证券研究报告 | 公司点评 | 汽车零部件 均胜电子(600699) 报告日期：2025 年 10 月 20 日 H 股发行在即，人形机器人业务获智元过亿订单 ——均胜电子点评报告 投资要点 ❑ 事件：香港联交所审阅公司上市申请、公司董事会审议通过 H 股发行事宜 1）2025 年 10 月 17 日，公司收到香港联交所信函，联交所上市委员会已审阅公 司的上市申请。 2）2025 年 10 月 17 日，公司董事会审议并通过《关于确定公司 H 股全球发售 （包括香港公开发售及国际配售）及在香港联交所上市相关事宜的议案》。 ❑ 人形机器人业务：获智元过亿订单，业务布局持续完善 1）2025 年 10 月 16 日，智元正式发布新一代工业级交互式具身作业机器人精灵 G2，当天下午开启与均胜电子过亿元采购合同的首批交付商用，正式落地汽车 零部件制造场景。 此前根据公司公告，目前机器人相关零部件业务营收占比不到 0.1%（上半年收 入的 0.1%约为 3000 万元）。 2）公司业务布局持续完善：①海外客户方面：已为某头部公司批量交付机器人 后脑勺、颈部、肩部、膝盖及手指等部件，正在探讨下一代头部显示方案和头部 总成 ...

Core Viewpoint - The company, Junsheng Electronics, is focused on providing key components and integrated solutions for global automotive and robotics industries, including control systems and energy management modules [1] Domestic Clients - The company has established partnerships with leading domestic clients such as Zhiyuan Robotics and Galaxy General, successfully delivering customized main control boards in bulk [1] - Various precision IMUs and customized fisheye cameras are being sampled, along with the development of battery packs that integrate high energy density cells and smart battery management systems [1] - The company is also producing high-power wireless charging products that support fast charging for its domestic clients [1] Overseas Clients - Junsheng Electronics has delivered components such as robot backheads, necks, shoulders, knees, and fingers in bulk to a leading overseas robotics company [1] - The company is exploring next-generation head display solutions and head assembly supply with this overseas client [1] - Additionally, the company is collaborating with another overseas robotics firm on robots designed for end logistics and food delivery [1]

Group 1 - China Shipbuilding Industry Corporation is set to absorb China Shipbuilding Industry Corporation through a share swap, with the A-shares of China Shipbuilding Industry Corporation terminating listing on September 5 [1] - Yutong Bus reported sales of 4,260 units in August, representing a year-on-year increase of 16.78% [1] Group 2 - Shanghai Raist plans for some directors and all senior management to increase their shareholding by no less than 6 million yuan within six months [2] - Bowei Alloy's upcoming high-end AI smartphone will fully utilize the company's VC cooling materials [2] - Guoxin Technology has successfully tested a new generation of automotive electronic BLDC motor drive control high-performance chip [2] - Junsheng Electronics is collaborating with leading clients like Zhiyuan Robotics, with customized main control boards already in mass production [2] - Fuliwang has begun shipping metal components such as robot reducers [2] - Beijing Lier has signed strategic cooperation agreements with SenseTime and Xiwang Technology to explore AI computing power collaboration [2] - Xiandai Intelligent has successfully completed the entire process for mass production of all-solid-state batteries [2] - Tongguan Copper Foil has developed copper foil products suitable for solid-state and semi-solid-state batteries [2] - Heng Rui Pharmaceutical has received a clinical trial approval notice for HRS-4729 injection [2] - Ningbo Construction's subsidiary has won construction projects totaling 1.117 billion yuan [2] - Zhongwei Company has launched six new semiconductor equipment products [2] - China Construction Bank's CCB Financial Leasing plans to increase capital by 3 billion yuan to CCB Shipping and Aviation [2]

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, which include significant stock market events such as suspensions, shareholding changes, investment wins, acquisitions, earnings reports, unlocks, and high transfers, marked in red for easy identification [1] - The company has developed soft-pack semi-solid battery samples with small-scale delivery capabilities and has achieved breakthroughs in liquid-cooled containers for energy storage scenarios on the grid side [1] - The company collaborates with leading clients like Zhiyuan Robotics to provide customized main control boards for humanoid robots, which have achieved mass supply [1] - The company has successfully tested new products for motor drive control chips, focusing on AI chips, quantum technology, digital currency, and advanced packaging [1]

Group 1: Company Announcements - Heng Rui Medicine has received the clinical trial approval notice for HRS-4729 injection, a self-developed peptide drug targeting GLP-1R, GIPR, and GCGR receptors, with no similar products approved in the market [1] - Hubei Yihua has successfully launched its 200,000 tons/year caustic soda project, aimed at upgrading its chlor-alkali chemical industry and enhancing market competitiveness [2] - Ji Min Health announced that its shareholder, Shuangge Group, plans to reduce its stake by up to 3%, equating to a maximum of 15.75 million shares [3] - China Shipbuilding intends to absorb and merge with China Shipbuilding Industry Corporation through a share exchange, with the latter's A-shares set to be delisted on September 5, 2025 [4] - Changfei Fiber reported that its shareholder, Changjiang Communication, plans to reduce its stake by up to 0.15%, totaling no more than 1.1 million shares [5] Group 2: Strategic Collaborations and Developments - Beijing Lier has signed a strategic cooperation agreement with SenseTime and Xiwang Technology to explore AI computing power collaboration and related applications [6] - Junsheng Electronics is collaborating with leading clients like Zhiyuan Robotics, having achieved bulk supply of customized main control boards and various sensors [7][8] - Guoxin Technology has successfully tested a new generation of high-performance chips for automotive electronic BLDC motor control, aimed at addressing the MCU chip shortage in the automotive sector [9] Group 3: Other Corporate Actions - Guoguang Chain's actual controller plans to reduce their stake by up to 2.99%, totaling a maximum of 12.506 million shares [10] - Zhonghuan Hailu has terminated its control change plan, with its stock set to resume trading on September 5, 2025 [11] - Various companies have reported significant project wins, including Ningbo Construction winning contracts worth 1.117 billion yuan [12]

Group 1 - The government encourages localities to promote innovation in artificial intelligence terminal applications, focusing on key technologies such as 5G/6G components, chips, and modules [1] - Yushu Technology plans to submit its listing documents between October and December, with quadruped robot sales accounting for 65% of its revenue [1] - Zhiyuan Robotics is expected to win a bid for the Hubei humanoid robot innovation center project [1] Group 2 - Junsheng Electronics collaborates with leading clients like Zhiyuan Robotics, with customized main control boards already in mass production [1] - Beijing Lier has signed strategic cooperation agreements with SenseTime and Xiwang Technology to explore AI computing power collaboration [1]

Group 1 - Junsheng Electronics collaborates with leading clients such as Zhiyuan Robotics, achieving mass supply of customized main control boards and various sensors [1] - Beijing Lier signs a strategic cooperation agreement with SenseTime and Xiwang Technology to explore AI computing power collaboration and related applications [2] - Jimin Health announces that its shareholder, Shuangge Group, plans to reduce its stake by up to 3% due to funding needs [3] - Changfei Fiber announces that shareholder Changjiang Communication intends to reduce its stake by up to 0.15% for operational needs [4] Group 2 - China Shipbuilding plans to absorb and merge with China Shipbuilding Industry Corporation through a share exchange, with the exchange ratio set at 1:0.1339 [4] - Heng Rui Medicine receives clinical trial approval for HRS-4729 injection, a novel GLP-1R/GIPR/GCGR triple agonist aimed at improving metabolic regulation [5] - Guoguang Chain's controlling shareholder plans to reduce its stake by up to 2.99% [6][7] - Guoxin Technology successfully tests a new high-performance chip for automotive BLDC motor control, addressing the semiconductor shortage in the automotive industry [8] Group 3 - Ningbo Construction's subsidiary wins construction projects totaling 1.117 billion yuan [9] - Wen's Holdings reports August sales revenue of 4.825 billion yuan for live pigs, a decrease of 1.07% month-on-month [8] - Yutong Bus achieves August sales of 4,260 units, a year-on-year increase of 16.78% [8] - Jiangling Motors reports August sales of 30,003 vehicles, a year-on-year increase of 8.92%, with cumulative sales of 226,500 vehicles from January to August, up 5.67% year-on-year [8]

Group 1: Stock Suspension and Resumption - Zhonghuan Hailu has terminated the planning of a change in company control, and its stock has resumed trading [1] Group 2: Mergers and Acquisitions - China Shipbuilding Industry Corporation will conduct a share swap to absorb China Shipbuilding Heavy Industry Company, with the latter's A-shares set to be delisted on September 5 [2] - Kebo Da plans to acquire 60% equity of Kebo Da Intelligent Technology from Shanghai Keshishi for 345 million yuan, which constitutes a related party transaction. The target company focuses on providing high-performance automotive intelligent central computing platforms and related domain controllers [2] Group 3: Investment Cooperation and Operational Status - Junsheng Electronics has collaborated with leading clients such as Zhiyuan Robotics and Galaxy General, achieving mass supply of customized main control boards and various sensors, as well as developing customized battery packs and high-power wireless charging products [3] - Beijing Lier has signed strategic cooperation agreements with SenseTime and Xiwang Technology to explore AI computing power collaboration [4] - Guoxin Technology has successfully tested a new generation of high-performance chips for automotive electronic BLDC motor drive control [5] - Jifeng Technology plans to establish a wholly-owned subsidiary, Jifeng Aviation Technology (Sichuan) Co., Ltd., with an investment of 50 million yuan to support its low-altitude economy business [5] - Chunguang Technology has signed an investment development regulatory agreement for a project in Suzhou, with an expected initial investment of approximately 289 million yuan [5] - Fuliwang has begun shipping metal components such as robot reducers [6] - Xinyuren has successfully trial-produced halide solid electrolyte samples and completed the first round of electrochemical testing [7] - Southeast Network Frame has won the bid for the "Puyang Street Five Villages Joint Planning and Development Project," with a total bid amount of 1.686 billion yuan, accounting for 15% of the company's audited revenue for 2024 [7] - Heng Rui Medicine has received a clinical trial approval notice for HRS-4729 injection [8]

Core Viewpoint - Junsheng Electronics is shifting its strategic focus towards integrating robotics into its operations, aiming to establish robotics as a second growth curve alongside its automotive business [1][2]. Group 1: Robotics Business Development - The company has officially included robotics in its strategic direction for 2024, transitioning from component development to complete assembly solutions by 2025 [1]. - During the Shanghai Auto Show in April, Junsheng launched a series of robotic components, including sensor kits, lightweight exoskeletons, and wireless charging systems, and has engaged in discussions with nearly all major robotics manufacturers [1]. - In Q3, the company introduced a comprehensive robotic controller and integrated chassis solutions, enhancing efficiency and space-saving capabilities [1]. Group 2: Customer Engagement and Product Acceptance - The company has established collaborations with domestic clients such as Zhiyuan Robotics and Galaxy General, achieving bulk supply of customized main control boards and various sensors [2]. - In the overseas market, Junsheng has delivered components for a leading robotics company and is exploring next-generation display solutions [2]. - The company is also collaborating with another overseas robotics firm for logistics and delivery robots [2]. Group 3: Financial Performance - The robotics business revenue has not yet been reflected in the half-year report, with overall performance driven by traditional automotive operations [2]. - For the first half of the year, Junsheng's revenue and net profit attributable to shareholders increased by 12.07% and 11.13%, respectively, with an overall gross margin improvement of approximately 2.6 percentage points to about 18.2% [2]. - Management indicated that the gross margin for automotive safety business is expected to continue its upward trend by increasing the self-supply ratio of core components and promoting global capacity transfer [3].

Core Viewpoint - Junsheng Electronics (600699.SH) is focusing on providing key components and integrated solutions for global automotive and robotics companies, with significant collaborations both domestically and internationally [1] Domestic Collaborations - The company has partnered with leading domestic clients such as Zhiyuan Robotics and Galaxy General, successfully delivering customized main control boards in bulk [1] - Various precision IMUs and customized fisheye cameras are being sampled, along with the development of battery packs featuring high energy density cells and smart battery management systems [1] - The company is also producing high-power wireless charging products that support fast charging [1] International Collaborations - Junsheng Electronics has delivered components such as robot back heads, necks, shoulders, knees, and fingers in bulk to a leading overseas robotics company [1] - The company is exploring next-generation head display solutions and head assembly supply with another overseas robotics partner [1] - Additionally, there is ongoing collaboration with an overseas robotics company for robots used in end logistics and food delivery [1] Product Development - The company has launched a robot global controller based on high-performance chips like Jetson AGX Orin, achieving a maximum computing power of 1320 TOPS [1] - Following NVIDIA's release of the new Jetson Thor chip in late August, which offers enhanced performance, the company has strategically positioned itself for customized robot domain control development based on this chip [1] - Strategic partners are expected to prioritize the use of this domain control product, which is currently under development [1]