耐世特 20260107 摘要 耐世特线控转向业务加速推进，预计一季度末或二季度初开始量产， 2025 年小批量投产，部分项目或推迟至 2026 年。2025 年底有望获中 国新势力客户新订单，预计 2027 年量产。 中国线控转向法规将于 7 月 1 日生效，短期内不影响现有项目投产，但 长期将加速线控转向技术商业化落地，新势力车企推进速度或快于传统 车企。 耐世特在全球线控转向市场与博世、采埃孚等公司竞争，通过本地化研 发和快速响应客户需求形成优势，苏州研发中心是主要基地，助力降本 增效。 特斯拉 SubCap 项目采用耐世特独家供应的无方向盘线控转向系统，对 行业具重要意义，初期预计投放几万台，未来规模取决于 FSD 系统稳定 性及监管政策，耐世特具备弹性生产能力。 线控转向产品初期价格较高，因其为包含上下转器的完整解决方案，涉 及更多软件系统集成，上下两部分总价约 3,000-4,000 人民币，未来可 能随设计标准化和规模效应而下降。 Q&A 耐世特在 2026 年线控转向的量产计划和客户情况如何？ 耐世特在 2026 年上半年有多个线控转向项目将陆续投产，包括 24 年底获得 的北美电动车领导者 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 第 1 頁 共 11 頁 v 1.1.1 FF301 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01316 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | 本月底法定/註冊股本總額： ...

耐世特 20260105 摘要 耐世特预计 2025 年 Robotaxi 线控转向系统出货量为几万套，价格在 3,000-4,000 人民币之间，采用双执行器方案，性价比更高。产能规划 初期为几万套，可根据 FSD 商业化及监管情况调整至 10 万以上，北美 产线具备灵活调整能力。 2026 年，耐世特与理想、吉利（极氪）、小米等车企在线控转向项目 上合作紧密，预计 2025 年底锁定更多订单，2027 年投放市场。线控 转向标准将于 2025 年 7 月 1 日生效，加速技术推广。 国内线控转向方案多为上下转集成，价格 3,000-4,000 人民币，海外市 场主要为下转，价格相近。海外市场推进速度慢于中国，T 公司进展较 快，其他客户订单进度较缓。 耐世特预计 2025 年价格压力依然存在，但凭借比亚迪、小米等优质客 户，将保持增长。小米对亚太区营收贡献接近比亚迪，市占率接近 100%。中国车市增速放缓可能带来影响，但多元化客户组合可抵御风 险。 Q&A 耐世特在墨西哥工厂为 Robotaxi 项目的产能布局和准备情况如何？ 目前，耐世特在墨西哥工厂的产线布局正在紧锣密鼓地进行，为 2025 年 4 月 ...

来源：@智通财经APP微博 《科创板日报》12月19日讯 工信部公布首批L3级有条件自动驾驶车型准入许可后，又一家车企宣布获 得L3级路测牌照。 最新报道称，《北京市自动驾驶汽车年度评估报告（2024-2025）》（以下简称"报告"）中的信息显 示，小米汽车已在北京市获得L3级自动驾驶道路测试牌照，并持续开展了常态化L3级道路测试。该测 试牌照主要用于在北京市智能网联汽车高快速路测试路段上进行有条件自动驾驶测试，旨在探索未来更 加安全智能的个人出行服务。《报告》中介绍，截至2025年9月底，小米等23家企业的750辆自动驾驶乘 用车累计运行里程超6027万公里。 L3级自动驾驶准入遵循"试点申报—产品准入试点（测试与安全评估）—公告准入—限定区域通行试 点"的流程。目前，国内获L3级道路测试牌照的公司可以分为两类：已获得官方"准入许可"的企业和已 获得"路测牌照"或开展内测的企业。长安汽车、北汽蓝谷走在L3商业化落地前沿。 长安汽车：其"深蓝SL03"车型获得了在重庆特定拥堵路段运行L3的准入许可； 与"准入许可"不同，"路测牌照"仅允许企业在开放道路进行测试和技术验证，是技术积累阶段，据《科 创板日报》不完 ...

Summary of L3 Autonomous Driving Industry Conference Call Industry Overview - The approval of L3 autonomous driving trial runs marks readiness in regulations and the industry chain for large-scale commercialization, indicating that regulatory bodies are preparing for further promotion of autonomous driving [1][2] Core Insights and Arguments - L3 technology is initially launched in a B2B model, focusing on professional controlled testing on designated roads, which is more advantageous than directly targeting consumers due to lower education costs [1][3] - The L3 technology is expected to drive upgrades in the automotive supply chain, particularly in sensors (especially LiDAR), controllers (chip computing power), algorithms (full-stack self-research), and testing phases [1][4] - Steer-by-wire technology, as a key enabler for L3, is anticipated to improve driving experiences significantly, leading to an increase in its application ratio, benefiting related companies [1][5] - The increase in testing task requirements for L3 will provide more development opportunities for testing companies, potentially enhancing their business volume and profitability [1][5] Companies Mentioned - Changan Automobile, as one of the first approved manufacturers, is expected to benefit significantly in vehicle manufacturing [1][6] - Aptiv, a leader in steer-by-wire technology, is also viewed positively due to a high increase in Average Selling Price (ASP) [1][6] - China Automotive Research, as a key provider in the testing phase, is projected to benefit from increased task volume, leading to performance growth [1][6] Additional Important Points - The approval of L3 commercial trial runs includes two models: Changan Deep Blue S203 and BAIC Jihoo, which will be tested in Chongqing and Beijing, covering over 200 kilometers of roads, including complex urban elevated roads [2][3] - The regulatory approval signifies that the necessary preparations in regulations and the industry chain are in place for the commercial promotion of L3 autonomous driving technology [2]

Key Points Summary of the Conference Call Company Overview - The company discussed is **Nexteer Automotive**, focusing on its performance and strategic initiatives in the automotive steering systems industry. Core Industry Insights - **Order Target**: Nexteer aims to achieve nearly **$5 billion** in orders by 2025, with a significant increase in order inflow expected in Q4, driven by new steering orders from Chinese customers and global opportunities in steer-by-wire and rear-wheel steering systems [2][4]. - **Impact of Tariffs**: The company has effectively managed the impact of tariffs imposed by Mexico on Chinese imports by passing most of the costs onto downstream customers, achieving a localization procurement rate of nearly **90%** in North America [2][8]. - **Market Outlook for 2026**: Revenue in the European and American markets is expected to remain stable, but profitability is projected to improve. The Asia-Pacific region, particularly with a strong customer base in China, presents significant opportunities for new business and production [2][7]. Financial Performance - **EBITDA Expectations**: The company anticipates maintaining a **17% EBITDA** margin for the year, with further recovery potential in the European and North American markets despite short-term fluctuations due to tariffs and electric vehicle policies [3][13]. - **Profitability Improvement Measures**: Nexteer is optimizing production lines, establishing a localized R&D center in Mexico, and considering leasing or selling some factories to enhance efficiency and profitability in North America [2][14]. Product and Technology Developments - **Steer-by-Wire Systems**: The price range for steer-by-wire systems is approximately **3,000-4,000 RMB**, which represents an improvement over traditional EPS systems. The Chinese market is adopting a bundled procurement model for these systems [2][19]. - **Regulatory Changes**: New regulations regarding steer-by-wire technology in China are expected to be released in early 2026, which will facilitate the commercialization of this technology and support advanced driver-assistance systems (ADAS) and autonomous driving [4][20]. - **EMBA Project**: The EMBA project is projected to secure its first order in 2026 and commence production in 2027, with increased R&D investment planned for 2025 and 2026 to expedite commercialization [4][25]. Market Dynamics - **Global Supply Chain Trends**: Since 2024, there has been a trend towards localizing supply chains, with a significant reduction in trade exposure from China to North America. This shift is expected to continue as tariff policies evolve [8][9]. - **Competitive Landscape**: Nexteer remains a leading player in the EPS market, competing with companies like Bosch and ZF, while also expanding into high-end vehicle markets through partnerships with Chinese manufacturers [10]. Future Prospects - **Growth Opportunities in Europe**: The European market presents new growth opportunities, particularly with major clients like Fiat and PSA, and potential projects involving shared electric platforms expected to launch between 2028 and 2029 [15][16]. - **Tax Rate Expectations**: The effective tax rate is projected to stabilize around **30%** in 2025, with potential adjustments to approximately **20%** in the coming years as the company returns to profitability in the U.S. [17]. Conclusion - Nexteer Automotive is strategically positioned to leverage its strong customer base, innovative technologies, and localized supply chain strategies to navigate market challenges and capitalize on growth opportunities in the automotive industry.

Group 1 - The core viewpoint of the articles highlights the significant advancements in the autonomous driving sector, particularly with the introduction of L3-level conditional autonomous driving vehicles in China, marking a shift from technology demonstration to regulatory compliance and operational deployment [1][2] - Several autonomous driving concept stocks experienced notable increases, with Zhejiang Shibao rising by 7.94% to 4.35 HKD, and others like Nexperia and Hesai also showing gains, indicating positive market sentiment towards the sector [1] - The Ministry of Industry and Information Technology in China officially released the first batch of L3-level conditional autonomous vehicle approval lists, with Chang'an Automobile and BAIC Jihe being the first companies to receive approval for their models [1] Group 2 - Haitong International suggests that the ongoing validation of Tesla's Robotaxi and the institutionalization of L3 vehicles in China are accelerating a pivotal moment in the high-level autonomous driving industry, which will significantly impact vehicle valuation systems and competitive dynamics [2] - Ping An Securities emphasizes that the technology behind L3-level conditional autonomous driving relies on mature and reliable environmental perception capabilities, necessitating the integration of various sensors such as cameras, millimeter-wave radar, and LiDAR for accurate perception in extreme weather and complex road conditions [2]

客户端 智驾概念股早盘部分高开，截至发稿，浙江世宝（01057）上涨13.15%，报4.56港元；佑驾创新 （02431）上涨3.47%，报10.37港元；禾赛-W（02525）上涨3.07%，报163.40港元；耐世特（01316）上 涨0.99%，报6.10港元；黑芝麻智能（02533）上涨0.05%，报19.74港元。 责任编辑：卢昱君 智驾概念股早盘部分高开，截至发稿，浙江世宝（01057）上涨13.15%，报4.56港元；佑驾创新 （02431）上涨3.47%，报10.37港元；禾赛-W（02525）上涨3.07%，报163.40港元；耐世特（01316）上 涨0.99%，报6.10港元；黑芝麻智能（02533）上涨0.05%，报19.74港元。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

Group 1 - The core viewpoint of the news is that the approval of China's first batch of L3 conditional autonomous driving vehicles marks a significant regulatory milestone, transitioning high-level autonomous driving from mere technology demonstration to a stage of regulatory compliance and operational deployment [1][2] - The stocks of several autonomous driving concept companies experienced significant gains, with Zhejiang Shibao rising by 7.94% to 4.35 HKD, and others like Nexperia and Yujia Innovation also showing notable increases [1] - The Ministry of Industry and Information Technology officially announced the first batch of L3-level conditional autonomous driving vehicle approvals, with Chang'an Automobile and BAIC Jihe being the first companies to receive licenses for trial operations in designated areas [1] Group 2 - Haitong International believes that the ongoing validation of Tesla's Robotaxi and the institutionalization of L3 vehicles in China are accelerating an industrial inflection point that will profoundly impact vehicle valuation systems and competitive landscapes [2] - Ping An Securities emphasizes that the technology behind L3 conditional autonomous driving relies on mature and reliable environmental perception capabilities, necessitating the integration of various sensors such as cameras, millimeter-wave radar, and LiDAR for accurate perception in extreme weather and complex road conditions [2]

海通国际认为，随着特斯拉Robotaxi的持续放量验证，以及中国L3车型的制度化落地，高阶自动驾驶的 产业拐点正在加速到来，并将深刻影响整车估值体系与竞争格局。平安证券指出，L3级有条件自动驾 驶的技术原理离不开成熟可靠的行驶环境感知能力，因此需装备多种传感器，如摄像头、毫米波雷达、 激光雷达等，以实现多传感器融合模式下极端天气、复杂路况等环境精准感知能力。 消息面上，工业和信息化部12月15日正式公布了我国首批L3级有条件自动驾驶车型准入许可名单。长 安汽车与北汽极狐成为首批入围车企，其获批车型将分别在重庆指定拥堵路段和北京指定高速路段开展 上路试点。这意味着高阶智驾不再仅停留于技术展示，而是进入了按法规要求交付、运营并接受监管的 新阶段。值得一提的是，海外方面，美国奥斯汀街头出现运行Unsupervised FSD的特斯拉Model YRobotaxi。 智通财经APP获悉，部分智驾概念股高开，截至发稿，浙江世宝(01057)涨7.94%，报4.35港元；耐世特 (01316)涨3.64%，报6.26港元；佑驾创新(02431)涨2.99%，报10.32港元；禾赛-W(02525)涨2.9%，报 163. ...