➢ 汽车板：胜伟策减亏，新兴产品快速放量。1H25 公司汽车板实现营业收入 14.22 亿元，同比增长 24.18%，占公司总营收的 16.74%。其中毫米波雷达、 HDI 自动驾驶辅助、智能座舱域控制器、厚铜、P2Pack 等新兴产品收入同比增 长 81.86%，占汽车板营收比重提升至 49.34%。公司对控股子公司胜伟策持续实 施业务改善，推动其营收同比增长 159.63%，其中 P2Pack 产品营收同比增长 400.69%，大幅减亏。 ➢ 事件： 8 月 21 日，沪电股份发布 2025 年半年报，1H25 公司实现营业收 入84.94亿元，同比增长56.59%；实现归母净利润16.83亿元，同比增长47.50%； 实现销售毛利率 35.14%，同比下降 1.32pct；实现销售净利率 19.76%，同比下 降 1.04pct 。 ➢ 投资建议：1H25 公司保持业绩高增，AI 服务器及交换机产品显著增长；随 着交换机速率升级、海外 ASIC 加速放量，预计公司 25/26/27 年实现归母净利 润 37.4/55.5/70.7 亿元，对应当前股价 PE 分别为 29/19/15 倍。我们看好公司 在 ...

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].

Domestic News - China FAW Group has established a new company, FAW Qixin Power (Changchun) Technology Co., Ltd., with a registered capital of 500 million yuan, focusing on AI and robotics, marking a significant step in the company's smart transformation strategy [5] - Buick has launched the next-generation intelligent cockpit based on Qualcomm's SA8775P chip, set to debut in the Buick high-end new energy sub-brand "Zhijing" in the second half of 2025 [6] - Dongfeng Motor Group has formed a new company, Yipai Automotive Technology Co., Ltd., to integrate resources and strengthen its independent passenger vehicle business [7] - Lexus has officially commenced construction of its new energy project in Jinshan District, Shanghai, with an expected annual production capacity of 100,000 vehicles starting in 2027 [9] - Li Auto has opened its first shuttle supercharging flagship station in Changzhou, featuring advanced charging technology that allows for efficient vehicle turnover and reduced waiting times [10] - CATL plans to introduce its battery swapping technology to the European market, aiming to build 1,000 battery swap stations in China by the end of the year and expand to 10,000 in three years [11] - GAC Group has opened its first battery service center in Thailand, enhancing its global strategy and providing comprehensive battery services [12] - Garrett has inaugurated its new innovation center in Wuhan, China, to enhance its zero-emission technology development capabilities [13] International News - U.S. new car sales in June are expected to increase by 2.5% year-on-year, reaching 1.25 million units, although actual sales may decline by 5.4% when adjusted for sales days [14] - Japan has reiterated its opposition to the U.S. imposing a 25% tariff on imported cars, highlighting the significant investment Japanese automakers have made in the U.S. [15] - Tesla is introducing a "virtual queue" system to alleviate the demand for supercharging stations, aiming to improve charging efficiency and user experience [16] - BMW continues to invest in internal combustion engine development while advancing its electrification efforts, emphasizing consumer choice in the transition to electric vehicles [17] Commercial Vehicles - Yutong has launched its new high-end bus model, Tianyu S12, in Xi'an, featuring various seating configurations to meet the latest demands in passenger transport [19] - Changan's Kai Cheng V919, the first pure electric rear-drive wide-body light bus, has been globally launched, marking a significant step in the company's commercial vehicle strategy [20] - FAW Liberation has celebrated the sale of over 1,100 new energy commercial vehicles in the Jinmeng region, reinforcing its commitment to the dual carbon strategy [21] - SANY's electric heavy-duty trucks were showcased at the Mobility Live Middle East exhibition in Dubai, highlighting the growing demand for electric transportation solutions in the region [22]

Core Viewpoint - 博泰科技 is set to go public on the Hong Kong Stock Exchange, aiming to issue up to 12.1142 million shares, marking a significant step in its growth strategy within the automotive smart technology sector [2] Company Overview - Founded in 2009, 博泰科技 is one of the early entrants in the vehicle networking industry in China, focusing on a full-stack model that includes software, hardware, and cloud services [2] - The company specializes in smart cockpit domain controllers, vehicle networking systems, and cloud services, covering the entire technology chain from chip adaptation to operating system development [2] Financial Performance - 博泰科技 has shown rapid revenue growth over the past three years, with revenues of 1.218 billion RMB, 1.496 billion RMB, and 2.557 billion RMB for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 44.9% [3] - The growth is primarily driven by the explosive growth of the new energy vehicle market, with the penetration rate of new energy vehicles in China expected to exceed 50% by 2024 [2][3] - Despite revenue growth, 博泰科技 has not yet achieved profitability, reporting net losses of 452 million RMB, 284 million RMB, and 541 million RMB for the years 2022, 2023, and 2024, totaling 1.277 billion RMB in losses over three years [3][4] Research and Development - 博泰科技's R&D expenditures were 277 million RMB, 235 million RMB, and 207 million RMB for the years 2022, 2023, and 2024, with R&D expense ratios of 22.8%, 15.7%, and 8.1% respectively [4] - The company has invested heavily in attracting and retaining talent, with employee costs amounting to 217 million RMB, 215 million RMB, and 347 million RMB over the same period [4] Market Strategy - 博泰科技 employs a competitive pricing strategy to capture market share, with average prices for mid-range domain controllers at approximately 1,703 RMB, 1,885 RMB, and 1,965 RMB for the years 2022, 2023, and 2024 [5] - The company’s pricing strategy positions its products in the lower to mid-range of the market, which is critical in a fragmented industry [5] Industry Outlook - The Chinese smart cockpit market is projected to grow from 129 billion RMB in 2024 to 299.5 billion RMB by 2029, with a CAGR of 18.4% [6] - However, the competitive landscape is intensifying, with major players like Huawei leveraging their ecosystems and new entrants increasing their self-research capabilities, potentially squeezing third-party suppliers [6] - If successful in its IPO, 博泰科技 could become the first smart cockpit stock in Hong Kong, setting a precedent for industry capitalization [6]

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]