Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][5][17] Core Viewpoints - The company is positioned as a "Tier 1" supplier in the automotive and robotics sectors, accelerating its expansion into the humanoid robotics industry to create a second growth curve [3][4][16] - In the humanoid robotics field, the company has developed a core component and has sent samples to well-known humanoid robotics companies. Additionally, it has created an olfactory sensor that will enhance environmental monitoring, medical diagnostics, and the sensory capabilities of intelligent robots [2][6][17] - In the automotive electronics sector, the company has secured its first mass production order for a regional controller, which will provide over one million units for a well-known domestic new energy brand by 2025. The integration of AI models like DeepSeek is expected to enhance the efficiency and quality of software development in intelligent driving and connected vehicles [2][3][12][16] Summary by Relevant Sections Humanoid Robotics - The company is actively deploying strategies in the humanoid robotics sector, focusing on advanced technologies and market strategies. It has developed a core component for humanoid robots and is working on an olfactory sensor that can detect gas concentrations at the ppb level with a 99% accuracy rate [2][6][17] Automotive Electronics - The company has made significant advancements in automotive electronics, including the successful acquisition of a mass production order for a regional controller. This will support the production of over one million vehicles for a prominent new energy brand, with rapid mass production expected in 2025 [3][12][16] - The company has also integrated AI capabilities into its automotive software development processes, enhancing the efficiency and quality of its products [12][14][15] Financial Projections - The company forecasts revenues of 56.843 billion, 60.528 billion, and 65.212 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.310 billion, 1.582 billion, and 1.920 billion yuan for the same years. The corresponding price-to-earnings ratios are projected to be 22, 18, and 15 times [3][17][20]

Core Viewpoint - Joyson Electronics has developed an AI programming tool named JAIC (Joyson AI Coding) tailored for the automotive industry's software development processes and standards [1] Group 1: Product Development - JAIC has been deployed with multiple series of open-source large models, including DeepSeek, Llama, and Qwen [1] - The company is also working on developing new tools such as coding agents to enhance the quality and efficiency of technology development in smart driving, smart cockpits, and intelligent connected vehicles [1]

Summary of Conference Call Company and Industry Involved - The conference call involved Zhongtai Automotive and Ju Sheng Electronics, focusing on the automotive industry, particularly in the context of affordable automotive technology and pre-control products. Core Points and Arguments 1. **Market Strategy for 2024**: The annual strategy for 2024 emphasizes the year of affordable self-driving technology, highlighting cost reduction in laser radar solutions and pure vision solutions [1][3]. 2. **Product Development and Collaborations**: Ju Sheng Electronics is focusing on core products and has made significant investments in R&D and external acquisitions to enhance its position in the automotive supply chain [4][6]. 3. **Collaborations with Key Players**: The company is pursuing partnerships with algorithm companies like Momenta and robotics firms to expand its product offerings and enhance its technological capabilities [5][19]. 4. **Focus on Software and Intelligent Solutions**: Ju Sheng Electronics is transitioning from traditional hardware assembly to software adaptation, aiming to provide more intelligent and integrated solutions in the automotive sector [7][18]. 5. **Market Penetration and Customer Base**: The company is targeting a broad range of customers, from high-end brands to more affordable options, to increase its market penetration and adapt to varying consumer demands [6][10]. 6. **Challenges with Partnerships**: The company has faced challenges in partnerships, particularly with BYD, due to pricing pressures, leading to a strategic shift towards collaborations with other firms like Momenta [12][25]. 7. **Future Product Planning**: There is a focus on developing multi-domain integration products, with expectations for market readiness around 2026, as the industry shifts towards more integrated solutions [20][21]. 8. **International Market Expansion**: Ju Sheng Electronics is looking to leverage its strong overseas customer relationships to expand its market presence internationally, particularly in electric and intelligent vehicle sectors [16][17]. Other Important but Possibly Overlooked Content 1. **Investment in Chip Technology**: The company is collaborating with chip manufacturers like Black Sesame to enhance its product offerings and ensure compatibility with various automotive applications [7][10]. 2. **Long-term Vision**: Ju Sheng Electronics aims to establish a long-term vision for its product development, focusing on scalable solutions that can adapt to market changes and consumer needs [14][15]. 3. **Operational Efficiency**: The company is emphasizing the importance of operational efficiency and cost management in its production processes to maintain competitiveness in the market [22][25]. 4. **Consumer Trends**: There is an acknowledgment of changing consumer preferences, with a shift towards more affordable self-driving solutions in the mid-range vehicle market [26]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the company's strategic direction and industry positioning.

Summary of the Conference Call on Robotics Industry and Junsheng Electronics Industry Overview - The humanoid robotics industry is not new and has seen fluctuations over the years, with a focus on humanoid robots since 2013. The three key factors for the popularization of humanoid robots are stable bipedal walking, low-code/no-code interaction, and multimodal heterogeneous large models forming the robot's brain. These advancements are supported by the development of high-level intelligent driving domain controllers and AI chips. The hardware requirement for humanoid robots is expected to be around 2000 TOPS, with current capabilities only reaching about 20% of the final goal. Industrial applications are expected to be feasible within three years, while public service and home scenarios may take five to ten years to become widespread. China plays a significant role in the global humanoid robotics supply chain, possessing advantages such as a large market demand, strong manufacturing capabilities, and a rich talent pool, but faces challenges like insufficient technological accumulation and reliance on imported high-end chips [3][5][6]. Company Insights - Junsheng Electronics has significant advantages in the research and development of core automotive components and high-end manufacturing, which can be leveraged to expand into the field of embodied intelligent robots. The company is already providing core component samples to well-known humanoid robot companies, indicating its competitiveness in hardware manufacturing. The company aims to combine practical application scenarios with product development to ensure market needs are met and commercial viability is achieved [6][19]. Technical Challenges and Solutions - Humanoid robots face several technical challenges, including motion control, environmental perception, energy management, and cost standardization and stability after mass production. Achieving stable bipedal walking involves lightweight design and optimization of joint degrees of freedom. Junsheng Electronics is focusing on optimizing joint structures and exploring new materials to enhance robot stability and walking capabilities [6][7][19]. Material Science and Innovations - Material science is crucial for the development of robots, with research focusing on smart skin, smart surfaces, and new materials for joints and shells. Recent breakthroughs include a long rolling screw achieving a 20 cm breakthrough, although precision still needs verification. The company is testing new tactile materials based on semiconductor-doped insulating particles [8][19][18]. Competitive Landscape - The future competition in the robotics industry may resemble that of intelligent driving, where large enterprises with cost reduction and supply chain management advantages are more likely to succeed. Component suppliers can apply automotive-grade experience to industrial-grade products. Junsheng Electronics aims to reduce overall costs by approximately 40% through collaboration and supply chain optimization, facilitating large-scale production [9][10]. Collaboration and Supply Chain Management - The company collaborates closely with partners to control costs by optimizing the supply chain and ensuring the availability of necessary components. With the humanoid robot market expected to grow significantly in 2025, attention to production rhythm, yield rates, and consistency is critical [10][19]. Sensor and Power Management Developments - Junsheng Electronics is developing power management and wireless charging solutions for robots, including a new technology that powers robots through their feet, achieving kilowatt-level power. The company is also focusing on six-dimensional force sensors, inertial measurement units (IMUs), and olfactory sensors, with plans to apply these technologies in various applications [19][23][24]. Future Directions - The company plans to provide a range of products, including wireless charging solutions and core hardware for humanoid robots, with a focus on developing a domestically produced brain in collaboration with an AI chip company. The first batch of humanoid robot samples is expected to be launched in the third quarter of 2025 [38][39]. Conclusion - Junsheng Electronics is strategically positioned in the humanoid robotics industry, leveraging its automotive expertise and focusing on material science, technical innovation, and supply chain optimization to address market demands and enhance its competitive edge. The company is committed to developing practical solutions that meet the evolving needs of the robotics market while navigating the challenges of technological advancement and market dynamics [3][5][6][9][10].

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-012 宁波均胜电子股份有限公司 关于以集中竞价交易方式回购股份的进展公告 | 回购方案首次披露日 | 2024/11/6 | | --- | --- | | 回购方案实施期限 | 2024/12/23~2025/12/22 | | 预计回购金额 | 15,000 万元~30,000 万元 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 144.40 万股 | | 累计已回购股数占总股本比例 | 0.1025% | | 累计已回购金额 | 2,499.6190 万元 | | 实际回购价格区间 | 17.00 元/股~17.57 元/股 | 重要内容提示： 一、回购股份的基本情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）于 2024 年 11 月 5 日召开第十一届董事会第二十 ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-011 宁波均胜电子股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 回购方案首次披露日 | 2024/11/6 | | --- | --- | | 回购方案实施期限 | 2024/12/23~2025/12/22 | | 预计回购金额 | 15,000 万元~30,000 万元 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 85.85 万股 | | 累计已回购股数占总股本比例 | 0.0609% | | 累计已回购金额 | 1,499.7531 万元 | | 实际回购价格区间 | 17.38 元/股~17.57 元/股 | 重要内容提示： 一、回购股份的基本情况 二、回购股份的进展情况 根据《上市公司股份回购规则》、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》 ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-010 宁波均胜电子股份有限公司 第十一届监事会第十六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）第十一届 监事会第十六次会议于2025年1月15日在浙江宁波以现场会议的方式召开。会议 通知于2025年1月13日以专人送达方式向公司全体监事发出；会议应出席监事3名， 实际出席3名。 审议并通过了《关于公司2024年第三季度报告更正的议案》 具体内容详见《均胜电子关于2024年第三季度报告更正的公告》（公告编号： 临2025-007）。 表决结果：3票同意、0票反对、0票弃权。 特此公告。 宁波均胜电子股份有限公司监事会 2025 年 1 月 17 日 1 / 1 会议由监事会主席王玉德先生主持，会议的召开符合《公司法》与《公司章 程》的有关规定。 会议以现场投票表决的方式审议并通过以下议案： ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-008 宁波均胜电子股份有限公司 关于以债转股方式向控股子公司增资的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 增资标的名称：宁波均胜电子股份有限公司（以下简称"公司"或"均胜电 子"）控股子公司 Joyson Auto Safety Holdings S.A.（以下简称"JASH"）。 增资方式与金额：以债转股方式向 JASH 增资约 1.95 亿美元。 近年来，随着公司采取的一系列稳增长、提效率、控成本、降费用等措施逐 步取得成效，公司汽车安全业务经营业绩得到大幅改善，主营业务盈利能力持续 增强，同时，在新业务拓展策略的实施推动下，汽车安全业务不断优化订单结构 和质量并持续保持强劲的新订单获取势头，预计其盈利能力将持续提升。基于上 述情况，为进一步优化公司汽车安全业务主体 JASH 的资本结构，降低其资产负 债率，促进 JASH 的长远稳健发展，公司拟以债转股的方式向控股子公司 JASH 增 资约 1.95 亿美元（以下简称"本次 ...

宁波均胜电子股份有限公司 关于 2024 年第三季度报告更正的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次更正不会对宁波均胜电子股份有限公司（以下简称"均胜电子"或"公 司"）2024年第三季度报告中总资产、所有者权益（或股东权益）、营业收入、 净利润、基本每股收益产生影响，不会对公司投资价值的判断产生重大影响。 证券代码：600699 证券简称：均胜电子 公告编号：临 2025-007 经公司董事会审计委员会2025年第一次会议全体委员审议通过，公司于2025 年1月15日召开第十一届董事会第三十一次会议和第十一届监事会第十六次会 议，审议并通过了《关于公司2024年第三季度报告更正的议案》。 本事项无需提交公司股东大会审议。 二、具体更正情况及对公司的影响 （一）《2024年第三季度报告》"一、主要财务数据（一）主要会计数据和 财务指标"部分更正内容情况如下： 2024年10月29日，公司披露了《2024年第三季度报告》，基于公司筹划发行 H股股票并在香港联合交易所有限公司上市相关事项的需求， ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-009 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）第十一届 董事会第三十一次会议于2025年1月15日在浙江宁波以现场结合通讯会议的方式 召开。会议通知于2025年1月13日以电话、专人送达等方式向公司全体董事发出， 会议应出席董事9名，实际出席9名。公司监事及高级管理人员列席了会议。 会议由公司董事长王剑峰先生主持，会议的召开符合《公司法》与《公司章 程》的有关规定。 会议以现场结合通讯表决方式审议并通过以下议案： 一、审议并通过了《关于以债转股方式向控股子公司增资的议案》 具体内容详见《均胜电子关于以债转股方式向控股子公司增资的公告》（公 告编号：临2025-008）。 表决结果：9票同意、0票反对、0票弃权。 二、审议并通过了《关于公司2024年第三季度报告更正的议案》 宁波均胜电子股份有限公司 第十一届董事会第三十一次会议决议公告 具体内容详见《均胜电子关于2024年第三季度报告更正的公告 ...