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研報掘金丨民生證券:均勝電子汽車安全業務整合效果逐步凸顯,維持“推薦”評級
格隆匯7月21日丨民生證券研報指出,均勝電子(600699.SH)汽車安全業務整合效果逐步凸顯,經營情況有望穩定改善。同時積極佈局智能駕駛、智能座艙、智能網聯和新能源管理等新興業務,項目定點持續落地。智能化方面,公司推進智能駕駛與智能座艙的同步發展。在智能座艙領域,公司基於在人機交互方面的優勢向座艙域控進行品類拓展,客户方面長期合作大眾、奧迪、福特等頭部車企品牌,並與華為深化合作。在智能駕駛領域,公司加強傳感器與智駕域控的佈局,公司核心圍繞智能駕駛域控制器等產品的商業化落地,與英偉達、高通、地平線、黑芝麻等各芯片廠商建立合作關係,首款智能駕駛域控制器產品 nDriveH,為全球首批基於高通Snapdragon Ride 第二代芯片平台的自動駕駛硬件解決方案。該行預計2023-2025年公司營收分別為538/608/683億元,實現歸母淨利潤10.4/15.1/20.0億元,當前市值對應2023-2025年PE分別為26/18/13倍。公司汽車安全業務經營逐步向好,同時積極佈局汽車智能化與電動化,並且項目定點逐步落地。維持“推薦”評級。
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