Open source securities: maintain a "buy" rating for Wins Technology, outline a new growth blueprint with the combination of intelligent driving and robotics.

Open-source securities research reports point out that Jusheng Electronics' profit continues to recover, outlining a new growth blueprint with smart driving and robotics. By 2025, revenue is expected to reach 61.18 billion yuan, with a net profit of 1.34 billion yuan attributable to the parent company. The company has secured new orders for the entire lifecycle of approximately 97 billion yuan, with automotive electronics contributing 46.1 billion yuan, including over 20 billion yuan in new orders for advanced intelligent products. The dual drive of "Automobile + Emerging Intelligent Body" shows a clear second growth curve. Thanks to supply chain optimization, global production capacity adjustment, and core component vertical integration, the company's short-term profit elasticity comes from overseas integration of automotive safety, supply chain optimization, and reducing fixed costs; mid-term valuation is based on mass production rhythms for automotive electronic intelligent driving domain control, CCU, in-car multiple screens; and long-term growth space is provided by emerging intelligent body business. The current stock price corresponds to a PE ratio of 21.7/18.3/16.7 times, and the "buy" rating is maintained.