Core Insights - Junsheng Electronics (600699) held a performance briefing for Q3 2025, focusing on the latest developments in its robotics business [1] - The company aims to provide integrated solutions for global automotive and robotics companies, including key components such as brain controllers, energy management modules, and high-performance materials [1] Group 1: Business Strategy - In early 2025, the company launched a dual-driven strategy of "Automotive + Robotics Tier 1," focusing on core robotic components and assembly solutions [1] - The strategy includes systematic support for global robotics companies in product development and manufacturing, promoting the application of robotics in various scenarios [1] Group 2: Domestic Collaborations - Junsheng Electronics has partnered with leading domestic clients such as Zhiyuan Robotics and Galaxy General, achieving mass supply of customized main control boards [1] - The company is also supplying various precision IMUs and customized fisheye cameras, along with developing battery packs with high energy density and smart battery management systems [1] Group 3: International Collaborations - The company has delivered components such as robot back heads, necks, shoulders, knees, and fingers to a leading overseas robotics company [2] - Junsheng Electronics is exploring next-generation head display solutions and collaborating with another overseas robotics company for end logistics and food delivery robots [2]

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]