NJEC(600699) 国元证券·2025-03-06 08:46Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company is recognized as China's second-largest independent automotive parts manufacturer, having established a comprehensive automotive technology platform that covers key areas such as cockpit, intelligent driving, connectivity, power, and body [1][14]. - The company has launched a dual-track strategy of "Automotive + Robotics Tier1" in 2025, leveraging its expertise in intelligent cockpit and autonomous driving to expand into the robotics sector [2][18]. - The company is expected to benefit from the global trends of electrification and intelligence in the automotive industry, with projected revenues of 565.04 billion, 639.26 billion, and 689.58 billion yuan for 2024, 2025, and 2026 respectively [3][5]. Summary by Sections 1. Robotics Development - The company has initiated a comprehensive layout in the humanoid robotics industry, focusing on the full industrial chain [2][18]. - Significant advancements have been made in sensor technology, including the launch of a self-developed olfactory sensor that demonstrates high precision and rapid response capabilities [19][22]. - Collaborations with leading firms in the robotics sector are underway, enhancing the company's capabilities in key components [22][24]. 2. Automotive Business Layout - The company has built a robust product matrix in automotive safety, achieving a global market share of 23.1% and ranking second worldwide [45]. - The automotive electronics business focuses on human-machine interaction, energy management, and intelligent automotive solutions, contributing to 30.9% of revenue in the first three quarters of 2024 [45][47]. - The company is a leading supplier of intelligent cockpit domain control systems, with a cumulative sales volume exceeding 10 million units [47][48]. 3. Financial Projections - The company’s projected revenues for 2024, 2025, and 2026 are 565.04 billion, 639.26 billion, and 689.58 billion yuan respectively, with corresponding net profits of 12.97 billion, 16.25 billion, and 19.56 billion yuan [3][5]. - The expected price-to-earnings ratios for the same periods are 20.72x, 16.54x, and 13.74x, indicating a favorable growth outlook [3][5].