1、7T2se3r0Ot6kwoPa7T2se3r0Ot6kwoPaDistributed on:19/09/2025 06:11:21 GMTDistributed on:19/09/2025 06:11:21 GMT19 September 2025Deutsche BankResearch Rating Buy Asia Hong Kong Consumer Autos&Auto Technology Company Johnson Electric Date Forecast Change Vehicle electrification,humanoid robots and data c

2、enters to drive growthWell positioned for global NEV growth with thermal management systemsJohnson Electric has launched an advanced EV charger solution,expanding the coverage of its thermal management expertise from new energy vehicles(NEVs)to their charging pumps.Utilizing the companys high perfor

3、mance EV locking actuators and advanced EV charger cooling pumps,Johnson Electrics EV charger solution offers a seamless charging experience with high voltage 350kW fast-charging,while its advanced cooling distribution unit with 3.5 kW of cooling capacity ensures efficient thermal management and saf

4、ety.Along with the companys vehicle thermal management subsystems(such as electric pumps and valve actuators),Johnson Electrics solutions are well positioned to support the auto industrys vehicle electrification mega trend.The companys vehicle and charger cooling solutions help make NEVs more comfor

5、table and efficient,by extending a NEVs driving range,supporting optimal cabin temperature,and shortening charging times.Johnson Electric estimates that the net business opportunity for NEVs will offer as much as a 50%increase in dollar content per passenger vehicle,which should support multi-year,s

6、tructural growth for the company.Given a time lag of 12-18 months in the conversion of new business wins from local Chinese OEMs into revenue,we expect a ramp up in the companys automotive product group(APG)revenue in the next few years.Entry into Chinese humanoid robot market with formation of join