| | Trivest Advisors Limited Wang,Sunkey | | --- | --- | | | United Super Pty Wu,Xia | | | Y2 Capital Xiao,Robin | | 时间 | 2025年7月9日-10日 | | 地点 | 广东省惠州市东江高新科技产业园上霞北路1号华阳工业园 | | | A区集团办公大楼 | | 形式 | 现场调研、电话会议 | | 上市公司接待人员 | 董事会秘书 李翠翠 | | 姓名 | 证券专员 邱晓彤 | | | 一、参观华阳集团展厅 | | | 二、问答交流主要内容 | | | 1、公司汽车电子业务合资、国际车企客户开拓进展？ | | | 答：今年以来公司汽车电子业务相继获得Stellantis集团、 | | | 福特、大众安徽、一汽大众捷达、上汽大众、上汽奥迪、长安福 | | | 特、北京现代、东风悦达起亚等客户定点项目并有多个合资及国 | | | 际车企客户竞标中。屏显示、HUD、座舱域控、数字声学、车载 | | | 手机无线充电等多类汽车电子产品均取得合资、国际车企客户项 | | | 目定点。 | | | 2、 ...

Core Viewpoint - The company, Junsheng Electronics, has achieved significant growth and global presence in the automotive parts industry, with a record order intake and plans for an IPO in Hong Kong to enhance its international capital platform [1][12]. Group 1: Business Performance - In 2024, Junsheng Electronics reported a revenue of 55.86 billion, with new orders reaching 83.9 billion, marking a 13.8% increase from 73.7 billion in 2023 [3]. - The company’s net profit attributable to shareholders increased by 27.7% to 1.28 billion, showcasing a robust performance despite market fluctuations [8]. - The gross profit margin improved by 1.8 percentage points to 16.3%, driven by the automotive safety and electronics segments [8]. Group 2: Strategic Advantages - Junsheng Electronics has a strong order reserve, with over 55% of new orders coming from the new energy sector, providing a solid performance cushion for the next 3-5 years [3]. - The company ranks fourth globally in the intelligent cockpit domain and is the second-largest supplier in automotive safety, benefiting from high technical and compliance barriers [4]. - The company is expanding into the robotics sector, leveraging its automotive technology to create a new growth avenue [5]. Group 3: Globalization and Market Position - In 2024, 76% of the company’s revenue came from overseas markets, supported by a network of 19 R&D centers and over 50 production bases worldwide [6]. - The company’s strategic restructuring in Europe aims to optimize costs and enhance long-term profitability, despite short-term impacts on net profit [9][10]. - Junsheng Electronics is positioned to capitalize on the global shift towards intelligent automotive solutions, enhancing its competitive edge [12]. Group 4: Future Prospects - The upcoming IPO in Hong Kong is expected to provide necessary capital for expanding production bases in Southeast Asia and developing cloud supply chain systems [13]. - The company aims to strengthen its brand influence and international identity through the dual listing strategy, enhancing its market position [13]. - Junsheng Electronics is transitioning from a "market for technology" model to a "technology export" strategy, reflecting the evolution of the Chinese automotive supply chain [12].

点 击 蓝 字 关 注 我 们 本文全文共 4292 字，阅读全文约需 14 分钟 目录 国内新闻 1.中国一汽集团成立新公司 含AI及机器人业务 2.别克逍遥架构新一代智舱首发 3.东风汽车成立新公司 聚焦整合资源做强自主乘用车事业 4.雷克萨斯新能源项目在上海市金山区正式开工 5.理想汽车全国首座穿梭超充旗舰站落地 6.宁德时代计划将换电技术引入欧洲 7.广汽集团泰国电池服务中心开业 加速出海 8.盖瑞特武汉创新中心揭幕 加速零排放布局 1.美国6月新车销量预计将同比增长2.5% 2.日本重申无法接受美国对进口汽车加征25%关税 3.特斯拉推虚拟排队系统 解决超充桩供不应求 4.宝马坚持内燃机研发 同时推进电动化进程 1. 客车高端化再进一步 宇通天域S12西安上市 2. 新央企首款新车 长安凯程V919全球上市 3. 一汽解放晋蒙新能源千辆竞发 4. 三一电动重卡亮相迪拜新能源车展 国内新闻 1 中国一汽集团成立新公司 含AI及机器人业务 时间:2025.6.27 来源:易车原创报道 作者: 文昊YC 近日，据企查查数据显示，一汽旗新动力 (长春) 科技有限公司成立，注册资本5亿元，由中国一汽集团间 接 ...

公司报告 | 首次覆盖报告 均胜电子（600699） 证券研究报告 国内领先智能汽车 Tier1，机器人打开新增长点 均胜电子是全球领先的汽车电子解决方案和汽车安全解决方案提供商。 公司于 2011 年在上交所上市，先后续收购多家企业助力自身产品研发； 在 2021 年成立智能汽车科技研究院和先进新能源研究院进行创新研究； 目前，均胜电子已经在智能座舱、智能驾驶、新能源管理和汽车安全系统 上占据全球领先地位，并逐步将汽车业务优势延伸至机器人领域。 抓住新订单规模增长势头，稳步推进安全业务产能深化。 24 年汽车安全业务新获定点项目的全生命周期金额约 574 亿元，规模创 历史新高，中国、亚太、欧洲区业务超出预期，市场地位持续增长，尤其 是在日本区域重新获得日系客户规模化订单。同时公司也在积极扩充产能， 公司汽车安全合肥新产业基地第一期项目已于 2023 年下半年正式完工 投产，该智能制造基地包括研发中心、测试验证实验室、乘用车方向盘以 及安全气囊生产中心等，全部建成后预计将实现方向盘 400 万件/年，安 全气囊 1,000 万件/年的产能。 公司逐渐扩大自身生态圈，斩获智驾订单。 基于目前的芯片平台，公司将 ...

6月13日，博泰车联网科技（上海）股份有限公司（以下简称"博泰科技"）在中国证监会完成港股上市备案，拟发行不超过1211.42万股境外上市普通股，并 在香港联合交易所主板上市。 据了解，博泰科技成立于2009年，以"软件+硬件+云端"全栈模式切入汽车智能化赛道，是中国较早布局车联网的企业之一，其核心业务聚焦于智能座舱域 控制器、车联网系统及云端服务，覆盖从芯片适配到操作系统开发的全链条技术能力。 截至2024年末，博泰科技累计交付智能座舱产品超440万套，在新能源汽车智能座舱域控制器市场以11.9%的市占率位居本土厂商第二。 从财务表现看，博泰科技近3年营收呈现高速增长态势，2022-2024年分别实现12.18亿元、14.96亿元和25.57亿元，年复合增长率达44.9%。这一增长主要源 于新能源汽车市场的爆发。2024年中国新能源车渗透率突破50%，智能座舱搭载率升至72.6%，推动其域控制器出货量从2022年的52万套增至2024年的91.5 万套，高端产品均价更是从2023年的991元跃升至2141元。 | | | | 截至12月31日止年度 | | | | | --- | --- | --- | - ...

Group 1 - The core viewpoint of the news is that Hangzhou Garden's strategic investment in Zhichu Automotive Technology is a significant move to position itself in emerging industries and explore industrial synergy under the "dual carbon" goals [1][2][3] - Zhichu Automotive Technology, established on June 17, 2022, has quickly emerged in the automotive technology sector, focusing on advanced vehicle chip platform development and production supply, particularly in smart cockpit and intelligent driving domains [1][2] - The investment aligns with the ongoing transformation in the automotive industry, where electric vehicles and smart connected cars are becoming key growth drivers, with global sales of new energy vehicles continuing to rise [2] Group 2 - Hangzhou Garden aims to leverage its expertise in urban planning and landscape design to contribute to the development of smart transportation infrastructure, creating harmonious designs for electric vehicle charging stations that enhance urban aesthetics [2] - The technology from Zhichu Automotive may enhance the visitor experience in cultural tourism projects, such as smart guided vehicles in scenic areas, showcasing innovative applications of their automotive technology [2] - The company will closely monitor Zhichu Automotive's development and may consider further investments if significant technological advancements are made, which would support the dual carbon goals and enhance competitive positioning in emerging industries [3]

Group 1: Company Strategy and Market Position - The company aims to strengthen customer cooperation and expand high-quality domestic and international customer resources to enhance market share [2][3] - Focus on cost control through a low-cost strategy and improving operational quality across the entire value chain [2][3] - Emphasis on R&D in "lightweight, electrification, intelligence, and connectivity" to accelerate product transformation and upgrade [2][3] Group 2: Financial Performance and Management - In Q1 2025, the company reported a revenue of CNY 3.627 billion, a decrease of 3.64% year-on-year, while net profit increased by 0.26% to CNY 163 million [11] - In 2024, the company achieved a revenue of CNY 16.468 billion, a growth of 3.95%, with net profit rising by 11.93% to CNY 676 million [12][13] - The net cash flow from operating activities increased by 961.69% in 2024, attributed to improved cash management practices [14] Group 3: R&D and Product Development - The company plans to increase R&D investment in 2025, focusing on core technologies such as chassis systems and electric systems [15] - The company has successfully developed electric control shock absorbers, leading to significant revenue growth and market share in this segment [6][9] Group 4: Market Expansion and Order Growth - In 2024, the company secured 307 new orders, with external market orders accounting for 48% of total revenue, and over 80% of new energy orders [8] - The company’s strategy includes differentiated market expansion tactics tailored to various customer groups to achieve significant order growth [8] Group 5: Industry Trends and Challenges - The automotive parts industry is rapidly transforming towards electrification, intelligence, connectivity, and low-carbon solutions, requiring stronger R&D capabilities [9][10] - The company aims to adapt to these changes by enhancing its core competencies and maintaining a flexible operational strategy [10]

均胜电子(600699) 报告日期：2025 年 05 月 22 日 证券研究报告 | 公司深度 | 汽车零部件 全球汽车安全+电子头部 Tier 1，人形机器人有望打开成长空间 ——均胜电子深度报告 投资要点 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 55,864 | 64,530 | 66,450 | 71,023 | | (+/-) (%) | 0.2% | 15.5% | 3.0% | 6.9% | | 归母净利润 | 960 | 1,534 | 1,833 | 2,161 | | (+/-) (%) | -11.3% | 59.7% | 19.5% | 17.9% | | 每股收益(元) | 0.7 | 1.1 | 1.3 | 1.5 | | P/E | 28.4 | 17.8 | 14.9 | 12.6 | | ROE | 4.9% | 7.4% | 8.2% | 8.9% | 资料来源：Wind，浙商证券研究所 投资评级: 买入(维持) 分析 ...

证券研究报告 | 公司深度 | 汽车零部件 均胜电子(600699) 报告日期：2025 年 05 月 22 日 全球汽车安全+电子头部 Tier 1，人形机器人有望打开成长空间 ——均胜电子深度报告 投资要点 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 55,864 | 64,530 | 66,450 | 71,023 | | (+/-) (%) | 0.2% | 15.5% | 3.0% | 6.9% | | 归母净利润 | 960 | 1,534 | 1,833 | 2,161 | | (+/-) (%) | -11.3% | 59.7% | 19.5% | 17.9% | | 每股收益(元) | 0.7 | 1.1 | 1.3 | 1.5 | | P/E | 28.4 | 17.8 | 14.9 | 12.6 | | ROE | 4.9% | 7.4% | 8.2% | 8.9% | 资料来源：Wind，浙商证券研究所 投资评级: 买入(维持) 分析 ...

小米汽车的交付量预期如何？ 2025 年全年，小米汽车的交付量预期为 12 万辆，其中 YU7 车型约占 30 万辆， 加上其他型号如 Ultra 等，总计 45 万辆。到 2026 年，交付量预计将达到 75 至 80 万辆。从 2024 年的 3.7 万辆增长至 2025 年的 45 万辆，再到 2026 年 的 75 至 80 万辆，小米汽车的增长显著，为供应链带来新的增长机会。 • 华阳的汽车配套产品从速 7 仪表盘升级到 VPD 产品，单车价值从 1,000 元提升至 3,000 元以上，预计 2025 年配套比例约为 4-5%，2026 年可 能提升至近 10%。 • 德赛有望成为小米汽车类似理想汽车的大客户，座舱域控和支架域控价值 量可能达到 15,000 元，预计 2025 年小米收入贡献占比 20%，或迅速成 为德赛第二大客户。 无锡振华在小米供应链中的地位如何？其业绩表现及未来预期是什么？ 小米 YU7 上市在即，核心产业链梳理 20250519 摘要 • 小米汽车预计 2025 年交付 45 万辆，2026 年达 75-80 万辆，供应链企 业迎来增长机遇。其中，YU7 车型预计占 30 ...