Vi e w p o i n t | 26 Jan 2026 06:05:22 ET │ 11 pages Joyson (600699.SS / 0699.HK) 2025 Core NP In Line; Buy CITI'S TAKE Joyson released its 2025 preliminary results on 26 January, indicating that 2025 net profit could rise by 40.56% YoY to Rmb1.35bn. Excluding the one- off expense of Rmb160mn relating to (i) asset disposal by its subsidiary Guangdong Senssun and (ii) disposal of overseas factory, 2025 core NP came at Rmb1.5bn (+17.02% YoY), meeting the low-end of investor expectations between Rmb1.5-1.6bn. ...

Core Viewpoint - In December 2025, China's new energy heavy truck sales reached a record high, totaling 231,100 units for the year, representing a year-on-year growth of 182% [1] Group 1: Overall Market Performance - In December 2025, domestic new energy heavy trucks sold 45,300 units, a year-on-year increase of 198%, with pure electric, fuel cell, and hybrid models selling 40,800 units, 4,202 units, and 284 units respectively [2] - The sales growth for fuel cell and hybrid heavy trucks significantly outpaced the overall market, with fuel cell trucks experiencing a year-on-year growth of 623% and hybrid trucks 209% [2][4] - The market for fuel cell and hybrid heavy trucks showed a notable increase in December, with fuel cell trucks accounting for 9.28% of the market share, while hybrid trucks remained low at 0.63% [5] Group 2: Fuel Cell Heavy Truck Performance - In December 2025, fuel cell heavy trucks sold 4,202 units, with a month-on-month growth of 610% and a year-on-year growth of 623%, marking a significant surge in both sales and growth rate [8] - Dongfeng led the sales with 1,592 units, capturing a market share of 37.9%, followed by Yutong and Sinotruk with 625 and 463 units respectively [10] - The competition for monthly sales champions in the fuel cell heavy truck market was intense, with Dongfeng securing the year-end sales champion after consistently leading since September [12] Group 3: Yearly Performance and Market Share - In 2025, the fuel cell heavy truck market saw a total sales volume of 7,282 units, a year-on-year increase of 64%, with significant growth from companies like Sinotruk and GAC, which saw increases of 3,294% and 16,650% respectively [14][17] - Dongfeng achieved the highest annual sales with 2,563 units, capturing a market share of 35.2%, an increase of 19.7 percentage points from 2024 [17] - The market dynamics showed a pattern of fluctuations throughout the year, with a total of five monthly champions emerging, indicating a highly competitive environment [17]

| | | 1月26日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点 | 德龙汇能 | 不涉及芯片及相关业务 | | | 东方日升 | 光伏产品未直接向商业航天卫星公司供货 | | 项目投资 | 川环科技 | 拟约11亿元投建川环科技(华东)智造总部基地 | | 合同中标 | 山科智能 | 中标智慧水务平台开发项目 | | 业绩换告 | 均胜电子 | 预计2025年归母净利润约13.5亿元,同比增长40.56% | | 股权转让 | 紫金矿业 | 拟收购AlliedGold Corporation 100%股权 | | 回购 | 吉祥航空 | 已实际回购1.67%公司股份 | | 增减持 | 开普检测 | 董事长姚致清拟减持不超过3%股份 | | 其他 | 浙海德曼 | 拟定增募资不超15.17亿元 | | | 特宝生物 | 拟发行可转债募资不超15.33亿元 片脂磨汇 | 【热点】 浙文互联(600986.SH)：旗下"派智"数字人业务产生的收入和利润占公司营业收入和净利润的比例均不到 1%，占比较小 东方日升(300118.SZ)：光伏产品未直接向 ...

Major Events - Dongpeng Beverage (09980) will conduct its IPO from January 26 to January 29, with an expected listing date of February 3 [1] - Zijin Mining (02899) plans to acquire 100% of Allied Gold Corporation for approximately CAD 5.5 billion [2] - AsiaInfo Technologies (01675) collaborates with ABB Robotics to establish an "Embodied Intelligence Laboratory" [3] - Dongyang Sunshine Pharmaceutical (06887) signs a strategic cooperation agreement with Shenzhen Jingtai to form a joint venture for an AI-driven drug research platform [4] - Howie Group (00501) intends to invest up to USD 50 million to subscribe for shares in Aixin Yuanzhi's initial public offering [5] - Singularity Guofeng (01280) enters a GPU distribution cooperation agreement with Muxi Co., aiming to penetrate the domestic AI computing power market [6] - Guorui Life (00108) signs a strategic cooperation memorandum with Mingzhi Medical to promote deep integration and industrial upgrading of "medical + technology + scenarios" [7] Financial Reports - Harbin Electric (01133) anticipates a net profit attributable to shareholders of approximately CNY 2.65 billion for 2025 [8] - Joyson Electronics (00699) expects an annual net profit of about CNY 1.35 billion, representing a year-on-year growth of approximately 40.56% [9] - Guotai Junan International (01788) projects an annual net profit between HKD 1.28 billion and HKD 1.38 billion, a significant increase of 265% to 293% year-on-year [10] - Tianyue Advanced (02631) forecasts annual revenue of CNY 1.45 billion to CNY 1.5 billion [11] - China Power (02380) estimates a consolidated total electricity sales volume of approximately 126 million megawatt-hours for 2025 [12] - Chalco International (02068) expects a total new contract amount of CNY 46.836 billion for 2025, a year-on-year increase of 51.94% [13]

Core Viewpoint - Several companies are projecting significant increases in net profit for 2025, with some expecting growth rates exceeding 300% compared to the previous year [1] Group 1: Companies with High Profit Growth Projections - Youyou Group anticipates a net profit increase of 357%-420% for 2025 [1] - Sanofi Health expects a net profit growth of 311% for 2025 [1] - Fujilai forecasts a net profit increase of 282.17%-296.8% for 2025 [1] - Zongyi Co. predicts a net profit growth of approximately 264.05% for 2025 [1] - Aiko Optoelectronics expects a net profit increase of 262.52%-345.2% for 2025 [1] Group 2: Companies with Moderate to High Profit Growth Projections - Pulit anticipates a net profit increase of 155.76%-194.73% for 2025 [1] - Zhongxing Junye expects a net profit growth of 134.32%-173.37% for 2025 [1] - Yixin Hall forecasts a net profit increase of 127.79%-189.12% for 2025 [1] - Bangji Technology anticipates a net profit growth of 119.43%-169.3% for 2025 [1] - Hengyu Environmental expects a net profit increase of 104.14% for 2025 [1] Group 3: Companies with Lower Profit Growth Projections - Jiaokong Technology anticipates a net profit increase of 86.44% for 2025 [1] - Boya Precision expects a net profit growth of 82.68%-128.36% for 2025 [1] - Huaxin Co. forecasts a net profit increase of 77.48% for 2025 [1] - Qingdao Danone anticipates a net profit growth of 77.47%-104.36% for 2025 [1] - Shenling Environment expects a net profit increase of 77.39%-112.87% for 2025 [1] Group 4: Companies with Further Profit Growth Projections - Keli Yuan anticipates a net profit increase of 72.76%-102.20% for 2025 [1] - Lante Optics expects a net profit growth of 70.04%-81.38% for 2025 [1] - Delijia forecasts a net profit increase of approximately 52.80% for 2025 [1] - Zhongke Electric anticipates a net profit growth of 50%-70% for 2025 [1] - Junsheng Electronics expects a net profit increase of 40.56%-1.35 billion for 2025 [1] Group 5: Companies with Lower Growth Expectations - Shanghai Yanpu anticipates a net profit increase of 35.44%-55% for 2025 [1] - Guotai Group expects a net profit growth of 30%-50% for 2025 [1] - Jiuan Medical anticipates a net profit increase of 21.05%-40.83% for 2025 [1] - AVIC Chengfei expects a net profit growth of 5.47%-11.67% for 2025 [1]

Core Viewpoint - Junsheng Electronics announced an expected significant increase in net profit for the year 2025, projecting a net profit of approximately 1.35 billion yuan, representing a year-on-year growth of about 40.56% compared to 960 million yuan in the previous year [2] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 1.35 billion yuan for 2025, an increase of about 390 million yuan from the previous year's 960 million yuan [2] - The expected net profit after deducting non-recurring gains and losses is around 1.5 billion yuan, which is a growth of approximately 17.02% compared to 1.282 billion yuan in the previous year [2] Group 2: Reasons for Performance Increase - The board of directors attributes the performance increase to two main factors: 1. Improvement in core business operations, with effective profit enhancement and business integration measures leading to a recovery in overseas business profitability [2] 2. Non-operating losses, including approximately 160 million yuan from the transfer of the weighing business of a listed subsidiary and the optimization of certain overseas factories [2]

本期内，因本公司附属公司广东香山衡器集团股份有限公司(002870.SZ)转让衡器业务、本公司优化处 置海外个别工厂等事项导致非经常性损失约人民币1.6亿元。 智通财经APP讯，均胜电子(00699)发布公告，本公司预计截至2025年12月31日止年度(本期)实现归属于 本公司股东的净利润约人民币13.5亿元，与上年同期(法定披露数据)相比，同比增加约人民币3.9亿元， 同比增长约40.56%。 ...

Core Viewpoint - Junsheng Electronics (600699) expects to achieve a net profit attributable to shareholders of approximately RMB 1.35 billion for the fiscal year ending December 31, 2025, representing an increase of about RMB 390 million or a growth of approximately 40.56% compared to the previous year [1] Financial Performance - The projected net profit for the current period is approximately RMB 1.35 billion [1] - This represents a year-on-year increase of about RMB 390 million [1] - The growth rate of net profit is approximately 40.56% compared to the previous year [1] Non-Recurring Losses - The company incurred non-recurring losses of approximately RMB 160 million due to the transfer of the weighing business by its subsidiary, Guangdong Xiangshan Weighing Instrument Group Co., Ltd., and the optimization of overseas factory disposals [1]

（编辑 姚尧） 证券日报网讯 1月26日，均胜电子发布公告称，公司预计2025年年度实现归属于母公司所有者的净利润 约13.5亿元，与上年同期（法定披露数据）相比，将增加约3.9亿元，同比增长40.56%。 ...

Investment Highlights - The SW auto parts index increased by 3.85% this week, ranking second in the SW auto sector, with a year-to-date increase of 9.12% [3][14] - The latest trading day PE (TTM) for SW auto parts is at the 90.08% historical percentile, while PB (LF) is at the 83.70% historical percentile [3][38] Robotics Sector Review - The Wande Robotics Index rose by 1.38% this week, with a year-to-date increase of 7.07%, underperforming the SW auto parts sector by 2.47% [4][40] - The latest trading day PE (TTM) for Wande Robotics is at the 94.65% historical percentile, and PB (LF) is at the 96.30% historical percentile [4][45] Core Coverage Stocks Weekly Performance - Notable weekly gains include: New Coordinates +36.30%, Minshi Group +25.33%, Daimai Co. +12.57%, Top Group +11.30%, and Xusheng Group +9.87% [6][52] Major Events This Week - Elon Musk announced plans to sell Tesla's humanoid robot to the public by the end of 2027 [7][46] - Yushu announced its humanoid robot sales for 2025, exceeding 5,500 units [8][46] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value sectors to increase ASP, with a priority on establishing capacities in Europe, North America, and Southeast Asia [9][57] - In robotics, seek certainty in opportunities, particularly with the anticipated release of Optimus V3 in Q1 2026, and monitor order timelines and application developments from domestic companies like Xiaopeng, Yushu, and Zhiyuan [9][57]