本次会议为中国国际金融股份有限公司中金公司闭门会议今天受邀嘉宾参会 未经中金公司和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为中金公司保留非洲相关方法律责任的权利This meeting is a closed-door meeting of China International Capital Corporation Limited CICCand only invited guests are allowed to attend Without the written permission of CICC and the speaker, no organization or individual is allowed to punish, forward, reprint, disseminate, copy, edit or modify the meeting contents and relevant information in any form.CICC reserves the right to investigate ...

证券时报网讯，星展研究报告上调耐世特目标价至4.5港元，并维持"买入"评级。 报告认为，尽管耐世特以北美为主要市场，但公司正在迅速扩大在中国新能源汽车市场的份额，基于业 务前景改善，预测市盈率上调，股价有进一步上升空间。 校对：祝甜婷 ...

又死灰复燃又进一步这个行业的竞争进一步加剧所以你考虑到这些因素的话我认为亚太这个利润还是保持在当前这个水平在保持营业这个水平的情况下我们认为亚太经济空间可以看到这个收入端子的一个增长今年亚太区的这个收入啊这比有望达到13亿美金这么一个年收入的水平所以说这个是应该我们看到进一步的这个达到亚太区的这个历史新高的一个水平 所以说这个趋势我们认为还是可以得到这么一个进步的这么一个延续但是同时我们也会对这个第二轮的后续的价格战我们也会保持一个相对比较一个警惕的一个态度因为这个我们知道上半年价格战对行业影响比较大那到三阶的来讲的话价格战这个情况其实得到了一个缓解但其实往年底来年中来看的话这个其实价格这块会不会又 我们也不排除由于价格压力带来的额外影响所以我们还是保持一个相对价格这块在中国保持一个相对谨慎的观点 这是一个纪念的情况那么从订单的角度来讲的话我们看到三季度订单流入还是如意气氛实现的我们全年60亿美金的订单比较不变上半年拿了21亿美金但我们在三季度就拿到了20亿美金订单所以说通过四季度持续订单的获取我们离实现全年60亿美金的目标我们认为还是比较近的那么这里面呢 跟大家做一些更细节的更新我们在今年订单的获取里面我们 ...

又死灰复燃又进一步这个行业的竞争进一步加剧所以你考虑到这些因素的话我认为亚太这个利润还是保持在当前这个水平在保持营业这个水平的情况下我们认为亚太经济空间可以看到这个收入端子的一个增长今年亚太区的这个收入啊这比有望达到13亿美金这么一个年收入的水平所以说这个是应该我们看到进一步的这个达到亚太区的这个历史新高的一个水平 所以说这个趋势我们认为还是可以得到这么一个进步的这么一个延续但是同时我们也会对这个第二轮的后续的价格战我们也会保持一个相对比较一个警惕的一个态度因为这个我们知道上半年价格战对行业影响比较大那到三阶的来讲的话价格战这个情况其实得到了一个缓解但其实往年底来年中来看的话这个其实价格这块会不会又 我们也不排除由于价格压力带来的额外影响所以我们还是保持一个相对价格这块在中国保持一个相对谨慎的观点 这是一个纪念的情况那么从订单的角度来讲的话我们看到三季度订单流入还是如意气氛实现的我们全年60亿美金的订单比较不变上半年拿了21亿美金但我们在三季度就拿到了20亿美金订单所以说通过四季度持续订单的获取我们离实现全年60亿美金的目标我们认为还是比较近的那么这里面呢 跟大家做一些更细节的更新我们在今年订单的获取里面我们 ...

[Table_MainInfo] 公司研究/汽车与零配件 证券研究报告 耐世特（1316）公司信息点评 2024 年 11 月 18 日 | --- | --- | |-------------------------------------------------------------------|------------| | 股票数据 | | | 1 [ 1 T 月 ab 1 le 5 _ 日 S 收 to 盘 c 价 k （ In 元 fo ） ] | 3.11 | | 52 周股价波动（元） | 2.29-5.46 | | 总股本（百万股） | 2510 | | 流通 A 股（百万股） | 0 | | B 股/H 股（百万股） | 2510 | | 相关研究 | | | [ 《 Ta 继 b 续 le 看 _R 好 e 亚 p 太 or 区 tI 增 nf 长 o] 潜力》 | 2024.08.16 | | 《发布激励计划》 2024.07.15 | | | 《持续看好亚太区增长潜力》 | 2024.03.29 | 市场表现 [Table_QuoteInfo] | --- | --- | --- ...

包括我们欧洲这个客户他整个平台主流平台全部要用这个所以说他在推进的话他确实速度也比较慢因为他这个比较激进的这么一个计划然后包括他的这个整个车的这个设计啊软件的整合啊所有的这个核心件的这些优化变化非常大所以说他可能在这个网店推进的时候也遇到了一些这个瓶颈整个这个平台的这个 中文字幕由Amara.org社区提供 这个订单的规模可能这个跟海外客户比的话相对会会小一些但是它这个速度会非常快所以我们相信这个这个可能这个第一个订单的这个对我们来说可能意义更更为重大就是说这个这个这个 手机款车型装配以后的话后续不管这个客户还是其他的前线客户在限控这块会有进一步的快速的装配当然也不排除目前预计装配的限控的中国客户的业务 我相信会在他下载重大的车型换代的时候会把这个项目转项装在他的车型里面去所以说我们对这个项目包括这个项目再来的后续一些新项目的拓展的计划我们还是非常有信心的这个他会公告吗还是说也不会达到公告标志 因为这个确实有些A股的公司可能就是说在一些重大规模很大的业务或者说这种比较新种业务这一块的话他会专门有一个发一个公告可能我们目前来讲的话可能这个模式不太一样就是说这个还是会通过这个季度的或者说年报发年报这种方式来做一个 ...

Key Points Introduction 1. **Industry/Company**: The call is part of a regular "招文系列" (招股说明书系列) investor conference. 2. **Core Message**: The host thanks investors for joining and expresses gratitude for their continued interest. 3. **Frequency**: The host plans to provide updates at 8:15 AM every morning. [1][2][3]

Revenue and Financial Performance - Half-year revenue of $2.1 billion, flat compared to the first half of 2023[12] - Full-year revenue for 2024 is expected to reach a record high[12] - Revenue for H1 2024 was $2.099 billion, a slight decrease of 0.1% compared to $2.102 billion in H1 2023[24] - Revenue for the first six months of 2024 was $2.1 billion, flat compared to the same period in 2023, but adjusted for unfavorable foreign exchange and reduced commodity compensation, revenue grew by 1%, outperforming the market by 120 basis points[28] - Revenue for the six months ended June 30, 2024, was $2,098.927 million, slightly down from $2,101.830 million in the same period in 2023[87] - Total revenue for the six months ended June 30, 2024, was $2,127.347 million, with North America contributing $1,151.635 million, Asia-Pacific $616.680 million, and Europe, Middle East, Africa, and South America $368.276 million[112] - Revenue from external customers for the six months ended June 30, 2024, was $2,098.927 million, compared to $2,101.830 million for the same period in 2023[112] - North America revenue decreased to $1,118,983K in H1 2024 from $1,194,519K in H1 2023, with the US contributing $664,380K (down 6.3% YoY) and Mexico contributing $454,603K (down 6.4% YoY)[117][120] - Asia-Pacific revenue increased to $594,578K in H1 2024 from $543,983K in H1 2023, driven by growth in China to $524,420K (up 12.9% YoY)[117][120] - Europe, Middle East, Africa, and South America revenue remained stable at $366,348K in H1 2024 compared to $361,149K in H1 2023, with Poland contributing $220,917K (up 9.6% YoY)[117][120] - Electric Power Steering (EPS) revenue decreased to $1,404,555K in H1 2024 from $1,442,653K in H1 2023, while Driveline (DL) revenue remained stable at $382,244K[120][121] - General Motors remained the largest customer, contributing $754,995K in H1 2024 (up 4.6% YoY), accounting for 36% of total revenue[124] Orders and Customer Projects - Customer project orders totaling $2.1 billion secured in the first half of 2024[12] - 74% from existing business, including DL and CIS business for North American truck projects[12] - 26% from new/newly acquired business, including the first DPEPS order in the Asia-Pacific region[12] - Orders from domestic Chinese automakers increased by 186% to $930 million in H1 2024 compared to H1 2023, accounting for 43% of total orders ($9 billion out of $21 billion)[13] - 38 new customer projects were successfully launched globally in H1 2024, including 18 pure electric vehicle projects and the first DPEPS project in EMEA and South America[13] - The company achieved a total order intake of $2.1 billion in the first half of 2024, with 41% from EPS product lines and 59% from driveline product lines[19] - 40% of the orders are for EV or EV/ICE shared platforms, while 60% are for ICE platforms exclusively[19] - New or newly acquired business accounted for 26% of the order intake, driving long-term above-market growth[19] - Orders from domestic Chinese OEMs surged to $930 million in H1 2024, a 186% increase compared to $325 million in H1 2023[19] - Domestic Chinese OEMs' total production increased by 20% (1.3 million units) in H1 2024 compared to H1 2023[19] - The company successfully launched 38 new customer projects in the first six months of 2024, including 18 pure EV projects, with 32 being new or newly acquired business[30] Profitability and Margins - Gross profit increased by 10.5% to $210.9 million in H1 2024 from $190.8 million in H1 2023[24] - Adjusted EBITDA rose by 6.0% to $197.3 million in H1 2024 from $186.1 million in H1 2023[24] - Adjusted EBITDA for the first six months of 2024 increased by $11.2 million or 6.0% to $197.3 million, driven by efficiency improvements and cost reductions, partially offset by unfavorable foreign exchange[28] - Gross profit increased to $210.927 million in 2024 from $190.831 million in 2023, reflecting improved margins[87] - Operating profit decreased to $41.311 million in 2024 from $46.818 million in 2023, primarily due to higher engineering and product development costs[87] - Net profit attributable to equity holders of the company was $15.695 million in 2024, a significant decline from $33.993 million in 2023[87] - Net profit attributable to equity holders decreased by $18.3 million to $15.7 million, or 0.7% of total revenue, down from $34.0 million (1.6% of total revenue) in 2023[36] - EBITDA increased by $11.2 million[37] - Raw material costs decreased by $54.2 million or 3.9%, contributing to a gross profit increase of $20.1 million or 10.5%[39][40] - The company's pre-tax profit for the six months ended June 30, 2024, was $40.790 million, compared to $45.799 million for the same period in 2023[115] - The company's basic earnings per share for the six months ended June 30, 2024, was $0.006, down from $0.014 in the same period in 2023[180] Regional Performance - The Asia-Pacific region saw strong growth, with revenue increasing by 9.3% to $594.6 million, driven by new and acquired projects, despite unfavorable foreign exchange impacts[32][33] - North America revenue decreased by 6.3% to $1.12 billion, primarily due to poor market performance of certain customer projects and the end of some projects in 2023[32][33] - Europe, Middle East, Africa, and South America revenue increased by 1.4% to $366.3 million, despite a 4.1% decline in light vehicle production in Europe, supported by new project launches[32][33] - Global light vehicle production decreased by 0.2% in the first six months of 2024, with growth in the Asia-Pacific region offset by declines in Europe, the Middle East, Africa, and South America[29] - The company's revenue was negatively impacted by $20.9 million due to unfavorable foreign exchange rates, particularly the appreciation of the USD against the RMB[31] Operational Highlights - The company has 27 manufacturing plants, including 1 non-consolidated joint venture[3] - Operates 5 technology centers and 13 customer service centers globally[3] - Serves over 60 global and domestic OEMs, including BMW, BYD, Ford, and General Motors[3] - The Porto Alegre facility in Brazil fully resumed operations by the end of July 2024 after a 30-day flood disruption[12] - The company broke ground on a new manufacturing and testing base in Changshu, China, expected to be operational by early 2025, and expanded the Mexico Technical Center, set to complete in 2026[16] - The DL business in the US underwent consolidation, resulting in a 22% increase in throughput and zero late deliveries to customers[16] - The company implemented a second round of the Early Retirement Incentive Program (ERIP) in H1 2024, expected to achieve cost savings in H2 2024[17] - A 25-acre solar power plant was commissioned at the Saginaw, Michigan facility, reducing operational costs through renewable energy[17] - The company completed 20% of the machinery relocation for the North American column business transfer to Mexico, with full completion expected by 2025[18] - The 2024 Global Supplier Conference emphasized strategic themes including dual sourcing, cost targets, faster time-to-market, ESG commitments, and digital supply chain management[18] - The company completed the modular product portfolio for EPS architectures with the launch of mPEPS, a cost-effective and scalable PEPS solution[13] - The company launched the mPEPS system, expanding its modular EPS product portfolio to include single and dual pinion systems[21] Financial Position and Cash Flow - Non-current liabilities decreased by 15.3% to $258.1 million as of June 30, 2024, compared to $304.7 million as of December 31, 2023[25] - Cash balance as of June 30, 2024, was $279.8 million, a decrease of $31.9 million from December 31, 2023, primarily due to reduced operating cash flow and increased financing activities[28] - Total assets as of June 30, 2024, amounted to $3,359.23 million, a slight decrease from $3,404.59 million at the end of 2023[83] - Non-current assets decreased to $1,814.17 million from $1,856.92 million, primarily due to reductions in property, plant, and equipment, and intangible assets[83] - Current assets remained stable at $1,545.06 million, with inventory increasing to $310.83 million and accounts receivable rising to $800.27 million[83] - Cash and cash equivalents decreased to $279.84 million from $311.74 million at the end of 2023[83] - Total equity decreased to $1,994.999 million as of June 30, 2024, compared to $2,010.841 million at the end of 2023[85] - Total liabilities decreased to $1,364.231 million in 2024 from $1,393.752 million in 2023, reflecting a reduction in non-current liabilities[85] - Exchange rate differences resulted in a loss of $25.256 million in 2024, compared to a loss of $10.086 million in 2023, impacting comprehensive income[89] - Operating cash flow for the six months ended June 30, 2024, was $152.387 million, a decrease from $231.191 million in the same period in 2023[96] - Net cash used in investing activities for the six months ended June 30, 2024, was $154.648 million, compared to $171.316 million in the same period in 2023[96] - Net cash used in financing activities for the six months ended June 30, 2024, was $19.703 million, compared to $13.857 million in the same period in 2023[96] - Cash and cash equivalents decreased by $21.964 million in the six months ended June 30, 2024, compared to an increase of $46.018 million in the same period in 2023[96] - The company's cash and cash equivalents at the end of June 30, 2024, were $279.836 million, down from $290.087 million at the end of June 30, 2023[96] Costs and Expenses - Engineering and product development costs increased by $20.6 million or 30.3%, reaching $88.6 million or 4.2% of revenue[41] - Total investment in engineering and product development decreased by $12.5 million or 8.5% to $135.4 million[42] - Selling, distribution, and administrative expenses increased by $5.1 million or 6.6% to $82.4 million, representing 3.9% of revenue[43] - Net financing costs increased to $2.2 million, up from $0.9 million in the same period last year, primarily due to short-term borrowing fluctuations[45] - Cost of sales and operating expenses totaled 2,059,040 thousand USD in the first half of 2024, slightly higher than the 2,056,312 thousand USD recorded in the same period of 2023, with increased employee costs and warranty expenses[162] - Intangible asset impairment charges surged to 37,699 thousand USD in the first half of 2024, compared to 2,371 thousand USD in the same period of 2023, reflecting higher write-downs[162] Liabilities and Provisions - Provisions for litigation, environmental liabilities, warranties, and shutdown claims decreased by $3.8 million to $83.6 million as of June 30, 2024, from $87.4 million as of December 31, 2023[48] - Total provisions decreased from 87,355 thousand USD at the beginning of 2024 to 83,600 thousand USD by June 30, 2024, primarily due to reductions in litigation and warranty provisions[153] - Warranty provisions increased by 20,226 thousand USD in the first half of 2024, reflecting higher estimated costs related to product warranties[153] - Deferred revenue decreased from 137,473 thousand USD at the end of 2023 to 123,309 thousand USD by June 30, 2024, mainly due to revenue recognition from pre-production activities[156][157] - Accounts payable decreased from 833,401 thousand USD at the end of 2023 to 810,295 thousand USD by June 30, 2024, with a notable reduction in the 0-30 days aging category from 460,109 thousand USD to 370,755 thousand USD[158][159] - Accrued expenses increased from 136,096 thousand USD at the end of 2023 to 145,601 thousand USD by June 30, 2024, driven by higher estimated customer claims due to supply chain disruptions[160] - Other net income increased to 1,424 thousand USD in the first half of 2024, compared to 1,300 thousand USD in the same period of 2023, primarily due to higher miscellaneous income[161] Shareholder and Governance Information - The company's largest shareholder, Nexteer Automotive (Hong Kong) Holdings Limited, holds 44.03% of the issued shares, totaling 1,105,000,000 shares[77] - Beijing E-Town International Investment Development Co., Ltd. holds a 20.92% stake in the company, equivalent to 525,000,000 shares[77] - M&G Plc. holds a 5.33% stake in the company, with 133,657,000 shares[77] - Directors collectively hold a minimal stake, with the highest individual holding being 0.08% by Robin Zane Milavec[74] - No directors or their immediate family members acquired any rights to purchase shares or bonds during the six months ending June 30, 2024[75] - The company's financial statements were reviewed by Deloitte, which found no material misstatements in accordance with International Accounting Standard 34[82] - The company adheres to high standards of corporate governance, including compliance with the Hong Kong Stock Exchange's corporate governance code[63] - The company's chairman also serves as the CEO, a deviation from standard corporate governance practices, but deemed necessary for consistent leadership[64] - No interim dividend was recommended for the six months ended June 30, 2024[67] - No purchase, sale, or redemption of any listed securities by the company or its subsidiaries during the six months ended June 30, 2024[68] - No options were granted under the stock option plan during the six months ended June 30, 2024[68] - The stock option plan expired on June 5, 2024, with no options available for grant as of June 30, 2024[68] - As of June 30, 2024, 8,635,250 shares could be issued under the stock option plan, representing 0.34% of the weighted average number of issued shares[71] - The company's stock price on the day before the option grant date (October 24, 2022) was HK$3.98[71] - The total number of options granted but not yet exercised as of June 30, 2024, was 83,143,610[70] - The total number of options available for exercise as of June 30, 2024, was 8,635,250[70] - The exercise price for options granted on October 25, 2022, was HK$4.268[70] - The company's total issued shares as of June 30, 2024, were 2,509,824,293[73] - The company declared a dividend of $7,529,000 for the year ended December 31, 2023, payable on July 9, 2024[183] Joint Ventures and Investments - Share of joint venture profits (losses) for Chongqing Nexteer, Dongfeng Nexteer, and CNXMotion were $1.7 million, $0, and $0 respectively for the six months ended June 30, 2024, compared to $1.9 million, ($0.2 million), and ($1.8 million) for the same period in 2023[46] - The company dissolved Dongfeng Nexteer, a joint venture with Dongfeng Motor Parts and Components Group Co., Ltd., in the six months ended June 30, 2023[187] - The company dissolved CNXMotion, a joint venture with Continental Automotive Systems, Inc., in the year ended December 31, 2023[187] - The company's investment in joint ventures had a book value of $20,097,000 as of June 30, 2024, related to Chongqing Nexteer[187] - The company's share of joint venture performance for the six months ended June 30, 2024, was $1,657,000, related to Chongqing Nexteer[187] - The company's share of joint venture performance for the six months ended June 30, 2023, was $(138,000), including $1,852,000 from Chongqing Nexteer, $(196,000) from Dongfeng Nexteer, and $(1,794,000) from CNXMotion[187] - The

耐世特（01316.HK） 亚太业务高成长，期待线控转向放量 | --- | |---------------------------------------------------------------------------| | 上半年耐世特业绩不及预期。2024H1，公司收入大约 21 亿美元，同比持平，经 | | 外币换算（影响 0.2 亿美元）和商品补偿（同比减少 0.03 亿美元）调整后，收入 | | 增长 1%，跑赢市场 1.2pct。分产品看，EPS/CIS/HPS/DL | | 14/2.2/0.9/3.8 亿美元，同比-3%/+18%/+5%/-1%。2024H1 毛利率为 | | 比提升 1pct，毛利增长主要系原材料成本减少。EBITDA 同比增长 6% | | 美元，EBITDA 利润率同比提升 0.5pct 至 9.4%，主要受以下因素影响： | | 制造和固定支出的降低推动利润率提升，2）巴西洪灾对盈利造成了 300 | | 不利影响，3）波兰和墨西哥汇率走强、人民币兑美元汇率走弱，对盈利造成了 | | 万美元的不利影响。由于 1）2023H1 时公司确认了巴西一次性所得税收 ...

[Table_StockInfo] 2024 年 08 月 19 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：2.47 港元 耐 世 特（1316.HK）汽车 目标价：3.24 港元 毛利率持续恢复，亚太地区快速增长 [Table_Summary 事件：公司发布] 2024半年报，实现营收 21亿美元，同比-0.1%，净利润 1570 万美元，同比-53.8%，毛利率 10.1%，同比+1pp，EBITDA 率为 9.4%，同比 +0.5pp，净利率 1.1%，同比-0.7pp。 亚太地区持续高增。根据标普全球汽车统计，24H1全球整车制造商汽车产量下 降 0.2%，公司营收增速与行业基本持平。其中，与 22 年相比，由于美元兑人 民币、欧元升值，公司营收受到外币换算的不利影响约 20.9百万美元；原材料 降价导致客户降价同比减少营收约 3.1百万美元；就不利外币换算及与商品降价 有关的减少作出调整后，公司 24H1 收入同比增长 1%。分地区来看，24H1 北 美/亚太/欧洲、中东、非洲及南美洲(EMEASA)地区营收分别为 11.2 /5.9/3.7亿 美元，同比-6.3%/+9.3 ...