将投中网设为"星标⭐"，第一时间收获最新推送 随着他们踏上IPO之路，再加上已经在港上市并持续爆火的泡泡玛特和布鲁可，以及不久前继续选择在港交所递交招股书的卡 游，"谷子经济"正在众人的看好中变得越发火热。 两位"玩咖"，要做"中国版万代" 因为非常热爱"玩"，没打过工的陈威和黄今最终选择一起创业。 大学毕业后，学习设计的陈威于1999年在北京鼓楼附近开了一家游戏店，并将自己珍藏的各种手办摆在店里。发现买东西的顾 客对手办更感兴趣，于是他选择去做衍生品生意，成为国内最早涉足这个行业的玩家。 在将日本万代、美国麦克法兰等国际知名收藏玩具品牌引入国内的同时，陈威还做起了广告、影视、网吧、餐饮等相关的生 意。意识到给品牌做代理的价值不高后，他逐渐萌生了做一家涵盖潮玩、盲盒、手办、机甲、拼装模型等在内的收藏玩具公司 的念头。 那个时候，陈威认为自己已经给很多国外玩具品牌当过"月嫂"（代理商），所以相信如果"生娃"（创业）也有足够的经验做 好。最终，他和桌面游戏《三国杀》的联合创始人黄今一起踏上创业之路，于2015年5月在北京成立52TOYS，决心成为"中国 版万代"。 由于从收藏玩具里获得了快乐和满足，他们也希望52 ...

Core Insights - Junsheng Electronics is experiencing a recovery in automotive safety profitability and has reached a new production cycle for automotive electronic technologies while actively expanding into robotics [1] - The company holds a leading market share in automotive safety and intelligent cockpit domain control, with record high orders ensuring future growth [1] Automotive Safety and Technology - Junsheng Electronics has a significant first-mover advantage in technology, ranking second globally in passive safety market share and fourth in intelligent cockpit domain control [1] - The company is expected to benefit from the EU's mandatory driver monitoring systems for new cars in 2024 and the evolution of China's cockpit monitoring solutions from single-function DMS to multi-functional and higher-value IMS systems [1] - Global human-machine interaction and cockpit domain control are projected to grow at annual rates of 14% and 22% respectively, reaching 357 billion and 148.3 billion by 2028 [1] - The global intelligent driving domain controller market is expected to grow at an annual rate of 38% to 63.5 billion from 2024 to 2028, while the global 5G T-Box market is projected to grow at 78% to 1.6 billion [1] Robotics and Strategic Partnerships - Junsheng Electronics is strategically positioning itself in the "automotive + robotics" sector by collaborating with companies like Zhiyuan to develop integrated hardware solutions [1] - The company has launched sensor kits, mechas, BMS, and wireless charging systems as part of its robotics initiatives [1] Financial Projections - Based on the value of its "automotive + robotics" moat and growth potential, Junsheng Electronics is projected to achieve net profits of 1.5 billion, 1.8 billion, and 2.2 billion for the years 2025 to 2027, with a compound annual growth rate of 31% [1]

Core Viewpoint - Junsheng Electronics reported a strong performance in Q1 2025, with revenue of approximately 14.6 billion yuan, a year-on-year increase of 9.78%, and a net profit of about 340 million yuan, up over 11% from the previous year [1] Group 1: Financial Performance - The automotive safety segment generated approximately 9.2 billion yuan in revenue, while the automotive electronics segment contributed around 4 billion yuan [1] - In 2024, Junsheng Electronics achieved revenue of about 55.9 billion yuan and a non-recurring net profit of approximately 1.28 billion yuan, marking a significant year-on-year growth of 28% [2] - The gross margin of the main business increased by 1.8 percentage points to 16.3% [2] Group 2: Market Strategy and Global Operations - The company showcased its advanced technologies and products at the 2025 Shanghai International Auto Show, emphasizing its role as a provider of intelligent automotive technology solutions [1] - Junsheng Electronics has adopted a "Local for Local" operational model, which enhances its global integration and resource optimization, particularly in Europe and North America [2][3] - The company has implemented targeted adjustments to its global supply chain to address uncertainties, focusing on vertical integration of raw materials and deep partnerships with key suppliers [3] Group 3: Product Development and Innovation - Junsheng Electronics launched the immersive smart cockpit solution JoySpace+ at the auto show, which integrates multiple innovative technologies to enhance passenger safety [7] - The company prioritizes safety and reliability in its product development, adhering to strict quality control processes to meet safety standards [7] - Junsheng Electronics is investing in cutting-edge technologies such as advanced airbags and smart steering wheels to continuously upgrade its product lines [7] Group 4: Industry Opportunities - The increasing trend of Chinese automotive companies expanding overseas presents further market opportunities for Junsheng Electronics [6] - The company aims to leverage its global presence to assist clients in navigating local regulations and providing efficient solutions [6] - Junsheng Electronics believes that the current market environment, while challenging, also offers opportunities for growth through enhanced customer engagement and a robust supply chain [5]