"New positioning of 'Automobile + Siasun Robot & Automation Tier1' opens up long-term growth opportunities, how do you view the investment opportunities after the entry of Ningbo Joyson Electronic Corp. (00699, 600699.SH)?"

"+Siasun Robot&AutomationTier1" dual-head Ningbo Joyson Electronic Corp. (00699, 600699.SH) is about to accelerate value discovery and reevaluation. According to the relevant rules of the Hong Kong stock connect, Ningbo Joyson Electronic Corp. is expected to officially enter the Hong Kong stock connect list on December 4th. Considering that Ningbo Joyson Electronic Corp. is a rare target in the Hong Kong stock market occupying both the automotive and Siasun Robot&Automation "golden tracks," it is expected that after entering the Hong Kong stock connect, Ningbo Joyson Electronic Corp. will attract a considerable amount of incremental mainland funds, and the trading and allocation funds in the stock are expected to be more balanced. Ningbo Joyson Electronic Corp. is set to attract "hot money," and for secondary market investors, the most important task at this stage is to reevaluate the investment value of Ningbo Joyson Electronic Corp. based on fundamentals and future growth prospects. In the view of GMTEight, although Ningbo Joyson Electronic Corp. was listed on the Shanghai Stock Exchange as early as 2011, after rapid business capability evolution and continuous expansion of its capability circle, the investment value of Ningbo Joyson Electronic Corp., which has now completed the "A+H" layout, has made a leap. It is precisely for this reason that it has become particularly important to look at Ningbo Joyson Electronic Corp. with a new investment perspective. After all, in the current booming wave of technology stock investment, only by timely identifying and strategically positioning core assets in hard technology can investors more accurately capture the opportunities of the times and avoid the risks of missing out. The automotive business is entering a new innovation cycle, while the Siasun Robot&Automation business is building its second growth curve. Established in 2004, Ningbo Joyson Electronic Corp. initially focused on automotive components as its main business. Since 2011, Ningbo Joyson Electronic Corp. has proactively pursued an internationalization strategy, achieving global layout and industrial transformation through multiple international acquisitions. As of April 30th of this year, the company has over 25 research and development centers and over 60 production bases globally, covering major automotive markets in Asia, Europe, and North America. The methodology developed by Ningbo Joyson Electronic Corp. in the automotive field and its accumulated successful experience have laid a good foundation for its strategic entry into the Siasun Robot&Automation sector. Earlier this year, Ningbo Joyson Electronic Corp. announced its layout in the Siasun Robot&Automation business, positioning itself as "automotive + Siasun Robot&Automation" Tier 1, focusing on breakthroughs in key components such as humanoid Siasun Robot&Automation brain controllers, energy management modules, sensor kits, high-performance materials, and others. As of now, key component solutions in the Siasun Robot&Automation sector have been basically completed by Ningbo Joyson Electronic Corp. From here, the multi-business-driven growth pattern of Ningbo Joyson Electronic Corp. has also taken shape. Reflected in its financial performance, Ningbo Joyson Electronic Corp.'s core financial data has comprehensively improved. In the first three quarters of this year, Ningbo Joyson Electronic Corp. achieved revenue of 45.844 billion yuan, an increase of 11.45% year-on-year. Among them, the Q3 quarterly revenue was 15.497 billion yuan, an increase of 10.25% year-on-year. In terms of profitability, Ningbo Joyson Electronic Corp.'s profitability is in a stage of continuous optimization, with the overall gross profit margin in the first three quarters increasing by 2.7 percentage points to 18.3% year-on-year; with the Q3 quarterly gross profit margin reaching 18.6%, a further increase of 0.23 percentage points quarter-on-quarter. Looking at the split businesses, the improvement in gross profit margin in the automotive safety business is particularly significant, with a gross margin of around 16.4% in the first three quarters, an increase of 2.4 percentage points year-on-year; with the Q3 quarterly gross margin reaching 17.2%, further increasing quarter-on-quarter. The profit potential of Ningbo Joyson Electronic Corp.'s automotive safety business is accelerating, likely due to its forward-looking transformation into an intelligent safety system solution provider, successfully enhancing product value and market competitiveness through the introduction of a series of innovative safety solutions. At the same time, the profitability of the automotive electronics business continues to be robust, with a gross profit margin of 20.8% in the first three quarters of this year, an increase of 1.6 percentage points year-on-year. Furthermore, information revealed in the third quarter report shows that Ningbo Joyson Electronic Corp. is currently winning more new business orders. Data shows that the company has accumulated new orders of 71.4 billion yuan in the first three quarters, with a single-quarter order amount of as high as 40.2 billion yuan, showing a clear "acceleration" trend. In Q3, orders related to the automotive safety business amounted to 22.2 billion yuan, while those related to the automotive electronics business amounted to 18 billion yuan. In addition to its automotive business, Ningbo Joyson Electronic Corp.'s progress in the Siasun Robot&Automation sector is also rapid. During the third quarter, a subsidiary of Ningbo Joyson Electronic Corp. reached a comprehensive AI cooperation with Alibaba Cloud, jointly promoting the landing of intelligent Siasun Robot&Automation in various scenarios such as industrial manufacturing based on the Thousand Questions model. On September 18th, Ningbo Joyson Electronic Corp. announced the rollout of a full-domain controller based on the NVIDIA Jetson Thor chip, with an overall efficiency improvement of 3.5 times, capable of supporting real-time inference of large-scale models in the hundred-billion level. In the foreseeable future, the Siasun Robot&Automation business is expected to become an important growth pole for Ningbo Joyson Electronic Corp. Anchoring the new positioning of "automotive + Siasun Robot&Automation Tier1," cultivating long-term global competitiveness After more than 20 years of development, Ningbo Joyson Electronic Corp. has transformed from a company that initially only provided single-category automotive components domestically to a large manufacturing enterprise with cross-domain products, strong technical capabilities, and the ability to serve customers both domestically and internationally. In my view, the growth history of Ningbo Joyson Electronic Corp., to some extent, can be said to be a typical epitome of China's advanced manufacturing industry integrating and leading the development of the global industrial chain. From a capital market perspective, with the rapid evolution of the company's business capabilities and the continuous expansion of its capability circle, whether for A-share or Hong Kong stock market investors, it is urgent to reevaluate Ningbo Joyson Electronic Corp.'s long-term investment value with a new investment perspective. It is undeniable that the world's economic and trade situation and geopolitical landscape have undergone major changes compared to more than a decade ago when Ningbo Joyson Electronic Corp. first attempted to "go global," deepening the complexity and uncertainty that shroud the development of the global industrial chain and supply chain. Although globalization is facing challenges, this may actually be an opportunity for Ningbo Joyson Electronic Corp. to establish a greater competitive advantage. By focusing on a global strategy centered on local production and supply, Ningbo Joyson Electronic Corp. is expected to build structural advantages in an increasingly fragmented global supply chain. This operation model close to customers and deeply rooted in local markets is expected not only to effectively resist macro risks but also to help Ningbo Joyson Electronic Corp. win long-term competitiveness in the wave of restructuring the automotive industry chain. To achieve the goal of cultivating long-term global competitiveness, Ningbo Joyson Electronic Corp. is starting to deeply integrate its global business from multiple dimensions such as supply chain, production strategy, and research and development, in order to continuously optimize its cost structure and improve operational efficiency. For example, in terms of production strategy, Ningbo Joyson Electronic Corp. plans to streamline and intensify production capacity in high-cost regions such as Europe and America, while promoting automation upgrades to improve efficiency; while at the same time, the company will accelerate the layout of new production capacity in cost-advantaged regions such as China, Southeast Asia, and Morocco, achieving a gradient configuration of global manufacturing. At the specific business level, based on similarities and synergies in technology between the Siasun Robot&Automation and automotive sectors, Ningbo Joyson Electronic Corp. will anchor its new positioning as "automotive + Siasun Robot&Automation Tier1," fully leveraging its research and development, high-end manufacturing, and mass production capabilities in automotive components to reuse its proven methodology and successful experience on the embodied intelligent Siasun Robot&Automation industrial chain. In the future, as a first-tier supplier of Siasun Robot&Automation, Ningbo Joyson Electronic Corp. will focus on core components of Siasun Robot&Automation and integrated Siasun Robot&Automation component solutions, providing scene training and testing services to systematically support the product development and manufacturing of global Siasun Robot&Automation companies, promoting the deployment and application of Siasun Robot&Automation in various scenarios. It can be expected that with the dual drive of the automotive business and the Siasun Robot&Automation business, Ningbo Joyson Electronic Corp. will not only continue to solidify and optimize its profit base based on the automotive fundamentals but also leverage the new engine of Siasun Robot&Automation to open up broader growth space, driving the company into a new stage of profit and valuation-coordinated growth. Conclusion In conclusion, Ningbo Joyson Electronic Corp. is not only excellent in the past, but also has high visibility and elasticity in future growth, making it a rare high-quality potential stock in the technology sector. With its imminent inclusion in the Hong Kong stock connect, the attractiveness of Ningbo Joyson Electronic Corp. to "northern funds" is undoubtedly evident. Looking ahead, as the investor base of Ningbo Joyson Electronic Corp. in the Hong Kong stock market expands further, liquidity improvements are expected to accelerate its value reassessment process, making the future performance of Ningbo Joyson Electronic Corp. in the Hong Kong stock market highly anticipated.