"金格3 年度卓越公 年度卓越具身 12月22日，格隆汇卓越公司评选榜单隆重揭晓，均胜电子(600699.SH/00699.HK)荣获"年度投资价值奖"和"年度卓越具身智能企业"两项大奖。 GRE 据介绍，"年度投资价值奖(大市值)"奖项重点考察上市公司的营收以及净利润增长，并从公司规模、商业模式、管理能力、创新能力等多方面综合考量，体 现了对上市公司盈利能力以及稳定投资回报的肯定；"年度卓越具身智能企业"奖旨在表彰在具身智能领域做出卓越贡献的企业与团队，重点围绕技术原创性 与工程实现能力、商业化落地规模与可持续性、产业链协同与生态贡献、产品竞争力与市场领导地位等核心维度，通过系统的数据评估及专家评议，评选出 最终的获奖者。 均胜時 均胜电子定位为"汽车+机器人Tier1"，业务涵盖座舱域、智驾域、网联域、动力域和车身域等主要汽车域，以及具身智能机器人关键系统、部件研发与制 造。均胜电子在全球设有超过25个研发中心和60个生产基地，客户覆盖超100个全球汽车品牌，是全球汽车零部件前四十强，全球及中国第二大汽车被动安 全产品供应商，中国第二大、全球第四大智能座舱域控系统提供商。 在机器人领域，均胜电子机器人关键 ...

均胜电子：公司机器人关键部件解决方案布局完善，进军汽车及机器人Tier1。2025年公司发布的机器 人AI头部总成、基于英伟达JetsonThor芯片的全域控制器、新一代机器人能源管理产品以及胸腔与底盘 总成、传感器等机器人解决方案，形成完善的产品矩阵体系。 模塑科技：与国内某机器人公司签订了零部件采购框架协议，并于近日正式接到客户发出的人形机器人 外覆盖件小批量采购订单，标志着公司业务正式向人形机器人产业拓展。 *风险提示：股市有风险，入市需谨慎 据IDC预测，2025年中国商用人形机器人出货量约5000台，到2030年将增长至近6万台，年复合增长率 超过95%。 公司方面，据证券时报表示， *免责声明：文章内容仅供参考，不构成投资建议 据证券时报报道， 12月18日，王力宏成都演唱会首次引入宇树科技G1人形机器人伴舞，共同演绎《火 力全开》， 实现了全球首个演唱会机器人舞台。6名机器人身着银色亮片服装，精准卡点音乐节奏，动 作与王力宏及其伴舞高度同步。最后表演以机器人一起完成高难度"韦伯斯特"空翻结尾，燃炸全场。视 频在网上发布后，引发海内外的关注。 特斯拉CEO马斯克转发并配文"令人印象深刻"。相关话题 ...

Core Viewpoint - Western Securities has initiated coverage on Junsheng Electronics, highlighting its position as a leading global provider of smart automotive technology solutions and its recent listing on the Hong Kong Stock Exchange, establishing an "A+H" dual capital platform [1] Group 1: Company Overview - Junsheng Electronics has announced its strategic upgrade to "Automotive + Robotics Tier 1," expanding into the humanoid robotics sector to create a dual-driven growth model [1] - The company serves over 100 global automotive brands, including the top ten manufacturers in China and worldwide, with 74.7% of its revenue projected to come from overseas sales in 2024 [2] - Junsheng Electronics maintains a strong position in automotive safety and electronics, ranking second globally in automotive safety and fourth in intelligent cockpit domain control [2] Group 2: Order and Revenue Growth - The company has secured a record high in new project orders, with a total lifecycle amount of approximately 83.9 billion yuan, and over 60% of these orders are related to new energy vehicles [2] - In the first half of 2025, the company continues to see strong growth in orders, with new project orders amounting to about 31.2 billion yuan, of which over 20.6 billion yuan is related to new energy vehicles, accounting for more than 66% [2] Group 3: Global Operations - Junsheng Electronics has established an efficient global operation system, achieving synchronized R&D, supply chain collaboration, and production sales network with global automakers [3] Group 4: Innovation in Automotive Electronics - The company is positioned in key areas of automotive electronics, including intelligent cockpit domain control, smart connectivity, and intelligent driving, enhancing its competitive edge through a comprehensive product offering [4] - Junsheng Electronics has launched innovative products in the intelligent cockpit sector, including the immersive smart cockpit JoySpace+, which integrates various advanced technologies for an enhanced user experience [5] Group 5: Safety Solutions - The company is innovating in automotive safety products, integrating electronic technology with safety solutions to meet higher demands for both active and passive safety products [6] - New safety products include a zero-gravity seat safety solution and a new generation of optical-enhanced seat belts, aimed at improving safety and comfort [6] Group 6: Robotics Sector Development - Junsheng Electronics is expanding into the robotics sector, leveraging its core automotive component expertise to provide integrated hardware and software solutions for key robotic components [7] - The company has formed strategic partnerships with domestic and international robotics and AI companies to accelerate its smart technology initiatives [8]

Core Viewpoint - In Q3 2025, Junsheng Electronics achieved a net profit of 410 million yuan, representing a year-on-year increase of 35% [2] Financial Performance - For the first three quarters of 2025, the company reported revenue of 45.844 billion yuan, up 11.45% year-on-year, and a net profit attributable to shareholders of 1.12 billion yuan, up 18.98% year-on-year [3][12] - In Q3 2025, the company achieved revenue of 15.497 billion yuan, a year-on-year increase of 10.25% but a quarter-on-quarter decrease of 1.74%, with a net profit of 413 million yuan, up 35.40% year-on-year and up 12.37% quarter-on-quarter [3][12] - The gross profit margin in Q3 2025 was 18.6%, an increase of 2.9 percentage points year-on-year and 0.2 percentage points quarter-on-quarter [3][16] Order Growth and Structure - The company has a robust order backlog, with new orders in Q3 2025 amounting to approximately 40.2 billion yuan, and a total of 71.4 billion yuan in new orders for the first three quarters [4][5][33] - The new orders include approximately 39.6 billion yuan for automotive safety and about 31.8 billion yuan for automotive electronics, with a growing proportion from leading domestic brands and new car manufacturers [5][33] Automotive Electronics Business - Junsheng Electronics is accelerating its automotive electronics business, having secured new projects for intelligent driving and smart cockpit solutions, with expected total order values of approximately 15 billion yuan and 5 billion yuan respectively [7][8][40] Robotics and Intelligent Systems - The company is positioning itself as a "Tier 1" provider in the automotive and robotics sectors, actively developing humanoid robotics and related components, including control systems and energy management modules [9][52][53] - In H1 2025, Junsheng Electronics launched a humanoid robot subsidiary and began offering integrated solutions for key components in robotics [53][56] Innovation and R&D - The company is committed to continuous innovation in automotive electronics and robotics, focusing on areas such as intelligent cockpit, intelligent driving, and high-voltage fast charging systems [35][36] - Junsheng Electronics has made significant advancements in its intelligent cockpit solutions, integrating various technologies to enhance user interaction and vehicle connectivity [37][41] Market Expansion and Global Strategy - The company is leveraging its global manufacturing and R&D capabilities to support Chinese automotive brands in their international expansion, particularly in Europe and Southeast Asia [49][50] - Junsheng Electronics is actively participating in the development of intelligent safety systems and has been involved in setting industry standards and regulations [46][44]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][70]. Core Insights - The company achieved a net profit of 410 million yuan in Q3 2025, representing a year-on-year increase of 35% [1][9]. - For the first three quarters of 2025, the company reported revenue of 45.844 billion yuan, up 11.45% year-on-year, and a net profit of 1.12 billion yuan, an increase of 18.98% year-on-year [1][9]. - The company has a robust order book, with new orders totaling approximately 40.2 billion yuan in Q3 2025 and 71.4 billion yuan for the first three quarters [2][36]. - The company is actively expanding its automotive electronics and robotics key component business, positioning itself as a "Tier 1" supplier in the automotive and robotics sectors [3][58]. Financial Performance - In Q3 2025, the company's revenue was 15.497 billion yuan, a 10.25% increase year-on-year, while the net profit was 4.13 billion yuan, up 35.40% year-on-year [1][9]. - The gross margin for Q3 2025 was 18.6%, an increase of 2.9 percentage points year-on-year, while the net margin was 2.9%, a slight decrease of 0.1 percentage points year-on-year [1][11]. - The company’s operating expenses increased, with the four expense rates at 14.59% in Q3 2025, up 3.3 percentage points year-on-year [17]. Order and Business Development - The company secured new orders in the automotive safety and electronics sectors, with significant contributions from leading domestic brands and new energy vehicle manufacturers [2][36]. - The company is focusing on the development of automotive intelligent solutions, including central computing units and smart cockpit products, with expected lifecycle order values of approximately 150 billion yuan and 50 billion yuan, respectively [2][44]. Future Outlook - The report forecasts revenue for 2025-2027 to be 64.243 billion yuan, 68.098 billion yuan, and 71.843 billion yuan, respectively, with net profits projected at 1.582 billion yuan, 1.920 billion yuan, and 2.153 billion yuan [4][70]. - The company is enhancing its technological capabilities in the fields of intelligent driving, smart cockpit, and new energy management systems, aiming to maintain a competitive edge in the market [40][47].

Core Viewpoint - Junsheng Electronics has recently announced significant new orders totaling 200 billion yuan, indicating a strong push in the automotive smart driving and electrification sectors, alongside progress in its Hong Kong IPO process [2][30][57] Group 1: Recent Developments - Junsheng Electronics disclosed a 50 billion yuan order for automotive smart electrification projects on October 20, following a previous announcement of a 150 billion yuan order in mid-September [2][30] - The company is advancing its Hong Kong IPO, as indicated by the release of its H-share issuance hearing materials [2][30] - Following these announcements, the stock price of Junsheng Electronics rebounded, experiencing three consecutive days of gains with continued net inflow of main funds [2][30] Group 2: Market Sentiment and Concerns - Despite the positive news, investor sentiment quickly turned cautious, with stock price adjustments observed shortly after the announcements [4][31] - Concerns were raised regarding the company's ability to convert orders into actual performance, the status of its new robotics business, and the high goodwill balance of approximately 7.3 billion yuan [4][31][36] Group 3: Order and Financial Performance - Junsheng Electronics reported a total of 393 billion yuan in new global orders since September, with the total lifecycle value of new orders approaching 600 billion yuan since 2025 [9][36] - The estimated total lifecycle value of new projects for 2024 is around 839 billion yuan, with current disclosures indicating approximately 70% of last year's new order value [9][37] - The company has faced increasing inventory risks, with inventory levels rising from 74.37 billion yuan in 2022 to 96.51 billion yuan in 2025, alongside a lengthening inventory turnover period [11][39] Group 4: Profitability Challenges - The automotive industry is experiencing intense competition, leading to a "micro-profit" era where companies are pressured to lower prices, impacting Junsheng Electronics' profit margins [13][41] - The company's operating profit margins have been relatively low compared to peers, with figures of 0.8%, 3.8%, 4.13%, and 5.42% from 2022 to the first half of 2025 [14][42] - Junsheng Electronics is attempting to reduce costs and improve operational efficiency to maintain profitability amidst these challenges [14][42] Group 5: Robotics Business Development - Junsheng Electronics is pivoting towards the robotics sector, establishing a subsidiary focused on intelligent robotics and forming strategic partnerships for technology development [43][44] - The global intelligent robotics market is projected to grow significantly, with expectations of reaching 123.9 billion USD by 2029 [43] - The company has launched several robotics components, although revenue from this segment currently represents less than 0.1% of total income [46][43] Group 6: Financial Health and Debt - Junsheng Electronics has accumulated significant goodwill and debt, with total liabilities reaching 473.44 billion yuan and an asset-liability ratio of 69.46% as of mid-2025 [28][56] - The company has faced substantial financial expenses, which have eroded profits, with financial costs reported at 4.78 billion yuan, 8.9 billion yuan, and 8.28 billion yuan from 2022 to 2024 [28][56] - The company is accelerating its efforts to complete the Hong Kong IPO process to improve its financial standing and market perception [57]

Core Viewpoint - Junsheng Electronics has received approval from the China Securities Regulatory Commission for its Hong Kong listing, marking the start of its "A+H" dual capital platform strategy, aimed at enhancing its global competitiveness in the automotive industry [1] Group 1: Capital and Investment Strategy - The funds raised from the Hong Kong listing will be allocated to three core areas: expanding smart cockpit integrated research and development, improving global factory efficiency, and strategic investment expansion [1] - The company aims to strengthen its global resource integration capabilities and international market competitiveness through the "A+H" dual capital platform [6] Group 2: Business Performance - Junsheng Electronics reported a revenue of approximately 30.347 billion yuan for the first half of 2025, a year-on-year increase of 12.07%, with a net profit of 707.8 million yuan, up 11.13% [2] - The overall gross margin has increased for ten consecutive quarters, reaching 18.4%, with the automotive electronics segment achieving a gross margin of 21.5% [2] Group 3: Technological Advancements - The company has established 25 R&D centers and over 60 production bases globally, covering major automotive markets in Asia, Europe, and North America [2] - Junsheng Electronics has received new orders for its Central Computing Unit (CCU) and intelligent networking products, with a total lifecycle order value of approximately 15 billion yuan, set to start mass production in 2027 [3] Group 4: Robotics Expansion - The company is actively expanding into the robotics sector, positioning itself as an "automotive + robotics Tier 1" supplier, which has opened new growth opportunities [4] - Junsheng Electronics has established a wholly-owned subsidiary to advance its robotics business and has developed key components for robotic solutions [4] Group 5: Market Outlook - The global humanoid robot market is projected to exceed $100 billion by 2030, with a compound annual growth rate of 35%, positioning Junsheng Electronics favorably in this emerging market [5] - The company's stock price has increased by 125% this year, reflecting strong market recognition of its automotive intelligence and robotics business growth [6]

Group 1 - Amazon's Jeff Bezos has invested in the AI robotics company RIVR, which specializes in four-legged robots for last-mile delivery [2][3] - RIVR has formed a strategic partnership with Junsheng Electronics, a leading global automotive parts manufacturer, to develop embodied intelligent robots [2][6] - The collaboration aims to leverage RIVR's robotics technology and Junsheng's manufacturing capabilities to enhance logistics and urban services [3][6] Group 2 - RIVR's robots are designed for practical applications in commercial settings, with potential uses in logistics and urban services [2][4] - Junsheng Electronics is positioned as a key player in the automotive and robotics sectors, providing essential components and solutions for robotic systems [6][7] - The partnership is expected to facilitate the mass production of robots, benefiting both companies and expanding their market reach [6][8] Group 3 - RIVR has previously collaborated with Veho to introduce robots for urban delivery in Austin, indicating a growing trend in the use of robotics for logistics [5][6] - Junsheng Electronics has established a dedicated embodied intelligent robotics division, focusing on advanced robotics technologies and solutions [7][8] - The market outlook for urban logistics robots is promising, with expectations for significant growth driven by technological advancements and strategic partnerships [5][9]

Group 1 - The robot industry ETF (159551) saw a net inflow of 18 million units, indicating strong investor interest in robot assets [1] - Elon Musk announced that Tesla will hold internal meetings focusing on AI/autonomous driving systems, the production plan for the Optimus robot, and vehicle production and delivery [1] - The UK startup Humanoid launched the HMND 01 Alpha, the country's first humanoid robot for industrial applications, which is 220 cm tall, can move at a speed of 7.2 km/h, and carry over 15 kg [1] Group 2 - Domestic companies are advancing robot technology, collaboration, and open-source initiatives, while Japanese companies plan to mass-produce spherical gears by 2027 [2] - Jushi Electronics released an AI head assembly for robots and a global controller based on NVIDIA's Jetson Thor, significantly enhancing performance [2] - The humanoid robot industry is rapidly iterating products and exploring large-scale production and commercial applications, potentially opening up broader market opportunities beyond the automotive sector [2] Group 3 - The robot industry ETF (159551) tracks the robot index (H30590), which selects listed companies involved in the research, manufacturing, and software solutions for industrial and service robots [3] - The index reflects the growth potential and market dynamics of the robot technology and automation equipment sector [3] - Investors without stock accounts can consider the Guotai Zhongzheng Robot ETF linked funds (020289 and 020290) [3]

Core Insights - The auxiliary driving sector is experiencing accelerated growth, driven by the release of mandatory national standards for intelligent connected vehicles, which is expected to promote industry standardization and development [2] - Nvidia has announced the incubation of a Robotaxi project with an expected investment of $3 billion, indicating a competitive and positive development in the industry [2] - The humanoid robot sector is also seeing increased demand, with Tesla reportedly having a significant number of potential orders and upcoming mass production meetings benefiting the supply chain [2] Industry Developments - The Ministry of Industry and Information Technology has released a public consultation on the "Safety Requirements for Intelligent Connected Vehicle Combination Driving Assistance Systems," aimed at ensuring safety capabilities in high-risk scenarios [1][2] - Nvidia's Robotaxi project is a new initiative expected to launch in the U.S., marking a significant investment in the autonomous driving space [2] - Figure has completed a Series C funding round, raising over $1 billion and achieving a valuation of $39 billion, which will support the expansion of its AI platforms and humanoid robot development [3] Investment Recommendations - The ROBO+ sector, encompassing advanced driving and humanoid robots, is identified as a major trend reshaping the automotive industry, with significant growth expected in high-level autonomous driving and Robotaxi markets [5] - Key areas for investment include high-performance chips, lidar, optical components, and sensor cleaning systems, with specific companies recommended for each segment [5] - The second half of 2025 is expected to see a focus on new technology iterations and component supply chain dynamics, particularly in the humanoid robot sector [5] Recent Industry Events - The mandatory national standard for intelligent connected vehicle driving assistance systems is now open for public consultation [6] - Nvidia's Robotaxi project has been announced, alongside strategic investments in the Robotaxi sector by companies like Alibaba [6] - Various technological advancements and product launches have been reported, including the release of new AI components and energy management products by companies like Junsheng Electronics [6]