证券日报网讯富维股份11月25日在互动平台回答投资者提问时表示，公司的智能座舱产品不仅仅给飞行 汽车提供，也是汽车使用的。 （文章来源：证券日报） ...

Core Viewpoint - Junsheng Electronics experienced a stock price decline of 2.06% on November 21, 2023, with a current price of 25.71 CNY per share and a total market capitalization of 39.87 billion CNY [1] Financial Performance - For the period from January to September 2025, Junsheng Electronics reported a revenue of 45.84 billion CNY, reflecting a year-on-year growth of 11.45%, and a net profit attributable to shareholders of 1.12 billion CNY, which is an increase of 18.98% compared to the previous year [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 126,500, up by 38.21%, while the average circulating shares per person decreased by 28.33% to 10,710 shares [3] - The company has distributed a total of 1.53 billion CNY in dividends since its A-share listing, with 862 million CNY distributed over the past three years [4] Business Segments - Junsheng Electronics operates primarily in five business segments: - Automotive Safety Systems (62.53% of revenue) - Automotive Electronics Systems (27.53% of revenue) - Other segments (9.44% and 0.49%) [2] Market Activity - The stock has seen a year-to-date increase of 66.80%, but has declined by 4.81% over the last five trading days and 19.86% over the last 20 days [1] - The company has appeared on the stock market's "Dragon and Tiger List" twice this year, with the most recent occurrence on September 17 [1] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 93.02 million shares, an increase of 26.29 million shares from the previous period [4] - Southern CSI 500 ETF and E Fund CSI Artificial Intelligence Theme ETF have reduced their holdings, while Yongying Advanced Manufacturing Smart Selection Mixed Fund has exited the top ten circulating shareholders [4]

长江证券研报指出，蓝思科技2025Q1~3归母净利润28.43亿元，同比增长19.91%；Q3单季度实现归母净 利润17.00亿元，同比增长12.62%。iPhone17销量大幅提升加码，公司中框业务贡献核心增量。智能汽 车业务方面，智能座舱产品矩阵日益丰富，超薄夹胶车窗玻璃导入国内头部车企。当前毛利率仍受墨西 哥工厂影响，但公司已逐步推进墨西哥工厂的搬迁，未来有望迎来营收与毛利率双增长的成长通道。未 来涌现的新型智能终端产品，公司均有望凭借平台化全链条整合能力以及外观件多年技术积累，获得较 多头部客户订单，深度拥抱AI 端侧浪潮。预计公司2025~2027年可实现归母净利润50.70/69.56/81.82亿 元，维持"买入"评级。 ...

长江证券研报指出，蓝思科技2025Q1~3归母净利润28.43亿元，同比增长19.91%；Q3单季度实现归母净 利润17.00亿元，同比增长12.62%。iPhone17销量大幅提升加码，公司中框业务贡献核心增量。智能汽 车业务方面，智能座舱产品矩阵日益丰富，超薄夹胶车窗玻璃导入国内头部车企。当前毛利率仍受墨西 哥工厂影响，但公司已逐步推进墨西哥工厂的搬迁，未来有望迎来营收与毛利率双增长的成长通道。未 来涌现的新型智能终端产品，公司均有望凭借平台化全链条整合能力以及外观件多年技术积累，获得较 多头部客户订单，深度拥抱AI 端侧浪潮。预计公司2025~2027年可实现归母净利润50.70/69.56/81.82亿 元，维持"买入"评级。 ...

Core Insights - The company achieved a revenue of 53.663 billion yuan in Q1-Q3 2025, representing a year-on-year growth of 16.08%, with a net profit attributable to shareholders of 2.843 billion yuan, up 19.91% [1] - The smartphone and computer business saw significant growth driven by the iPhone 17, with the company benefiting from its core glass cover and metal frame contributions [2] - The smart automotive sector is expanding with new product offerings, including ultra-thin laminated glass, and the company is enhancing its production capabilities [3] - The company is positioned as a leading platform in the smart terminal industry, integrating various components and embracing AI trends [4] - Profit forecasts indicate a net profit of 5.070 billion yuan in 2025, increasing to 8.182 billion yuan by 2027 [5] Smartphone and Computer Business - The iPhone 17 has seen a substantial increase in sales compared to the iPhone 16, solidifying the company's position in the supply chain [2] - The company’s metal frame business is benefiting from innovations in the iPhone 17 Pro series [2] - Future opportunities include the anticipated launch of the first foldable iPhone in 2026, where the company holds numerous patents in relevant technologies [2] Smart Automotive Business - The company has successfully expanded its product matrix in the smart automotive sector, introducing wireless charging modules and vehicle communication modules [3] - The introduction of ultra-thin laminated glass into domestic leading automotive manufacturers' production systems marks a significant achievement [3] - The company is relocating its Mexican factory to improve revenue and profit margins in the future [3] Other Innovative Businesses - The company is leveraging its full-chain integration capabilities in the emerging smart terminal market, covering various segments including AI glasses and intelligent retail [4] - Collaboration with Rokid for AI glasses has led to rapid sales growth and successful mass production [4] - The company is making substantial progress in the embodied intelligence sector, with core components being delivered in bulk [4]

Core Viewpoint - Junsheng Electronics successfully listed on the Hong Kong Stock Exchange, completing its "A+H" dual capital platform layout, with a global issuance scale of 155 million H-shares at a maximum price of HKD 23.60 per share, raising funds to support its strategic focus on automotive intelligence and electrification [1][8] Group 1: Company Overview - Founded in 2004, Junsheng Electronics specializes in the research, manufacturing, and sales of automotive components, achieving a revenue of RMB 55.9 billion in 2024, ranking 41st in the global automotive parts industry [2] - The company has become the second-largest supplier of passive safety products in China and globally, and the second-largest supplier of intelligent cockpit products in China and the fourth globally [2] Group 2: Global Strategy and Operations - Junsheng Electronics has established a highly globalized platform through cross-border mergers and organic growth, with over 25 R&D centers and more than 60 production bases across 25 countries and regions, serving over 100 global automotive brands [4] - In 2024, the company's overseas sales accounted for 74.7% of total revenue, demonstrating the effectiveness of its globalization strategy [4] Group 3: Business Performance - In the first half of 2025, Junsheng Electronics achieved revenue of approximately RMB 30.35 billion, a year-on-year increase of 12.07%, with the automotive intelligence business contributing significantly to this growth [5] - The automotive safety business remains a stable revenue source, generating RMB 18.98 billion in the first half of 2025, maintaining a gross margin improvement from 9.14% in 2022 to 15.93% in 2025 [6] Group 4: Research and Development - The company is expanding into the embodied intelligent robotics sector, focusing on providing integrated hardware and software solutions for global automotive and robotics companies, with significant R&D investments [7] - In the first half of 2025, R&D expenditures reached RMB 2.488 billion, accounting for 8.2% of revenue, with a total R&D investment exceeding RMB 24 billion since 2018 [7] Group 5: Future Outlook - The global automotive industry is entering a new era driven by the trends of intelligence and electrification, with expectations for global new energy vehicle sales to reach 40.7 million by 2029, growing at a CAGR of 14.90% [9] - Junsheng Electronics is well-positioned to leverage its leading automotive safety business and rapidly growing intelligent business to accelerate technological development and international expansion, enhancing long-term value growth [9]

Core Viewpoint - Youjia Innovation (02431.HK) has recently received a project designation notification from a globally renowned automotive company's joint venture luxury brand, marking a significant breakthrough in the smart cockpit sector [1] Group 1: Project Details - The company will develop and provide a range of advanced smart cockpit products, including Driver Monitoring Systems (DMS), Occupant Monitoring Systems (OMS), and multimodal interaction solutions [1] - The total order value for the project over its lifecycle is estimated to be approximately RMB 320 million, with production and delivery expected to commence in early 2026 [1] Group 2: Technological Capabilities - The company possesses deep technical expertise and comprehensive self-research capabilities in the field of smart cockpits and automotive-grade hardware and software integration [1] - This project designation further validates the company's leading competitiveness in integrated smart cockpit solutions [1] Group 3: Market Impact - The client has a broad user base and strong brand influence, which is expected to enhance the company's market coverage [1] - The collaboration is anticipated to accelerate the iteration and upgrade of the company's smart cockpit technology [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term performance pressure but is expected to benefit from the expansion of intelligent driving and industry outreach [1] - The Q3 2025 revenue was 7.69 billion, with a year-on-year growth of 17.72% for the first three quarters [8] - The company is focusing on expanding its production capacity and global strategy, which is anticipated to support future profitability [1][8] Financial Performance Summary - Total revenue forecast for 2023A is 21.91 billion, with a year-on-year growth of 46.71% [1] - Net profit attributable to shareholders for 2023A is projected at 1.55 billion, reflecting a year-on-year increase of 30.57% [1] - The latest diluted EPS for 2023A is estimated at 2.59 yuan per share [1] Revenue and Profit Forecast - Revenue projections for 2025E are 33.38 billion, with a year-on-year growth of 20.87% [1] - Net profit attributable to shareholders for 2025E is forecasted at 2.59 billion, with a year-on-year growth of 29.32% [1] - The P/E ratio for 2025E is expected to be 29.73 [1] Market Data - The closing price is 129.13 yuan, with a market capitalization of approximately 77.07 billion [6] - The company has a P/B ratio of 4.89 and a total asset-liability ratio of 45.73% [7][6] Strategic Developments - The company is expanding its production lines and facilities, with ongoing construction projects increasing from 4.45 billion at the beginning of the year to 8.20 billion by the end of September [8] - The global strategy is progressing, with new production capacities being established in Indonesia, Mexico, and Spain [8]

Core Viewpoint - The company is actively involved in the V2X (Vehicle-to-Everything) sector and has integrated its smart cockpit products with connected vehicle solutions, indicating a strategic focus on enhancing automotive technology and connectivity [1] Group 1 - The company has made significant advancements in the V2X field, showcasing its commitment to developing smart cockpit products that incorporate vehicle networking solutions [1] - The ongoing antitrust investigation by the state into Qualcomm's acquisition of Autotalks may present favorable conditions for the company, potentially benefiting its market position and competitive landscape [1]

Core Insights - The article discusses the progress of various provinces in China in leveraging data as a valuable resource to enhance economic development and public services, highlighting initiatives in Hebei, Shandong, and Chongqing [1][3][6]. Group 1: Data Utilization in Industries - Hebei is advancing the construction of a large model for the steel industry, collaborating with 21 local steel enterprises to manage 1854TB of data and develop 293 high-quality datasets for applications such as personnel safety monitoring and waste steel quality inspection [1][6]. - Shandong has gathered over 50PB of high-quality marine data, accounting for 25% of the national total, and has established a marine big data trading service platform to enhance applications in marine fisheries and disaster prevention [7][8]. - Chongqing is focusing on the automotive industry, creating a trusted data space for the sector and developing high-quality datasets to support the digital transformation of the automotive industry, with a notable statistic that one in ten new energy vehicles in China is produced in Chongqing [8]. Group 2: Public Services and Data Accessibility - The "Yukuaiban" platform in Chongqing manages over 2900 government service items, achieving an 85% rate of online service completion, significantly reducing the time and effort required for citizens to access essential services [4][6]. - Jiangsu has established a unified data trading platform that has listed 3933 data products and attracted 1864 data vendors and third-party service providers, aiming to enhance the economic and social development through data utilization [3][11]. - Guangdong's "One Network Sharing" platform has served 2342 departments and opened over 27 billion public data records, providing robust data support for efficient public service delivery [3][11]. Group 3: Policy and Financial Support - The "Data Element x" competition has attracted over 22,000 teams, with 900 projects entering the finals, serving as a connector for data supply and demand across various regions [10][11]. - Financial incentives for data initiatives are significant, with Jiangsu offering over 2.3 million yuan in total rewards for the competition, while Shandong has allocated 1.05 billion yuan for data industry funding, including 35 million yuan specifically for the "Data Element x" initiative [11][12]. - Several provinces, including Guangdong and Shandong, are accelerating the formulation of provincial data regulations to support the development of data-driven industries [11][12].