证券研究报告 | 2025年11月08日 2025Q3 均胜电子实现净利润 4.1 亿元，同比+35%。公司 2025 年前三季度 实现营收 458.44 亿元，同比+11.45%，归母净利润 11.20 元，同比 +18.98%。拆单季度看，公司 2025Q3 实现营收 154.97 亿元，同比+10.25%， 环比-1.74%，归母净利润 4.13 亿元，同比+35.40%，环比+12.37%。 2025Q3 毛利率同比提升 2.9pct，四费率环比提升 1pct。2025Q3 公司毛利 率 18.6%，同比+2.9pct，环比+0.2pct，净利率 2.9%，同比-0.1pct， 环比-0.3pct。随着材料降本、运营效率提升、产能转移优化等，毛利 率同比提升。2025Q3 公司四费率 14.59%，同比+3.3pct，环比+1.0pct。 公司在手订单充沛，持续优化订单结构。均胜电子 2025 年第三季度新获 订单全生命周期总金额约 402 亿元，前三季度累计新获订单全生命周期 总金额约 714 亿元，其中汽车安全业务约 396 亿元，汽车电子业务约 318 亿元；客户结构上头部自主品牌及造车新势力的 ...

Group 1 - The company plans to globally offer 155.1 million H-shares, with 15.51 million shares available in Hong Kong and approximately 139.6 million shares for international offering, subject to reallocation and adjustments [1] - The expected pricing date for the shares is November 4, 2025, with a maximum offer price of HKD 23.60 per share, and trading on the Hong Kong Stock Exchange is anticipated to begin on November 6, 2025 [1] - The company is a provider of smart automotive technology solutions, focusing on advanced products and solutions in key areas of the automotive parts industry, particularly automotive electronics and safety [1][2] Group 2 - The company's smart solutions enhance driving experience and safety through features like information interaction, environmental detection, analysis, decision-making, and control [2] - The automotive electronics segment focuses on smart interactive interfaces and domain control technology to achieve personalized experiences and seamless communication between vehicles and drivers [2] - In automotive safety, the company employs monitoring and predictive analytics technologies for functions such as fatigue monitoring and adaptive safety responses [2] Group 3 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for approximately USD 107.1 million (around HKD 832 million) worth of shares at the indicative offer price of HKD 23.60 [3] - The total number of shares to be subscribed by cornerstone investors is estimated to be 35.252 million shares [3] Group 4 - Assuming no exercise of the over-allotment option and a maximum offer price of HKD 23.60 per share, the company estimates net proceeds from the global offering to be approximately HKD 3.4585 billion [4] - The intended use of proceeds includes approximately 35% for R&D and commercialization of smart automotive solutions, 35% for improving manufacturing capabilities and supply chain management, 10% for expanding overseas market share, 10% for potential investments and acquisitions, and 10% for working capital and general corporate purposes [4]

Core Viewpoint - Ningbo Joyson Electronic Corp. is set to list on the Hong Kong Stock Exchange, with CICC and UBS serving as joint sponsors, highlighting the company's growth potential in the automotive technology sector [1][3]. Company Overview - Joyson Electronic is a provider of smart automotive technology solutions, focusing on advanced products and solutions in key areas of the automotive parts industry, particularly automotive electronics and safety [3]. - The company ranks 41st globally in the automotive parts industry and is the second-largest supplier of passive safety products in China and worldwide, according to Frost & Sullivan [3]. Market Trends - The global sales of new energy vehicles are projected to surge from 3.2 million units in 2020 to 19 million units by 2024, with a compound annual growth rate (CAGR) of 14.9% expected until 2029 [4]. - This trend presents both opportunities and challenges for traditional automakers, driving them to adopt new technologies and solutions, which in turn benefits Joyson Electronic [4]. Operational Footprint - Joyson Electronic has established over 25 R&D centers and more than 60 production bases across major automotive markets in Asia, Europe, and North America, enabling synchronized development and supply chain management with global automakers [4]. - As of April 30, 2025, the company's overseas sales are expected to account for 74.7% of total revenue, reflecting its strong international presence [4]. Financial Performance - For the fiscal years ending December 31, 2022, 2023, and 2024, Joyson Electronic reported revenues of approximately RMB 49.79 billion, RMB 55.73 billion, and RMB 55.86 billion, respectively, with profits of RMB 2.33 billion, RMB 12.40 billion, and RMB 13.26 billion [5][7]. - The company recorded a revenue of RMB 19.71 billion and a profit of RMB 490.53 million for the four months ending April 30, 2025 [5][7].

Core Viewpoint - Junsheng Electronics is focusing on automotive safety and electronic systems, with a strong emphasis on profitability recovery and accelerated development in automotive electronics and robotics [2][4][11]. Financial Performance - In Q2 2025, the company achieved a revenue of 15.771 billion yuan, a year-on-year increase of 14.27% and a quarter-on-quarter increase of 8.20%, with a net profit of 367 million yuan, up 11.18% year-on-year and 7.85% quarter-on-quarter [4][11]. - For H1 2025, the total revenue reached 30.347 billion yuan, a year-on-year increase of 12.07%, with a net profit of 708 million yuan, up 11.13% year-on-year [11][12]. - The gross margin for Q2 2025 was 18.4%, up 2.7 percentage points year-on-year and 0.5 percentage points quarter-on-quarter [4][17]. Business Segments - The automotive safety system revenue for H1 2025 was 18.977 billion yuan, with a gross margin of 15.93%, up 1.99 percentage points year-on-year [4][11]. - The automotive electronics system revenue was 8.356 billion yuan, with a gross margin of 21.54%, up 2.17 percentage points year-on-year [4][11]. Order Growth - The company has a robust order backlog, with a total new order lifecycle amounting to 39.3 billion yuan, of which over 66% are related to new energy vehicles [6][41]. - In H1 2025, the new awarded projects had a total lifecycle value of approximately 31.2 billion yuan, with automotive safety business accounting for about 17.4 billion yuan and automotive electronics for about 13.8 billion yuan [6][41]. Strategic Initiatives - Junsheng Electronics is positioning itself as a "Tier 1" supplier in both automotive and robotics sectors, actively expanding into the embodied intelligent robotics industry [8][65]. - The company has established a wholly-owned subsidiary for humanoid robotics and is developing key components such as brain controllers and energy management modules [8][67]. Innovation and R&D - The company is committed to continuous innovation in automotive electronics, focusing on smart cockpit, intelligent driving, and new energy vehicle technologies [43][44]. - In the smart cockpit domain, Junsheng Electronics has successfully launched integrated solutions and is collaborating with leading automotive brands for product development [45][47]. Market Positioning - Junsheng Electronics is leveraging its global presence to support Chinese automotive brands in their international expansion and to provide intelligent solutions to overseas manufacturers [59][62].

Core Viewpoint - Junsheng Electronics is applying for a listing on the Hong Kong Stock Exchange, positioning itself as the second-largest supplier of passive safety products in China and globally, with rapid development in smart automotive-related businesses [1] Group 1: Product Offerings - The product matrix of Junsheng Electronics covers two main lines: automotive safety and automotive electronics, including five automotive domains such as smart cockpit, intelligent driving, connectivity, power domain (electric drive/management), and body domain [2] - The company provides automotive electronic solutions, including smart cockpit domain control systems, energy management systems, human-machine interaction products, and safety solutions like airbags, seat belts, and integrated safety systems [2] - Junsheng Electronics integrates technology capabilities through cross-domain synergy, offering comprehensive products that meet diverse needs in vehicle intelligence and electrification [2] Group 2: Customer Support and Customization - The company offers end-to-end technical support and customization services to over 100 global automotive brands, leveraging a global integrated operational model [4] - Junsheng Electronics collaborates closely with customers throughout the product development process, from concept definition to technical feasibility analysis, providing hardware/software solutions and ongoing technical support [6] - The company’s strong R&D capabilities allow for flexible product design adjustments based on customer needs, enhancing delivery speed and efficiency [6] Group 3: R&D Strategy - Junsheng Electronics employs a "platform + modular" R&D strategy to enhance efficiency and reusability, ensuring strong adaptability of underlying technologies across different vehicle platforms [7] - This strategy significantly reduces R&D costs and development cycles, enabling quick responses to customer iteration demands [7] - The company achieves synergy across different product lines through self-developed platforms and shared tool libraries, maintaining cost control throughout the project lifecycle [7] Group 4: Global Strategy and Performance - The global layout of Junsheng Electronics supports revenue growth and diversification of the customer base [8] - In 2024, the company expects global business revenue to reach 55.9 billion yuan, ranking 41st in the global automotive parts industry, with nearly 75% of revenue coming from overseas markets [9] - The company aims to leverage the complete value chain advantages of the Chinese automotive industry while accelerating business growth and increasing global market penetration through its dual global strategy [9]

Core Viewpoint - The company has decided to terminate part of its fundraising projects and will use the remaining funds to permanently supplement its working capital, which is a strategic adjustment based on current market conditions and operational needs [1][8][9]. Fundraising Project Overview - The company raised a total of RMB 380 million through the issuance of 3.8 million convertible bonds, with a net amount received of approximately RMB 372.91 million after deducting fees [1]. - As of May 31, 2025, the actual investment in fundraising projects amounted to RMB 263.50 million, while RMB 112.96 million was used to supplement working capital, totaling RMB 376.46 million [3][4]. Changes in Fundraising Projects - The company has changed the implementation location of the Hefei Industrial Base Construction Project to Vietnam, with the project originally planned to expand production capacity for brushless DC motor control systems and energy management systems [2][4]. - The total investment for the Hefei Industrial Base Construction Project remains unchanged at RMB 120 million, with the remaining funds to be covered by the company's own resources [4][6]. Reasons for Termination of Projects - The decision to terminate the Hefei Industrial Base Construction Project is influenced by macroeconomic changes and industry cycle fluctuations, leading to lower-than-expected growth in the domestic smart controller market [6][7]. - The company aims to optimize resource allocation and improve operational efficiency by reallocating funds to working capital instead of continuing investments in underperforming projects [7][8]. Approval Process - The decision to terminate part of the fundraising projects and reallocate funds was approved by the company's board of directors and supervisory board, aligning with the company's long-term development strategy and regulatory requirements [8][9].

Company Overview - Junsheng Electronics focuses on two main business segments: automotive electronics and automotive safety, including smart cockpit control, intelligent connectivity, and safety solutions [1] - The company reported a revenue of approximately 14.6 billion yuan for Q1 2025, a year-on-year increase of about 9.8%, with a gross margin improvement of 2.6 percentage points to approximately 17.9% [1] Financial Performance - The net profit attributable to shareholders for Q1 2025 was 340 million yuan, reflecting an 11.1% increase compared to the same period last year [1] - As of the end of 2024, the company had interest-bearing liabilities of approximately 24 billion yuan, primarily for operational needs and historical acquisition loans [1] Industry Trends - The automotive industry is experiencing rapid growth in global new energy vehicles and electronic products related to energy management [3] - The demand for intelligent components such as smart cockpits and intelligent driving systems is increasing due to the transformation towards automotive intelligence [3] - The robot industry is undergoing accelerated restructuring, driven by policy and technological advancements [3] Strategic Initiatives - The company aims to position itself as a "Tier 1" provider in both the automotive and robotics sectors, leveraging its core competencies in automotive components to expand into the robotics industry [2] - Junsheng Electronics plans to innovate and upgrade its offerings in smart solutions, energy management, human-machine interaction products, and automotive safety products [3] - The company is focused on enhancing competitiveness through market expansion, cost efficiency, organizational streamlining, and global advantages [3]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5] Core Viewpoints - The company is positioned as a "Tier 1" supplier in the automotive and robotics sectors, with a robust order backlog and a focus on expanding into the embodied intelligent robotics industry [3][70] - The company achieved a revenue of 55.864 billion yuan in 2024, a year-on-year increase of 0.24%, while the net profit attributable to shareholders was 960 million yuan, down 11.33% year-on-year [8][4] - The company has set ambitious revenue forecasts for 2025-2027, expecting revenues of 64.243 billion yuan, 68.098 billion yuan, and 71.843 billion yuan respectively, alongside net profits of 1.582 billion yuan, 1.920 billion yuan, and 2.153 billion yuan [3][4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 14.73 billion yuan, a year-on-year increase of 2.15%, and a net profit of 19 million yuan, down 93.77% year-on-year [8][10] - The overall gross margin for 2024 was 16.2%, an increase of 1.1 percentage points year-on-year, while the net margin was 2.4%, up 0.1 percentage points year-on-year [2][10] - The automotive safety systems segment generated 38.617 billion yuan in revenue, a year-on-year increase of 0.23%, with a gross margin improvement of 2.27 percentage points to 14.81% [8][10] Order Backlog and Market Position - The company has a strong order backlog, with new project orders reaching a record high of approximately 83.9 billion yuan for 2024 [2][36] - The new orders include approximately 57.4 billion yuan for automotive safety and 26.5 billion yuan for automotive electronics, with over 46 billion yuan related to new energy vehicles [2][36] Strategic Initiatives - The company is accelerating its expansion into the embodied intelligent robotics industry, focusing on key technologies such as sensory systems and control mechanisms [70][71] - A strategic partnership with Zhiyuan Robotics was established to enhance collaboration on core technologies and product development in the robotics field [73][74] Cost Management and Efficiency - The company is implementing various cost improvement measures to enhance competitiveness, including optimizing the global supply chain and increasing the self-supply ratio of core components [44][46] - The gross margin for the main business improved by 1.8 percentage points to 16.3% in 2024, with significant improvements in the automotive safety segment [46][48] Innovation and R&D - The company is committed to continuous innovation in automotive electronics, focusing on smart cockpit, smart driving, and new energy vehicle technologies [48][50] - The development of AI tools and models is being leveraged to enhance operational efficiency and product development quality [66][67]