Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.24, indicating a potential upside from the current price of HKD 2.47 [1][9]. Core Insights - The company reported a revenue of USD 2.1 billion for the first half of 2024, a slight decrease of 0.1% year-on-year, with a net profit of USD 15.7 million, down 53.8% year-on-year. The gross margin improved to 10.1%, up 1 percentage point year-on-year [2]. - The Asia-Pacific region showed strong growth, with a revenue increase of 9.3% year-on-year, while North America experienced a decline of 6.3% [2]. - The decline in net profit was primarily due to impairment losses related to specific customer projects and increased tax expenses. However, the company expects a stabilization and recovery in gross and net profits in 2024 due to cost reduction efforts and a favorable raw material price trend [2][3]. Summary by Sections Financial Performance - Revenue for H1 2024 was USD 2.1 billion, with a net profit of USD 15.7 million. The gross margin was 10.1%, and EBITDA margin was 9.4% [2]. - Revenue breakdown by region for H1 2024: North America USD 1.12 billion (-6.3% YoY), Asia-Pacific USD 590 million (+9.3% YoY), EMEASA USD 370 million (+1.4% YoY) [2]. Growth Drivers - The company successfully launched 38 new customer projects in H1 2024, with a focus on electric vehicle (EV) projects, indicating a robust order book and potential for above-market growth [3]. - The company is positioned to benefit from advancements in autonomous driving technology and has secured two orders for steer-by-wire systems, showcasing its technological leadership [3]. Earnings Forecast - The company is projected to achieve a compound annual growth rate (CAGR) of 73.4% in net profit from 2024 to 2026, with corresponding price-to-earnings (PE) ratios of 9, 5.7, and 4.1 for the respective years [3][9].

周一早上九点加入我们的奈叙特解读电话会我们也是看到了奈叙特上周发布了中报今天我们也是非常高兴的请到了奈叙特的IR总监Tony王王宇同王总跟大家来一块解读王总您好你好 非常感谢接触相信大家也是对奈斯特比较熟悉了那么我们今天也就是简要的我这边来播报一下中报的情况然后后面就直接进入到问答的环节 那么我们看到公司上半年的这个营收情况上半年是营收21亿美元同比基本上持平这个规模净利润是大约在1600万美元同比有一定的 这个下降这个扣分也是跟这个规模的同比下降幅度差不多都是50%左右但是公司上半年毛利率在这个10.5个点比2023年上半年和2023年全年都有一个点左右的这个回升那么一币大率是这个也是有一定的这个回升那么我们也是看到了公司上周发布的中报然后这边的话 我也是收集了比较多的投资者的提问,我们可能就先逐一的向王总请教,然后后面如果有时间的话,我们来进行自由的提问。首先就是想请教一下,我们上半年其实毛利率和EBITDA占营收的比例, 同比去年同期都是有提升的但是我们看到净利润是有不小幅度的下滑您是否能解读一下这里面的一些差异然后导致利润下滑的在盲利率和ebitda以外的重点因素是什么谢谢好的谢谢一鸣谢谢大家早上的时 ...

证券研究报告·海外公司点评·汽车(HS) 耐世特（01316.HK） 2024H1 中报点评：经营性利润提升，中国区 收入快速增长 2024 年 08 月 19 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|---------|---------|--------|--------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3846 | 4213 | 4495 | 4900 | 5243 | | 同比(%) | 14.19 | 9.55 | 6.69 | 9.01 | 7.00 | | 归母净利润（百万元） | 58.01 | 36.74 | 88.03 | 154.04 | 202.71 | | 同比(%) | (51.02) | (36.67) | 139.63 | 74.98 | 31.59 | | EPS-最新摊薄（元/股） | 0.02 | 0.01 | 0. ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 4.0 HKD, indicating a potential upside of 68% from the current price of 2.4 HKD as of August 15, 2024 [4][2]. Core Insights - The company's revenue for the first half of 2024 reached 2.1 billion USD, remaining flat year-on-year, while net profit significantly declined by 54% to 15.69 million USD due to project cancellations leading to impairment of intangible assets and increased tax expenses [2][1]. - The Asia-Pacific market is performing well, with a 9.3% year-on-year revenue increase, while North America is under pressure with a 6.3% decline [2][1]. - The company secured new orders worth 2.1 billion USD in the first half of 2024, with 49% from North America and 46% from the Asia-Pacific region, indicating strong demand, particularly from Chinese automakers [2][1]. Summary by Sections Financial Performance - Revenue for 2024 is projected to be 4.36 billion USD, with a growth rate of 3.7% year-on-year, while net profit is expected to rebound to 0.8 billion USD, reflecting a growth rate of 108.1% [2][3]. - The company experienced a significant drop in net profit in 2023, with a forecasted recovery in subsequent years [8][7]. Market Analysis - The report highlights the strong growth potential in the Chinese market, particularly with the upcoming launch of the Changshu factory in 2025, which is expected to accelerate business development [2][1]. - The report notes that 43% of new orders in the first half of 2024 came from Chinese vehicle manufacturers, showcasing deepening partnerships in the region [2][1]. Financial Projections - The company’s projected financials indicate a gradual increase in revenue and net profit over the next few years, with expected revenues of 4.36 billion USD in 2024, 4.65 billion USD in 2025, and 5.00 billion USD in 2026 [7][8]. - The net profit margin is expected to improve, with net profit projected to reach 2.1 billion USD by 2026, reflecting a growth rate of 37.1% [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company’s 1H24 performance was below expectations, with revenue declining by 0.1% year-on-year to $2.1 billion, accounting for 47% of the full-year forecast. The net profit dropped by 54% year-on-year to $16 million [1]. - The Asia-Pacific region drove performance growth, with revenue increasing by 9.3% year-on-year to $600 million, contributing 28% to total revenue [1]. - The company is focusing on cost reduction and leveraging its steering technology advantages to expand its customer base and business [1]. Summary by Sections Financial Performance - 1H24 revenue was $2.1 billion, with a gross margin of 10.1% and EBITDA of $197 million, reflecting a 6.0% increase year-on-year [1]. - The net profit for 1H24 was $16 million, significantly lower than the previous year [1]. - The company’s EBITDA margin improved by 0.5 percentage points to 9.4% [1]. Regional Performance - The Asia-Pacific region's revenue accounted for 28% of total revenue, up 2 percentage points year-on-year, while North America’s share decreased by 4 percentage points to 53% [1]. - The EBITDA margin in the Asia-Pacific region rose by 2.6 percentage points to 17.6% [1]. Business Outlook - The management targets a full-year order goal of $6 billion for 2024, with expectations to launch the first steer-by-wire product in collaboration with Chinese manufacturers by 2026 [1]. - The company is optimistic about its steering technology and modular advantages to attract new clients, including partnerships with major electric vehicle manufacturers [1]. - The target price has been adjusted to HKD 2.81, corresponding to approximately 13 times the 2024 EPS [1].

现在给大家介绍一下赖特新的点名我们三联报虽然说他年学业绩上半年还是相对比较一般表观数据的话是下降但我们认为最新的情况尤其是能力能力毛利都有一定的改善 我们能够出现压缺的提升以及产品的进一步的改变最终也是在这个位置尤其考虑到回稿比较多了首先说一下风暴的情况上半年营收是21亿同时下降0.4%毛利率是10点比增加1%这个率是2200左右 同比是下降了百分之五十四这一步是本期同比下降了零点几乎百分之三那么我们看到确实公司这个上半年表冠的对是出现了一段下滑那我们具体猜点的话发现呢这个公司的毛利的率其实还是有提升的毛利是这个同比提升了一个点这个余大是同比提升了百分之五十六 这样的话在人修食行的情况下这个一旦是铜底略有掉的那么这个利润净率都有下降的我们经过这个差一点发现主要是这个一些非可持续的财务开销以及影响 比如说这公司的披露择六参数中包括了第一个酷项目取消导致了3800万美元的减值当然同时它有2400万客户的行但是现在的话仍然有1400万的这个参销是一个不持续的导致它上半年的经营利润是4100万比去年7700万是有一个下降 同时在非金融的部分一个是它的所得税开支有千万的大这里面公司解释主要是由于2023年被确定税收优惠 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company continues to show growth potential in the Asia-Pacific region, with a significant increase in orders from Chinese automakers [3] - The company's revenue for the first half of 2024 was USD 2.10 billion, a slight decrease of 0.1% YoY, but gross margin improved by 1.0 percentage points to 10.0% [3] - Net profit attributable to shareholders decreased by 53.8% YoY to USD 20 million, with a net profit margin of 0.7%, down 0.9 percentage points YoY [3] - The company successfully launched 38 new customer projects in the first half of 2024, with nearly half being pure EV projects [3] - New orders in the first half of 2024 amounted to USD 2.1 billion, with Chinese automakers contributing 43% of the total [3] Financial Performance Revenue Breakdown by Product - Electric Power Steering (EPS) product sales revenue was USD 1.40 billion, down 2.6% YoY [3] - Steering Column and Intermediate Shaft (CIS) product sales revenue was USD 220 million, up 18% YoY [3] - Hydraulic Power Steering (HPS) product sales revenue was USD 90 million, up 5.3% YoY [3] - Driveline (DL) product sales revenue was USD 380 million, down 0.8% YoY [3] Revenue Breakdown by Region - North America revenue was USD 1.12 billion, down 6.3% YoY [3] - Asia-Pacific revenue was USD 590 million, up 9.3% YoY [3] - Europe, Middle East, Africa, and South America revenue was USD 370 million, up 1.4% YoY [3] - Other regions contributed USD 20 million [3] Financial Forecast - Revenue is expected to be USD 4.5 billion, USD 5.0 billion, and USD 5.9 billion for 2024, 2025, and 2026, respectively [3] - Net profit attributable to shareholders is forecasted to be USD 101 million, USD 237 million, and USD 313 million for 2024, 2025, and 2026, respectively [3] - EPS is projected to be USD 0.04, USD 0.09, and USD 0.12 for 2024, 2025, and 2026, respectively [3] Valuation - The company is valued at 11-13x PE for 2024, with a fair value range of HKD 3.44-4.07 (converted at HKD 1 ≈ USD 0.13) [3] Comparable Companies - Comparable companies include Bethel (603596 SH) and Top Group (601689 SH), with average PE ratios of 22x, 17x, and 19x for 2022, 2023, and 2024E, respectively [5] Financial Statements Income Statement - Revenue for 2023 was USD 4.21 billion, with a YoY growth of 10% [4] - Net profit attributable to shareholders for 2023 was USD 37 million, a decrease of 37% YoY [4] - EPS for 2023 was USD 0.01 [4] Balance Sheet - Total assets for 2023 were USD 3.41 billion, with current assets at USD 1.55 billion and non-current assets at USD 1.86 billion [7] - Total liabilities for 2023 were USD 1.39 billion, with current liabilities at USD 1.09 billion and non-current liabilities at USD 305 million [7] - Shareholders' equity for 2023 was USD 2.01 billion [7] Cash Flow Statement - Operating cash flow for 2024E is projected to be USD 404 million [6] - Net cash flow for 2024E is expected to be USD 57 million [6] Key Financial Ratios - Gross margin for 2023 was 8.76%, expected to increase to 10.70% in 2024E [6] - Net profit margin for 2023 was 0.87%, expected to rise to 2.22% in 2024E [6] - ROE for 2023 was 1.87%, projected to increase to 4.89% in 2024E [6] - ROIC for 2023 was 2.07%, expected to rise to 5.46% in 2024E [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Nexteer Automotive Group Limited 耐世特汽車系統集團有限公司 （根 據 開 曼 群 島 法 例 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1316） 截 至2024年6月30日止六個月 中期業績公告 耐世特汽車系統集團有限公司（本公司）董事會（董事會）謹此宣佈本公司及其附 屬公司（統 稱 我 們、我 們 的 或 本集團）截 至2024年6月30日止六個月的未經審核中 期 簡 明 合 併 業 績，連 同 上 一 個 期 間 的 比 較 數 字 如 下： – 1 – 簡明合併中期利潤表 截 至2024年6月30日止六個月 | --- | --- | --- | --- | |------------------------------------------------------------------- ...

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 ...