Core Viewpoint - The solid-state battery industry is optimistic about the low-altitude economy terminal market, while the robotics market is also quietly emerging. Major lithium battery companies are positioning themselves in the robotics sector, with Tesla's humanoid robot, Optimus, expected to significantly increase production by 2026 and 2027 [1][4][6]. Group 1: Robotics Market Overview - Over 15 lithium battery companies are entering the robotics field, including Ganfeng, CATL, and LG [1]. - Xiaomi's CyberOne humanoid robot, launched in 2022, features advanced AI and sensory technologies, while Tesla's Optimus is set for limited production starting in 2025 [4][5]. - Other notable players include XPeng's Iron robot and GAC Group's GoMate, which is expected to begin small-scale production by 2026 [5][6]. Group 2: Lithium Battery Opportunities - The robotics sector presents a new opportunity for the lithium battery industry, which is currently facing intense competition and profit compression [7][8]. - The Chinese smart robotics industry is projected to reach a market size of hundreds of billions in the coming years, with 2025 anticipated as a key year for mass production [7][8]. - Lithium batteries are essential for powering smart electronic products, including robots, due to their energy density and fast charging capabilities [9]. Group 3: Battery Types and Technologies - The most commonly used battery type in humanoid robots is cylindrical, while square batteries are preferred for industrial robots due to their structural advantages [12][14]. - Solid-state batteries are expected to provide significant improvements in energy density and safety, making them ideal for robotics applications [25][26]. - Current solid-state battery production is limited, with full-scale production expected by 2027, raising questions about the supply chain's ability to meet demand [26][27]. Group 4: Key Players in Solid-State Battery Development - Companies like Chuangming, Funeng, and Nandu are actively developing solid-state battery technologies tailored for humanoid robots [16][18][19][20]. - GAC Group's GoMate humanoid robot utilizes a solid-state battery that significantly enhances energy efficiency and extends operational time [24][25]. - The collaboration between battery manufacturers and robotics companies is crucial for advancing battery technology and meeting the specific needs of robotic applications [9][10]. Group 5: Future Prospects and Challenges - The integration of solid-state batteries into robotics is expected to enhance performance, safety, and adaptability, but challenges such as high production costs and technical limitations remain [27][30]. - Policy support and technological advancements are likely to accelerate the adoption of solid-state batteries in the robotics sector, with 2027 projected as a pivotal year for mainstream adoption [30].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has shown significant quarterly profit growth year-on-year, with the MIM business accelerating profit release [6] - The first quarter of 2025 saw revenue of 1.459 billion yuan, a year-on-year increase of 32.4% [8] - The company is adjusting its acquisition plan to enhance long-term growth potential [8] Financial Performance - Revenue projections for 2023 to 2027 are as follows: 3,861 million yuan in 2023, 5,143 million yuan in 2024, 6,115 million yuan in 2025, 7,046 million yuan in 2026, and 8,162 million yuan in 2027, with growth rates of 3.62%, 33.20%, 18.91%, 15.22%, and 15.84% respectively [7] - The net profit attributable to the parent company is projected to grow from 198 million yuan in 2023 to 799 million yuan in 2027, with growth rates of 27.08%, 100.59%, 39.21%, 20.83%, and 19.59% respectively [7] - The earnings per share (EPS) is expected to increase from 0.32 yuan in 2023 to 1.30 yuan in 2027 [7] Business Segments - The MIM business achieved revenue of 630 million yuan in Q1 2025, a year-on-year increase of 65.9%, driven by the folding screen hinge market [8] - The company is deepening its involvement in the robotics sector by developing axial motors and harmonic reducers [8] Market Outlook - The company is expected to benefit from the booming demand in the folding screen hinge market, enhancing its MIM business [8] - The projected net profit for 2025-2027 is 553 million yuan, 668 million yuan, and 799 million yuan respectively, with corresponding growth rates of 39.2%, 20.8%, and 19.6% [8]

Core Viewpoint - The article highlights the rising prominence of Chinese automotive component suppliers, particularly Junsheng Electronics, in the context of the electric and intelligent transformation of the automotive industry, showcasing their innovative technologies and strategic shifts towards robotics and global expansion [1][5]. Group 1: Technological Breakthroughs and Product Matrix - Junsheng Electronics has been a leader in the development of intelligent cockpits for the past two decades, with the launch of the immersive intelligent cockpit JoySpace+ marking a transition from a traditional hardware supplier to an "experience definers" [1]. - The JoySpace+ cockpit features innovative technologies such as multifunctional flight control knobs, customizable crystal buttons, and light field screen technology, enhancing user interaction and safety [2]. - The company has introduced the nCCU central computing unit and nZone regional controller to address the shift from distributed to centralized automotive electronic architectures, further solidifying its position in intelligent driving [2][3]. - Junsheng Electronics has achieved significant advancements in V2X technology, being one of the first companies globally to mass-produce 5G+V2X solutions, indicating a widening technological moat in the intelligent driving sector [2]. Group 2: Second Growth Curve in Robotics - The introduction of robotic key component solutions at the 2025 Shanghai Auto Show signifies Junsheng's strategic shift from being a Tier 1 automotive supplier to a dual Tier 1 player in both automotive and robotics [4]. - The company leverages its automotive industry experience to address challenges in the robotics sector, particularly in the stability of core components, utilizing its automotive-grade R&D standards [4]. - Junsheng has formed strategic partnerships, such as with Zhiyuan Robotics, to develop core technologies for robotics, indicating a collaborative approach to innovation [4]. Group 3: Valuation Restructuring - Despite projected revenues exceeding 55.8 billion yuan in 2024, Junsheng's current price-to-earnings ratio (PE) of around 20 is significantly lower than comparable companies in the intelligent driving and robotics sectors, suggesting a market undervaluation [5][6]. - The company's global revenue composition, with over 60% from international markets, demonstrates its robust globalization strategy, which enhances its resilience against geopolitical risks [5][6]. - Junsheng's technological assets, including domain controllers and V2X systems, have been validated for automotive applications and are entering a growth phase, indicating potential for revenue and margin expansion [6][7]. - The simultaneous rise in the penetration of intelligent vehicles and the onset of mass production in humanoid robotics presents a unique opportunity for Junsheng to capitalize on dual industry cycles [7][8].

Group 1 - The company reported Q1 2025 revenue of approximately 5.768 billion yuan, a year-on-year increase of about 1.40% but a quarter-on-quarter decrease of about 20.43%. The net profit attributable to the parent company was approximately 565 million yuan, a year-on-year decrease of about 12.39% and a quarter-on-quarter decrease of about 26.23% [1] - Customer demand experienced fluctuations, leading to short-term performance pressure. In Q1 2025, Tesla's production was approximately 373,200 units, a year-on-year decrease of about 20.45%. In contrast, BYD's production increased by approximately 73.54% year-on-year to about 1,062,600 units [2] - The company's gross margin was approximately 19.89%, a year-on-year decrease of about 2.54 percentage points, while the net profit margin was approximately 9.81%, a year-on-year decrease of about 1.58 percentage points. The total expense ratio for Q1 2025 was approximately 10.52%, a year-on-year increase of about 1.21 percentage points and a quarter-on-quarter increase of about 2.16 percentage points [3] Group 2 - The company is expanding its customer base and product categories, with traditional businesses progressing steadily. The automotive electronics segment is accelerating, and the robotics business is opening new growth opportunities. Revenue projections for 2025 to 2027 are approximately 33.17 billion yuan, 40.30 billion yuan, and 50.61 billion yuan, representing year-on-year growth rates of approximately 24.7%, 21.5%, and 25.6% respectively [4] - The net profit projections for the same period are approximately 3.64 billion yuan, 4.49 billion yuan, and 5.62 billion yuan, with year-on-year growth rates of approximately 21.2%, 23.4%, and 25.1% respectively. As of April 30, 2025, the stock price corresponds to a PE ratio of approximately 25.0 times, 20.2 times, and 16.2 times for 2025 to 2027 [4]