股 票 研 究 2025 年归母净利润预增超 40% 均胜电子(600699) 均胜电子公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 房乔华(分析师) | 021-23185699 | fangqiaohua@gtht.com | S0880525040065 | 本报告导读： 均胜电子发布 2025 年业绩预告，预计 2025 年归母净利润 13.5 亿元，同比增长超 40%，我们认为公司战略在升级为"汽车+机器人 Tier1"后，不断将汽车领域的研 发与制造经验向机器人行业拓展，有望开辟全新成长曲线。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 55,728 | 55,864 | ...

股 票 研 究 2025 年归母净利润预增超 40% 均胜电子(600699) 均胜电子公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 房乔华(分析师) | 021-23185699 | fangqiaohua@gtht.com | S0880525040065 | 本报告导读： 均胜电子发布 2025 年业绩预告，预计 2025 年归母净利润 13.5 亿元，同比增长超 40%，我们认为公司战略在升级为"汽车+机器人 Tier1"后，不断将汽车领域的研 发与制造经验向机器人行业拓展，有望开辟全新成长曲线。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 55,728 | 55,864 | ...

长江商报奔腾新闻记者 杨蝶 数据显示，2025年前三季度，均胜电子全球累计新获订单全生命周期总金额约714亿元，期末其合同负 债为8.21亿元，同比增长3.42%。 长江商报奔腾新闻记者发现，均胜电子以技术创新引领发展，保障公司在关键技术领域持续领先。2023 年至2025年前三季度，公司研发费用分别为25.41亿元、25.85亿元和25.58亿元，同比分别增长18.83%、 1.71%和44.38%，近三年研发费用累计达76.84亿元。 目前，均胜电子已将公司定位升级为"汽车+机器人Tier1"，将汽车领域的研发与制造经验拓展至机器人 领域，并搭建成完整的产品解决方案，推出AI头部总成、全域控制器总成、能源管理总成、机甲套件 等产品矩阵体系，并与智元、银河通用、RIVR等海外机器人公司达成合作，部分产品已批量供货或送 样。 从营收构成看，国际市场是均胜电子收入的第一大支柱，长期为公司贡献75%左右收入，2025年上半 年，其国外市场收入为225.42亿元，同比增长8.11%，占公司同期总营收的比重为74.28%。 值得一提的是，2025年11月6日，均胜电子正式在香港联合交易所主板挂牌上市，迈入全球化发展新 ...

本报讯 （记者吴奕萱）1月26日晚间，宁波均胜电子股份有限公司（以下简称"均胜电子"）发布2025年 年度业绩预增公告，经初步测算，预计2025年实现归属于母公司所有者的净利润约13.5亿元，与上年同 期相比将增加约3.9亿元，同比增长40.56%；归属于母公司所有者的扣除非经常性损益后的净利润约15 亿元，同比增长约17.02%。 除了利润实现稳步增长外，2025年均胜电子在智能驾驶、舱驾融合等汽车智能化领域实现了从"产品研 发到量产订单"的跨越式突破，该公司先后在智驾域控、舱驾融合、车载多联屏、中央计算单元 （CCU）等汽车智能化产品上，收获了超200亿元订单，客户覆盖国内外知名汽车厂商。2025年前三季 度，均胜电子全球累计新获订单全生命周期总金额约714亿元。 同时，均胜电子将公司战略升级为"汽车+机器人Tier1"，不断将汽车领域的研发与制造经验向机器人行 业拓展。目前，均胜电子已基本搭建完毕机器人关键部件解决方案布局，推出了AI头部总成、全域控 制器总成、能源管理总成、机甲套件等产品矩阵体系，并与海内外机器人公司达成合作，部分产品已批 量供货或送样。 （文章来源：证券日报） ...

1月26日，全球领先的智能汽车科技解决方案提供商均胜电子（600699.SH / 0699.HK）发布2025年年度业绩预增公告，经初步测算，预计2025年年度实现 归母净利润约13.5亿元，与上年同期相比，将增加约3.9亿元，同比增长40.56%；预计年度扣非归母净利润约15亿元。 2025年，均胜电子不仅利润实现稳步增长，在智能驾驶、舱驾融合等汽车智能化领域更是实现从"产品研发到量产订单"的跨越式突破，先后在智驾域控、 舱驾融合、车载多联屏、中央计算单元（CCU）等汽车智能化产品上，收获了超200亿元订单，客户覆盖国内外知名汽车厂商。2025年前三季度，公司全 球累计新获订单全生命周期总金额约714亿元。 同时，均胜电子将公司战略升级为"汽车+机器人Tier1"，不断将汽车领域的研发与制造经验向机器人行业拓展。目前，均胜电子已基本搭建完毕机器人关 键部件解决方案布局，推出了AI头部总成、全域控制器总成、能源管理总成、机甲套件等产品矩阵体系，并与智元机器人、银河通用、RIVR等机器人公 司达成合作，部分产品已批量供货或送样。 归母净利润约13.5亿元，与上年同期相比，将增加约3.9亿元，同比增长40.56% ...

2025年，均胜电子不仅利润实现稳步增长，在智能驾驶、舱驾融合等汽车智能化领域更是实现 从"产品研发到量产订单"的跨越式突破，先后在智驾域控、舱驾融合、车载多联屏、中央计算单元 （CCU）等汽车智能化产品上，收获了超200亿元订单，客户覆盖国内外知名汽车厂商。2025年前三季 度，公司全球累计新获订单全生命周期总金额约714亿元。 同时，均胜电子将公司战略升级为"汽车+机器人Tier1"，不断将汽车领域的研发与制造经验向机器 人行业拓展。目前，均胜电子已基本搭建完毕机器人关键部件解决方案布局，推出了AI头部总成、全 域控制器总成、能源管理总成、机甲套件等产品矩阵体系，并与智元、银河通用、RIVR等海外机器人 公司达成合作，部分产品已批量供货或送样。（王珞） 1月26日，全球领先的智能汽车科技解决方案提供商均胜电子（600699.SH/0699.HK）发布2025年年 度业绩预增公告，经初步测算，预计2025年实现归母净利润约13.5亿元，与上年同期相比，将增加约3.9 亿元，同比增长40.56%；预计年度扣非归母净利润约15亿元。 ...

Core Viewpoint - Dongwu Securities (Hong Kong) initiates coverage on Junsheng Electronics (00699) with a "Buy" rating, highlighting its transition from the "Takata integration shadow" to a new phase of "global safety cash cow + smart automotive Tier 1 + robotics second curve" [1] Group 1: Automotive Safety Business - Junsheng Electronics has become one of the few suppliers capable of providing a complete passive safety system to multinational automakers through the acquisition of KSS and Takata assets, with stable safety business revenue in the hundreds of billions [2] - The company is expected to maintain mid-to-high single-digit revenue growth in the safety business over the next three years, with steadily improving gross margins contributing to stable cash flow [2] Group 2: Smart Automotive Tier 1 - The automotive electronics segment focuses on smart cockpits, connected vehicles, ADAS/domain control, and new energy management systems, forming a comprehensive product line and platform-based R&D system [3] - The company is continuously securing mid-to-high-end model projects due to its local responsiveness and global project experience, with breakthroughs in key domain control products like the Central Computing Unit (CCU) [3] Group 3: Robotics Business Development - Junsheng Electronics is extending its automotive safety and electronic technology capabilities into robotics, launching integrated solutions for full-domain controllers and collaborating with leading robotics players [4] - Although the robotics business is currently in an early investment phase, it is expected to generate meaningful revenue within 3-5 years, potentially leading to valuation premiums [4] Group 4: Financial Projections - Revenue projections for 2025-2027 are estimated at 62.6 billion, 67 billion, and 71.9 billion yuan, representing year-on-year growth of 12%, 7%, and 7% respectively, with net profit attributable to shareholders projected at 1.6 billion, 1.8 billion, and 2 billion yuan [5] - The average valuation level for 2026 is projected at a PE of 18x, with a target market capitalization of 35.6 billion HKD and a target price of 23 HKD [5]

Core Viewpoint - In Q3 2025, Junsheng Electronics achieved a net profit of 410 million yuan, representing a year-on-year increase of 35% [2] Financial Performance - For the first three quarters of 2025, the company reported revenue of 45.844 billion yuan, up 11.45% year-on-year, and a net profit attributable to shareholders of 1.12 billion yuan, up 18.98% year-on-year [3][12] - In Q3 2025, the company achieved revenue of 15.497 billion yuan, a year-on-year increase of 10.25% but a quarter-on-quarter decrease of 1.74%, with a net profit of 413 million yuan, up 35.40% year-on-year and up 12.37% quarter-on-quarter [3][12] - The gross profit margin in Q3 2025 was 18.6%, an increase of 2.9 percentage points year-on-year and 0.2 percentage points quarter-on-quarter [3][16] Order Growth and Structure - The company has a robust order backlog, with new orders in Q3 2025 amounting to approximately 40.2 billion yuan, and a total of 71.4 billion yuan in new orders for the first three quarters [4][5][33] - The new orders include approximately 39.6 billion yuan for automotive safety and about 31.8 billion yuan for automotive electronics, with a growing proportion from leading domestic brands and new car manufacturers [5][33] Automotive Electronics Business - Junsheng Electronics is accelerating its automotive electronics business, having secured new projects for intelligent driving and smart cockpit solutions, with expected total order values of approximately 15 billion yuan and 5 billion yuan respectively [7][8][40] Robotics and Intelligent Systems - The company is positioning itself as a "Tier 1" provider in the automotive and robotics sectors, actively developing humanoid robotics and related components, including control systems and energy management modules [9][52][53] - In H1 2025, Junsheng Electronics launched a humanoid robot subsidiary and began offering integrated solutions for key components in robotics [53][56] Innovation and R&D - The company is committed to continuous innovation in automotive electronics and robotics, focusing on areas such as intelligent cockpit, intelligent driving, and high-voltage fast charging systems [35][36] - Junsheng Electronics has made significant advancements in its intelligent cockpit solutions, integrating various technologies to enhance user interaction and vehicle connectivity [37][41] Market Expansion and Global Strategy - The company is leveraging its global manufacturing and R&D capabilities to support Chinese automotive brands in their international expansion, particularly in Europe and Southeast Asia [49][50] - Junsheng Electronics is actively participating in the development of intelligent safety systems and has been involved in setting industry standards and regulations [46][44]

Core Viewpoint - The automotive parts industry in A-shares is experiencing significant growth, evidenced by over 20 companies receiving important "designated orders" from major domestic and international manufacturers, highlighting the strong competitiveness of China's supply chain in the global automotive industry [1][2]. Group 1: Designated Orders - More than 20 A-share automotive parts companies have recently disclosed significant designated orders, indicating a direct reflection of industry prosperity [2]. - For instance, Tiancheng Zikong received a designated order for a passenger car seat assembly project from a leading domestic new energy vehicle manufacturer, with a projected production start in June 2026 and a total of 540,000 vehicles over the project's lifecycle [2]. - Dongruan Group announced a designated order for smart cockpit domain controllers from a major domestic automaker, with an estimated total value of approximately 5.6 billion yuan, expected to start production in the fourth quarter of 2026 [2][3]. Group 2: New Business Opportunities - Automotive parts companies are increasingly entering the humanoid robot sector, leveraging their expertise in precision manufacturing and intelligent control systems [4][5]. - Junsheng Electronics has launched new robotic products, including an AI head assembly and a new generation of energy management products, aiming to establish a comprehensive product matrix for robotic solutions [5]. - Companies like Jingu Co. are making significant progress in lightweight materials for humanoid robots, with their "Avatar" alloy technology showing promising results in third-party tests [5][6]. Group 3: Industry Transformation - The dual focus on solidifying traditional automotive business and accelerating new market entries into humanoid robotics represents a "dual-engine" development momentum for the automotive parts industry [6]. - This "second growth curve" not only signifies new revenue sources but also serves as a test of technological capabilities, marking a critical step for companies transitioning from "automotive parts suppliers" to "high-end intelligent manufacturing platforms" [6].

Group 1 - The core viewpoint of the articles highlights that Junsheng Electronics has secured two major automotive clients for its intelligent driving projects, with a total order value of approximately RMB 15 billion expected to start mass production in 2027 [1] - The company has established itself in the automotive intelligence sector, focusing on integrated smart driving, connected vehicles, and smart cockpit functionalities, which has been recognized by leading clients [1] - Junsheng Electronics is actively developing next-generation products, including a high-performance vehicle computer and 5G smart connected products, to maintain its technological leadership in the automotive intelligence field [1] Group 2 - Junsheng Electronics leverages its "Local for Local" strategy to adapt to the needs of both Chinese and international automotive markets, providing advanced technology and products to global clients [2] - The company has launched the nDriveH intelligent auxiliary driving domain controller, which is based on Qualcomm's Snapdragon Ride second-generation chip platform, showcasing its commitment to localizing intelligent driving solutions [2] - Junsheng Electronics is collaborating with various domestic chip manufacturers and has made strategic investments in smart auxiliary driving chip companies to enhance its product offerings [3] Group 3 - The rise of the "intelligent driving equality" concept presents new opportunities for domestic chip development, prompting Junsheng Electronics to engage in partnerships with companies like Momenta, Qualcomm, and Huawei for product innovation [3] - Recent government initiatives to promote intelligent connected vehicles and conditional approvals for L3 level vehicles are expected to accelerate the industrial application and market demand for smart driving technologies [3] - The company is exploring the application of optical modules in automotive scenarios to meet future demands for high-speed data transmission and bandwidth in advanced driving and connectivity environments [3]