NJEC(SH:600699) Chang Jiang Shang Bao·2026-01-18 23:49Core Viewpoint - Junsheng Electronics is strategically enhancing its automotive safety division by introducing external strategic investors, with Agricultural Bank's AIC investing 1 billion yuan in its subsidiary Anhui Junsheng Automotive Safety Systems, reflecting a 34% increase in pre-investment valuation to 19.8 billion yuan over two years [2][6][4]. Group 1: Investment and Valuation - Agricultural Bank's AIC plans to invest 1 billion yuan in Anhui Junsheng Automotive Safety, acquiring approximately 4.81% equity [2][6]. - The pre-investment valuation of Anhui Junsheng Automotive Safety reached 19.8 billion yuan, a 34% increase from 14.75 billion yuan in March 2024 [6][4]. - Since its establishment in 2021, Anhui Junsheng Automotive Safety has attracted significant investments, including 1.5 billion yuan from various strategic investors [4][5]. Group 2: Financial Performance - Anhui Junsheng Automotive Safety reported revenues of 37.645 billion yuan and 27.93 billion yuan for the first nine months of 2024 and 2025, respectively, with net profits of 0.697 billion yuan and 0.425 billion yuan [7][8]. - As of September 2025, Anhui Junsheng Automotive Safety's total assets were 34.47 billion yuan, with total liabilities of 24.13 billion yuan, resulting in a net asset value of 10.34 billion yuan and an asset-liability ratio of approximately 70% [7][8]. Group 3: Debt Management and Operational Efficiency - The investment from AIC is aimed at reducing debt pressure, with funds primarily allocated to repay shareholder loans and reduce overall liabilities [8][3]. - Junsheng Electronics reported total assets of 68.679 billion yuan and an asset-liability ratio of 69.22% as of September 2025, with a revenue increase of 11.45% year-on-year for the first three quarters [9][10]. Group 4: Growth and Strategic Direction - Junsheng Electronics is expanding into the robotics sector, positioning itself as a "Tier 1" supplier in both automotive and robotics industries, aiming to create a second growth curve [10]. - The company achieved a significant increase in new business orders, with a total of approximately 71.4 billion yuan in new orders for the first three quarters of 2025 [10][11].