汽车行业"降价潮"引发了整个产业链估值的持续回撤，然而聪明的投资者已开始捡廉价筹码，布局智驾产业链龙 头。 耐世特这两天估值回落了7%，但今年上涨超77%，这主要有两个逻辑：一是公司基本面的改善，盈利能力显著上 升；二是智驾板块的推动，公司在线控转向领域拥有较强的竞争力，今年战略性拓展"线控运动控制"底盘领域，满 足行业量产需求，进一步推动基本面的发展。目前该公司估值仍处于较低的水平，具有较强的上升支撑。 不过汽车行业淘汰赛已然进入最后阶段，车企"价格战"势必对供应链带来挤压，叠加贸易战，而这些"噪音"也将持续 干扰智驾板块估值走势。那么，耐世特基本面能否支撑今年的估值上涨，以及是否具备长期投资价值？ 全球龙头稳固，2025年业绩有望高增 耐世特是全球汽车转向系统的龙头企业，从全球范围看，EPS行业市场高度集中，前五大市场份额超过70%，而耐世 特位居前三。同时该公司在国内也稳居龙头，根据国元证券研报，2024年国内前五市场份额高达67.92%，其中耐世 特以16.16%的份额位居第二，仅次于博世华域，但份额差距并不小，超过10个百分点。 | 排名 | 公司名称 | 2024年中国市场份额 | | --- | ...

耐世特 20250526 摘要 耐世特北美业务受益于 USMCA 本地化优势，有效削减关税影响，且成 本转嫁机制顺畅，主要客户愿意承担额外成本，因此关税对财务表现影 响有限。北美区通过工厂整合、产业搬迁和供应链多样化等措施，EBIT 利润率持续改善，年初至今盈利已按预定方向恢复。 亚太地区业绩强劲，中国市场增速超 10%，主要客户如比亚迪、奇瑞、 吉利增长迅速。一季度订单达 8 亿美元，同比增长显著，整体营收表现 跑赢大市，盈利保持稳定。中国客户收入贡献比例超过 50%，比亚迪是 亚太最大本地客户，贡献 11%收入。 今年订单构成中，40%来自中国客户，60%来自海外客户。中国市场在 Raps 业务和后轮转向方面有新订单，尤其在新势力客户中表现突出。 北美市场重新获得重要管柱业务订单，计划将生产从美国转移至墨西哥 以降低成本。 北美业务 EBITDA 利润率已恢复至双位数水平，公司有信心维持该水平。 墨西哥出口到美国的大部分产品符合美墨加协议免关税，小部分受关税 影响的成本由客户承担。原材料价格波动影响小于疫情后，因已建立价 格传导机制。 Q&A 耐世特在 2025 年第一季度的经营情况如何？第二季度的展望如 ...

机构：国元国际 研究员：杨森 2013 年英菲尼迪Q50 首次量产应用线控转向系统，之后多家企业不断推进技术发展。2023 年特斯拉发 布专利结构图并计划搭载，线控转向进入高速发展期。 公司主业盈利能力回升，正构建完善的线控底盘产品组合电气化、自动化、软件定义车辆（SDV）等大 趋势的融合正在重塑汽车行业。 公司依靠专业能力可以帮助整车制造商高效地设计、开发、测试及完美整合软件、硬件及整体运动控制 系统，在新的产业潮流中具备强大竞争力。 【投资要点】 汽车转向系统正逐步从EPS 向线控过渡 EPS 是实现ADAS 功能的关键，目前在乘用车中大量使用。线控转向系统相比主流电动助力转向系统， 具备响应灵敏度更好，智驾功能拓展性更高，能实现驾驶员操作与车辆运动解耦，并提升紧急转向安全 性等优点。线控转向是L3+自动驾驶的必然选择。 我们预测公司FY2025 至FY2027 实现收入44.69/47.72/50.68 亿美元，同比增长4.5%/6.8%/6.2%； 归母净 利润1.21/1.62/1.86 亿美元， 同比增长96.2%/34.1% /14.4%。 鉴于公司处于利润快速增长期，我们认为公司合理目标价应为 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 7.61, indicating a potential upside of 24% from the current price of HKD 6.14 [1][7]. Core Insights - The automotive steering system is transitioning from Electric Power Steering (EPS) to steer-by-wire (SbW) technology, which is essential for advanced driver-assistance systems (ADAS) and is expected to enhance safety and responsiveness [5][30]. - The company is experiencing a recovery in its core profitability and is building a comprehensive product portfolio in the steer-by-wire chassis segment, capitalizing on trends in electrification, automation, and software-defined vehicles (SDV) [6][36]. - The company has secured significant project orders totaling USD 6 billion in 2024, with 31% of these being new business, showcasing its competitive strength in the market [41]. Summary by Sections Company Overview - The company is a global leader in motion control technology, providing solutions for electric and hydraulic steering systems, steer-by-wire systems, and software solutions to over 60 customers, including major automotive manufacturers [16][21]. Transition in Steering Systems - The report highlights the shift from EPS to steer-by-wire systems, which offer better responsiveness and safety features, making them a necessary choice for L3+ autonomous driving [30][31]. Recovery and Product Development - The company is enhancing its profitability through supply chain improvements and cost management, with a projected net profit of USD 61.72 million in 2024, a 68.1% increase from 2023 [6][38]. - The company is strategically expanding its steer-by-wire product offerings, including the launch of rear-wheel steering (RWS) and electronic mechanical brake (EMB) systems [52][53]. Financial Projections - Revenue forecasts for FY2025 to FY2027 are USD 4.47 billion, USD 4.77 billion, and USD 5.07 billion, respectively, with corresponding net profits of USD 121 million, USD 162 million, and USD 186 million, indicating strong growth [58][59].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 7.61, indicating a potential upside of 24% from the current price of HKD 6.14 [5][7][58]. Core Insights - The automotive steering system is transitioning from Electric Power Steering (EPS) to steer-by-wire (SbW) technology, which offers better responsiveness and safety features essential for advanced driving assistance systems (ADAS) and L3+ autonomous driving [5][30]. - The company's profitability is recovering, supported by a robust order book and strategic expansion into the steer-by-wire product line, which positions it competitively in the evolving automotive landscape [6][58]. - The company is expected to achieve significant revenue growth, with projected revenues of USD 4.47 billion, USD 4.77 billion, and USD 5.07 billion for FY2025, FY2026, and FY2027, respectively, reflecting year-on-year growth rates of 4.5%, 6.8%, and 6.2% [7][58]. Summary by Sections Company Overview - The company is a global leader in motion control technology, providing solutions for electric and hydraulic steering systems, steer-by-wire systems, and software solutions to over 60 customers, including major automotive manufacturers [16][21]. Transition to Steer-by-Wire - The shift from EPS to steer-by-wire is driven by the increasing demand for autonomous driving capabilities, with the technology expected to enhance vehicle safety and performance [30][31]. Recovery of Core Business - The company has seen a significant recovery in profitability, with net profit for 2024 projected at USD 61.72 million, a 68.1% increase from 2023 [6][38]. - The total order volume for 2024 reached USD 6 billion, with 31% of orders being new business, showcasing the company's competitive strength [41]. Financial Projections - The company forecasts revenues of USD 4.47 billion for FY2025, with a net profit of USD 121 million, representing a 96.2% increase year-on-year [58]. - The projected net profit margins are expected to improve, with net profit margins of 2.7%, 3.4%, and 3.7% for FY2025, FY2026, and FY2027, respectively [8][58]. Strategic Product Development - The company is expanding its steer-by-wire product portfolio, including the launch of rear-wheel steering (RWS) and electronic mechanical brake (EMB) systems, which are expected to enhance vehicle performance and safety [52][53]. - The EMB system represents a significant advancement in brake technology, replacing hydraulic systems with electronic controls for improved precision and integration [52]. Market Position and Competitive Advantage - The company maintains a strong market position in China, with a 16.16% market share in the EPS segment, ranking second in the domestic market [29]. - The strategic focus on software-defined vehicles (SDV) and collaboration with manufacturers enhances the company's ability to meet evolving market demands [36][37].

1 Copyrights 2025, Nexteer Automotive Corporation. All rights reserved. 15 May 2025 Copyrights 2025, Nexteer Automotive Corporation. All rights reserved. Safe Harbor Statement These materials have been prepared by Nexteer Automotive Group Limited ("Nexteer" or the "Company") and are being furnished to you solely for informational purposes. The information contained in these materials has not been independently verified. NO REPRESENTATION OR WARRANTY EXPRESS OR IMPLIED IS MADE AS TO, AND NO RELIANCE SHOULD B ...

耐世特 20250519 摘要 • 耐世特一季度锁定 8 亿美元订单，同比增长显著，中国客户贡献 40%，主 要围绕电动车相关项目，包括 REPS、RWS 以及双阳齿轮 EPS 等新业务， 北美市场亦有重要贡献。 • 公司重新获得底特律三大客户之一的管柱业务，计划将生产基地从美国转 移至墨西哥，以利用成本优势，稳固北美市场地位。 • 公司预设全年订单目标为 50 亿美元，EPS 业务占比约 70%。预计今年剩 余时间内线控相关订单将持续流入，包括前轮线控转向、电子机械制动器 （EMB）等新品类。 • 耐世特具备独立设计、制造线控转向及线控制动器的能力，与大陆汽车共 同拥有相关知识产权，各占 50%。未来将通过发展线控转向及线控制动， 提供新的增长曲线。 • 公司在北美市场的收入贡献约为 22 亿美元，大部分产品满足 USMCA 关 税豁免条件，通过与客户谈判转嫁额外成本，目前关税影响较小，但将继 续关注中美贸易协定对供应链的影响。 • 亚太地区业务年初至今表现优异，收入增长远超大市，预计中期来看，国 内公司收入比例将达到 35%至 40%，将继续推动公司整体收入增长。 • 公司目标是亚太地区订单运营利润率达到 ...

Core Viewpoint - Nexteer launched 23 new projects in Q1 2025, with 60.9% focused on new energy vehicles (NEVs), driven by strong demand from Chinese NEV OEMs and significant bookings from North American clients [1] Group 1: Business Performance - The Company secured bookings totaling US$0.8 billion in Q1 2025, representing 16.0% of its full-year target of US$5.0 billion [1] - New energy vehicle projects accounted for 14 out of 23 new projects, highlighting the Company's focus on this sector [1] - The Company is actively developing new products, including Electro-Mechanical Braking (EMB) and enhancing its Rear Wheel Steering (RWS) systems [1] Group 2: Market Environment - The Company is facing manageable impacts from US tariffs, primarily affecting parts and raw materials from Canada and Mexico, with a 25% tariff on non-compliant automobile parts [1] - Most products exported from Mexico to the U.S. comply with USMCA, allowing them to maintain tariff-free status [1] - The Company is optimizing its supply chain and manufacturing strategies to mitigate market uncertainties and policy risks [1] Group 3: Regulatory Developments - The Trump administration plans to relax regulations on autonomous driving, which will benefit Nexteer's autonomous driving-related business, particularly in high-capacity EPS and advanced SBW and RWS business units [2] - The relaxation of compliance procedures for self-driving vehicles for non-commercial purposes is expected to further support the development of autonomous driving in the U.S. [2] Group 4: Investment Outlook - The Company maintains a "Buy" investment rating with a target price of HK$6.50 per share, reflecting a 15.6x 2025 PER [2]

Nexteer Automotive Group (01316) Q1 2025 Earnings Call May 15, 2025 08:00 AM ET Company Participants Tony Wang - Investor Relations DirectorRobin Milavec - President, CTO, Chief Strategy Officer & Executive DirectorMike Bierlein - SVP & CFORebecca Wen - Executive Director Operator Ladies and gentlemen, welcome to the NexTier Automotive Group Limited twenty twenty five First Quarter Investor Communication Call. All participants will be in listen only mode. After today's presentation, there will be an opportu ...

Financial Data and Key Metrics Changes - The company reported $800 million in bookings for Q1 2025 and forecasts $5 billion in bookings for the full calendar year [11] - North America operations generated $2.2 billion in revenue during 2024, with $1.3 billion from U.S. operations and $900 million from Mexico operations [17] - The company expects above-market revenue growth of 200 to 300 basis points year over year for 2025 [20] Business Line Data and Key Metrics Changes - In Q1 2025, the company achieved 23 new program launches, including 14 for battery electric vehicle platforms [7] - Electric powered steering accounted for 36% of year-to-date new business bookings, while columns accounted for 45% [11] - The company secured significant steer by wire bookings, including contracts with a global EV leader and a leading Chinese NEV OEM [21] Market Data and Key Metrics Changes - Nearly 40% of total bookings are from Chinese OEMs, indicating alignment with growth megatrends in China [12] - The company is experiencing strong customer schedules in North America, with no significant changes related to recent tariff impacts [28] Company Strategy and Development Direction - The company is focusing on motion by wire technology as a central part of its long-term growth strategy, transitioning from hydraulic to electric control systems [21] - The company aims to expand its motion by wire chassis portfolio, including steer by wire and brake by wire technologies [10][14] - The strategy includes reducing fixed costs, optimizing footprint, and improving supply chain efficiency to drive margin expansion [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges such as dynamic tariff environments and supply chain restrictions but expressed confidence in navigating these issues [5][20] - The company remains optimistic about the North American market, despite potential volatility due to tariffs [26][27] Other Important Information - The company launched several new programs at the Shanghai Auto Show, emphasizing its commitment to innovative technology [6] - The company is actively working to mitigate tariff costs through changing sourcing locations and negotiating recoveries with customers [19] Q&A Session Summary Question: Updates on the latest trend in the North America market - Management noted that North America volumes are performing according to expectations, with strong customer schedules in the near term [24][26] Question: Changes in customer order trends due to new tariffs - Management indicated that customer production schedules remain strong and have not changed significantly due to the new tariffs [28] Question: Clarification on USMCA tariff compliance - Management confirmed that to be USMCA compliant, 75% of content must come from North America, and compliant goods can be imported with zero tariffs [30][31]