均胜电子系列 车中旭霞 深度报告： 深度|均胜电子：汽车安全盈利修复，汽车电子加速布局—— 2022-10-24 点评报告： 均胜电子系列十三-2025年中报点评- 单二季度毛利率同环比双升，汽车电子及机器人关键零部件加速发展 -20250902 均胜电子系列十二-2025年一季报点评- 盈利能力持续提升，加速布局机器人关键零部件-20250501 均胜电子系列十一-2024年报点评- 定位为"汽车+机器人Tier1"，在手订单充沛-20250409 均胜电子系列十-公司快评-人形机器人及汽车电子业务加速发展-20250223 均胜电子系列九—2024年三季报点评-盈利能力同比提升，汽车电子业务加速开拓-20241113 均胜电子系列八—2024年一季报点评-盈利能力持续改善，一季度归母净利润环比提升-20240428 均胜电子系列七—2023年年报点评：安全业务盈利改善，发力智能驾驶-20240331 均胜电子系列六—2023年三季报点评：汽车安全业务盈利持续改善，发力智能驾驶-20231025 均胜电子系列五-中报预告点评：业绩稳步改善，发力智能驾驶—20230713 均胜电子系列四-一季报点评：业绩稳步 ...

近日，宁波上市公司均胜电子(600699.SH)再次在港交所递交上市申请，拟在香港主板上市，联席保荐 人为中金公司及瑞银集团。 据了解，这是均胜电子第二次递表，公司成立于2004年，在2011年以重组借壳登陆A股主板。公司总部 位于浙江宁波，是一家智能汽车科技解决方案提供商，提供汽车零部件行业关键领域（主要包括汽车电 子和汽车安全）的先进产品和解决方案。 根据弗若斯特沙利文的资料显示，均胜电子在2024年在全球汽车零部件行业中排名第41，按收入计，成 为中国和全球第二大被动汽车安全产品供应商。 2022年至2024年及2025年前4月，均胜电子营收分别为497.93亿元、557.28亿元、558.64亿元和197.07亿 元；期间毛利收入分别为55.42亿元、80.57亿元、90.64亿元和35.14亿元；净利润分别2.33亿元、12.40亿 元、13.26亿元和4.91亿元。 报告期内，均胜电子毛利率分别约为11.13%、14.46%、16.22%及17.83%；净利率分别约为18.28%、 18.21%、20.48%及18.83%。 整体来看，均胜电子报告期内业绩整体处于上升趋势，毛利和净利润均有不错的增 ...

Core Viewpoint - Chipsea Technology (688595) reported a revenue increase of 6.8% year-on-year for the first half of 2025, with total revenue reaching 374 million yuan and a reduced net loss of 38.83 million yuan, reflecting improved profitability metrics [1] Financial Performance Summary - Total revenue for the first half of 2025 was 374 million yuan, up from 350 million yuan in 2024, marking a 6.8% increase [1] - The net profit attributable to shareholders improved to -38.83 million yuan from -56.82 million yuan, a 31.67% year-on-year improvement [1] - Gross margin increased to 35.59%, up 6.66% year-on-year, while net margin improved to -10.05%, a 37.68% increase [1] - Total expenses (selling, administrative, and financial) amounted to 66.77 million yuan, accounting for 17.86% of revenue, a 10.58% increase year-on-year [1] - Earnings per share improved to -0.27 yuan from -0.40 yuan, a 32.5% increase [1] Cash Flow and Debt Analysis - Operating cash flow per share improved to -0.17 yuan, a 69.93% increase year-on-year [1] - Cash and cash equivalents increased by 19.85% to 441 million yuan [1] - Interest-bearing liabilities rose significantly by 57.31% to 685 million yuan [1] Changes in Financial Items - Accounts receivable decreased by 25.62% to 131 million yuan due to payment via bill endorsement [3] - Prepayments increased by 51.67% due to strategic inventory purchases [4] - Other equity investments rose by 79.97% due to strategic equity investments [3] - The company experienced a 508.99% increase in financial expenses, attributed to higher interest costs from convertible bonds and working capital loans [5] Business Model and Market Position - The company's performance is primarily driven by research and development, with a focus on optimizing product structure to enhance profitability [7] - The company has launched new products, including BMS series and PPG devices, which have significantly contributed to revenue growth [9] Fund Holdings and Market Sentiment - The largest fund holding in Chipsea Technology is the Xin'ao Advanced Intelligent Manufacturing Stock A, which increased its position [9] - Analysts expect a net loss of 13 million yuan for 2025, with an average earnings per share forecast of -0.09 yuan [8]

| | | | 中: / : / 1 1 T : 人 / 1 / 1 / 1 / 1 | | | --- | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年同期增 | | | | (1-6月) | | 减(%) | | | 营业收入 | 373.908.946.39 | 350.114.310.97 | | 6.80 | | 利润息额 | -46.752.856.61 | -62.994.459.89 | | 不适用 | | 归属于上市公司股东的净利 润 | -38.828.071.00 | -56.821.664.39 | | 不适用 | | 归属于上市公司股东的扣除 | -39.633.966.28 | -60.841.221.68 | | 不适用 | | 非经常性损益的净利润 | | | | | | 经营活动产生的现金流量净 | -24.194.831.44 | -80.464.300.22 | | 不适用 | | 额 | | | | | | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | | | | | | 增减(%) | ...

随着半导体市场需求回暖，相关企业迎来业绩弹性释放空间，8月19日晚间，国内领先的全信号链芯片 设计企业芯海科技（688595.SH）披露2025年半年报，报告期内实现营业收入3.74亿元，同比增长 6.80%，其中二季度营收环比增长36.08%；实现归母净利润亏损3882.81万元，同比亏损收窄。 芯海科技表示，上半年公司紧抓机遇，优化产品结构，依托性能与客户资源优势，积极拓展AIoT终 端、汽车电子、计算与通信、BMS、工业控制等核心市场，并成功开拓新战略客户，推动净利润较去 年同期实现显著好转。 产品多元布局 研发优势凸显 作为国内少数具备"模拟+MCU"双平台优势的芯片设计企业，芯海科技集"感、算、控、电、连及AI能 力"于一体，近年来积极从传统中低端消费电子向汽车电子、计算机与通信、手机、BMS、工业控制等 高端领域转型，已取得显著成效。 2025年来，公司创新产品矩阵持续扩容，在泛工业和汽车电子等高端领域的高性能产品不断上市，其中 多节BMS系列化产品、智能穿戴健康测量系列产品在头部客户形成规模出货，人机交互产品在手机终 端客户销售额增长迅速，推动综合毛利率同比增长2.22%。 长期的高研发投入是公 ...

格隆汇8月19日丨芯海科技(688595.SH)公布2025年半年度报告，报告期实现营业收入3.74亿元，同比增 长6.80%；归属于上市公司股东的净利润-3882.81万元；基本每股收益-0.27元。 报告期内，公司实现营业总收入同比增长6.80%，主要系公司推出BMS系列化产品、穿戴PPG在头部客 户形成规模出货、人机交互产品在手机终端客户销售额同比增长较快；低端消费类电子产品受市场竞争 加剧影响，尽管出货量同比增长，但销售额同比下降，该类业务对整体销售额增长形成一定拖累，随着 头部客户及新产品销售额占比上升，该影响将逐步缩减；其中二季度业绩环比增速显著提升36.08%， 环比增长主要来自传统业务、鸿蒙生态产品、智能仪表等业务。 ...

均胜电子（600699.SH）8月14日在投资者互动平台表示，公司的主要产品均可以应用在无人驾驶出租 车上，包括安全气囊、安全带、方向盘等汽车安全产品，智能驾驶、智能网联、智能座舱、人机交互产 品、新能源管理产品等汽车电子产品。目前无人驾驶出租车行业正处于商业化初期阶段，公司对此保持 持续关注，积极争取相关的商业化机会。 每经AI快讯，有投资者在投资者互动平台提问：请问公司有哪些产品可以应用在无人驾驶出租车领 域，是否有批量应用？ （文章来源：每日经济新闻） ...

格隆汇8月14日丨均胜电子(600699.SH)在互动平台表示，公司的主要产品均可以应用在无人驾驶出租车 上，包括安全气囊、安全带、方向盘等汽车安全产品，智能驾驶、智能网联、智能座舱、人机交互产 品、新能源管理产品等汽车电子产品。目前无人驾驶出租车行业正处于商业化初期阶段，公司对此保持 持续关注，积极争取相关的商业化机会。 ...

Company Overview - Junsheng Electronics focuses on two main business segments: automotive electronics and automotive safety, including smart cockpit control, intelligent connectivity, and safety solutions [1] - The company reported a revenue of approximately 14.6 billion yuan for Q1 2025, a year-on-year increase of about 9.8%, with a gross margin improvement of 2.6 percentage points to approximately 17.9% [1] Financial Performance - The net profit attributable to shareholders for Q1 2025 was 340 million yuan, reflecting an 11.1% increase compared to the same period last year [1] - As of the end of 2024, the company had interest-bearing liabilities of approximately 24 billion yuan, primarily for operational needs and historical acquisition loans [1] Industry Trends - The automotive industry is experiencing rapid growth in global new energy vehicles and electronic products related to energy management [3] - The demand for intelligent components such as smart cockpits and intelligent driving systems is increasing due to the transformation towards automotive intelligence [3] - The robot industry is undergoing accelerated restructuring, driven by policy and technological advancements [3] Strategic Initiatives - The company aims to position itself as a "Tier 1" provider in both the automotive and robotics sectors, leveraging its core competencies in automotive components to expand into the robotics industry [2] - Junsheng Electronics plans to innovate and upgrade its offerings in smart solutions, energy management, human-machine interaction products, and automotive safety products [3] - The company is focused on enhancing competitiveness through market expansion, cost efficiency, organizational streamlining, and global advantages [3]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5] Core Viewpoints - The company is positioned as a "Tier 1" supplier in the automotive and robotics sectors, with a robust order backlog and a focus on expanding into the embodied intelligent robotics industry [3][70] - The company achieved a revenue of 55.864 billion yuan in 2024, a year-on-year increase of 0.24%, while the net profit attributable to shareholders was 960 million yuan, down 11.33% year-on-year [8][4] - The company has set ambitious revenue forecasts for 2025-2027, expecting revenues of 64.243 billion yuan, 68.098 billion yuan, and 71.843 billion yuan respectively, alongside net profits of 1.582 billion yuan, 1.920 billion yuan, and 2.153 billion yuan [3][4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 14.73 billion yuan, a year-on-year increase of 2.15%, and a net profit of 19 million yuan, down 93.77% year-on-year [8][10] - The overall gross margin for 2024 was 16.2%, an increase of 1.1 percentage points year-on-year, while the net margin was 2.4%, up 0.1 percentage points year-on-year [2][10] - The automotive safety systems segment generated 38.617 billion yuan in revenue, a year-on-year increase of 0.23%, with a gross margin improvement of 2.27 percentage points to 14.81% [8][10] Order Backlog and Market Position - The company has a strong order backlog, with new project orders reaching a record high of approximately 83.9 billion yuan for 2024 [2][36] - The new orders include approximately 57.4 billion yuan for automotive safety and 26.5 billion yuan for automotive electronics, with over 46 billion yuan related to new energy vehicles [2][36] Strategic Initiatives - The company is accelerating its expansion into the embodied intelligent robotics industry, focusing on key technologies such as sensory systems and control mechanisms [70][71] - A strategic partnership with Zhiyuan Robotics was established to enhance collaboration on core technologies and product development in the robotics field [73][74] Cost Management and Efficiency - The company is implementing various cost improvement measures to enhance competitiveness, including optimizing the global supply chain and increasing the self-supply ratio of core components [44][46] - The gross margin for the main business improved by 1.8 percentage points to 16.3% in 2024, with significant improvements in the automotive safety segment [46][48] Innovation and R&D - The company is committed to continuous innovation in automotive electronics, focusing on smart cockpit, smart driving, and new energy vehicle technologies [48][50] - The development of AI tools and models is being leveraged to enhance operational efficiency and product development quality [66][67]