均胜电子（600699.SH）系列点评三 2025 盈利高增 汽车+机器人 Tier1 全面启航 glmszqdatemark 2026 年 01 月 27 日 | 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] | 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 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company is set to issue H shares, with the Hong Kong Stock Exchange reviewing its listing application and the board approving the global offering [1] - The humanoid robot business has secured over 100 million yuan in orders from Zhiyuan, marking a significant step in its operational deployment in the automotive parts manufacturing sector [2] - The company has received a total of approximately 15 billion yuan in new orders for intelligent driving products, with plans for mass production by 2027 [2][3] - Revenue and profit for the first half of 2025 showed steady growth, with revenue reaching 30.3 billion yuan, a year-on-year increase of 12%, and net profit of 710 million yuan, up 11% year-on-year [3] - The company's gross margin improved to 18.2%, an increase of 2.6 percentage points year-on-year, indicating a recovery in profitability [3] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 645 billion, 665 billion, and 710 billion yuan, representing year-on-year growth rates of 16%, 3%, and 7% respectively [4] - Net profit forecasts for the same period are 1.53 billion, 1.83 billion, and 2.16 billion yuan, with compound annual growth rates of 31% from 2024 to 2027 [4] - The company is expected to maintain a price-to-earnings ratio (P/E) of 28, 23, and 20 for 2025-2027 [4]