汽车零部件 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn | 总股本(百万股) | 211.14 | | --- | --- | | 流通股本(百万股) | 211.14 | | 市价(元) | 40.91 | | 市值(百万元) | 8,637.68 | | 流通市值(百万元) | 8,637.68 | | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | | 1,519 | 2,276 | 2,541 | 3,750 | 4,850 | | | | 增长率 yoy% | ...

Core Insights - The article discusses how Junsheng Electronics leverages capital and strategic planning to achieve high-quality development and competitive advantages in the global automotive parts industry amid the trends of electrification and smart technology [1]. Group 1: Company Growth and Strategy - Junsheng Electronics has experienced significant growth over the past two decades, closely linked to a series of key international acquisitions, including the purchase of German company Preh and American KSS [3]. - The company follows a "dual-wheel drive" strategy, emphasizing manufacturing as the primary focus while utilizing capital markets as a supplementary tool for technological advancement and market breakthroughs [3]. - The company's recent financial performance reflects this strategy, with a reported revenue of 45.844 billion yuan for the first three quarters of 2025, marking an 11.45% year-on-year increase, and a net profit of 1.12 billion yuan, up 18.98% [5]. Group 2: Competitive Position and Market Trends - Junsheng Electronics is now the second-largest global supplier of automotive safety systems, with strong competitiveness in smart driving, smart cockpit, and new energy management sectors [6]. - The company’s strategic acquisitions have allowed it to embed itself within the global supply chain, enhancing its product lines and technological capabilities [6]. - The company is focusing on the emerging robotics sector, viewing it as a natural extension of its existing technology in automotive electronics and safety [8]. Group 3: Future Investments and Innovations - Junsheng Electronics has initiated research in robotics three years ago, aiming to leverage its existing technology in sensor, control algorithms, and precision drives to develop industrial robots [9]. - The company is prioritizing industrial robots that can efficiently operate in complex manufacturing environments, with a goal to solve the "last mile" application issues within three years [9]. - R&D investment remains strong, with 2.558 billion yuan allocated in the first three quarters of 2025, supporting ongoing innovation across various sectors, including robotics [9]. Group 4: Regional Insights and Support - The company acknowledges the supportive business environment in Ningbo, which is characterized by a complete industrial chain focused on high-end manufacturing [10]. - Local government and financial institutions have played a crucial role in supporting the company through significant acquisitions and transformations [10]. - The chairman emphasizes the need for Ningbo to optimize talent attraction and innovation mechanisms to sustain the growth of the manufacturing sector [10]. Group 5: Long-term Vision and Industry Perspective - The chairman attributes the company's success to a combination of strategic foresight and continuous innovation, stressing the importance of long-term planning in the manufacturing sector [11]. - The company’s evolution from automotive components to automotive electronics and now to robotics illustrates its proactive approach to industry changes [11]. - Junsheng Electronics serves as a case study for the broader Chinese manufacturing sector navigating globalization and technological advancements [11].

Core Insights - The article discusses how Junsheng Electronics leverages capital and strategic planning to achieve high-quality development and competitive advantages in the global automotive parts industry amid the trends of electrification and smart technology [1] Mergers and Acquisitions - Junsheng Electronics' growth over the past two decades is closely linked to a series of key international acquisitions, including the purchase of German company Preh and American KSS, marking a significant transition from a local to a global player [1][2] - The company emphasizes a "dual-wheel drive" strategy, focusing on manufacturing as the main driver and capital markets as a supplementary force, which has embedded global integration and resource allocation capabilities into its operations [1] Financial Performance - In the first three quarters of 2025, Junsheng Electronics reported a revenue of 45.844 billion yuan, a year-on-year increase of 11.45%, and a net profit of 1.12 billion yuan, up 18.98% [2] - The overall gross margin improved to 18.3%, with the third quarter achieving a gross margin of 18.6%, the highest in nearly three years, attributed to deep integration and synergy from global acquisitions [2] Competitive Positioning - Junsheng Electronics is now the second-largest automotive safety system supplier globally, with strong competitiveness in smart driving, smart cockpit, and new energy management [3] - The company’s core competitiveness stems from its precise judgment of industry trends and timely acquisitions, which have strengthened its product lines and technological advantages [3] Future Investments - The company is focusing on emerging robotics business, which, despite its current low revenue contribution, is seen as a significant growth area following smart connectivity and autonomous driving [4] - Junsheng Electronics has been proactive in the robotics sector, leveraging its existing technology in automotive electronics and safety to develop humanoid robots [4][5] R&D and Innovation - The company has invested heavily in R&D, with expenditures reaching 2.558 billion yuan in the first three quarters of 2025, aimed at driving innovation across various sectors, including robotics [5] - Junsheng Electronics aims to address the "last mile" problem in industrial robotics, enhancing efficiency and flexibility in manufacturing environments [5] Regional Advantages - The company acknowledges the supportive business environment in Ningbo, which fosters high-end manufacturing and innovation, and emphasizes the need for better talent attraction and retention policies [6] - The unique characteristics of Ningbo's industrial ecosystem contribute to the company's operational success and strategic growth [6] Strategic Vision - Junsheng Electronics maintains a forward-looking approach, continuously adapting to industry changes and emphasizing the importance of innovation and long-term planning [7] - The company’s journey from a local supplier to a global player serves as a case study for the evolution of Chinese manufacturing in the context of globalization and technological advancement [7]

Core Viewpoint - The company is actively expanding into the humanoid robotics sector while maintaining its core business, leveraging its expertise in aluminum alloy materials and extrusion processes [1] Company Developments - The company has established a partnership with Zhiyuan Robotics, supplying key components for their main robotic models, and has achieved bulk delivery [1] - Future plans include joint research and development with partners to explore the application of aluminum and magnesium alloys to meet lightweight and high-performance requirements [1] - The company aims to gradually increase the supply of related components to ensure sustained growth in its robotics business [1]

Core Insights - Ningbo Joyson Electronic Corp. reported a revenue of 45.844 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.45% [1] - The net profit attributable to shareholders reached 1.12 billion yuan, marking an 18.98% increase compared to the previous year [1] - The company has made significant breakthroughs in emerging business areas such as automotive intelligence, creating new growth engines [1] Revenue and Profit - The company achieved a total revenue of 45.844 billion yuan in the first three quarters, with a year-on-year increase of 11.45% [1] - Net profit attributable to shareholders was reported at 1.12 billion yuan, reflecting an 18.98% growth year-on-year [1] New Business Development - Joyson Electronic has expanded its new business orders, securing a total order value of approximately 71.4 billion yuan, including 39.6 billion yuan in automotive safety and 31.8 billion yuan in automotive electronics [1] - In the third quarter alone, the company obtained new orders worth 40.2 billion yuan [1] Customer Structure and Market Trends - The proportion of orders from leading domestic brands and new car manufacturers has been increasing, driving the company's order growth [1] - With the rising global penetration of intelligent driving, the automotive intelligence business has entered a harvest phase, with new orders worth 15 billion yuan from two major automotive brands in the third quarter [1] Product Innovation and Collaboration - Over the past two years, the company has launched a series of innovative products based on multiple chip platforms, enhancing capabilities for intelligent driving and smart cockpit solutions [2] - Joyson Electronic is expanding its automotive parts R&D and manufacturing experience into the robotics sector, collaborating with various domestic and international robotics companies [2]

Group 1 - The company held a half-year performance briefing on August 1, 2025, to address investor concerns and provide insights into its financial performance [1] - The company reported a quarter-on-quarter revenue increase of 11.62% and a net profit increase of 37.47% for Q2 2025 compared to Q1 2025 [3] - The company's debt-to-asset ratio improved from 30.72% at the end of Q1 2025 to 28.58% at the end of Q2 2025 [3] Group 2 - The company is focusing on its existing product lines, including automotive seat frame assemblies, precision stamping parts, and precision injection molded parts, while also aiming for long-term development in the automotive complete seat and robotics sectors [3] - The company has completed the first phase of technical reserves for key components in its robotics division and is actively recruiting high-end talent and building specialized teams [4] - The first phase of technical reserves includes the technology for the complete machine and core components such as robotic arms, with future directions aimed at replacing a majority of manufacturing processes with robotics [5]

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but a significant increase in net profit, indicating improved operational efficiency and profitability despite lower sales volume [1]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 916 million yuan, a year-on-year decrease of 7.2%, while net profit attributable to shareholders was 78 million yuan, up 26.0% year-on-year, and non-recurring net profit was 77 million yuan, an increase of 35.6% year-on-year [1]. - For Q2 2025, the company reported revenue of 483 million yuan, a year-on-year increase of 15.6% and a quarter-on-quarter increase of 11.6%. Net profit for the same period was 45 million yuan, reflecting a year-on-year growth of 50.7% and a quarter-on-quarter growth of 37.2% [2]. - The gross margin for Q2 2025 reached 18.4%, an increase of 0.9 percentage points year-on-year, attributed to ongoing product structure optimization and improvements in production efficiency [3]. Group 2: Business Development - The company has expanded its customer base significantly, moving from partnerships with the Lear Group to covering mainstream Tier 1 suppliers, with new orders expected to contribute approximately 6.059 billion yuan in revenue over the next five years [4]. - The company is diversifying its business by entering the railway sector, having won a bid for a railway container project worth 587 million yuan, set to commence production in October 2023 [5]. - The company is also developing its high-speed rail seating business and has obtained the necessary supply qualifications, indicating a strategic move to enhance its product offerings [5]. Group 3: Future Projections - Revenue projections for 2025 to 2027 are estimated at 3.139 billion yuan, 4.091 billion yuan, and 5.114 billion yuan respectively, with net profits expected to reach 207 million yuan, 297 million yuan, and 386 million yuan [6][7]. - The company anticipates a steady growth rate in revenue and net profit, with corresponding earnings per share (EPS) projected to be 0.98 yuan, 1.41 yuan, and 1.83 yuan for the years 2025 to 2027 [6][7].

Core Viewpoint - Minsheng Securities report indicates that Shanghai Yanpu achieved a net profit attributable to shareholders of 78 million yuan in H1 2025, representing a year-on-year increase of 26.0% [1] - The Q2 net profit attributable to shareholders was 45 million yuan, showing a year-on-year increase of 50.7% and a quarter-on-quarter increase of 37.2%, with performance meeting expectations [1] Business Development - Automotive Seating: The company has established a team of experts in the automotive seating field and has launched a high-standard R&D laboratory, currently negotiating customized development plans with several leading automotive manufacturers and new energy vehicle companies [1] - Robotics: The company has completed the first phase of technical reserves for key components in robotics and has initiated a plan to attract high-end talent and build specialized teams, with the robotics division's development progressing internally [1] Market Position - As a leading manufacturer of automotive seat frames, the company is accelerating market share acquisition through cost-effectiveness and rapid response capabilities [1] - The company is actively expanding its complete seat assembly business and railway business, opening up long-term growth opportunities [1]