2025年的大A，科技是主旋律，2026年估计会延续这一趋势！摩根士丹利发布的一份报告称，人形机器 人有望在未来引领科技股上涨。大摩还在报告中列出了25家有望在未来主导该行业的公司，其中7家公 司是中国企业，均胜电子是其中之一。 2025年4月，均胜电子与智元机器人合作，要围绕机器人大小脑及关键零部件进行联合研发，搭建测试 验证平台。10月智元机器人正式推出工业级交互式具身作业机器人精灵G2，并披露了均胜集团的数亿 元订单。 8月均胜电子与阿里云合作，双方将基于阿里云全系列通义千问大模型，联合开发具备先进认知与决策 能力的机器人智能体，推动具身智能机器人在工业制造、医疗康养等场景的商业化落地，并共同拓展海 外市场解决方案。 12月，均胜电子再与"老朋友"黑芝麻智能在机器人控制器、智能计算平台及行业应用等核心领域展开深 度协同，实现从汽车领域成功向机器人产业拓展的战略升级。 国外客户上，均胜电子为瑞士具身智能机器人公司RIVR（RIVR Technologies AG）提供定制化机器人 域控制器解决方案和机器人能源管理系统解决方案。 大摩报告预测全球机器人硬件销售额将从2025年的1000亿美元，飙升至2030 ...

Core Viewpoint - The company reported a solid performance in Q3 2025, with revenue and net profit showing significant year-on-year growth, indicating a stable business trajectory despite some short-term pressures on profitability [2][3]. Revenue Performance - In Q3 2025, the company achieved revenue of 15.497 billion yuan, representing a year-on-year increase of 10.25% but a quarter-on-quarter decrease of 1.74%. The automotive electronics and safety businesses showed steady growth, supported by the consolidation of Xiangshan Co. [3]. - For the first three quarters of 2025, total revenue reached 45.844 billion yuan, up 11.45% year-on-year [2]. Profitability Analysis - The net profit attributable to shareholders in Q3 2025 was 413 million yuan, reflecting a year-on-year increase of 35.40% and a quarter-on-quarter increase of 12.37%. The non-recurring net profit was 416 million yuan, with a year-on-year growth of 37.53% and a quarter-on-quarter growth of 7.95% [3]. - The gross margin for Q3 2025 was 18.62%, up 2.88 percentage points year-on-year and 0.23 percentage points quarter-on-quarter, primarily due to cost reduction in materials and improved operational efficiency [3]. Expense Management - The expense ratios for sales, management, R&D, and financial costs in Q3 2025 were 0.35%, 1.43%, 1.01%, and 0.47%, respectively, showing year-on-year increases across all categories. The increase in expense ratios is attributed to the company's ongoing investment in innovative product development and optimization of production capacity in Europe and the U.S. [3]. Business Strategy and Positioning - The company has repositioned itself as a "Tier 1" supplier in the automotive and robotics sectors, focusing on providing integrated solutions for key components such as controllers and energy management modules. Collaborations with leading domestic and international clients are underway to deliver customized products [4]. - The company has secured new business orders amounting to approximately 40.2 billion yuan in Q3 2025, indicating robust growth in new business segments. Plans to list on the Hong Kong Stock Exchange are set for November 6, with proceeds aimed at enhancing R&D and expanding overseas operations [5]. Future Outlook - The company is projected to achieve revenues of 62.249 billion yuan, 64.995 billion yuan, and 68.566 billion yuan for the years 2025, 2026, and 2027, respectively. Net profits are expected to reach 1.619 billion yuan, 1.980 billion yuan, and 2.287 billion yuan in the same years [6][8].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 31.75 yuan on October 30, 2025 [4][6]. Core Insights - The company reported a revenue of 45.844 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.45%. The net profit attributable to shareholders was 1.12 billion yuan, up 18.98% year-on-year [1][2]. - In Q3 2025, the revenue was 15.497 billion yuan, showing a year-on-year growth of 10.25% but a slight decline of 1.74% compared to the previous quarter. The net profit for Q3 was 413 million yuan, a significant increase of 35.40% year-on-year [1][2]. - The company is positioning itself as a Tier 1 supplier in the automotive and robotics sectors, focusing on core products such as dexterous hands and integrated hardware and software solutions [3]. Summary by Sections Financial Performance - For Q3 2025, the gross margin was 18.62%, an increase of 2.88 percentage points year-on-year, attributed to cost reductions in materials and improved operational efficiency [2]. - The company expects revenues of 62.249 billion yuan in 2025, with net profits projected at 1.619 billion yuan, leading to an EPS of 1.16 yuan [5][4]. Business Development - New business orders surged, with a total order value of approximately 40.2 billion yuan in Q3 2025. The company plans to list on the Hong Kong Stock Exchange on November 6, 2025, to fund advancements in automotive intelligent solutions and technology commercialization [3][4]. Market Positioning - The company is enhancing its capabilities in the automotive and robotics sectors, collaborating with leading clients to provide customized solutions and components [3].

Core Viewpoint - The company, Junsheng Electronics, is focused on providing key components and integrated solutions for global automotive and robotics industries, including control systems and energy management modules [1] Domestic Clients - The company has established partnerships with leading domestic clients such as Zhiyuan Robotics and Galaxy General, successfully delivering customized main control boards in bulk [1] - Various precision IMUs and customized fisheye cameras are being sampled, along with the development of battery packs that integrate high energy density cells and smart battery management systems [1] - The company is also producing high-power wireless charging products that support fast charging for its domestic clients [1] Overseas Clients - Junsheng Electronics has delivered components such as robot backheads, necks, shoulders, knees, and fingers in bulk to a leading overseas robotics company [1] - The company is exploring next-generation head display solutions and head assembly supply with this overseas client [1] - Additionally, the company is collaborating with another overseas robotics firm on robots designed for end logistics and food delivery [1]

Core Viewpoint - The company held a half-year performance briefing on September 4, 2025, to discuss its financial results and address investor inquiries regarding its business operations and future strategies [1]. Group 1: Performance and Financials - The company's automotive safety business achieved a gross profit margin of approximately 15.9% in the first half of 2025, an increase of about 2.0 percentage points year-on-year, driven by order price growth and economies of scale [2]. - The company is implementing cost improvement measures, including optimizing raw materials and vertically integrating the supply chain, with plans to expand its gas generator production base in Huzhou, Zhejiang, to increase self-supply of core components [2]. - The company aims to continue enhancing its gross profit margin in the automotive safety sector through various profitability measures and by optimizing global production capacity [2]. Group 2: Robotics Business Development - The company is providing key components and integrated solutions for humanoid robots to global automotive and robotics companies, with significant collaborations established with leading domestic clients [2]. - The company has initiated the development of customized robotic domain controllers based on NVIDIA's Jetson Thor chip, which is expected to enhance its product line [4]. - The company is focusing on Tier 1 clients in the robotics sector, including both automotive companies and various robotics firms, to expand its customer base [4]. Group 3: Debt Management and Future Plans - The company reported an increase in interest-bearing debt due to optimizing liquidity and financing structure, while also addressing the impact of currency fluctuations on its debt levels [2]. - The company is actively working to improve its asset-liability structure and reduce debt costs through refinancing strategies, with expectations of a decrease in interest-bearing debt as operational cash flow improves [2]. Group 4: Market Expansion - The company submitted an application for the issuance and listing of H shares on the Hong Kong Stock Exchange on August 7, 2025, and is actively progressing with this initiative [2].