智通财经APP获悉，中银国际发布研报称，耐世特(01316)上半年收入同比增长6.8%，大致符合预期， 产量优于全球汽车产业3.1%的增速。净利润回升至6,300万美元，远超该行先前预期的5,000万美元，主 要受惠于更有效地将关税成本转嫁予全球车企客户，以及营运效率提升。基于上半年盈利表现优于预 期，该行将2025及26年净收入预测上调13%至21%，至1.25亿及1.49亿美元，并认为近期股价上升，已 反映市场的乐观情绪。考虑到当前估值处于合理水平，维持"持有"评级，将目标价由5.5港元上调至7港 元。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of HKD 8.72, corresponding to approximately 20 times the 2025 EPS [3][5]. Core Insights - The company's performance in the first half of 2025 exceeded expectations, with total revenue increasing by 6.8% year-on-year to USD 2.24 billion, accounting for 51% of the full-year revenue forecast. Net profit surged by 304.5% year-on-year to USD 63 million, representing 57% of the annual net profit forecast [1][3]. - The growth in the Asia-Pacific region is a significant driver of the company's strong performance, with revenue from this region increasing by 15.5% year-on-year to USD 690 million, contributing to 31% of total revenue [1]. - The company is expanding its order book, with a forecasted addition of USD 5 billion in new orders for 2025, including projects in North America and Europe [2]. Summary by Sections Financial Performance - In 1H25, the company reported a gross margin of 11.5%, up by 1.5 percentage points year-on-year, and an EBITDA of USD 230 million, reflecting a 16.8% increase year-on-year [1]. - The EBITDA margin for the Asia-Pacific region was 16.9%, while the EMEASA region saw an EBITDA margin of 8.8%, up by 6.8 percentage points year-on-year [1]. Revenue and Profit Forecast - The company’s total revenue is projected to grow from USD 4.207 billion in 2023 to USD 5.055 billion by 2027, with a compound annual growth rate (CAGR) of approximately 6.7% [4]. - The net profit attributable to the parent company is expected to increase significantly from USD 37 million in 2023 to USD 234 million by 2027, with a notable growth rate of 129.3% in 2025 [4][8]. Order and Market Expansion - The company has successfully secured new orders in various regions, with 47% of new orders coming from the Asia-Pacific region, 30% from EMEASA, and 23% from North America [1][2]. - The management anticipates that the company will continue to leverage its technological advantages in steering systems to expand into new business areas, particularly in the field of drive-by-wire chassis systems [2].

中银国际发表研究报告指，耐世特上半年收入按年增长6.8%，大致符合预期，产量优于全球汽车产业 3.1%的增速。净利润回升至6300万美元，远超该行先前预期的5000万美元，主要受惠于更有效地将关 税成本转嫁予全球车企客户，以及营运效率提升。 基于上半年盈利表现优于预期，该行将2025及26年净收入预测上调13%至21%，至1.25亿及1.49亿美 元，并认为近期股价上升，已反映市场的乐观情绪。考虑到当前估值处于合理水平，该行维持"持有"评 级，目标价由5.5港元上调至7港元。 ...

该行又上调公司2025至2027年各年毛利率假设，从11%、11%及11%分别上调至11.5%、11.5%及 11.5%，基于成本优化措施、制造效率提升及重组;并上调2025至2027年息税前利润率假设，从4%、 4.4%及4.8%分别上调至4.1%、4.6%及5.1%，基于2025年上半年乐观的息税前利润率及成本节省措施。 大华继显发布研报称，耐世特(01316)上半年净利润超出该行预期，达约6,300万美元(同比增长305%， 按半年增长40%)。盈利超预期的原因在于利润率扩张。2025年上半年毛利率同比增长1.5个百分点，按 半年增长0.6个百分点至11.5%，受成本优化措施、制造效率提升及重组推动。基于更高的利润率，大华 继显将该公司2025至2027年净利润预测从1.07亿、1.25亿及1.46亿美元，分别上调至1.41亿、1.64亿及 1.93亿美元。评级从"持有"升级至"买入"，目标价从5港元大幅上调至10港元。 ...

智通财经APP获悉，大华继显发布研报称，耐世特(01316)上半年净利润超出该行预期，达约6,300万美 元(同比增长305%，按半年增长40%)。盈利超预期的原因在于利润率扩张。2025年上半年毛利率同比增 长1.5个百分点，按半年增长0.6个百分点至11.5%，受成本优化措施、制造效率提升及重组推动。基于 更高的利润率，大华继显将该公司2025至2027年净利润预测从1.07亿、1.25亿及1.46亿美元，分别上调 至1.41亿、1.64亿及1.93亿美元。评级从"持有"升级至"买入"，目标价从5港元大幅上调至10港元。 该行又上调公司2025至2027年各年毛利率假设，从11%、11%及11%分别上调至11.5%、11.5%及 11.5%，基于成本优化措施、制造效率提升及重组;并上调2025至2027年息税前利润率假设，从4%、 4.4%及4.8%分别上调至4.1%、4.6%及5.1%，基于2025年上半年乐观的息税前利润率及成本节省措施。 ...

Core Viewpoint - Morgan Stanley maintains its revenue forecast for Nexperia for the next two years at approximately $4.6 billion and $4.8 billion respectively, while adjusting its gross margin and operating expense predictions for 2025-2026 [1] Group 1: Revenue and Profitability - The revenue forecast for Nexperia remains unchanged at $4.6 billion for this year and $4.8 billion for next year [1] - The profit margin recovery in the EMEASA region and operational leverage improvements in the Asia-Pacific region due to new project ramp-ups by Chinese automotive companies are key factors influencing the outlook [1] Group 2: Earnings and Target Price - The earnings per share forecast for Nexperia has been raised by 8% to 11% for the next two years [1] - The target price for Nexperia has been increased from HKD 5.5 to HKD 6.3, with a rating of "in line with the market" [1]

Core Viewpoint - DWS has upgraded its rating for Nexperia from "Hold" to "Buy" following a significant increase in the company's net profit, which exceeded expectations, reaching approximately $63 million, representing a year-on-year growth of 305% and a half-year growth of 40% [1] Financial Performance - Nexperia's net profit for the first half of the year was approximately $63 million, which is a year-on-year increase of 305% and a half-year increase of 40% [1] - The gross margin increased by 1.5 percentage points year-on-year and by 0.6 percentage points half-yearly to 11.5%, driven by cost optimization measures, improved manufacturing efficiency, and restructuring efforts [1] Profit Forecast - DWS has revised its net profit forecasts for Nexperia for the years 2025 to 2027, increasing the estimates from $107 million, $125 million, and $146 million to $141 million, $164 million, and $193 million respectively [1] Target Price Adjustment - The target price for Nexperia has been raised from HKD 5 to HKD 10 following the positive financial results and outlook [1]

Core Viewpoint - UBS report indicates that the company, Nexperia, 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 to $63.5 million [1] Financial Performance - The EBITDA margin expanded to 10.3%, driven by economies of scale and improved operational efficiency [1] - The company secured $1.5 billion in new orders during the first half, with 39% coming from Chinese automotive companies [1] Future Outlook - The company has set a target of $5 billion in new orders for the entire year, anticipating an increase in orders related to steer-by-wire technology in the second half [1] - UBS has raised its earnings forecasts for 2025-2027 and increased the target price from HKD 7.8 to HKD 8.7, maintaining a "Buy" rating [1]

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].