Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights the company's incentive plan aimed at aligning the interests of senior management with company goals and providing additional financial incentives. A total of 5.5792 million awards were granted to 12 senior management members, with a cash value equivalent to 3.4025 million USD [2][3]. - The incentive plan is expected to enhance management efficiency and support business expansion in the Asia-Pacific market, as well as the development and market penetration of new steer-by-wire products [3]. - The company is projected to maintain strong growth potential, with revenue forecasts of 4.61 billion USD, 5.11 billion USD, and 6.045 billion USD for 2024, 2025, and 2026 respectively. Net profit attributable to the parent company is expected to be 154 million USD, 252 million USD, and 337 million USD for the same years, with corresponding EPS of 0.06 USD, 0.10 USD, and 0.13 USD [3][4]. Summary by Sections Investment Highlights - The company has launched an incentive plan to align management interests with company objectives and provide additional financial incentives [2]. - The performance metrics for the incentive plan focus on the "Total Shareholder Return," which includes stock price appreciation and dividend yield relative to industry peers [2]. Financial Forecasts - Revenue is expected to grow from 4.213 billion USD in 2023 to 6.045 billion USD in 2026, with year-on-year growth rates of 10%, 9%, 11%, and 18% respectively [4][6]. - Net profit is projected to recover from a loss of 37 million USD in 2023 to 337 million USD in 2026, with significant growth rates in the following years [4][6]. - The company’s EPS is forecasted to increase from 0.01 USD in 2023 to 0.13 USD in 2026 [4][6]. Valuation - The report suggests a price-to-earnings (P/E) ratio of 12-14x for 2024, leading to a fair value range of 5.75 to 6.71 HKD (approximately 0.75 to 0.87 USD) [3][4].

由追究相关方法律责任的权利所以各位投资者大家下午好那欢迎大家来参加这个耐斯特的经营中心的电话会议那我们今天呢也请到了公司投关的托内总和康内总来跟我们做这个交流那今天的这个会议会议主持呢是我来主持我是那个台同汽车的分析师李博那一同在线呢还有我们这个首席分析师秦冲阳 首先我们也想请公司的Tony总帮我们先update一下我们第二季度的这些经营的情况然后我们再开提问的环节好的 谢谢崇洋感谢大家下午的时间那么我们从公司来讲因为我们也快接近这个期末期了我们是8月的中旬会出中期业绩所以说可能近期的财务信息还是比较敏感的 我们只能说那么当然从一月份到五月份的经营情况来看的话因为还有很多数字需要在六月份进一步确定和入账所以说那么前五月的情况来讲的话整个经营状况还是稳定的那么像北美区的话那么我们确实去年看到下半年这个情况出现了很多一次性的因素对下半年的盈利带来一个重大的不利因素影响 我们看到今年的年初至今的话整个运营情况还是稳重有声的那么当然跟去年环比的话可能对比的话相对来说确实还是在一个比较低的水平那么但是在去年同期比的话还是相对稳定的我们看到这个EBITDA率整个EBITDA从去年下半年就比较低的一个水平今年上半年的话还是 ...

追究相关方法律责任的权利各位投资者大家下午好那欢迎大家来参加这个耐斯特的经营中心的电话会议那我们今天呢也请到了公司投官的托内佐和康内总来跟我们做这个交流那今天的这个会议主持呢是我来主持我是那个台通汽车的分析师李博那一同在线呢还有我们这个首席分析师陈重阳 首先我们也想请公司的Tony总帮我们先update一下我们第二季度的这些经营的情况然后我们再开提问的环节好的 谢谢崇洋感谢大家下午的时间那么我们从公司来讲因为我们也快接近经贸期了我们是8月的中旬会出中期业绩所以说可能近期的财务信息还是比较敏感的 我们只能说那么当然从一月份到五月份的经济情况来看的话因为还有很多数字需要在六月份进一步确定和入账所以说那么前五月的情况来讲的话整个经济状况还是稳定的那么像北美区的话我们确实去年看到下半年的情况出现了很多一次性的因素对下半年的盈利带来一个重大的不利因素影响 我們看到今年的年初至今的話整個運營情況還是穩中有聲的那麼當然跟去年環比的話可能對比的話相對來說確實還是在一個比較低的水平但是跟去年同期比的話還是相對穩定的我們看到這個伊比達率整個伊比達從去年下半年比較低的一個水平今年上半年的話還是恢復到了一個高個位數的這麼一個水平 那 ...

那介绍还有我们的技术总监许家印我们今天非常荣幸的请到了奈西特的IR总监王宇彤总跟大家一块来交流公司技术的情况王总您好谢谢一鸣的主持然后感谢大家的时间因为确实各位投资者对公司还是比较关注的尤其是看到昨天的股价确实还是 相对来说波动还是比较大的 确实近期也跟市场做了一些沟通其实总的就是说一些短期的一些重大的一些业务方面或者说没有重大的一些更新披露所以说可能昨天的股价的波动可能更多的受累于可能从交易层面或者说一些行业的一些或者宏观方面一些数据的可能 波动带来的这么一个可能投入的情绪的影响所导致的所以说从经营状况来讲的话目前就是说年初至今吧因为我们其实大家也快接近于这个末期了就是我们这个中期报告的这个截止日期所以说在这之前的话就是说年初至今就是一月到五月的这个情况来讲的话整体的这个 这个金银数据相比去年同期来说还是这个文件的这个文中有升的这么一个情况因为可能跟去年这个环比来讲的话确实去年下半年的一些这个一次性的因素对我们这个扰动比较大但我们说看跟去年上半年同比来讲的话我们整个看到这个金银情况还是这个文中有升这么一个情况就年初至今的这么一个状况 所以那么那么我们其实看这个就这个一季度的来讲的话啊可能这个从订单角度来讲确 ...

好的 欢迎秘书各位投资人大家下午好欢迎参加本次电话会议我是经验海外的汽车研究员李梦璇我们今天很荣幸的邀请到了Nestor的IRB王总来跟我们解读一下公司近期的一个经营状况等王总这边分享结束后我们再进入到QA环节我现在先把时间交给王总好的 谢谢梦璇我也感谢大家下午的时间 那么我们其实之前一一度有过一些业务方面的一些更新那么当然从整个的运营情况来看的话就是说我们整个因为其实有些可能在做一些投资者可能有些对公司也比较了解所以说我们 相比去年来看的话确实整个今年从一月份到四月份整个的这个年初到四月份这个表现来讲的话还是基本上符合这个公司这个预期的不管是这个收入端还是盈利端还是看到了这个同比的这么一个改善那么确实我们看到了这个 整个像北美确实整个去年还是在一个相对比较低点的这么一个水平所以说那么在持续的制造效率包括物料成本的改善那么以及在一些成本举措方面的推动下整个我们认为目前盈利还是在按积极的方向在推进然后亚太这一块的话那么大家年初沟通的时候确实 考虑到年初的新一年的区库存年底之后的区库存以及价格战对我们带来的影响所以确实一二月份对亚太区的影响还是有的那么当然我们看往三四月份看的话那么随着价格当然依然在继续但是说管理 ...

好的 欢迎秘书各位投资人大家下午好欢迎参加本次电话会议我是今夜海外的汽车研究员李梦璇我们今天很荣幸的邀请到了Nestor的IRB王总来跟我们解读一下公司近期的一个经营状况等王总这边分享结束后我们再进入到QA环节我现在先把时间交给王总好的 谢谢梦璇我也感谢大家下午的时间 那么我们其实之前一一度有过一些业务上面的一些更新那么当然从整个的运营情况来看的话就是说我们整个因为其实有些可能在做些图就可能有些对公司也比较了解所以说我们 相比去年来看的话确实整个今年从一月份到四月份整个的这个年初到四月份这个表现来讲的话还是基本上符合这个公司这个预期的不管是这个收入端还是盈利端还是看到了这个同比的这么一个改善那么确实我们看到了这个 整个像北美确实整个去年还是在一个相对比较低点的这么一个水平所以说那么在持续的制造效率包括物料成本的改善那么以及在一些成本举措方面的推动下整个我们认为目前盈利还是在按积极的方向在推进然后亚太这一块的话那么大家年初沟通的时候确实 考虑到这个年初的这个新年的这个去库存年底之后的这个去库存以及这个价格战对我们这个带来这个影响所以确实一二月份对亚太区的影响还是有的那么当然我们看这个往三四月份看的话那么随着这个 ...

Investment Rating - The report assigns a **Buy** rating to Nexteer Automotive (1316 HK) with a target price of **HKD 7 0**, representing a 17x P/E for 2024 [1][3] Core Views - Nexteer is positioned as a global leader in **steer-by-wire (SBW)** technology, which is a key component for autonomous driving The company is expected to benefit from the industry upgrade towards autonomous driving [1][2] - Nexteer has secured significant orders, including a **USD 2 billion SBW order** from a leading German automaker in 2022 and a second SBW order in 2023 The company has also entered into a partnership with Tesla, supplying EPS for the Model Q in North America, with potential expansion to Europe and China [2][28] - The company’s revenue is expected to grow from **USD 4 569 million in 2024E to USD 5 306 million in 2026E**, with net profit increasing from **USD 132 million in 2024E to USD 224 million in 2026E** [27][32] Business Overview - Nexteer is a **century-old company** founded in 1906, specializing in automotive steering and driveline systems Its product portfolio includes **EPS, CIS, DL, HPS, SBW, eDrive, and software solutions** [8][17] - The company serves over **60 global automakers**, including BMW, BYD, Ford, General Motors, Toyota, and Tesla North America is its largest market, contributing **54% of revenue in 2023**, while China is the fastest-growing market, accounting for **29% of revenue** [8][19] - **EPS** is the largest revenue contributor, accounting for **68% of total revenue in 2023**, followed by **DL (19%)** and **CIS (9%)** [18][19] Industry Overview - The automotive steering system has evolved from **mechanical steering (MS)** to **hydraulic power steering (HPS)**, **electric power steering (EPS)**, and now **steer-by-wire (SBW)** SBW is considered the next-generation technology, essential for **high-level autonomous driving** due to its precision and integration with advanced driver-assistance systems (ADAS) [20][21][22] - SBW offers advantages such as **improved safety, comfort, and integration with vehicle control systems** It eliminates mechanical connections, reducing driver fatigue and enabling personalized driving experiences [23][24] Competitive Advantages - Nexteer has a **strong market position** with a **20% market share in North America** and ranks among the top three globally in steering systems The company’s long-standing relationships with major automakers create high barriers to entry for competitors [25] - The company has a **robust R&D capability**, with over **1,000 engineers and technicians** and a **3 6% R&D expenditure-to-revenue ratio in 2023** This ensures continuous innovation and product development [26] - Nexteer’s **global presence** includes **27 factories, 13 customer service centers, and 5 technology centers** across the US, China, Japan, India, Germany, Poland, Italy, and France [25] Financial Performance - Nexteer’s revenue grew from **USD 3 84 billion in 2022 to USD 4 21 billion in 2023**, driven by strong demand in China and new orders However, net profit declined to **USD 37 million in 2023** due to operational challenges such as US labor strikes and supplier issues [15][16] - The company’s **gross margin** is expected to improve from **9% in 2023 to 12% in 2026**, with **net margin** increasing from **1% in 2023 to 4% in 2026** [16][33] - Nexteer’s **ROE** is projected to rise from **1% in 2023 to 5% in 2026**, reflecting improved profitability and operational efficiency [33] Growth Drivers - **Autonomous driving trends**: Nexteer is well-positioned to capitalize on the shift towards SBW, which is critical for autonomous vehicles The company has established research partnerships with several Chinese automakers, indicating strong growth potential in China [2][28] - **New factory in China**: Nexteer’s new plant in Changshu, set to begin operations in 2025, will produce **EPS and SBW products**, further supporting its growth in the Chinese market [19] - **Strong order pipeline**: The company secured **USD 6 1 billion in new orders in 2023**, with expectations of similar or higher order volumes in 2024 [2][28]

各位尊敬的投资者大家早上好那么今天还是我们早上8点15的我们在大家上班路上晨会之前给大家每天分析一个我们核心关注的公司那么今天是耐斯特耐斯特的话我们认为是一个非常优秀的转向系统厂商那么它的投资逻辑有两个第一个是限控转向是一个在 高阶自动驾驶时代一个弹性非常大的一个增量系统那么它呢是这个对L3 L4有非常强的负能作用同时呢在这个L2时代也可以去对整个座舱的布置以及行驶的体验带来非常大的提升 那么同时呢,线控转向是几个线控底盘的应用里边和原有系统ASB弹性最大的一个,那么它的ASB在估计600美元左右,长期看可能也要到500,那么现有的是200左右,所以它的2.5到3倍的ASB弹性很大。 而那是这个行业的龙头之一,同时的话,公司的基础业务由于去年下半年出现了非常多的一次性的情况啊,那我们觉得呢,这个呃,今年会有比较大的改善啊,因此我们认为公司是传统业务业绩修复增量业务啊,开始去贡献弹性,呃,这样的一个逻辑啊,预计呢,这个今明后年是呃。 这个1.5 2.5和3.5亿的美元的净利润目前仅对应10倍左右啊我们觉得这个空间是比较大的啊其实是10倍不到啊9.5左右呃那么呃首先简单说一下信号转向是什么啊他就是把这个方向盘和下 ...

智通财经APP获悉，耐世特(01316)跌超6%，截止发稿跌6.58%，报3.69港元，成交额1741万港元。 消息面上，春节假期过后，车企掀起"降价潮"。据统计，目前已有14家车企官宣降价。分析人士称，价 格战开打后，车企的降本需求比以往更加迫切，在内部成本控制有限的情况下，降本的压力传到了供应 商体系里。上海证券则表示，若零部件厂商在市场竞争中采取价格战等激进的市场竞争策略，将对零部 件厂商的盈利能力产生影响。 摩根士丹利发布研报称，维持公司"增持"评级，将2024/25财年盈利预测下调13%/11%，主要考虑到原 始设备制造商(OEM)激烈的价格竞争﹐不断增加利润压力。料2024及2025年每股盈利分别为0.06美元及 0.08美元，目标价从6.2港元下调10%至5.6港元。基本假设为，除芯片供应短缺有所缓解外，中美汽车 需求支撑公司收入增长，毛利率有所改善。 ...

Financial Performance - Nexteer Automotive achieved a historical high revenue of $1.2 billion in 2023, representing a 9.6% increase compared to 2022[34]. - Revenue reached a record high of $4,206.8 million for the year ending December 31, 2023, representing a 9.6% increase from 2022[37]. - The Asia-Pacific region saw record revenue growth, exceeding $1.2 billion[37]. - The company achieved new business orders valued at $6.1 billion, with 41% being newly acquired orders[37]. - Operating profit was reported at $61.4 million, while net profit attributable to equity holders was $36.7 million[37]. - Free cash flow generated was $105 million, significantly better than in 2022[56]. - The gross profit for 2023 was $368.6 million, a slight increase of 0.4% from $367.2 million in 2022[84]. - The net income attributable to equity holders was $36.7 million in 2023, a decline of 36.7% compared to $58.0 million in 2022[84]. - Cash reserves increased to $311.7 million in 2023, up from $245.9 million in 2022, reflecting a rise of $65.8 million[89]. - The company faced significant challenges in North America, with disruptions from suppliers and UAW strikes negatively impacting profits by $49.3 million and $15.3 million, respectively[88]. Business Strategy and Growth - Nexteer is focusing on expanding its revenue base by diversifying its offerings and strengthening its technological leadership in the automotive sector[4]. - The company plans to optimize its cost structure and selectively pursue acquisitions and alliances to enhance its market position[4]. - Nexteer aims to capitalize on major trends such as electrification, software connectivity, and advanced driver-assistance systems (ADAS) to drive future growth[27]. - The company is strategically focusing on the Chinese and emerging markets to capture new business opportunities[4]. - The company is focusing on expanding its existing customer base and winning new customers to continue outperforming the market[37]. - The company is investing in new factory construction in China to capture new revenue growth opportunities[37]. - The company continues to leverage its leading position in SbW technology, with significant orders from major OEMs[59]. - Future strategies include market expansion and potential mergers and acquisitions to enhance growth[123]. Product Development and Innovation - Nexteer’s innovative product offerings include electric power steering (EPS), steer-by-wire (SbW), and hydraulic power steering (HPS) solutions[29]. - The company successfully launched 55 new customer projects globally, setting a new record[37]. - The company secured its first software business order and won a significant order from a leading global BEV company[37]. - The DL system is designed for multiple vehicle categories, enhancing driving comfort and control, particularly for electric vehicles (EVs) by addressing noise, vibration, and harshness (NVH) challenges[43]. - The company has developed advanced steering software that supports various levels of ADAS, enhancing driver experience and vehicle safety[51]. - The company is actively developing cybersecurity solutions to ensure the safety and protection of steering systems in collaboration with automotive manufacturers[51]. - The company emphasizes continuous innovation and a broad product portfolio to enhance its competitive position and future prospects[117]. Market and Customer Insights - North America accounts for 53.7% of the company's global revenue, with significant exposure to General Motors, Ford, and Stellantis during the UAW strike, resulting in a negative impact of approximately $59.1 million on North American revenue and $15.3 million on EBITDA by the end of 2023[64]. - The Asia-Pacific division achieved a historic revenue level of $1.2 billion, representing over 25% growth compared to 2022, with an adjusted revenue growth of 32.1%[82]. - The North America division secured $3.6 billion in business orders, including significant new projects from leading global automotive manufacturers[80]. - The company launched 34 EV projects among the 55 new customer projects, indicating a focus on electric vehicle market expansion[91]. Operational Efficiency and Cost Management - The company implemented cost-cutting measures and business restructuring plans to enhance profit margins[36]. - The company has implemented several fixed cost reduction measures and business layout plans aimed at improving profit margins and operational efficiency, including an Early Retirement Incentive Plan (ERIP) for eligible salaried employees in the U.S.[65]. - The company is optimizing its production layout by consolidating its DL business operations in Saginaw, Michigan, which is expected to enhance efficiency, quality, and cost competitiveness[66]. - The company plans to shift its pillar business production from Saginaw, Michigan, to Ciudad Juárez, Mexico, with a target completion by 2026, aiming for improved scalability and competitive supply chain costs[66]. Corporate Governance and Leadership - The board of directors is responsible for overseeing the company's business management and operations[120]. - Robin Milavec appointed as CEO on August 17, 2021, with over 34 years of experience in the automotive industry[123]. - The management team consists of experienced professionals with diverse backgrounds in engineering, finance, and management[124][125][126]. - The company emphasizes its commitment to investor relations, capital financing, and M&A support under the leadership of CFO Michael Bierlein[131]. - The company is committed to maintaining high standards of corporate governance, adhering to the Hong Kong Corporate Governance Code[200]. Environmental, Social, and Governance (ESG) Initiatives - NEXTEER was recognized in 2024 as one of America's Greatest Workplaces for Diversity and included in the HSSUSB index for the seventh consecutive year, reflecting its commitment to ESG and sustainable practices[73]. - The company is constructing a 25-acre solar power station in Saginaw, USA, as part of its renewable energy and emissions reduction initiatives[73]. - The company is committed to conducting business in an environmentally friendly manner and adheres to ESG reporting guidelines as mandated by listing rules[165]. - Stakeholder expectations regarding ESG matters are evolving rapidly, necessitating continuous monitoring of changing standards and reporting requirements[158]. Risks and Challenges - The company has identified various financial risks, including market, liquidity, and credit risks, which could significantly impact its financial condition and operating performance[144]. - The automotive industry is cyclical and sensitive to overall economic conditions, affecting sales and production levels[145]. - The company faces operational risks due to internal processes and external events, which cannot be completely eliminated[143]. - The company is exposed to various inherent risks in international operations, including economic conditions and political instability[150]. - The company faces significant risks related to supply chain disruptions, which could adversely affect financial performance and cash flow[149]. Shareholder and Stock Information - The major shareholder, Nastec Automotive Systems (Hong Kong) Holdings Limited, holds 1,105,000,000 shares, representing 44.03% of the total issued shares[190]. - The stock option plan allows for a maximum of 249,780,400 shares to be issued upon exercise, representing approximately 9.95% of the company's issued share capital[176]. - The company plans to pay a final dividend of approximately $7.5 million for the year ending December 31, 2023, which represents about 20% of the net profit attributable to equity holders[162].