2025 年 8 月 27 日│中国内地 其他电子 均胜电子 1H25 实现营收 303.47 亿元（yoy：+12.07%），综合毛利率约 18.2%（yoy+2.6pp），归母净利润 7.08 亿元（yoy：+11.13%），得益于 公司原有汽车电子业务与汽车安全业务稳健发展及并表香山股份。2Q25， 公司实现毛利率 18.39%，创过去五年单季度历史新高。我们看好公司降本 增效促使盈利能力持续提升+坚定布局智驾和机器人带来第二成长曲线，我 们维持 25/26/27E 公司归母净利润预期 15.6/19.0/21.9 亿元，目标价上调至 26.56 元，维持"买入"评级。 1H25 回顾：降本增效效果显著，汽车安全和电子稳健发展 证券研究报告 1H25 分业务看：汽车安全业务营收 189.77 亿元（yoy：+1.13%），毛利 率 15.93%（yoy+1.99pp），在中、日、欧、美四个区域均实现毛利率同比 提升；公司计划通过持续关停高成本工厂、引入中国零部件供应商等进一步 降低成本。汽车电子业务营收 83.56 亿元（yoy：+2.73%），毛利率 21.54% （yoy+2.17pp）。1H25 ...

本报讯 （记者吴奕萱）8月25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 半年报，公司实现营业收入303.47亿元，同比增长12.07%；归属于上市公司股东的净利润7.08亿元，同 比增长11.13%。今年上半年，公司整体毛利率连续多个季度增长，第二季度公司整体毛利率约18.4%， 创近年来最优水平。 今年上半年，均胜电子聚焦汽车及机器人零部件两大领域，积极推动关键产品及技术的突破和产业化落 地，并实现了多项突破性进展。 具体来看，在智能驾驶方面，均胜电子核心围绕智能座舱、智能驾驶、智能网联、车路云协同、新能源 汽车高压快充等领域，保持高强度研发创新投入，上半年公司研发投入合计约24.88亿元。 持续高研发投入，给均胜电子带来强大的产品创新实力。据悉，公司上半年扩大了与头部智驾算法公司 Momenta业务合作，首次联合突破某知名自主品牌高阶智能辅助驾驶域控项目定点，订单金额超10亿 元；战略投资智能辅助驾驶芯片公司，并基于该芯片平台开发高阶智能辅助驾驶域控制器进展顺利，相 关芯片已成功点亮并上车测试。 今年上半年，均胜电子新获定点项目的全生命周期金额约312亿元，其中汽车安全业务约 ...

Group 1 - The stock price of Junsheng Electronics (600699) has increased by 9.7% over the past week, attributed to developments in humanoid robots, automotive electronics, and growth in the first quarter report [1] - The company has fully entered the humanoid robot sector and plans to establish a wholly-owned subsidiary, Ningbo Junsheng Embodied Intelligent Robot Co., Ltd., by April 2025 [1] - Junsheng Electronics has made progress in its Robotaxi business, with products applicable to autonomous taxis, including safety airbags, seat belts, steering wheels, and various automotive electronic products [1] Group 2 - Over the past three years, the company has distributed approximately 860 million RMB in dividends and conducted share buybacks totaling around 420 million RMB [2] - The company has completed its loan buyback plan disclosed for November 2024, repurchasing 13.03 million shares for approximately 222 million RMB, with the repurchased shares being canceled [2] - Junsheng Electronics emphasizes shareholder returns through performance improvement and a dual approach of cash dividends and share buybacks, enhancing investor satisfaction [2] Group 3 - The company acknowledges the national policy on anti-involution, which aims to systematically address low-price competition and guide the industry towards value competition, enhancing overall profitability and promoting high-quality, innovation-driven transformation [2]

Core Viewpoint - Junsheng Electronics has shown a significant stock price increase, reflecting positive market sentiment and potential growth in its business segments, particularly in the automotive electronics and robotics industries [1] Company Overview - Junsheng Electronics specializes in the research, development, production, and sales of automotive electronic systems, automotive safety systems, and new energy vehicle power management systems [1] - The company has a strong competitive position in the automotive electronics sector, with products widely used by major global automotive brands [1] Recent Developments - In April 2025, Junsheng Electronics established a wholly-owned subsidiary, Ningbo Junsheng Embodied Intelligent Robot Co., Ltd., marking its entry into the humanoid robotics field [1] - The company has signed cooperation agreements with both domestic and overseas robot manufacturers, providing key components such as brain controllers, energy management modules, and high-performance materials, as well as integrated hardware and software solutions for robotics [1] - Junsheng plans to leverage its global supply chain and manufacturing capabilities to support the robotics industry with complementary products [1] Market Activity - As of August 15, 2025, Junsheng Electronics' stock price reached 20.47 yuan, an increase of 1.17 yuan or 6.06% from the previous trading day's closing price [1] - The stock opened at 19.90 yuan, with a daily high of 20.88 yuan and a low of 19.81 yuan, with a trading volume of 799,070 hands and a transaction amount of 1.626 billion yuan [1] - On the same day, the net inflow of main funds into Junsheng Electronics was 73.1542 million yuan, accounting for 0.26% of the circulating market value, while the cumulative net outflow over the past five days was 21.2169 million yuan, representing 0.08% of the circulating market value [1]