麦高证券研报指出，爱柯迪收购卓尔博落地，母子公司业务协同性强。变更登记完成后，公司持有卓尔 博71%的股权，卓尔博成为公司控股子公司。卓尔博多年深耕微特电机零部件，有望增厚母公司净利 润。卓尔博承诺在2025-2027年度预计实现净利润不低于1.415、1.569、1.741亿元，有望增厚公司净利 润表现超亿元。收购卓尔博拓宽爱柯迪能力边界，母子公司协同推动"汽车+机器人"业务发展。我们认 为爱柯迪和卓尔博能够在技术、市场等多方面形成协同效应。另外，公司海外产能建设正处于放量前 夕，墨西哥二期工厂进入量产爬坡阶段，马来西亚再生资源工厂即将量产，铝铸件工厂建设启动，产能 建设为公司未来业绩增长奠定重要基础。6个月A股目标价为28.91元，维持"买入"评级。 ...

国海证券研报指出，均胜电子上半年归母净利润7.08亿元，同比+11.13%；2025Q2归母净利润3.67亿 元，同比+11.18%，环比+7.85%。公司聚焦汽车安全与汽车电子业务，持续推进整合优化，实现盈利多 季度提升。凭借客户与配套产能全球化布局，与平台化规模化能力，积极布局"汽车+机器人"，新业务 进展顺利。看好公司全球化供应链体系，与丰富的客户合作关系，预期公司2025-2027年实现主营业务 收入630.29、660.65、692.21亿元，同比增速为13%、5%、5%；实现归母净利润15.58、18.31、21.27亿 元，同比增速为62%、18%、16%；对应当前股价的PE估值分别为19、16、14倍。公司盈利能力稳步修 复，业绩增长确定性较强，首次覆盖，给予"增持"评级。 ...

Core Insights - Junsheng Electronics is experiencing a recovery in automotive safety profitability and has reached a new production cycle for automotive electronic technologies while actively expanding into robotics [1] - The company holds a leading market share in automotive safety and intelligent cockpit domain control, with record high orders ensuring future growth [1] Automotive Safety and Technology - Junsheng Electronics has a significant first-mover advantage in technology, ranking second globally in passive safety market share and fourth in intelligent cockpit domain control [1] - The company is expected to benefit from the EU's mandatory driver monitoring systems for new cars in 2024 and the evolution of China's cockpit monitoring solutions from single-function DMS to multi-functional and higher-value IMS systems [1] - Global human-machine interaction and cockpit domain control are projected to grow at annual rates of 14% and 22% respectively, reaching 357 billion and 148.3 billion by 2028 [1] - The global intelligent driving domain controller market is expected to grow at an annual rate of 38% to 63.5 billion from 2024 to 2028, while the global 5G T-Box market is projected to grow at 78% to 1.6 billion [1] Robotics and Strategic Partnerships - Junsheng Electronics is strategically positioning itself in the "automotive + robotics" sector by collaborating with companies like Zhiyuan to develop integrated hardware solutions [1] - The company has launched sensor kits, mechas, BMS, and wireless charging systems as part of its robotics initiatives [1] Financial Projections - Based on the value of its "automotive + robotics" moat and growth potential, Junsheng Electronics is projected to achieve net profits of 1.5 billion, 1.8 billion, and 2.2 billion for the years 2025 to 2027, with a compound annual growth rate of 31% [1]

Core Insights - The 2025 Shanghai Auto Show showcased over 100 new energy vehicles and advanced technologies like flying cars and humanoid robots, highlighting significant technological advancements in China's automotive industry [1] - A new policy from the National Development and Reform Commission aims to boost car purchases by issuing additional purchase quotas for families without cars, which is expected to stimulate demand in the automotive market [1] - The Hang Seng Automotive ETF (code: 159239) is set to launch on May 6, providing investors with a tool to efficiently invest in the Hong Kong stock market's smart automotive sector [1] Investment Opportunities - The Hang Seng Automotive ETF closely tracks the Hang Seng Hong Kong Stock Connect Automotive Theme Index (HSSCAM), which includes leading companies in smart driving technology such as BYD, Xiaopeng, Li Auto, and Leap Motor among its top ten constituents [2] - The index also incorporates Xiaomi, a notable player in the automotive sector, enhancing its representation of quality smart automotive companies [2] - As of April 29, nearly half of the index's constituents are new energy vehicle manufacturers, with over 70% of the components related to smart driving systems and components, positioning it well to capture opportunities in the electric vehicle transition [2] Index Performance - The Hang Seng Hong Kong Stock Connect Automotive Theme Index has a significant focus on vehicle manufacturers and parts suppliers, with weights of 68.1% and 13.9% respectively, benefiting from the global trends of electrification and smart technology in the automotive industry [3] - Historical performance shows that the index has outperformed similar indices over various time frames, with returns of 16% over the last six months, 45% over the past year, and 31% over three years, surpassing the Hang Seng Technology Index and other benchmarks [4] Management Expertise - The proposed fund manager for the Hang Seng Automotive ETF, Tian Ximeng, has eight years of experience in the industry and has managed significant assets in Hong Kong ETFs, indicating strong management capabilities in a complex market [5] - The fund management company, Fuguo Fund, is recognized for its expertise in quantitative investment and has a well-established team that supports the fund manager with extensive research and investment strategies [6] Market Trends - The global smart driving industry is experiencing dual catalysts from policy and technology advancements, with new business growth opportunities emerging in areas like AI integration and robotics in the automotive sector [6]