2026 年 01 月 27 日 2025 盈利高增 汽车+机器人 Tier1 全面启航 glmszqdatemark | 事件：公司发布 2025 年度业绩预增公告，预计 2025 年实现归属于母公司所有 | | --- | | 者的净利润约 13.5 亿元，同比+40.56%；预计实现扣非归母净利润约 15 亿元， | | 同比+17.02%。 | 风险提示：智驾进展不及预期，乘用车销量低迷，机器人进展不及预期等。 [盈利预测与财务指标 Table_Forcast] 均胜电子（600699.SH）系列点评三 | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 55,864 | 62,249 | 64,995 | 68,566 | | 增长率（%） | 0.2 | 11.4 | 4.4 | 5.5 | | 归属母公司股东净利润（百万元） | 960 | 1,352 | 1,826 | 2,150 | | 增长率（%） | -11.3 | 40.8 | 35.0 | 17.8 | | 每 ...

Core Viewpoint - Junsheng Electronics has completed its IPO in Hong Kong and is set to enhance its stock liquidity through inclusion in the Hong Kong Stock Connect program, effective December 4, 2025 [1] Group 1: IPO and Market Position - Junsheng Electronics listed on the Hong Kong Stock Exchange on November 6, raising approximately HKD 34.12 billion through the issuance of 155.1 million shares at HKD 22.00 each, representing 10% of total shares post-IPO [1][2] - The company has attracted seven cornerstone investors who collectively subscribed to 37.82 million shares, amounting to approximately USD 107 million [2] Group 2: Business Overview - Established in 2004, Junsheng Electronics is a leading provider of smart automotive technology solutions, focusing on automotive electronics and safety across various domains including cockpit, intelligent driving, connectivity, power, and body [2] - The company plans to upgrade its positioning to "Automotive + Robotics Tier 1" by 2025, expanding its R&D and manufacturing expertise from the automotive sector to robotics [2] Group 3: Financial Performance - For the first nine months of 2024, Junsheng Electronics reported revenues of RMB 411.35 billion, with net profits of RMB 12.63 billion, reflecting significant growth compared to previous years [3] - In Q3 2025, the company achieved a revenue of RMB 154.97 billion, a year-on-year increase of 10.25%, and a net profit of RMB 4.13 billion, up 35.40% year-on-year [3] - The total new orders received in the first three quarters of 2025 amounted to approximately RMB 714 billion, with Q3 alone contributing RMB 402 billion, marking a record for quarterly orders [3]

Group 1 - The core viewpoint is that Junsheng Electronics (00699) has shown strong performance in its recent financial results, with significant growth in revenue and net profit, indicating a positive outlook for the company [1] - For the first three quarters of 2025, Junsheng Electronics reported revenue of approximately 45.844 billion yuan, representing a year-on-year increase of 11.45% [1] - The net profit attributable to shareholders was about 1.12 billion yuan, reflecting a year-on-year growth of 18.98%, with basic earnings per share at 0.81 yuan [1] Group 2 - The company has secured new business orders amounting to 71.4 billion yuan in the first three quarters, with a notable acceleration in order acquisition [1] - In the third quarter alone, the order amount reached 40.2 billion yuan, indicating a strong upward trend [1] - The new orders in Q3 included 22.2 billion yuan related to automotive safety and 18 billion yuan related to automotive electronics [1] Group 3 - Junsheng Electronics is expected to enter the Hong Kong Stock Connect on December 4, which may attract significant mainland capital inflow due to its unique positioning in both the automotive and robotics sectors [2] - The company is identified as a rare hard-tech stock in the Hong Kong market, occupying two "golden tracks" of growth, which could lead to a revaluation of its stock [2] - The anticipated entry into the Hong Kong Stock Connect is expected to balance trading and allocation funds for the stock [2]

Group 1 - The core viewpoint of the news highlights that Junsheng Electronics (00699) has shown strong performance with a stock price increase of over 6%, reaching HKD 17.62, and a trading volume of HKD 832.88 million [1] - Junsheng Electronics reported a revenue of approximately RMB 45.844 billion for the first three quarters of 2025, representing a year-on-year growth of 11.45% [1] - The net profit attributable to shareholders for the same period was around RMB 1.12 billion, reflecting an 18.98% year-on-year increase, with basic earnings per share at RMB 0.81 [1] Group 2 - The company has secured a total of new orders amounting to RMB 71.4 billion in the first three quarters, with Q3 alone contributing RMB 40.2 billion, indicating a significant acceleration in order acquisition [1] - In Q3, new orders related to automotive safety amounted to RMB 22.2 billion, while those related to automotive electronics reached RMB 18 billion [1] - Junsheng Electronics is expected to enter the Hong Kong Stock Connect on December 4, which is anticipated to attract substantial mainland capital due to its unique positioning in both the automotive and robotics sectors [2]

Core Viewpoint - Junsheng Electronics is set to accelerate value discovery and revaluation as it is expected to enter the Hong Kong Stock Connect list on December 4, attracting significant mainland capital due to its unique positioning in both the automotive and robotics sectors [1][9]. Group 1: Business Overview - Junsheng Electronics, established in 2004, initially focused on automotive components and has since expanded internationally through multiple acquisitions, establishing over 25 R&D centers and 60 production bases globally by April 30 this year [2]. - The company has successfully transitioned into the robotics sector, leveraging its automotive expertise to develop key components such as humanoid robot controllers and energy management modules [4]. Group 2: Financial Performance - For the first three quarters of this year, Junsheng Electronics reported revenue of 45.844 billion, a year-on-year increase of 11.45%, with Q3 revenue reaching 15.497 billion, up 10.25% year-on-year [4]. - The overall gross margin improved by 2.7 percentage points to 18.3% for the first three quarters, with Q3 gross margin at 18.6%, reflecting ongoing optimization of profitability [4][5]. Group 3: Business Segmentation - The automotive safety segment showed significant improvement, with a gross margin of approximately 16.4% for the first three quarters, up 2.4 percentage points year-on-year, and Q3 margin at 17.2% [5]. - New orders totaled 71.4 billion for the first three quarters, with Q3 alone accounting for 40.2 billion, indicating a strong upward trend in order acquisition [5]. Group 4: Strategic Positioning - Junsheng Electronics aims to cultivate long-term competitiveness globally by integrating its supply chain, production strategies, and R&D efforts, focusing on cost optimization and operational efficiency [8]. - The company is positioned as a Tier 1 supplier in both automotive and robotics sectors, leveraging its established methodologies and successful experiences to support the deployment of intelligent robots across various applications [8]. Group 5: Market Outlook - With its upcoming inclusion in the Hong Kong Stock Connect, Junsheng Electronics is expected to attract more investors, enhancing liquidity and accelerating its value revaluation process [9].

Core Viewpoint - Junsheng Electronics has recently announced significant new orders totaling 200 billion yuan, indicating a strong push in the automotive smart driving and electrification sectors, alongside progress in its Hong Kong IPO process [2][30][57] Group 1: Recent Developments - Junsheng Electronics disclosed a 50 billion yuan order for automotive smart electrification projects on October 20, following a previous announcement of a 150 billion yuan order in mid-September [2][30] - The company is advancing its Hong Kong IPO, as indicated by the release of its H-share issuance hearing materials [2][30] - Following these announcements, the stock price of Junsheng Electronics rebounded, experiencing three consecutive days of gains with continued net inflow of main funds [2][30] Group 2: Market Sentiment and Concerns - Despite the positive news, investor sentiment quickly turned cautious, with stock price adjustments observed shortly after the announcements [4][31] - Concerns were raised regarding the company's ability to convert orders into actual performance, the status of its new robotics business, and the high goodwill balance of approximately 7.3 billion yuan [4][31][36] Group 3: Order and Financial Performance - Junsheng Electronics reported a total of 393 billion yuan in new global orders since September, with the total lifecycle value of new orders approaching 600 billion yuan since 2025 [9][36] - The estimated total lifecycle value of new projects for 2024 is around 839 billion yuan, with current disclosures indicating approximately 70% of last year's new order value [9][37] - The company has faced increasing inventory risks, with inventory levels rising from 74.37 billion yuan in 2022 to 96.51 billion yuan in 2025, alongside a lengthening inventory turnover period [11][39] Group 4: Profitability Challenges - The automotive industry is experiencing intense competition, leading to a "micro-profit" era where companies are pressured to lower prices, impacting Junsheng Electronics' profit margins [13][41] - The company's operating profit margins have been relatively low compared to peers, with figures of 0.8%, 3.8%, 4.13%, and 5.42% from 2022 to the first half of 2025 [14][42] - Junsheng Electronics is attempting to reduce costs and improve operational efficiency to maintain profitability amidst these challenges [14][42] Group 5: Robotics Business Development - Junsheng Electronics is pivoting towards the robotics sector, establishing a subsidiary focused on intelligent robotics and forming strategic partnerships for technology development [43][44] - The global intelligent robotics market is projected to grow significantly, with expectations of reaching 123.9 billion USD by 2029 [43] - The company has launched several robotics components, although revenue from this segment currently represents less than 0.1% of total income [46][43] Group 6: Financial Health and Debt - Junsheng Electronics has accumulated significant goodwill and debt, with total liabilities reaching 473.44 billion yuan and an asset-liability ratio of 69.46% as of mid-2025 [28][56] - The company has faced substantial financial expenses, which have eroded profits, with financial costs reported at 4.78 billion yuan, 8.9 billion yuan, and 8.28 billion yuan from 2022 to 2024 [28][56] - The company is accelerating its efforts to complete the Hong Kong IPO process to improve its financial standing and market perception [57]

Group 1 - The core value of Junsheng Electronics' Hong Kong listing is to establish a dual capital platform to overcome growth bottlenecks, with a planned issuance of up to 283 million overseas ordinary shares [1] - The company aims to invest 3.7 billion yuan in R&D in 2024, with over 24 billion yuan accumulated in the past five years, leveraging the Hong Kong market's valuation recognition for technology and manufacturing enterprises [1] - The fundraising will focus on the development of next-generation automotive intelligent solutions, smart manufacturing upgrades, and overseas acquisitions, directly aligning with the trends of smart electrification and embodied intelligence [1] Group 2 - Junsheng Electronics' automotive safety solutions hold a 30% global market share, ranking second globally, with over 66% of new orders in the first half of 2025 coming from new energy [2] - The company has established a "Local for Local" system with over 25 R&D centers and 60 production bases globally, with overseas revenue expected to account for 74.7% in 2024, effectively mitigating regional market fluctuations [2] - Financial data indicates a 12% year-on-year revenue increase to 30.347 billion yuan and an 11.13% net profit increase to 700 million yuan in the first half of 2025, with improving gross margins and strong operating cash flow supporting global expansion [2]

Core Viewpoint - The company reported steady revenue and profit growth in the first half of 2025, driven by the automotive electronics and safety businesses, as well as the consolidation of Xiangshan Co. [2][3] Revenue Summary - In Q2 2025, revenue reached 15.771 billion yuan, an increase of 14.27% year-on-year and 8.20% quarter-on-quarter, primarily due to the robust development of automotive electronics and safety businesses, along with the consolidation of Xiangshan Co. [3] Profit Summary - The net profit attributable to shareholders in Q2 2025 was 367 million yuan, up 11.18% year-on-year and 7.85% quarter-on-quarter. The non-recurring profit was 386 million yuan, reflecting a year-on-year increase of 17.89% and a quarter-on-quarter increase of 20.55%. The gross margin reached 18.39%, up 2.89 percentage points year-on-year and 0.49 percentage points quarter-on-quarter, benefiting from cost reduction and efficiency improvement measures [3]. Expense Summary - In Q2 2025, the expense ratios for sales, management, R&D, and financial costs increased by 0.45%, 0.71%, 1.89%, and decreased by 0.03% respectively. The increase in sales expense ratio was mainly due to business expansion and new order acquisition needs, while the management expense ratio rose due to capacity optimization and personnel cost increases in Europe. The R&D expense ratio increased due to higher investments in smart electric vehicles and humanoid robots [3]. Strategic Positioning - The company is extending its strategy into the robotics industry chain, positioning itself as a "Tier 1" provider for both automotive and robotics sectors, offering integrated hardware and software solutions for key components. In April 2025, the company established a wholly-owned subsidiary to accelerate talent acquisition and product development in this area [4]. Overseas Operations - The company is enhancing efficiency in overseas operations by optimizing procurement prices and introducing Chinese suppliers, leading to a continuous decline in raw material costs. The global operations improvement team is also adjusting production capacity from high-cost to low-cost regions, which is expected to further improve gross margins [5]. Investment Outlook - As a leading platform in automotive electronics, the company is expected to drive collaborative development across four major business areas through its "Dual Intelligence Strategy." The humanoid robotics business is anticipated to create a second growth curve. Revenue projections for 2025-2027 are 62.249 billion, 64.995 billion, and 68.566 billion yuan, with net profits of 1.489 billion, 1.827 billion, and 2.109 billion yuan respectively [6][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved steady growth in Q1 2025, with revenue of 14.576 billion yuan, a year-on-year increase of 9.78%, and a net profit attributable to shareholders of 340 million yuan, up 11.08% year-on-year [4][5] - The overall gross margin improved by 2.6 percentage points to approximately 17.9% in Q1 2025, driven by cost reduction and efficiency enhancement measures [5] - The company is a leading global provider of automotive electronics and safety solutions, with stable development in its main business [4][5] Financial Performance - In Q1 2025, the automotive safety business generated approximately 9.2 billion yuan in revenue, while the automotive electronics business contributed about 4 billion yuan [5] - The gross margin for the automotive safety business increased by about 1.9 percentage points to approximately 15.6%, and for the automotive electronics business, it rose by about 2.1 percentage points to approximately 21.2% [5] - The company maintains its profit forecast for 2025-2027, expecting net profits of 1.392 billion yuan, 1.755 billion yuan, and 2.077 billion yuan, respectively, with corresponding EPS of 0.99 yuan, 1.25 yuan, and 1.47 yuan per share [4][7] Strategic Initiatives - The company is deepening its "Automotive + Robotics Tier 1" strategy, actively seizing opportunities in emerging markets and the growth of global smart electric vehicles [6] - In Q1 2025, the total amount of new orders acquired was approximately 15.7 billion yuan, indicating strong demand [6] - The company is focusing on the development of robotics sensor suites, battery management systems, lightweight mechas, and wireless charging solutions, with strategic partnerships in the robotics industry [6]

Core Insights - The Shanghai Auto Show serves as a key platform for showcasing cutting-edge technologies and innovations in the automotive industry, attracting significant market attention [1][2] - The event highlights the restructuring of the industry value chain, indicating a shift towards new growth areas and technological advancements [2] Group 1: Company Innovations and Strategies - JoySpace+, a new immersive smart cockpit solution, was unveiled by the company, addressing consumer demands for enhanced smart cockpit experiences with features like customizable buttons and multifunctional controls [4] - The company continues to strengthen its traditional strengths in automotive safety by launching innovative products such as a driver monitoring system and integrated smart steering wheel, aimed at reducing safety risks [5] - The strategy of advancing both smart technology and safety aligns with current regulatory trends, positioning the company as a leader in the "automotive + robotics" sector [6] Group 2: Globalization and Operational Resilience - The company has been actively restructuring and integrating global resources since 2018, with a focus on long-term value creation through systematic management [9] - From 2022 to 2024, the company's overall gross margin is projected to increase from 11.96% to 16.22%, with the first quarter of 2025 showing a further increase to 17.9% [10][15] - The company is implementing a flexible capacity network and cost transfer strategies to enhance operational efficiency and resilience [11][12] Group 3: Market Opportunities and Financial Performance - The company has secured a record high of new project orders in 2024, amounting to approximately 83.9 billion yuan, with significant contributions from automotive safety and electronics sectors [14] - The merger with Xiangshan Co. is expected to accelerate business potential, particularly in smart cockpit and new energy charging products [14] - The first quarter of 2025 reported a revenue of 14.576 billion yuan, reflecting a year-on-year growth of 9.78% [15] Group 4: Investment Outlook - The company is positioned to benefit from both Alpha and Beta returns, with a strong order backlog and a favorable market perception leading to potential value reassessment [13][17] - The technological advancements in robotics and automotive sectors are expected to create new valuation models, prompting several institutions to raise target prices for the company [17][18] - The ongoing evolution towards "automotive + robotics Tier 1" signifies the company's commitment to innovation and market leadership [19]