reaching 2.558 billion yuan in the first three quarters of 2025, aimed at driving innovation across various sectors, including robotics [5] - Junsheng Electronics aims to address the "last mile" problem in industrial robotics, enhancing efficiency and flexibility in manufacturing environments [5] Regional Advantages - The company acknowledges the supportive business environment in Ningbo, which fosters high-end manufacturing and innovation, and emphasizes the need for better talent attraction and retention policies [6] - The unique characteristics of Ningbo's industrial ecosystem contribute to the company's operational success and strategic growth [6] Strategic Vision - Junsheng Electronics maintains a forward-looking approach, continuously adapting to industry changes and emphasizing the importance of innovation and long-term planning [7] - The company’s journey from a local supplier to a global player serves as a case study for the evolution of Chinese manufacturing in the context of globalization and technological advancement [7]