"汽车安全+汽车电子"的综合Tier-1龙头均胜电子今日登陆港股。其公开发售获得147.67倍认购，国际发售部分获得9.78倍认购。 2025年以来，恒生沪深港通AH股溢价指数持续下行并创近五年新低，目前不足120点，部分热门股甚至出现A/H股价格倒挂。比如，继比亚迪A/H价格倒挂 后，同为汽车供应链的龙头宁德时代，上市首日较A股溢价5.7%。 图：恒生AH股溢价指数走势 该现象一方面反映国际资本对中国核心资产的认可在提升，尤其对新能源、医药等战略新兴产业的偏好明显；另一方面体现了A+H为投资者提供了跨市场 套利机会。 公司层面，均胜电子年内股价累计上涨超过100%，市场关注度显著提升。当前，均胜电子H股相对A股有超30%的折价，从估值角度看具备一定安全边际。 登陆港股有望引入更多国际投资者、触发"二次定价"。 但仅凭折价与情绪并不足以支撑投资结论，仍需回到公司"价值"本身进行系统评估。 图：均胜电子年内A股股价一路走高 核心看点一：领先的市场地位与核心竞争优势 均胜电子是领先的智能汽车科技解决方案全球供应商。 根据弗若斯特沙利文数据，按2024年收入计算，公司是中国乃至全球第二大汽车被动安全产品供应商，市场 ...

汽车智能化订单获取历史新高，长期业绩可期。公司基于国内外多个芯片平台持续推出智驾域控、舱驾 融合、智能网联以及智能座舱等产品，获全球主流客户认可，2025 年前三季度公司新获订单生命周期 金额累计714 亿元，其中汽车电子318 亿元。公司于9/15、10/20 连续获得汽车智能化项目定点150、50 亿元，分别于2027 和2026 年量产，随订单量产有望持续贡献业绩增量。此外，公司与Momenta 达成战 略合作，综合双方算法与工程落地优势，推出具备市场竞争力的智驾解决方案，有望加速订单获取。 事件：10 月29 日，公司发布2025 年前三季度业绩公告，前三季度营收458.44 亿元，同比+11.5%；归母 净利润11.20 亿元，同比+19.0%。2025Q3营收155.0 亿元，同比+10.3%、环比-1.7%；归母净利润4.13 亿 元，同比+35.4%/环比+12.4%；扣非归母净利润4.16 亿元，同比+37.5%/环比+7.9%。 Q3 业绩超预期，多重举措并进促进毛利率提升。公司Q3 利润增长超市场预期，主要源自公司前瞻持续 推进材料降本、运营效率提升、产能转移优化等各项盈利改善措施。前三 ...

中国证券报中证网讯（王珞）10月28日，智能汽车科技解决方案提供商均胜电子（600699）（600699）开启港股招股，招股期持续至11月3日，计划于11月6 日以"0699"为股票代码在港交所主板挂牌。成功上市后，均胜电子将成为"A+H"两地上市的"汽车+机器人Tier1"双龙头企业。 根据招股书，均胜电子此次全球发行规模为1.55亿股H股，其中香港公开发售1551万股H股，国际发售约1.40亿股H股（以上可予重新分配，视乎发售量调整 权及超额配股权行使与否而定），最高发售价每股23.60港元。 此次上市，中金公司（601995）与瑞银集团担任均胜电子港股发行联席保荐人。 业绩层面，近些年均胜电子盈利能力持续增长，尤其是整体业务毛利率得到大幅提升。2024年，均胜电子实现营收约559亿元，扣非归母净利润约12.8亿 元，主营业务毛利率同比提升1.8个百分点至16.3%。2025年上半年，公司延续增长势头，实现营收约303.47亿元，同比增长12.07%；归母净利润7.08亿元， 整体业务毛利率18.2%，同比提升2.6个百分点。 均胜电子是中国少数完成全球化布局的公司。截至2025年4月30日，公司已在亚洲 ...

Group 1 - The core value of Junsheng Electronics' Hong Kong listing is to establish a dual capital platform to overcome growth bottlenecks, with a planned issuance of up to 283 million overseas ordinary shares [1] - The company aims to invest 3.7 billion yuan in R&D in 2024, with over 24 billion yuan accumulated in the past five years, leveraging the Hong Kong market's valuation recognition for technology and manufacturing enterprises [1] - The fundraising will focus on the development of next-generation automotive intelligent solutions, smart manufacturing upgrades, and overseas acquisitions, directly aligning with the trends of smart electrification and embodied intelligence [1] Group 2 - Junsheng Electronics' automotive safety solutions hold a 30% global market share, ranking second globally, with over 66% of new orders in the first half of 2025 coming from new energy [2] - The company has established a "Local for Local" system with over 25 R&D centers and 60 production bases globally, with overseas revenue expected to account for 74.7% in 2024, effectively mitigating regional market fluctuations [2] - Financial data indicates a 12% year-on-year revenue increase to 30.347 billion yuan and an 11.13% net profit increase to 700 million yuan in the first half of 2025, with improving gross margins and strong operating cash flow supporting global expansion [2]

Core Insights - Junsheng Electronics is set to embark on a new capital journey with its upcoming listing on the Hong Kong Stock Exchange, having passed the listing hearing [1] - The company is recognized as a leading global provider of intelligent automotive technology solutions, focusing on both automotive electronics and safety [2] - Junsheng Electronics has reported significant growth in its automotive intelligence business, with a notable increase in new orders, particularly in the electric vehicle sector [3][4] Group 1: Company Overview - Junsheng Electronics is positioned as a "Tier 1" supplier in the automotive and robotics sectors, becoming the second-largest independent automotive parts supplier in China [2] - The company has a strong market presence, ranking second globally in passive safety products with a market share of approximately 30% [2] - Junsheng Electronics has established a global footprint with over 25 R&D centers and 60 production bases across major automotive markets [5] Group 2: Financial Performance - The company's revenue for 2022 was 49.79 billion, with projections of 55.73 billion in 2023 and 55.86 billion in 2024 [2] - Net profit figures show a growth trajectory from 394 million in 2022 to an expected 1.08 billion in 2023, followed by 960 million in 2024 [2] - In the first half of the year, Junsheng Electronics achieved a revenue of 30.35 billion, reflecting a year-on-year growth of 12% [3] Group 3: Business Developments - The company has secured new orders amounting to approximately 31.2 billion in the first half of the year, with over 66% related to new energy vehicles [3] - Junsheng Electronics has launched innovative products in the intelligent cockpit and autonomous driving sectors, reinforcing its leadership in the cockpit domain [3][4] - The company is expanding into the robotics sector, having established partnerships with notable clients and is expected to see rapid growth in this area [6] Group 4: Future Outlook - Junsheng Electronics plans to use the funds raised from its IPO to enhance R&D for next-generation automotive solutions, improve manufacturing capabilities, and expand its global presence [7] - The strategic development of a second growth curve in embodied intelligence is anticipated to provide significant incremental growth opportunities [6][7] - The company's dual growth strategy is expected to strengthen its sustainability and growth elasticity in the future [7]

Group 1 - The core point of the article is that Ningbo Joyson Electronic Corp has passed the listing hearing of the Hong Kong Stock Exchange, indicating progress in its IPO process [2] - The company plans to issue up to 283 million overseas listed ordinary shares and has already completed the listing filing with the China Securities Regulatory Commission [2] - Joyson Electronic positions itself as a "Tier 1" supplier in the automotive and robotics sectors, focusing on advanced products and solutions in automotive electronics, safety solutions, and robotic assembly solutions [2] Group 2 - In the first half of 2025, Joyson Electronic reported revenue of 30.347 billion yuan, a year-on-year increase of 12.07%, and a net profit attributable to shareholders of 707 million yuan, up 11.13% [2] - The company secured new project orders with a total lifecycle value of approximately 31.2 billion yuan, with over 20.6 billion yuan related to new energy vehicles, accounting for more than 66% of the total [2] - This year, Joyson Electronic has announced a comprehensive layout in the embodied intelligence field, aiming to create a second growth curve by leveraging its experience in automotive components [3] Group 3 - The funds raised from the IPO will be used for the research and commercialization of next-generation automotive intelligent solutions, enhancing manufacturing capabilities, optimizing supply chain management, and expanding overseas business and investment acquisitions [3]

Core Viewpoint - Junsheng Electronics has passed the listing hearing of the Hong Kong Stock Exchange, aiming to issue up to 283 million overseas listed ordinary shares, potentially becoming a dual-listed "automotive + robotics Tier 1" leader in both A-share and H-share markets [1] Group 1: Company Overview - Junsheng Electronics is positioned as a global provider of intelligent automotive technology solutions, focusing on advanced products and solutions in the automotive parts industry, including automotive electronics and safety solutions [1] - The company has established over 25 R&D centers and more than 60 production bases globally, with overseas sales accounting for 74.7% of total revenue in 2024 [1] - Junsheng Electronics serves over 100 global automotive brands, including the top ten automakers in China and worldwide, as of April 30, 2025 [1] Group 2: Robotics Sector Development - The company has completed the setup of its robotic assembly solutions this year, launching various products such as robotic domain controllers, AI head assemblies, energy management solutions, and sensor kits [2] - Junsheng Electronics has formed partnerships with well-known domestic and international robotics clients, with products already delivered or in bulk supply [2] - The company is leveraging its automotive industry technology transfer advantages to become a significant supplier of robotic components and assemblies [2]

Core Insights - The core conclusion of the report indicates that in the second week of September, the compulsory insurance for vehicles reached 450,000 units, representing a week-on-week increase of 24.9% and a month-on-month increase of 4.9% [2][3] - The performance of various automotive sub-sectors showed that SＷ automotive parts increased by 4.3%, followed by SW automotive at 3.0%, SW passenger vehicles at 1.9%, while SW commercial passenger vehicles and SW commercial freight vehicles decreased by 0.5% and 1.2% respectively [2][3] Industry Developments - Key industry changes include the official launch dates for several new models: the Ideal i6 on September 26, the Xiangjie S9T with 10,000 pre-orders in 72 hours, and the Geely Galaxy M9 with over 23,000 pre-orders [3] - Xiaoma Zhixing announced its entry into the Singapore market, partnering with ComfortDelGro Corporation to deploy autonomous vehicles and related services [3] - The company also received Belgium's first federal-level L4 autonomous driving test license for its Robobus [3] Investment Opportunities - The automotive sector is currently witnessing three main lines of investment opportunities, with a focus on the performance of A-H shares in the automotive market, particularly in the parts sector, which has shown the best growth [4] - The report highlights the importance of new vehicle orders and internal demand, with significant pre-order numbers for the new models indicating potential growth drivers [4] Strategic Recommendations - The report outlines key investment targets within the Robotaxi and Robovan supply chains, including integrated models and technology providers [6] - It also identifies core beneficiaries among consumer vehicle manufacturers, emphasizing companies like Xpeng Motors, Li Auto, and NIO as key players in the smart vehicle market [6] - The report suggests a focus on automotive parts suppliers, particularly those involved in AI and robotics, as promising investment opportunities [5][6]

Investment Highlights - The core point of the article is the performance of the automotive sector, with a notable increase in compulsory insurance registrations, reaching 450,000 units in the second week of September, reflecting a week-on-week increase of 24.9% and a month-on-month increase of 4.9% [10][50] - The automotive sub-sectors showed varied performance, with SW automotive parts leading at +4.3%, followed by SW automotive at +3.0%, and SW passenger vehicles at +1.9%. In contrast, SW commercial passenger vehicles and SW commercial cargo vehicles saw declines of -0.5% and -1.2%, respectively [10][11] Industry Changes - Key industry developments include the official launch dates for several new models: Li Auto's i6 on September 26, the launch of the Xiangjie S9T with 10,000 pre-orders in 72 hours, and Geely's Galaxy M9 with over 23,000 pre-orders [4][10] - Additionally, Xiaoma Zhixing announced its entry into the Singapore market, partnering with ComfortDelGro Corporation to deploy autonomous vehicles and services, while its Robobus received Belgium's first federal-level L4 autonomous driving test license [4][10] Investment Opportunities - Three main investment themes are identified: 1. **AI Smart Vehicle Line**: Focus on the Robotaxi industry chain, including integrated models like Tesla and XPeng, and technology providers such as Horizon Robotics and Baidu [6][12] 2. **AI Robotics Line**: Emphasis on preferred auto parts suppliers like Top Group and Junsheng Electronics [12] 3. **Dividend & Good Pattern Line**: Highlighting opportunities in buses (Yutong Bus), heavy trucks (China National Heavy Duty Truck Group), and two-wheelers (Chunfeng Power) [7][12] Market Performance - The automotive sector's A-H shares performed well, with automotive parts, particularly robotics, showing the best gains, led by Junsheng Electronics and Xinquan [5][11] - The overall market sentiment remains positive, with new car orders being a key driver for growth, despite some mixed performance in passenger vehicle demand [5][11] Sales Data - The total number of passenger vehicle insurance registrations reached 450,000 units, with new energy vehicles accounting for 269,000 units, reflecting a week-on-week increase of 23.1% and a penetration rate of 59.7% [50][52] - The forecast for 2025 anticipates a retail sales volume of 23.7 million units, representing a year-on-year growth of 4.1% [51][52]

Group 1: Electric Vehicle Infrastructure - As of August 2025, the total number of electric vehicle charging infrastructure (guns) in China reached 17.348 million, representing a year-on-year growth of 53.5% [2] - Public charging facilities accounted for 4.316 million, with a year-on-year increase of 37.8%, and a total rated power of 196 million kilowatts, averaging about 45.48 kilowatts [2] - Private charging facilities reached 13.032 million, showing a year-on-year growth of 59.6%, with a reported electricity capacity of 115 million kilovolt-amperes [2] Group 2: Robotics and Automation - The Ministry of Science and Technology is promoting the accelerated application of humanoid robots in automotive manufacturing, logistics handling, and power inspection, establishing a solid foundation for a trillion-dollar industry [3] - Best's wholly-owned subsidiary, Yuhua Precision Machinery, is fully entering the linear motion components field, targeting high-end equipment, automation, humanoid robotics, and intelligent connected vehicles [13] - Junsheng Electronics has launched new robotic components, including AI head assemblies, universal controllers, battery packs, and wireless charging systems [14] Group 3: Automotive Sales and Market Trends - The China Automobile Dealers Association forecasts that the total terminal sales of passenger cars in September will reach 2.2 million units, driven by seasonal demand and promotional activities [5] Group 4: Corporate Developments - NIO has completed a $1.16 billion equity issuance, with net proceeds intended for investment in core technology research and development for smart electric vehicles, expanding charging networks, and strengthening its balance sheet [11] - Chen Wei has been appointed as the chairman and party secretary of Chenzhi Automotive Technology Group, effective immediately [10] Group 5: Safety and Recalls - Hyundai is recalling over 568,000 vehicles in the U.S. due to potential issues with seatbelt buckles not locking properly [8] - Toyota is recalling 591,400 vehicles in the U.S. due to dashboard software malfunctions that may increase the risk of accidents [9] Group 6: New Manufacturing Initiatives - Rivian is advancing its factory plan in Georgia, with the first phase expected to start next year and production of customer vehicles targeted for 2028, aiming for an annual capacity of 400,000 vehicles [6]