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那么假如说5月份或6月份又有新的政策出来要对这个零部件这块你只要不是美国制造的也要征收25的关税的话我们相信啊 最少短期来言的话我们对供应对整车厂的态度是非常明确的客户需要承担100%承担关税的影响那么对供应商来讲我们没有办法或者也没有能力承担你的关税如果说客户需要分担成本的话我们会态度会比较坚决我们会寻求我们宁可停工也不可能承担关税所以说我相信在其实整个一季度的话我们一直在紧密的跟随客户在这方面进行谈判 所以说客户对供应商是否承担关税这块我觉得我们谈的还是比较清楚的客户充分意识到其实关税这个问题对供应链的影响还是比较大的所以说我们认为当前谈判是比较顺利的那么如果最差情况出现的话客户是愿意100%承担额外关税对整个成本造成的这么一个影响所以说我们相信短期的影响还是 有限的那么包括这个从这供应链来讲的话我们相信就是说啊目前来讲因为你满足这个雷默加的这个协议所以说我们目前是享受零关税这个这这这这这么一个待遇那么当然你说要有影响的话可能是更多的涉及到这个间接的影响中断 车架的上涨对终端的需求端的影响反过来影响我们的出货量但就直接的就是说耐斯特需要直接付关税这个影响的话我相信是比较短期是比较有限的那么除了客户本身以外 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.66, corresponding to a P/E of 13 times for 2025 [3][6]. Core Views - The company is expected to see significant profit margin improvement in 2024, with a projected net profit of USD 61.72 million, representing a year-on-year increase of 68% [1][3]. - The company has secured two new steer-by-wire orders in 2024, which are anticipated to be implemented by 2026, indicating a strong position in the autonomous driving sector [2][3]. - The report highlights the company's revenue growth potential driven by the trends of electrification and intelligence in the automotive industry, with expected revenues of USD 43 billion, USD 46 billion, and USD 50 billion for 2025, 2026, and 2027 respectively [3][5]. Financial Performance - For 2024, the company is projected to achieve revenues of USD 4.28 billion, a year-on-year increase of 1.6%, with an adjusted EBITDA of USD 424 million, reflecting a 22.5% growth [1][5]. - The net profit margin is expected to improve to approximately 1.4% in 2024, up from 0.9% in 2023 [5][12]. - The company’s EBITDA margin is projected to reach 9.9% in 2024, an increase of 1.7 percentage points year-on-year [1][5]. Product and Market Insights - The steer-by-wire technology is highlighted as a key innovation, allowing for more flexible vehicle design and enhanced driving precision, which is crucial for advanced autonomous driving [2][3]. - The company has also received its first rear-wheel steering order in 2024, which is expected to enhance driving experience in larger vehicle models [3][5]. - The revenue breakdown shows that North America accounts for 51% of total revenue, followed by Asia-Pacific at 31% and EMEASA at 17% [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.66, corresponding to a 13x P/E for 2025 [3][6]. Core Views - The company is expected to see significant profit margin improvement in 2024, with a projected net profit of USD 61.72 million, representing a 68% year-over-year increase [1][3]. - The company is benefiting from the trend towards steer-by-wire technology and has secured two steer-by-wire orders expected to be implemented by 2026 [2][3]. - The report highlights the potential for the company's rear-wheel steering technology, which is set to debut at the Shanghai Auto Show in April 2024, with an order already secured from a Chinese automaker [3]. Financial Performance - For 2024, the company anticipates revenues of USD 4.28 billion, a 1.6% increase year-over-year, with an adjusted growth of 2.5% after currency and commodity adjustments [1]. - The EBITDA for 2024 is projected at USD 424 million, a 22.5% increase from the previous year, with an EBITDA margin of 9.9% [1][3]. - The net profit margin is expected to improve to approximately 1.4% in 2024, up from 0.9% in 2023 [1][3]. Product Segmentation - Revenue from various product lines for 2024 is projected as follows: EPS at USD 2.89 billion, CIS at USD 440 million, HPS at USD 180 million, and DL at USD 770 million [1][3]. - The company has a strong order book, with USD 6 billion in orders expected to be completed in 2024, and another USD 6 billion anticipated for 2025 [1][2]. Market Outlook - The company is well-positioned to capitalize on the electric and intelligent vehicle trends, with expected revenues of USD 4.34 billion in 2025 and USD 4.63 billion in 2026 [3][5]. - The report emphasizes the growing importance of steer-by-wire technology in the context of advanced driver-assistance systems and autonomous driving [2][3].

Key Points Summary of the Conference Call Company Overview - The company discussed is **Nexteer Automotive**, a major supplier in the automotive industry, particularly in North America. Industry Insights - **North American Market**: Approximately 51% of Nexteer's revenue comes from North America, with 60% from U.S. factories and 40% from Mexican suppliers [3][4][6]. - **USMCA Compliance**: Nexteer benefits from the USMCA agreement, which allows for zero tariffs on parts that meet local content requirements [3][4]. - **Tariff Impact**: Despite potential tariffs on non-U.S. manufactured parts, Nexteer has stated that customers will bear the costs, not the company [3][7]. Financial Performance - **Q1 Performance**: The company reported strong performance in Q1, driven by post-holiday demand, new project launches, and customer stockpiling due to tariff concerns [3][8]. - **Revenue Structure for 2024**: In North America, General Motors accounts for nearly 60% of revenue, Ford for 25%, and Stellantis for 10%-15% [3][9]. - **European Market**: The European market also performed better than expected, with significant revenue and profit increases across three major regions [3][8]. Strategic Positioning - **Local Supply Chain**: Nexteer maintains a localized supply chain, with 80%-90% of secondary parts sourced from North America, minimizing exposure to tariffs [3][6]. - **Cost Management**: The company has implemented internal cost improvement measures, including organizational restructuring and performance enhancements, to boost profitability [3][17][18]. - **Competitive Advantage**: As a global tier-one supplier, Nexteer has a competitive edge over rivals like JTEKT and Bosch, particularly in the context of U.S. tariff policies [3][14][15]. Future Outlook - **Tariff Policy Changes**: While current tariffs have limited short-term impact, long-term policy changes are anticipated, with Nexteer expecting adjustments that could alleviate some tariff burdens [3][10][29]. - **Strategic Adjustments**: The company plans to continue optimizing its organizational structure and resource allocation, focusing on short-term revenue-generating projects [3][19]. - **Market Resilience**: The North American market is showing resilience, with stable inventory levels and optimistic production and sales conditions [3][12][17]. Additional Considerations - **Supply Chain Dynamics**: The trade window between North America and China is limited, with minimal exports from Asia to North America, thus reducing risk exposure [3][5][24]. - **Customer Relationships**: Strong relationships with major automakers enhance Nexteer's ability to navigate market challenges and capitalize on local market conditions [3][16][22]. - **Electric Vehicle Market**: The company is aligning with the growing demand for electric vehicles in Europe, with a significant portion of orders related to hybrid and electric models [3][27]. This summary encapsulates the key points discussed in the conference call, highlighting Nexteer's strategic positioning, financial performance, and outlook in the automotive industry.

Key Points Summary of the Conference Call for Nastech Company Overview - Nastech has a history of over 120 years, originally part of General Motors, later Delphi, and now publicly listed in Hong Kong, showcasing strong technical accumulation and product development capabilities [5] - The company specializes in various steering systems, including mechanical steering, electric power steering (EPS), and steer-by-wire systems, positioning itself as a leading global player [5] Industry Insights - The steer-by-wire system is crucial for high-level autonomous driving, allowing for a soft connection between the steering wheel and wheels via electronic signals, enhancing user experience and cabin space utilization [6] - By 2030, the domestic steer-by-wire penetration rate is expected to reach 30%, with a market size of approximately 26.1 billion RMB [6][8] - The global steer-by-wire market could exceed 50 billion RMB, indicating significant growth potential in the automotive smart hardware sector [8] Financial Performance - Nastech's revenue has remained stable between 4 to 4.5 billion USD, but net profit has fluctuated significantly due to cost control challenges and external factors [7] - The company anticipates a revenue of 147 million USD in 2025, with potential growth driven by new product launches and upgrades in the EPS business [12] Growth Opportunities - The core business of EPS is benefiting from the trend towards high-end electric intelligent products and domestic substitution, leading to rapid order growth [3][4] - Nastech expects to achieve 150 million USD in revenue by 2025, with a valuation of approximately 10.5 to 11 times earnings, indicating a favorable investment opportunity [4] Regional Development - Orders in the Asia-Pacific region are increasing, particularly in the high-end EPS sector, with expectations that this region will contribute 17% to 18% of total revenue by 2025 [11] - The launch of the Changshu factory supports Nastech's growth in this region, with anticipated high single-digit revenue growth in the coming years [11] Future Projections - By 2027, Nastech's steer-by-wire systems are expected to contribute significantly to revenue, with potential earnings of 800 million USD if 1 million units are shipped [10] - The overall revenue growth is projected to be in the high single digits, but profit growth is expected to outpace revenue growth due to the increasing proportion of steer-by-wire technology and improvements in EPS profitability [12] Competitive Landscape - Major global suppliers in the steer-by-wire market include companies like CAYE, Bosch, and Schaeffler, with high barriers to entry due to the complexity of technology involved [9] Conclusion - Nastech is well-positioned to capitalize on the growing demand for advanced steering systems in the automotive industry, with a strong historical foundation, innovative product offerings, and a favorable market outlook [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved revenue of $4.3 billion in 2024, a year-on-year increase of 1.6%, with net profit reaching $0.62 billion, up 68% year-on-year, aligning with expectations [8][9] - The company is focusing on becoming a leader in steer-by-wire technology, securing significant orders in 2024, including $6 billion in total orders, with 28% from Chinese automakers [15][18] - The report indicates a positive outlook for the company's profitability, with a projected improvement in earnings per share (EPS) and a favorable price-to-earnings (P/E) ratio trend [18] Revenue and Profitability Summary - Total revenue projections for the company are as follows: - 2023: $4.21 billion - 2024: $4.28 billion - 2025: $4.40 billion - 2026: $4.54 billion - 2027: $4.65 billion - Year-on-year growth rates for revenue are projected at 9.55%, 1.50%, 2.96%, 3.00%, and 2.55% respectively [1] - Net profit projections are as follows: - 2023: $36.74 million - 2024: $61.72 million - 2025: $110.48 million - 2026: $138.00 million - 2027: $158.01 million - Year-on-year growth rates for net profit are projected at -36.67%, 68.00%, 79.00%, 24.91%, and 14.50% respectively [1] Regional Performance Summary - North America contributed $2.19 billion in revenue for 2024, a decrease of 2.9% year-on-year, while the Asia-Pacific region saw a revenue increase of 10.1% to $1.34 billion [9][12] - The company’s EBITDA margin for 2024 is projected at 9.9%, with a year-on-year increase of 1.7 percentage points, indicating a steady improvement in operational efficiency [12][18]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved revenue of $4.3 billion in 2024, a year-on-year increase of 1.6%, with net profit reaching $0.62 billion, up 68% year-on-year, aligning with expectations [8][9] - The company is focusing on becoming a leader in steer-by-wire technology, securing significant orders from major electric vehicle manufacturers in North America and China [15] - The report highlights a robust increase in operating profit margins, with EBITDA margins improving for three consecutive years [12] Revenue and Profit Forecast - Projected total revenue for 2025 is $4.4 billion, with a year-on-year growth of 2.96%, and for 2026, it is expected to reach $4.5 billion, growing by 3% [1][18] - The forecast for net profit in 2025 is $1.1 billion, with a significant increase of 79% year-on-year, and for 2026, it is projected at $1.4 billion, a 25% increase [1][18] Regional Performance - In 2024, North America generated $2.19 billion in revenue, a decrease of 2.9% year-on-year, while the Asia-Pacific region saw a 10.1% increase, reaching $1.34 billion [9][12] - The report indicates that the Asia-Pacific region contributed the most to revenue growth, outperforming the automotive production growth rate in that area by 970 basis points [9] Order Book and Market Position - The company secured a total of $6 billion in new orders in 2024, maintaining a stable order book compared to 2023, with 28% of these orders coming from Chinese automakers [15] - The report emphasizes the potential for accelerated adoption of steer-by-wire technology in the context of global electrification and automation trends [15]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to HKD 7.27, corresponding to approximately 21 times the 2025 EPS [4][6]. Core Insights - The company's total revenue for 2024 is projected to increase by 1.6% year-on-year to USD 4.28 billion, with a gross margin improvement of 1.7 percentage points to 10.5% [1]. - EBITDA is expected to rise by 22.5% to USD 420 million, while net profit is forecasted to grow by 68% to USD 62 million [1]. - The second half of 2024 is anticipated to show stronger performance, with revenue increasing by 3.4% to USD 2.18 billion and net profit soaring by 1577.3% to USD 46 million [1]. Revenue and Profitability by Region - The Asia-Pacific region's revenue is expected to grow by 10.1% to USD 1.34 billion, increasing its share of total revenue by 2 percentage points to 31% [2]. - North America is projected to see an EBITDA margin increase of 2.3 percentage points to 8.1% [2]. - The overall EBITDA margin for the company is expected to rise by 1.7 percentage points to 9.9% due to cost optimization and growth in both regions [2]. New Orders and Product Development - The company secured new orders totaling USD 6 billion in 2024, with significant breakthroughs in steer-by-wire, DP-EPS, and rear-wheel steering [3]. - Notable new orders include projects from leading North American electric vehicle manufacturers and major Chinese automakers [3]. - The company is expanding its customer base and optimizing its business layout, which is expected to enhance cost efficiency and support future growth [3]. Financial Projections - The company’s total revenue is projected to grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2027, reaching USD 4.8 billion by 2027 [5]. - Net profit is expected to increase significantly, with a projected growth rate of 79.5% in 2025 and 21.8% in 2027 [5]. - The report outlines a gradual improvement in EPS, with estimates of USD 0.04 in 2025 and USD 0.07 in 2027 [5]. Valuation Metrics - The report provides a P/E ratio forecast, decreasing from 50.3 in 2023 to 10.6 by 2027, indicating an improving valuation as earnings grow [5]. - The company's return on equity (ROE) is expected to rise from 3.12% in 2024 to 7.13% in 2027, reflecting enhanced profitability [5].

Summary of the Conference Call for NEXTEER Industry and Company Overview - The conference call discusses NEXTEER, a company specializing in advanced steering systems, particularly focusing on rear-wheel steering and steer-by-wire (SBW) systems, which are gaining traction in the electric vehicle (EV) market, especially in China [2][3][4]. Key Points and Arguments 1. **Rear-Wheel Steering System**: NEXTEER has achieved a 12-degree steering capability, surpassing mainstream products, and has secured orders primarily due to the growing demand for high-end and long-wheelbase electric vehicles in China [2][8]. 2. **Commercialization of Steer-by-Wire Systems**: The commercialization of steer-by-wire systems is accelerating, with companies like NIO already integrating this technology into their vehicles. This indicates a rapid development phase for this technology [2][3][4]. 3. **Market Share Predictions**: NEXTEER's management forecasts that the global market share for steer-by-wire systems will reach 5% by 2030, with China expected to achieve a 25% penetration rate, positioning it as a leader in this technology [2][4][9]. 4. **Cost Reduction Strategies**: NEXTEER is standardizing software to lower costs for steer-by-wire systems, allowing a unified system to support multiple projects and providing customized steering feel for different vehicle models [2][12]. 5. **North American Market Performance**: Revenue in the North American market has been impacted by a 25% decline in European customer orders, but profitability is expected to improve in the second half of the year through supply chain optimization and material performance enhancements [2][15]. 6. **Growth in Asia-Pacific Region**: NEXTEER is focusing on both mainstream and high-end products in the Asia-Pacific region, achieving growth through supply chain management and expanding into new product lines like REPS and dual pinion EPS [2][16]. 7. **Diverse Customer Base**: The customer structure is becoming more diversified, with significant contributions expected from new entrants like Xiaomi, which has recently started generating revenue [2][21]. Additional Important Insights - **Technological Leadership**: NEXTEER's competitive advantage lies in its advanced technology and extensive experience in developing steering systems, which is crucial as the demand for high-performance automotive components rises, particularly in China [2][6]. - **Future Potential**: The company is well-positioned to lead in the new automotive components market, with expectations of significant growth driven by innovation and the increasing acceptance of new technologies in China [2][9]. - **Collaboration Between R&D Centers**: The collaboration between NEXTEER's R&D centers in China and the U.S. is enhancing the commercialization process of cutting-edge projects, demonstrating the importance of localized decision-making and resource allocation [2][18][20]. This summary encapsulates the key insights from the conference call, highlighting NEXTEER's strategic positioning and growth potential in the evolving automotive landscape.