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均胜电子(600699):深度报告:全球汽车安全+电子头部Tier1,人形机器人有望打开成长空间

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights the company's strong position in global automotive safety and electronics, with potential growth opportunities in humanoid robotics [1][7] - The company has achieved a historical high in new orders, amounting to 83.9 billion yuan in 2024, indicating robust future growth prospects [7] - The report emphasizes the company's competitive advantages in passive safety and cockpit domain control, with significant market shares in these areas [7][19] Financial Summary - The projected revenue for the company is as follows: - 2024: 55.864 billion yuan - 2025: 64.530 billion yuan (up 15.5%) - 2026: 66.450 billion yuan (up 3.0%) - 2027: 71.023 billion yuan (up 6.9%) [2] - The projected net profit attributable to shareholders is as follows: - 2024: 960 million yuan - 2025: 1.534 billion yuan (up 59.7%) - 2026: 1.833 billion yuan (up 19.5%) - 2027: 2.161 billion yuan (up 17.9%) [2] - The earnings per share (EPS) is expected to grow from 0.7 yuan in 2024 to 1.5 yuan in 2027 [2] Business Overview - The company is a leading Tier 1 supplier in automotive safety and electronics, with a focus on optimizing production capacity and enhancing profitability [7][13] - The automotive safety segment accounts for approximately 70% of the company's revenue, while the automotive electronics segment accounts for about 30% [19] - The company has a strong market position, being the second-largest in passive safety globally and fourth in cockpit domain control [19][28] Growth Drivers - The report identifies several growth drivers, including: - The increasing average selling price (ASP) in passive safety and the optimization of production capacity [7] - The transition to new technologies in automotive electronics, such as smart cockpit and intelligent driving domain control [7] - The company's strategic partnerships and technological advancements in humanoid robotics [7][63] Order and Revenue Trends - The company has seen a steady increase in new orders, with a significant portion directed towards new energy vehicle projects [46] - The revenue from automotive safety is projected to grow at a CAGR of 6.1% from 2021 to 2024, while automotive electronics is expected to grow at a CAGR of 9.3% during the same period [20]