Juneway Electronic Technology (Juneway) has released its 1H26 results: revenue was RMB436mn (+23.01% YoY), the attributable NP was RMB73mn (+7.64% YoY), and the recurring attributable NP was RMB72mn (+9.27% YoY). For 2Q26, revenue was RMB236mn (+25.57% YoY, +17.90% QoQ), the attributable NP was RMB37mn (+7.90% YoY, -1.22% QoQ), and the recurring attributable NP was RMB36mn (+12.33% YoY, -0.50% QoQ). Revenue sustained fast growth in 1H26, outpacing the attributable NP growth, due to the rising share of lower-margin other categories and the impact of exchange gains/losses. The company continues to advance the high-end positioning of precision resistors and fuses, and is enhancing its product matrix through the acquisition of Flat Electronics and expansion into current sensors. We like the company’s transition from a component supplier to a current sensing solution provider. We set a target price of RMB57.79 and maintain BUY.
2H26 outlook: building an integrated platform
1) Current sensing precision resistors are accelerating expansion into AI computing power and automotive electronics. In the AI server segment, the company’s high-end alloy resistors and shunts have entered the supply chains of Delta, Megmeet, and others; automotive products cover BMS, OBC, electric drives, and DC-DC, supporting customers such as Leapmotor, NIO, and Hyundai Mobis. 2) Fuses and sampling resistors are co-designed with high voltage resistance, low arcing, and high reliability, and are being promoted for adoption by leading AI power supply manufacturers and automotive supply chain current sensor customers. 3) In current sensors, the company has deployed Hall effect, fluxgate, and TMR technology routes, with products entering the supply chains of Delta, Bull, Guangdong Energy Group, Baijiancheng, and others, targeting energy storage, charging piles, automotive, and industrial control applications. 4) Thin-film resistors and inductors complete the product matrix. In the near term, Flat’s thin-film resistors are set to continue contributing incrementally upon consolidation. In the long term, the company’s collaboration with Poco Magnetic on high-end inductors could form a product matrix of resistors, fuses, sensors, and inductors, driving the company’s upgrade toward a ‘current application solution provider.’
Earnings forecasts and valuation
We forecast 2026/2027/2028E revenue of RMB958/1,239/1,565mn, up by 23.0/29.3/26.3% YoY, with 2026/2027E slightly revised down by 0.7/3.7% from our previous forecasts. We forecast 2026/2027/2028E attributable NP of RMB177/ 256/343mn, up by 34.7/44.9/34.1% YoY, with 2026/2027E revised down by 14.7/12.5% from our previous forecasts, considering the rising share of lower-margin products and product-mix adjustments. Given Juneway’s high product technological barriers, short-term growth from increased penetration of core products in emerging markets such as AI and new energy, and the long-term transition toward a solutions platform unlocking larger markets, we assign a 2027E PE of 60x (vs. its peers’ average of 50x on Wind consensus; the premium has been slightly reduced to reflect the near-term rising share of lower-margin products). Our target price is RMB57.79 (previous: RMB42.10, based on 54x 2026E PE). Maintain BUY.
Risks: downstream demand volatility; new technology iteration missing our estimates; failure to onboard new clients.

　　钧崴电子发布半年报，公司1H26实现营收4.36亿元（yoy+23.01%），归母净利0.73亿元（yoy+7.64%），扣非归母净利0.72亿元（yoy+9.27%）。其中2Q26实现营收2.36亿元（yoy+25.57%，qoq+17.90%），归母净利0.37亿元（yoy+7.90%，qoq-1.22%），扣非归母净利0.36亿元（yoy+12.33%，qoq-0.50%）。1H26收入保持较快增长，同比增速快于归母净利润增速，主要系受到低毛利其他品类占比提升及汇兑损益影响。公司持续推进精密电阻、熔断器高端化，并通过收购FlatElectronics、拓展电流传感器完善产品矩阵，看好公司由元件供应商向电流检测解决方案提供商升级。我们给予公司目标价57.79元，维持“买入”评级。
　　1H26回顾：家电熔断器规模出货，收购薄膜电阻企业并表
　　分产品来看，1）电流感测精密电阻实现收入2.47亿元（yoy+7.49%），毛利率同比提升2.19pct至61.37%；2）熔断器实现收入0.84亿元（yoy+26.34%），主要系高温天气带动家电类熔断器产品需求，毛利率同比提升3.30pct至32.60%；3）其他品类实现收入1.05亿元（yoy+80.67%），收入占比由上年同期16.36%提升至24.03%，毛利率同比下降8.28pct至24.94%，主要系日本薄膜电阻企业FlatElectronics的收购并表贡献。受家电类熔断器及其他品类占比提升影响，1H26公司综合毛利率同比下降2.25pct至47.06%。费用方面，1H26公司期间费用率同比下降0.82pct至24.94%，规模效应有所体现。财务费用由上年同期的-0.02亿元增至0.05亿元，主要受到汇兑损益影响。
　　2H26展望：打造电阻、熔断器、传感器、电感一体化平台
　　1）电流感测精密电阻加速向AI算力与汽车电子拓展。AI服务器领域，公司高端合金电阻、分流器已进入台达、麦格米特等供应链；车载产品覆盖BMS、OBC、电驱及DC-DC，并配套零跑、蔚来、现代摩比斯等客户。2）熔断器与采样电阻协同设计，具备高耐压、低弧、高可靠性特征，持续推进导入头部AI电源厂与整车供应链电流传感器客户。3）电流传感器领域，公司已布局霍尔、磁通门及TMR技术路线，产品逐步进入台达、公牛、粤电、百千成等客户供应链，面向储能、充电桩、车载及工控等场景。4）薄膜电阻与电感布局完善产品矩阵。短期看，Flat薄膜电阻并表后将持续贡献增量；长期看，公司与铂科新材合作布局高端电感，有望形成电阻、熔断器、传感器与电感的产品矩阵，推动公司向“电流应用解决方案提供商”升级。
　　盈利预测与估值
　　我们预计公司26-28年公司收入9.58/12.39/15.65亿元，同比增长23.0/29.3/26.3%，26/27年较前值预测略微下调0.7/3.7%。我们预计公司26-28年公司归母净利润1.77/2.56/3.43亿元，同比增长34.7/44.9/34.1%，26/27年较前值预测略微下调14.7/12.5%，主要考虑到公司部分低毛利率产品占比提升、产品结构调整影响。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，我们给予公司27年60xPE（可比公司均值50x，溢价比例略有下调，主要考虑到公司低毛利率产品短期占比提升），对应目标价57.79元，前值42.1元（对应26年54xPE），维持“买入”评级。
　　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。

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.