Investment Rating - The report maintains a "Buy" rating for the company [4][10] Core Views - The company reported a revenue of 14.576 billion yuan in Q1 2025, representing a year-on-year increase of 9.78% and a quarter-on-quarter decrease of 1.04% [1] - The net profit attributable to the parent company for Q1 2025 was 340 million yuan, up 11.08% year-on-year and up 1694.71% quarter-on-quarter [1] - The company has successfully implemented cost reduction and efficiency enhancement measures, leading to a significant improvement in gross margin, which increased by 1.8 percentage points to 16.3% in 2024 [2] - The company is strategically positioning itself as a "Tier 1" supplier in both the automotive and robotics sectors, aiming to build a complete industrial chain in humanoid robotics [3] Financial Performance - The company expects revenues of 60.999 billion yuan, 65.793 billion yuan, and 70.587 billion yuan for the years 2025, 2026, and 2027 respectively [4] - The projected net profits for the same years are 1.590 billion yuan, 1.902 billion yuan, and 2.307 billion yuan [4] - The basic earnings per share are estimated to be 1.13 yuan, 1.35 yuan, and 1.64 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14.58, 12.19, and 10.05 [4]

Core Insights - The 2025 Shanghai Auto Show showcased Joyson Electronics' commitment to innovation in automotive technology, emphasizing their new immersive smart cockpit solution, JoySpace+, and various key components for robotics and energy management [1][2][4] Group 1: Company Overview - Joyson Electronics aims to leverage a global perspective to enhance its future growth, with a projected revenue exceeding 55.8 billion yuan in 2024 and over 60% of its business coming from overseas [1] - The company has secured over 80 billion yuan in new orders, indicating strong market demand and confidence in its product offerings [1] Group 2: JoySpace+ Smart Cockpit - JoySpace+ integrates multiple innovative technologies to provide an immersive and personalized driving experience, combining visual, auditory, tactile, and voice interactions [2][3] - The cockpit features user-defined controls, a foldable steering wheel, and advanced safety technologies, enhancing both user experience and driving safety [2][3] Group 3: Robotics and Key Components - Joyson Electronics is expanding into the robotics sector, focusing on innovative key components and intelligent data training, positioning itself as a "Tier 1" supplier in the automotive and robotics industries [4][8] - The company introduced several robotics components, including a power battery management system and sensor kits, showcasing its technological advancements in this field [4][7] Group 4: Automotive Safety Innovations - Joyson Electronics presented new safety products, including an adaptive electric seatbelt and a driver monitoring system, aimed at enhancing vehicle safety in response to the rise of assisted driving technologies [10][11] - The company emphasizes a three-tiered safety approach, integrating physical, data, and ecological defenses to ensure the safety of global families during travel [10][11] Group 5: Future Mobility Solutions - The company is addressing the evolving needs of automotive electronics by introducing advanced computing units and controllers that simplify vehicle architecture and enhance performance [9][10] - Joyson Electronics is also focusing on electric vehicle solutions, showcasing a comprehensive range of energy management systems and power electronics [10]