NJEC(600699) 国元证券·2025-03-06 08:55Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Viewpoints - The company is recognized as China's second-largest independent automotive parts supplier and has established a comprehensive automotive technology platform covering key areas such as cockpit, intelligent driving, connectivity, power, and body [1][14]. - The company has initiated 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 launched a full-chain layout for humanoid robots, achieving significant advancements in sensor technology, including the release of a self-developed olfactory sensor [2][19]. - The company’s subsidiary NESINEXT has collaborated with other firms to develop a versatile humanoid robot, showcasing its capabilities at CES 2025 [22][23]. - The integration of automotive technology into robotics is expected to enhance the company's competitive edge in the robotics market [31][32]. 2. Automotive Business Layout - The company has built a comprehensive product matrix in automotive safety, achieving a global market share of 23.1% in 2023, making it the second-largest globally [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 has established itself as a leading supplier of intelligent cockpit domain control systems, ranking second in China and fourth globally [47][48]. 3. Financial Projections - The company’s projected net profits for 2024, 2025, and 2026 are 12.97 billion, 16.25 billion, and 19.56 billion yuan respectively, with corresponding P/E ratios of 20.72x, 16.54x, and 13.74x [3][5]. - The revenue growth rates are expected to be 1.39%, 13.14%, and 7.87% for the years 2024, 2025, and 2026 respectively [5].