Core Viewpoint - UBS reports that Nexperia (01316) achieved a 6.8% year-on-year revenue growth to $2.2 billion in the first half of the year, with net profit significantly increasing from $15.7 million to $63.5 million [1] Financial Performance - Revenue growth was primarily driven by key regions, with China and the EMEASA (Europe, Middle East, Africa, and South Asia) regions showing year-on-year increases of 15.6% and 9.4% respectively [1] - EBITDA margin improved from 9.4% in the same period last year to 10.3% [1] Earnings Forecast and Target Price - Based on the first half performance, UBS raised its earnings forecast for 2025 to 2027 by 2% to 9% [1] - The target price was increased from HKD 7.8 to HKD 8.7, maintaining a "Buy" rating [1] New Orders and Future Outlook - The company secured $1.5 billion in new orders in the first half, with 39% coming from Chinese automotive companies [1] - The annual new order target is set at $5 billion, with expectations of acquiring more by-wire technology-related orders in the second half [1] - The company is expanding its Motion-by-Wire chassis control product line and has received multiple related product orders, with mass production expected to start in 2026 [1]

Core Viewpoint - The stock of Nissin Automotive Systems Group Co., Ltd. experienced a decline of 5.2% on August 14, trading at 6.56 HKD per share with a transaction volume of 2.42 billion HKD. The company specializes in motion control technology and serves over 60 global automotive manufacturers, including major brands like BMW, Ford, and Toyota [1]. Financial Performance - As of the mid-year report for 2025, Nissin reported total revenue of 16.051 billion CNY and a net profit of 454 million CNY [2]. - For the fiscal year 2025 mid-year report, the profit attributable to shareholders was 6.348 million USD, reflecting a significant year-on-year growth of 304.46%, with basic earnings per share of 0.025 USD [3].

Core Insights - UBS report indicates that Nexperia's revenue increased by 6.8% year-on-year to $2.2 billion, with net profit rising significantly from $15.7 million to $63.5 million [1] Revenue Growth - Key regions contributing to revenue growth include China, which saw a 15.6% increase, and the Europe, Middle East, Africa, and South Asia (EMEASA) region, which grew by 9.4% [1] Profitability Metrics - EBITDA margin improved from 9.4% in the same period last year to 10.3%, driven by economies of scale and enhanced operational efficiency [1] New Orders - The company secured $1.5 billion in new orders during the first half of the year, with 39% of these orders coming from Chinese automotive companies [1] - The annual target for new orders is set at $5 billion, with expectations for increased orders related to steer-by-wire technology in the second half of the year [1] Earnings Forecast and Target Price - Earnings forecasts for 2025 to 2027 have been raised by 2% to 9% [1] - Target price has been adjusted from HKD 7.8 to HKD 8.7, maintaining a "Buy" rating [1]

本文源自：智通财经网 消息面上，耐世特公布2025年中期业绩，收入约22.42亿美元，同比增长6.8%；公司权益持有人应占溢 利6348万美元，同比增长304.46%；每股盈利0.025美元。公告称，盈利能力提高主要受销量增加、效率 及绩效提升所带动，惟部分被北美区净关税成本及两名陷入困境的供应商所抵销。 智通财经获悉，耐世特(01316)绩后高开逾8%，截至发稿，涨8.38%，报7.5港元，成交额414万港元。 ...

消息面上，耐世特公布2025年中期业绩，收入约22.42亿美元，同比增长6.8%；公司权益持有人应占溢 利6348万美元，同比增长304.46%；每股盈利0.025美元。公告称，盈利能力提高主要受销量增加、效率 及绩效提升所带动，惟部分被北美区净关税成本及两名陷入困境的供应商所抵销。 耐世特(01316)绩后高开逾8%，截至发稿，涨8.38%，报7.5港元，成交额414万港元。 ...

消息面上，耐世特公布2025年中期业绩，收入约22.42亿美元，同比增长6.8%；公司权益持有人应占溢 利6348万美元，同比增长304.46%；每股盈利0.025美元。公告称，盈利能力提高主要受销量增加、效率 及绩效提升所带动，惟部分被北美区净关税成本及两名陷入困境的供应商所抵销。 智通财经APP获悉，耐世特(01316)绩后高开逾8%，截至发稿，涨8.38%，报7.5港元，成交额414万港 元。 ...

Financial Data and Key Metrics Changes - Nexeer achieved record first half 2025 revenue of $2,200,000,000, increasing by 6.8% compared to the prior year, driven by growth in APAC with China OEMs [26][28] - EBITDA grew year over year by 16.8%, with margins expanding by 90 basis points, attributed to increased revenue and operational efficiency [27][34] - Net profit reached $63,000,000, or 2.8% of revenue, which is four times higher year over year, with margins improving by 210 basis points [28][34] - Free cash flow for 2025 was positive at $37,000,000, compared to a slight cash use last year, driven by improvements in earnings and lower capital spending [29][41] Business Line Data and Key Metrics Changes - Nexeer launched 31 new programs in the first half, with 23 representing new or conquest businesses, indicating strong market engagement [7][11] - The company secured $1,500,000,000 in new business bookings during the first half, with nearly 40% coming from Chinese OEMs [13][15] - 69% of bookings were in the EPS product line, with 47% secured in the APAC region, showcasing the company's diversified portfolio [15][31] Market Data and Key Metrics Changes - APAC revenue increased by 15.5% year over year, despite unfavorable foreign exchange impacts, driven by significant new program launches with China OEMs [32][34] - North America revenue was $1,138,000,000, a 1.7% increase from last year, while EMEA revenue increased by 9.4% [32][33] Company Strategy and Development Direction - Nexeer's strategy focuses on disciplined execution, technology leadership, and agile operations to deliver sustainable stakeholder value amid evolving market conditions [44][45] - The company is expanding its manufacturing footprint in Changshu and Riozhou to meet growing demand and enhance operational efficiencies [24][25] - Nexeer is committed to advancing mobility solutions in line with local economic and technological development priorities [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the $5,000,000,000 bookings goal for the year, despite a forecast for flat global OEM production volumes [43][44] - The company is closely monitoring the U.S. tariff environment and geopolitical tensions that may impact production volumes in the second half [43][44] - Management noted a cautious approach from customers regarding EV program launches in North America, but emphasized the adaptability of Nexeer's products across various powertrains [60][62] Other Important Information - Nexeer unveiled its Motion IQ software suite, designed to streamline BiWire chassis control and enhance vehicle health monitoring workflows [22][80] - The company is focused on mitigating tariff costs through collaborative approaches with customers and optimizing its supply chain [70][71] Q&A Session Summary Question: Booking slowdown in North America - Management acknowledged a decrease in booking opportunities in North America but remains optimistic about achieving the annual bookings goal of $5,000,000,000 [48][50] Question: Adoption of BiWire technology among Chinese OEMs - Management noted increasing interest and adoption of steer by wire technology in the Chinese market, with expectations for significant growth in the coming years [52][54] Question: Delays in EV program launches in the U.S. - Management confirmed some delays in EV program launches but highlighted that Nexeer's products are compatible with various powertrains, allowing for continued market share capture [58][60] Question: Guidance on tariff impact and restructuring costs - Management indicated a goal of being net tariff cost neutral for the year and projected similar restructuring costs in the second half [66][72]

Financial Data and Key Metrics Changes - Nexteer achieved record first half revenue of $2,200,000,000, increasing by 6.8% compared to the prior year [25][27] - EBITDA grew year over year by 16.8%, with margins expanding by 90 basis points [26][33] - Net profit reached $63,000,000, which is four times higher year over year, with margins improving by 210 basis points [27][33] - Free cash flow for 2025 was positive at $37,000,000, compared to a slight cash use last year [28][41] Business Line Data and Key Metrics Changes - In the first half, Nexteer launched 31 new programs, with 23 representing new or conquest businesses [6][9] - The company secured $1,500,000,000 in new business bookings, with nearly 40% coming from Chinese OEMs [12][14] - 69% of bookings were in the EPS product line, with 47% secured in the APAC region [14][30] Market Data and Key Metrics Changes - APAC revenue increased by 17%, outperforming the market by 9%, driven by significant new and conquest program launches with Chinese OEMs [30][31] - North America revenue was $1,138,000,000, which is 1.7% higher than last year [31] - EMEA revenue increased by 9.4%, reflecting improved operating efficiency and revenue growth [32][38] Company Strategy and Development Direction - Nexteer is focused on technology leadership and operational efficiency, with a commitment to expanding its manufacturing footprint and enhancing supply chain resilience [7][8] - The company is investing in motion by wire technologies, including steer by wire and brake by wire, to align with industry megatrends [15][19] - Strategic expansions in Changshu and Riozhou are aimed at meeting growing demand and enhancing operational efficiencies [23][24] Management's Comments on Operating Environment and Future Outlook - Management expects to achieve the full year booking target of $5,000,000,000, despite a flat forecast for global OEM production volumes [42] - The company is closely monitoring the U.S. tariff environment and geopolitical tensions that may impact production volumes [42][43] - Management remains optimistic about the adoption of steer by wire technology in the Chinese market, anticipating significant growth opportunities [53] Other Important Information - Nexteer is committed to becoming tariff cost neutral by working collaboratively with customers and suppliers to mitigate tariff impacts [62][64] - The company has introduced the Motion IQ software suite to enhance vehicle dynamics and streamline development processes for OEMs [21][70] Q&A Session Summary Question: Booking slowdown in North America - Management noted that bookings depend on customer product planning cycles, and while there was a slowdown, they remain confident in achieving the annual booking goal of $5,000,000,000 [48][50] Question: Adoption of BiWire technology in China - Management expressed optimism about the increasing interest and adoption of steer by wire technology among Chinese OEMs, with expectations for significant growth in the coming years [52][53] Question: Delays in EV program launches in the U.S. - Management acknowledged some delays in EV program development in North America but emphasized that their products are compatible with various powertrains, allowing them to capture market share [56][58] Question: Guidance on tariff impact and restructuring costs - Management confirmed that the net tariff costs incurred in the first half were not fully passed through to customers and outlined plans to mitigate these costs in the second half [62][64][66]

Financial Performance - The company achieved a record first-half revenue of $2.242 billion, a 6.8% increase compared to the prior year, driven by growth in the APAC region with Chinese OEMs[34, 36] - EBITDA grew by 16.8% year-over-year, with a margin expansion of 90 bps, reaching $230 million[34, 36, 47] - Net profit attributable to equity holders increased to $63 million, compared to $16 million in the first half of the previous year[36] - The company has a strong balance sheet with $367 million of net cash[34, 56] - Free cash flow was negative $2 million, compared to $37 million in the first half of the previous year[36] Bookings and New Business - The company secured $1.5 billion of new bookings in the first half of 2025[12, 17] - 74% of the new bookings are from new or conquest business, while 26% are from incumbent business[20] - 69% of the bookings are for EPS (Electric Power Steering) products, and 23% are for driveline products[20] - 39% of the bookings are from Chinese OEMs, and 61% are from other OEMs[20] Strategic Initiatives - Launched 31 new customer programs across all regions, including the first DPEPS launch in China[11, 15] - Expanding Motion-by-Wire chassis control, including Steer-by-Wire (SbW), Rear-Wheel Steering (RWS), and Electro-Mechanical Brake (EMB)[13, 23] - Strategic footprint expansion in Asia Pacific with new facilities in Changshu and Liuzhou, China[28, 29]

智通财经APP讯，耐世特(01316)公布2025年中期业绩，收入约22.42亿美元，同比增长6.8%;公司权益持 有人应占溢利6348万美元，同比增长304.46%;每股盈利0.025美元。 公告称，盈利能力提高主要受销量增加、效率及绩效提升所带动，惟部分被北美区净关税成本及两名陷 入困境的供应商所抵销。 ...