Core Viewpoint - Junsheng Electronics is set to issue H-shares, with its humanoid robot business securing over 100 million yuan in orders from Zhiyuan [1] Group 1: Business Developments - On October 16, Zhiyuan officially launched the new generation industrial-grade interactive embodied robot, the Spirit G2, and commenced the first batch of deliveries under a procurement contract exceeding 100 million yuan with Junsheng Electronics [1] - The company has made significant progress in its business layout, including overseas deliveries of robot components such as the back of the head, neck, shoulders, knees, and fingers to a leading client, and is exploring next-generation head display solutions and head assembly supply [1] - Domestically, the company has collaborated with leading clients like Zhiyuan Robotics and Galaxy General, achieving mass supply of customized main control boards and is in the process of delivering various precision IMUs and customized fisheye cameras [1] Group 2: Future Projects - Recently, the company's subsidiary secured projects with two major brand OEMs, aiming to develop and provide a range of automotive intelligent products, including Central Computing Units (CCUs) and intelligent networking products [1] - The total estimated order value for the aforementioned projects over their entire lifecycle is approximately 15 billion yuan, with plans for mass production by 2027 [1]

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company is set to issue H shares, with the Hong Kong Stock Exchange reviewing its listing application and the board approving the global offering [1] - The humanoid robot business has secured over 100 million yuan in orders from Zhiyuan, marking a significant step in its operational deployment in the automotive parts manufacturing sector [2] - The company has received a total of approximately 15 billion yuan in new orders for intelligent driving products, with plans for mass production by 2027 [2][3] - Revenue and profit for the first half of 2025 showed steady growth, with revenue reaching 30.3 billion yuan, a year-on-year increase of 12%, and net profit of 710 million yuan, up 11% year-on-year [3] - The company's gross margin improved to 18.2%, an increase of 2.6 percentage points year-on-year, indicating a recovery in profitability [3] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 645 billion, 665 billion, and 710 billion yuan, representing year-on-year growth rates of 16%, 3%, and 7% respectively [4] - Net profit forecasts for the same period are 1.53 billion, 1.83 billion, and 2.16 billion yuan, with compound annual growth rates of 31% from 2024 to 2027 [4] - The company is expected to maintain a price-to-earnings ratio (P/E) of 28, 23, and 20 for 2025-2027 [4]