Core Viewpoint - The major shareholder of Gongjin Co., Ltd. (603118.SH) has signed a share transfer agreement with Tangshan Industrial Control, resulting in a change of controlling shareholder and actual controller to Tangshan Municipal Government State-owned Assets Supervision and Administration Commission [1][4]. Group 1: Share Transfer Details - The first share transfer involves the transfer of approximately 11.18% of shares from major shareholders to Tangshan Industrial Control at a price of 10.75 CNY per share, totaling 947 million CNY [5][9]. - After the completion of the first share transfer and voting rights entrustment, Tangshan Industrial Control will hold approximately 11.18% of shares and 26.10% of voting rights in Gongjin Co., Ltd. [7][11]. Group 2: Company Background and Financials - Gongjin Co., Ltd. was listed on the Shanghai Stock Exchange on February 25, 2015, and its main businesses include network communication, mobile communication, and automotive electronics [2][3]. - As of June 30, 2025, Tangshan Industrial Control reported total assets of 23.565 billion CNY and equity attributable to shareholders of 4.885 billion CNY, with revenues of 2.467 billion CNY in 2022 and 2.815 billion CNY in 2023 [15][16].

【导读】共进股份将易主唐山市国资委，计划自11月3日开市起复牌 中国基金报记者 闻言 10月31日晚间，共进股份发布公告称，公司控股股东将变为唐山工业控股集团有限公司（以下简称唐山工控）， 实际控制人 将变为唐山 市国资委。 官网显示，唐山工控重点打造能提供综合投资与经营能力的国有资本运营平台，通过整合"产业+金融"资源，构建互动共赢、金融引导的区 域快速发展的模式，目前控股A股公司康达新材、风范股份。 共进股份自10月27日开市起停牌，计划自11月3日开市起复牌。 截至10月24日收盘，共进股份股价报11.94元/股，涨幅达3.2%，总市值 为94亿元。 第一次股份转让完成后易主 10月31日，共进股份大股东唐佛南及其一致行动人崔正南、汪大维及其一致行动人王丹华与唐山工控签署了《股份转让协议》。 本次交易的第一次股份转让，唐佛南等人拟将所持共进股份合计约11.18%的股份，以10.75元/股的价格转让给唐山工控，转让总价为 9.47亿元。 同日，汪大维与唐山工控签署的《表决权委托协议》显示，汪大维拟将所持共进股份14.9136%的股份表决权，委托给唐山工控行使。 共进股份公告称，如果第一次股份转让及表决权委 ...

Core Insights - The company reported strong financial performance for the first three quarters of 2025, achieving revenue of 128.88 billion yuan, a year-on-year increase of 69.56%, and a net profit attributable to shareholders of 3.099 billion yuan, up 51.17% year-on-year [1] Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 44.943 billion yuan, a year-on-year increase of 22.75% but a quarter-on-quarter decrease of 8.17% [1] - The net profit attributable to shareholders for Q3 2025 was 1.210 billion yuan, reflecting a year-on-year increase of 59.46% and a quarter-on-quarter increase of 15.53% [1] - The company's gross profit margin for Q3 2025 was 8.17%, an increase of 0.54 percentage points year-on-year and 1.04 percentage points quarter-on-quarter [1] Group 2: Business Segments Growth - All four major business segments reported revenue growth exceeding 70% year-on-year [1] - The smart terminal business saw revenue growth of 84.4% year-on-year, while the high-performance computing segment grew by 70% [1] - The AIoT and other businesses experienced a revenue increase of 72.9%, and the automotive and industrial products segment grew by 77.1% [1] Group 3: Future Outlook - The smart terminal business is expected to achieve a smartphone shipment growth rate exceeding 30% in 2025, benefiting from increased ODM penetration and market share gains among leading ODM manufacturers [2] - The data center business is projected to maintain double-digit revenue growth, with expectations of exceeding 40 billion yuan in revenue for the year [2] - The automotive electronics segment is anticipated to surpass 1 billion yuan in revenue for the first time this year, with continued investment in this area [2] Group 4: Investment Recommendations - The company is expected to achieve net profits attributable to shareholders of 4.006 billion yuan, 4.940 billion yuan, and 5.987 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 3.94, 4.86, and 5.89 yuan [2] - The projected PE ratios for the same years are 25.8, 20.9, and 17.3 times [2]

Core Insights - Junsheng Electronics (600699.SH) reported a significant increase in gross margin, rising approximately 2.7 percentage points year-on-year to 18.3%, marking a five-year high [1] - The company experienced rapid growth in new business orders, with a total lifecycle value of new orders in Q3 2025 reaching approximately 40.2 billion yuan, and a cumulative total of about 71.4 billion yuan for the first three quarters [1] - The revenue for Q3 2025 was 15.497 billion yuan, reflecting a year-on-year growth of 10.25%, while the cumulative revenue for the first three quarters was 45.844 billion yuan, up 11.45% year-on-year [1] Financial Performance - The net profit attributable to shareholders for Q3 2025 was approximately 1.12 billion yuan, representing a year-on-year increase of about 19.0% [1] - In Q3 2025, the net profit attributable to shareholders was around 410 million yuan, showing a year-on-year growth of approximately 35.4% and a quarter-on-quarter increase of about 12.4% [1] Business Development - The automotive safety business accounted for approximately 39.6 billion yuan of the new orders, while the automotive electronics business contributed about 31.8 billion yuan [1] - The proportion of orders from leading domestic brands and new car manufacturers has been steadily increasing, serving as a key driver for order growth [1]

Core Viewpoint - Junsheng Electronics (600699) reported significant growth in revenue and profit for the third quarter, with a year-on-year increase in net profit attributable to shareholders reaching 35.4% and a record high gross margin for the quarter [1] Financial Performance - In the third quarter, Junsheng Electronics achieved revenue of approximately 15.497 billion yuan and a net profit attributable to shareholders of about 410 million yuan, reflecting a year-on-year growth of approximately 35.4% [1] - For the first three quarters, the company reported cumulative revenue of 45.844 billion yuan and a net profit of approximately 1.12 billion yuan, marking a year-on-year increase of about 19.0% [1] - The overall gross margin for the first three quarters improved by approximately 2.7 percentage points to 18.3%, while the gross margin for the third quarter increased by approximately 2.9 percentage points to 18.6% [1] Order Growth and Business Expansion - Junsheng Electronics experienced breakthroughs in both the structure and amount of new orders, with new business orders in the third quarter of 2025 growing rapidly, totaling approximately 40.2 billion yuan for the quarter [1] - Cumulatively, the total amount of new orders for the first three quarters reached approximately 71.4 billion yuan, with the automotive safety business contributing about 39.6 billion yuan and the automotive electronics business about 31.8 billion yuan [1] - The proportion of orders from leading independent brands and new car-making forces continues to rise, becoming a significant driver of order growth [1]

Group 1 - The company plans to globally offer 155.1 million H-shares, with 15.51 million shares available in Hong Kong and approximately 139.6 million shares for international offering, subject to reallocation and adjustments [1] - The expected pricing date for the shares is November 4, 2025, with a maximum offer price of HKD 23.60 per share, and trading on the Hong Kong Stock Exchange is anticipated to begin on November 6, 2025 [1] - The company is a provider of smart automotive technology solutions, focusing on advanced products and solutions in key areas of the automotive parts industry, particularly automotive electronics and safety [1][2] Group 2 - The company's smart solutions enhance driving experience and safety through features like information interaction, environmental detection, analysis, decision-making, and control [2] - The automotive electronics segment focuses on smart interactive interfaces and domain control technology to achieve personalized experiences and seamless communication between vehicles and drivers [2] - In automotive safety, the company employs monitoring and predictive analytics technologies for functions such as fatigue monitoring and adaptive safety responses [2] Group 3 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for approximately USD 107.1 million (around HKD 832 million) worth of shares at the indicative offer price of HKD 23.60 [3] - The total number of shares to be subscribed by cornerstone investors is estimated to be 35.252 million shares [3] Group 4 - Assuming no exercise of the over-allotment option and a maximum offer price of HKD 23.60 per share, the company estimates net proceeds from the global offering to be approximately HKD 3.4585 billion [4] - The intended use of proceeds includes approximately 35% for R&D and commercialization of smart automotive solutions, 35% for improving manufacturing capabilities and supply chain management, 10% for expanding overseas market share, 10% for potential investments and acquisitions, and 10% for working capital and general corporate purposes [4]

Core Viewpoint - Ningbo Joyson Electronic Corp. is set to list on the Hong Kong Stock Exchange, with CICC and UBS serving as joint sponsors, highlighting the company's growth potential in the automotive technology sector [1][3]. Company Overview - Joyson Electronic is a provider of smart automotive technology solutions, focusing on advanced products and solutions in key areas of the automotive parts industry, particularly automotive electronics and safety [3]. - The company ranks 41st globally in the automotive parts industry and is the second-largest supplier of passive safety products in China and worldwide, according to Frost & Sullivan [3]. Market Trends - The global sales of new energy vehicles are projected to surge from 3.2 million units in 2020 to 19 million units by 2024, with a compound annual growth rate (CAGR) of 14.9% expected until 2029 [4]. - This trend presents both opportunities and challenges for traditional automakers, driving them to adopt new technologies and solutions, which in turn benefits Joyson Electronic [4]. Operational Footprint - Joyson Electronic has established over 25 R&D centers and more than 60 production bases across major automotive markets in Asia, Europe, and North America, enabling synchronized development and supply chain management with global automakers [4]. - As of April 30, 2025, the company's overseas sales are expected to account for 74.7% of total revenue, reflecting its strong international presence [4]. Financial Performance - For the fiscal years ending December 31, 2022, 2023, and 2024, Joyson Electronic reported revenues of approximately RMB 49.79 billion, RMB 55.73 billion, and RMB 55.86 billion, respectively, with profits of RMB 2.33 billion, RMB 12.40 billion, and RMB 13.26 billion [5][7]. - The company recorded a revenue of RMB 19.71 billion and a profit of RMB 490.53 million for the four months ending April 30, 2025 [5][7].

Core Viewpoint - The company, Huqin Technology, has achieved significant growth, reporting a revenue of 83.9 billion yuan in the first half of 2025, marking a 113% increase, and aims to become a global top 500 company within five years [1][2]. Group 1: Company Overview - Huqin Technology, founded in 2005, has quickly risen to become one of China's top 500 companies, leveraging the vast domestic market [1]. - The company has invested 2.96 billion yuan in research and development in the first half of 2025 [1]. Group 2: Business Strategy - The company has developed a "3+N+3" strategic layout, with the first "3" representing its three core businesses: smartphones, laptops, and data centers [3]. - The "N" signifies a diverse product portfolio derived from the core businesses, while the second "3" focuses on emerging fields: robotics, software, and automotive electronics [3][4]. Group 3: Future Growth and Development - Each of the core businesses is expected to reach a scale of 100 billion yuan, while the emerging fields are seen as long-term growth opportunities [4]. - Huqin Technology has been laying the groundwork in robotics, software, and automotive electronics for 6-7 years, emphasizing the importance of a solid R&D foundation for future development [4]. Group 4: R&D and Talent Acquisition - The company employs approximately 17,000 R&D personnel, with its Shanghai headquarters serving as the primary R&D center, benefiting from a rich talent pool and favorable government support [5]. - Huqin has established additional R&D centers in Dongguan, Nanchang, Xi'an, and Wuxi, with overseas manufacturing bases in Vietnam, Mexico, and India [5]. - The company has launched an X-Lab dedicated to cutting-edge research, focusing on optical components and technologies relevant to VR and AR products [5].

| 投资要点 | | --- | 公告要点： 公 司 发 布 2025 年 一 季 报 ， 符 合 我 们 的 预 期 。 2025Q1 实 现 营 收 约 146 亿 元 ， 同 环 比 +9.78%/-1.04%，归母净利润3.4亿元，同环比+11.1%+1695%，扣非归母净利润3.20亿元，同环 比+2.79%/-6.02%。 安全与电子业务双轮驱动，毛利率持续改善： 公司降本增效成效显著，追溯会计准则调整对毛利率的影响，2025Q1整体毛利率达17.9%，同 环比+2.6pct/-0.1pct。其中，汽车安全业务毛利率15.6%，同环比+1.9pct/-1.5pct，主要是海外整 合红利释放；汽车电子业务毛利率21.2%，同环比+2.1pct/-0.1pct。 现金流与经营效率优化，抗风险能力增强： 公司2025年一季度经营性现金流为8.68亿元，同比提升25.16%，存货周转率与应收账款管理改 善，体现供应链精细化管控。货币资金较年初增加6.0亿元至78.62亿元，为技术投入与产能扩 张提供充足资金支持。 未经许可，不得转载或者引用。 新订单再创新高，全球化布局深化： 2025Q1公司全球新获订单 ...