Initiate coverage of Juneway Electronic Technology(Juneway)with BUY and atarget price of RMB42.1,implying 54x 2026E PE.The company specializes in current sensing precision resistors and fuses,capturing an 8.52%global market share in current sensing precision resistors in 2024,ranking third globally and first in Chinese mainland.Starting from 2025,the company is comprehensively expanding into current sensors,which we expect to become its third core business line after precision resistors and fuses.We believe Juneway is evolving from aprecision resistor leader into acurrent sensing solution platform.Benefiting from the recovery of consumer electronics+technological upgrades,volume expansion in high-power new applications such as automotive/industrial control/AI,and the ramp-up of its new current sensor business,we forecast the company’s attributable NP to deliver a2025-2027E CAGR of 40.5%,and are optimistic about its medium-to long-term profit growth.
Focus:current sensing&circuit protection,with industrial control/new energy/AI driving growth
Current sensing serves as the fundamental component of power supply and circuit protection,exhibiting apattern of"low resistance,high precision,miniaturization,and multi-scenario expansion"as power density increases and safety requirements rise.The importance of precision resistors and fuses in high-power applications such as industrial,automotive,new energy,and AI servers is rapidly growing,and high-quality suppliers may in our view reap the dividends in the industry's long-term growth.Per QYResearch,the global current sensing precision resistor market size increased from RMB3.63bn in 2019 to RMB4.72bn in 2024 and is projected to reach RMB11.2bn by 2030,with a2024-2030E CAGR of 15.5%.
Company:establishing afull-stack product portfolio
Juneway possesses deep expertise in alloy materials,precision processes,and customer resources.1)Its current sensing precision resistor product portfolio is comprehensive and continues to evolve toward miniaturization,benefiting from technological iterations by top-tier clients such as Customer Aand Samsung,as well as new customer onboarding;we project this segment’s revenue CAGR for 2025-2027E to reach 29.5%,far above the industry.2)Its fuse offerings span plug-in,chip-type,and power fuses,with potential stable revenue growth alongside an increasing proportion of high-end power fuses.3)Its newly expanded current sensor lineup covers multiple core technologies including fluxgate,Hall effect,and TMR,with products already adopted by clients such as Delta,HITE,and Guangdong Energy Group,while certifications with several leading customers are underway.The company is poised to achieve full-stack coverage from current measurement to overcurrent protection and system-level condition monitoring,driving ASP and customer stickiness higher.
Earnings forecasts and valuation
We forecast its attributable NP at RMB143/207/293mn for 2025-2027,up 35.1/45.2/41.3%YoY,with EPS of RMB0.53/0.78/1.10.Considering Juneway's high product technological barriers,the short-term growth driver from increased penetration of core products in emerging markets like AI and new energy,and the long-term transition into asolutions platform unlocking larger markets,we value the company at 54x 2026E PE(vs peers’average of 42x on iFinD consensus),deriving atarget price of RMB42.1.
Risks:downstream demand volatility;new technology iteration missing our estimates;failure to onboard new clients.

　　首次覆盖钧崴电子并给予买入评级，目标价42.1元，对应26年54xPE。公司深耕电流感测精密电阻与熔断器，24年在全球电流感测精密电阻市场份额达到8.52%，全球第三、大陆第一。25年起公司系统布局电流传感器，有望成为继精密电阻、熔断器之后第三条核心业务线。我们认为公司正由精密电阻龙头迈向电流检测方案平台型企业。受益于消费电子复苏+技术升级，汽车/工控/AI等高功率新场景放量，叠加电流传感器新业务起量，我们预计公司25-27年归母净利润CAGR有望达40.5%，看好公司中长期成长。
　　赛道：聚焦电流检测与电路保护，工控、新能源、AI共驱增长
　　电流检测为电源与电路保护的基础环节，随功率密度提升和安全需求抬升，呈现“低阻、高精度、小型化、多场景扩张”趋势。精密电阻与熔断器在工业、车载、新能源、AI服务器等高功率场景的重要性快速提升，优质供应商有望分享行业长期成长。据QYResearch数据，2019-2024年全球电流感测精密电阻市场规模从36.3亿元增至47.2亿元，预计2030年达112.0亿元成为百亿级市场，2024-2030年CAGR达15.5%。
　　公司：构建电流感测电阻+电流传感器+熔断器的全栈产品组合
　　钧崴在合金材料、精密工艺及客户资源等方面具备深厚积累：1）电流感测精密电阻产品矩阵齐全并持续向小型化演进，得益于A客户、三星等头部客户技术迭代+新客户导入，我们预计该业务25-27年营收CAGR有望达29.5%，远高于行业；2）熔断器覆盖插件型、晶片型和电力熔断器，未来营收稳健增长的同时有望提升高端电力熔断器占比；3）新拓展的电流传感器覆盖磁通门、霍尔效应及TMR等多项核心技术，产品已成功导入台达、海德和粤电等客户，正推进多家头部客户的认证。公司有望构建电流测量到过流保护再到系统级状态监测的全栈覆盖，实现ASP与客户粘性抬升。
　　成长：开拓新产品+打通新应用场景，双主线并行
　　公司新战略以“双线扩张”为核心：1）横向扩展产品线，迈向空间更大、增速更高的新市场。公司从熔断器起家，过去成功开拓电流感测精密电阻成为单品龙头，当前全新布局电流传感器。据Frost&Sullivan，2024年全球电流传感器市场规模177.6亿元，预计2029年达到559.6亿元，对应CAGR达到25.8%。2）纵向拓展应用场景，在消费电子基本盘整体维持稳健背景下，有望通过汽车电子、工控、AI服务器等新兴领域放量实现持续增长。
　　区别于市场观点
　　当前市场对钧崴的认知仍停留在“电流感测精密电阻+熔断器的优质被动元件公司”，关注点集中在消费电子复苏及熔断器国产替代空间，对传感器新业务及平台化路径关注不足。我们认为真正的预期差在于公司从“元件龙头”向“电流检测解决方案平台”升级所享有的估值溢价和更优的增长前景，我们预计电流传感器27年将实现过亿营收，未来3-5年有望再造一个钧崴。
　　盈利预测与估值
　　我们预计公司25-27年归母净利润为1.43/2.07/2.93亿元，同比增长35.1%/45.2%/41.3%，对应EPS为0.53/0.78/1.10元。考虑钧崴产品技术具备较高竞争壁垒，短期受益于主力产品在AI、新能源等新市场渗透提升，中长期向解决方案平台转型，切入更大市场，给予26年54xPE（可比公司均值42x），对应目标价42.1元。
　　风险提示：下游需求波动风险、新技术迭代不及预期、新客户认证导入风险。