Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8 HKD, corresponding to a P/E of 20x for 2025 and 16x for 2026 [4][7]. Core Insights - The company reported a revenue of 2.24 billion USD for the first half of 2025, representing a year-on-year growth of 6.8%, driven by the continuous growth in the Asia-Pacific region [1]. - The adjusted EBITDA for the first half of 2025 reached 230 million USD, a year-on-year increase of 16.8%, benefiting from the higher revenue share from the Asia-Pacific region [2]. - The company is actively advancing its line control chassis technology, including line control steering and braking systems, with expectations of securing more orders in the second half of the year [3]. Revenue and Profitability - The company's gross margin improved by 1.5 percentage points year-on-year to 11.5%, with gross profit increasing by 22.7% to 260 million USD [2]. - The net profit attributable to shareholders surged by 304.5% year-on-year to 63.48 million USD, with a net profit margin of 2.8% [2]. - The Asia-Pacific region's revenue share increased by 2.3 percentage points to 30.6%, with a significantly higher EBITDA margin compared to North America and EMEASA [4]. Future Outlook - The company expects to achieve a record high in annual revenue, outperforming the market by 300-400 basis points, with a target of 5 billion USD in orders for the year [1]. - Revenue projections for 2025-2027 are estimated at 4.6 billion USD, 4.8 billion USD, and 5.1 billion USD, respectively, with net profits expected to grow significantly [4][6].

报告提到，耐世特将线控转向(steer-by-wire)、集成式后轮转向(rear wheel steer)及相关软件整合至车辆的 线控系统，已在今年上半年获得多个订单。公司预计，今年的总订单将达到50亿美元，其中今年上半年 已获15亿美元订单，预计下半年将再获35亿美元订单。 智通财经APP获悉，大和发布研报称，耐世特(01316)在过去数年持续降低成本及改善利润率，相信公司 已自去年下半年起受惠，并料集团未来的盈利能力将持续改善。大和重申对耐世特的"跑赢大市"评级， 目标价由6.8港元上调至7港元。该行又调升集团2026至27年的每股盈测7%至9%，以反映利润率优于预 期。 ...

大和发布研报称，耐世特(01316)在过去数年持续降低成本及改善利润率，相信公司已自去年下半年起 受惠，并料集团未来的盈利能力将持续改善。大和重申对耐世特的"跑赢大市"评级，目标价由6.8港元 上调至7港元。该行又调升集团2026至27年的每股盈测7%至9%，以反映利润率优于预期。 报告提到，耐世特将线控转向(steer-by-wire)、集成式后轮转向(rear wheel steer)及相关软件整合至车辆的 线控系统，已在今年上半年获得多个订单。公司预计，今年的总订单将达到50亿美元，其中今年上半年 已获15亿美元订单，预计下半年将再获35亿美元订单。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 8.0, indicating a potential upside of 33% from the current price of HKD 6.4 [6]. Core Insights - The company achieved a revenue of USD 2.242 billion in the first half of 2025, representing a year-on-year growth of 6.8%, and a net profit of USD 63.48 million, which is a threefold increase [1][2]. - The report projects revenue growth for 2025-2027 to reach USD 4.59 billion, USD 4.98 billion, and USD 5.48 billion, with respective growth rates of 7.3%, 8.6%, and 10.0%. Net profit is expected to increase to USD 120 million, USD 148 million, and USD 182 million, with growth rates of 93.8%, 23.4%, and 23.0% [1][3]. Revenue and Profitability - The company's gross margin improved to 11.5%, up by 1.5 percentage points year-on-year, while the net margin reached 2.8%, an increase of 2.1 percentage points [2]. - Revenue by region for the first half of 2025 was USD 1.14 billion in North America, USD 690 million in Asia-Pacific, and USD 400 million in EMEASA, with growth rates of 1.7%, 15.5%, and 9.4% respectively [2]. Business Development - The company secured new orders totaling USD 1.5 billion, including contracts from Chinese and European automotive manufacturers, and aims to maintain an annual order target of USD 5 billion [3]. - The launch of the Motion IQ software suite is expected to enhance product development speed and reduce costs, aligning with industry trends [3]. Financial Forecast - The financial projections indicate a sales revenue of USD 4.207 billion for FY2023, increasing to USD 5.479 billion by FY2027, with a compound annual growth rate of approximately 10% [4]. - The net profit is forecasted to recover from a decline of 37% in FY2023 to a growth of 68% in FY2024, reaching USD 182 million by FY2027 [4].

大和发表研究报告指，耐世特在过去数年持续降低成本及改善利润率，相信公司已自去年下半年起受 惠，并预计集团未来的盈利能力将持续改善。公司预计今年总订单将达到50亿美元，其中今年上半年已 获15亿美元订单，预计下半年将再获35亿美元订单。 大和重申对耐世特的"跑赢大市"评级，目标价由6.8港元上调至7港元，又调升集团2026至27年的每股盈 测7%至9%，以反映利润率优于预期。 ...

Core Viewpoint - The company reported strong performance in 1H25, with total revenue and net profit significantly exceeding expectations, primarily driven by growth in the Asia-Pacific region [1][2]. Group 1: Financial Performance - Total revenue for 1H25 increased by 6.8% year-on-year to $224 million, accounting for 51% of the original full-year revenue forecast [1]. - Gross margin improved by 1.5 percentage points to 11.5%, while EBITDA rose by 16.8% to $23 million [1]. - Net profit surged by 304.5% year-on-year to $6.3 million, representing 57% of the original full-year net profit forecast [1]. Group 2: Regional Business Growth - Revenue from the Asia-Pacific region grew by 15.5% to $69 million, increasing its total revenue share by 3 percentage points to 31% [2]. - The EMEASA region also saw revenue growth of 9.4% to $40 million, while North America’s revenue share decreased by 2 percentage points to 51% [2]. - EBITDA margin in the Asia-Pacific region decreased by 0.7 percentage points to 16.9%, whereas EMEASA's EBITDA margin increased by 6.8 percentage points to 8.8% [2]. Group 3: New Orders and Future Prospects - In 1H25, new orders totaled $1.5 billion, with contributions from Asia-Pacific (47%), EMEASA (30%), and North America (23%) [2]. - The company anticipates adding $5 billion in new orders for 2025, including projects in North America and Europe, as well as expansion into Indonesia and Brazil [2]. - The company is leveraging its technological advantages to enhance existing products and expand into new areas such as steer-by-wire systems, with significant orders already secured [2]. Group 4: Investment Outlook - The company raised its net profit forecasts for 2025, 2026, and 2027 by 28%, 29%, and 34% to $14 million, $19 million, and $23 million, respectively [2]. - The target price was adjusted to HKD 8.72, corresponding to approximately 20 times the 2025 EPS, while maintaining a "Buy" rating [2].

新业务订单达15 亿美元，亚太区战略布局扩张：中国整车制造商的订单持续强劲。公司赢得北美全尺 寸皮卡平台的重要电调管柱订单，新获取客户订单规模占74%。2025 年1 月常熟工厂开业，产品包括 REPS、DPEPS、SbW、RWS 和EMB。柳州工厂计划搬迁新址，并于2026 年上半年投入运营，生产 BEPS、CEPS、高输出CEPS 以及机械转向器，同时增配先进的实验室和测试车道。 机构：财通证券 研究员：邢重阳/李渤 事件：公司发布2025 年中报，2025 年上半年实现营业收入22.42 亿美元，同比增长6.8%，实现净利润 6300 万美元，同比增长293.8%。1H2025 实现EBITDA2.3 亿美元，同比增长16.8%。 投资建议：我们预计公司2025-2027 年实现归母净利润1.46/1.92/2.44 亿美元。对应PE 分别为 15.22/11.60/9.12 倍，维持"增持"评级。 风险提示：全球汽车需求走弱；原材料价格维持高位；线控转向业务进展不及预期。 各区域营收增长，亚太区收入增速较高：1H2025 北美、亚太、欧中非南美的收入占比分别为 51%/31%/18% ， 营收同比增速 ...

机构：中金公司 研究员：邓学/常菁/陈雅婷 1H25 业绩符合我们预期 公司公布1H25 业绩：营业收入22.42 亿美元，同比+6.8%；归母净利润6348 万美元，同比增长3 倍；净 利率2.8%创2023 年以来新高。 发展趋势 +8.6%/+2.9%/+1.7%/+3.8%。 毛利率同环比提升，费率平稳下降。1H25 毛利率11.5%，同比+1.5ppt/环比+0.6ppt，据公司半年报，主 要系收入增长、运营效率提升带动。分地区看，1H25 北美/亚太/EMEASA 地区EBITDA 率分别为 7.6%/16.9%/8.8%，同比-0.2/-0.8/+6.7ppt，环比-0.9/持平/+0.6ppt，北美地区同环比下降主要系关税及供 应链影响，EMEASA 地区同期受巴西洪灾影响因而基数较低。 1H25 公司研发/销售/管理费用分别为7539/1070/8147 万美元，同比-14.9%/-0.8%/+13.8%，对应费率整体 呈平稳下降趋势，其中研发费用同比下降主因与客户项目取消有关的产品开发无形资产减值费用下降。 1H25 有效税率28%，同比-15.6/环比-4ppt。 2H25 订单获取目标 ...

机构：东吴证券 研究员：黄细里/孙仁昊 公司公告：公司发布2025 年上半年业绩公告，2025 年上半年公司实现营收22 亿美元，同比+6.7%；归 母净利润0.63 亿美元，同比+304.7%，业绩符合预期。 25H1 收入跑赢市场，亚太区持续贡献最大增量。2025 年上半年集团实现营业收入22.42 亿美元，同比 增长6.7%，排除外币换算及商品补偿影响收入同比+7.6%，主要受益于亚太区高增长带动。分地区看： 1）2025H1北美区营业收入11.4 亿美元，营收占比最高，营业收入同比+1.7%，收入增长原因主要系公 司客户项目的市场表现优秀；2）2025H1 亚太区营业收入6.9 亿美元，同比+15.5%，主要为过去数年获 取的订单及新项目投产所致，其中中国区增长12.3%贡献较多增量；3）欧洲、中东、非洲及南美洲地 区营业收入4.01 亿美元，同比+9.4%，主因包括欧洲项目投产，南美洲地区业务稳步增长，巴西地区业 务回暖。 欧洲、中东等地EBITDA 率好转带动业绩稳健提升。1）2025H1 公司毛利率为11.5%，同比+1.4pct，主 要为收入增加及营运绩效改善所致。 2）2025H1 公司EB ...

中金发布研报称，基本维持耐世特(01316)2025年/2026年净利润预测。当前股价对应12.6x/9.9x 25E/26E P/E。维持跑赢行业评级，汽车智能化板块热度高、公司利润率进入修复周期，上调目标价17%至8.4港 元，对应15x/12x 25E/26E P/E，较当前价有21%的上行空间。公司公布1H25业绩，营业收入22.42亿美 元，同比+6.8%;归母净利润6348万美元，同比增长3倍;净利率2.8%创2023年以来新高。 中金主要观点如下： 营收增速跑赢各区域市场轻型车销量增速，诸多热门车型项目投产 分区域来看，1H25年北美/亚太/ EMEASA地区收入分别为11.4/6.9/4.0亿美元，分别同比 +1.7%/+15.5%/+9.4%，中国和EMEASA地区收入保持相对高增速，诸如小米YU7、北美EV领导者SUV 车型、小鹏G9、比亚迪海狮06等项目投产。分业务来看，1H25 EPS/CIS/HPS/DL业务收入分别为 15.3/2.3/0.9/4.0亿美元，同比+8.6%/+2.9%/+1.7%/+3.8%。 毛利率同环比提升，费率平稳下降 1H25毛利率11.5%，同比+1.5p ...