均胜电子（600699）5月21日召开2025年第一季度业绩说明会，公司相关董事及高级管理人员出席本次 会议并就投资者关注的问题进行了回复。 均胜电子主要从事汽车电子和汽车安全两大业务，汽车电子业务主要包括汽车智能解决方案(涵盖智能 座舱域控、智能网联、智能驾驶等业务领域)、人机交互产品以及新能源管理系统，汽车安全业务主要 包括安全带、安全气囊、智能方向盘和集成式安全解决方案相关产品。 均胜电子介绍，公司目前各项业务经营正常推进，其中2025年一季度已经实现营业收入约146亿元，较 去年同期增长约9.8%，整体毛利率水平同比稳步提升2.6个百分点至约17.9%，实现归母净利润为3.4亿 元，较去年同期增长约11.1%，盈利能力持续增强。 截至2024年末，公司的有息负债约240亿元，公司的有息负债主要是用于各大事业部全球各区域的日常 经营需要，以及历史上收购汽车安全业务产生的并购贷款，公司一方面将视实际业务需要，平衡企业资 本结构和资金成本，合理配置有息负债规模，将资产负债率维持在合理的水平，另外一方面也将通过债 务置换等方式积极控制财务费用支出。 "虽然近几年公司主营业务盈利能力有所增强，但与同行业公司相比 ...

【京东方】 近日，京东方在2025国际显示周期间推出全OLED显示智能座舱解决方案，包括内嵌 防反射LCE车载OLED显示、防窥可切换SPD中控OLED显示、防窥副驾娱乐显示、超广角透明天 窗、智能车钥匙、电子后视镜、座椅靠背等多个OLED显示应用。 具体来看： 内嵌防反射LCE 车载OLED显示屏 图片来源：京东方 京东方内嵌防反射LCE （Light Control Function On Encapsulation）车载OLED显示屏，尺寸 为12.3英寸，分辨率达720x1920，显示对比度达10万:1。这是一款在屏幕内部集成光线控制功 能的防反射屏，主要应用于车载仪表和中控，可有效防止显示屏内容投影到前挡风玻璃上，提高了 驾驶安全。 与传统LCF光线控制贴膜方式相比，该产品采用BM(黑矩阵)屏蔽和独特的像素设计实现了嵌入式 LCF技术效果，在垂直方向上45°视角下，显示屏相对亮度不足3%，解决了屏幕显示在前挡风玻 璃上的倒影成像问题，辅助提升驾驶安全。 防窥可切换SPD 车载OLED显示屏 京东方防窥可切换SPD（Switchable Privacy Display）车载OLED显示屏，尺寸为12. ...

Group 1 - The automotive display sector is a significant revenue growth point for panel companies, leading them to integrate more features into automotive displays due to intensified competition in the automotive industry [1][3] - At the SID 2025 event, various new automotive display technologies were showcased, including a 12.3-inch hidden display from Deep Tianma and a 14.3-inch Micro LED projection head-up display from TCL Technology [3][4] - BOE presented a 55-inch OLED transparent sunroof with a 46% light transmittance and an OLED screen in the smart steering wheel that integrates multiple safety features [4][5] Group 2 - In the past year and the first quarter of this year, automotive displays have been a key performance driver for Chinese panel companies, with Deep Tianma's automotive business revenue growing over 30% year-on-year in Q1 2025 [5][6] - Sigmaintell forecasts that global automotive display panel shipments will continue to grow rapidly, with a projected year-on-year increase of 5.4% to 250 million units in 2025 [5][6] - The automotive display market is shifting towards larger and higher-end displays, with Omdia predicting a compound annual growth rate of 3.05% for automotive display module shipments over the next three years [5][6] Group 3 - Companies are focusing on developing new display technologies such as Micro LED for automotive applications, with Deep Tianma's Xiamen Micro LED production line targeting automotive displays as a key application area [6] - The competitive automotive market is driving companies to establish strategic partnerships with leading automotive manufacturers while being cautious about collaborations with emerging automotive startups [6]

Core Insights - The Shanghai Auto Show serves as a key platform for showcasing cutting-edge technologies and innovations in the automotive industry, attracting significant market attention [1][2] - The event highlights the restructuring of the industry value chain, indicating a shift towards new growth areas and technological advancements [2] Group 1: Company Innovations and Strategies - JoySpace+, a new immersive smart cockpit solution, was unveiled by the company, addressing consumer demands for enhanced smart cockpit experiences with features like customizable buttons and multifunctional controls [4] - The company continues to strengthen its traditional strengths in automotive safety by launching innovative products such as a driver monitoring system and integrated smart steering wheel, aimed at reducing safety risks [5] - The strategy of advancing both smart technology and safety aligns with current regulatory trends, positioning the company as a leader in the "automotive + robotics" sector [6] Group 2: Globalization and Operational Resilience - The company has been actively restructuring and integrating global resources since 2018, with a focus on long-term value creation through systematic management [9] - From 2022 to 2024, the company's overall gross margin is projected to increase from 11.96% to 16.22%, with the first quarter of 2025 showing a further increase to 17.9% [10][15] - The company is implementing a flexible capacity network and cost transfer strategies to enhance operational efficiency and resilience [11][12] Group 3: Market Opportunities and Financial Performance - The company has secured a record high of new project orders in 2024, amounting to approximately 83.9 billion yuan, with significant contributions from automotive safety and electronics sectors [14] - The merger with Xiangshan Co. is expected to accelerate business potential, particularly in smart cockpit and new energy charging products [14] - The first quarter of 2025 reported a revenue of 14.576 billion yuan, reflecting a year-on-year growth of 9.78% [15] Group 4: Investment Outlook - The company is positioned to benefit from both Alpha and Beta returns, with a strong order backlog and a favorable market perception leading to potential value reassessment [13][17] - The technological advancements in robotics and automotive sectors are expected to create new valuation models, prompting several institutions to raise target prices for the company [17][18] - The ongoing evolution towards "automotive + robotics Tier 1" signifies the company's commitment to innovation and market leadership [19]