Core Viewpoint - The report from Zhongyin International predicts that the operational performance of Naisite will be stable in the second half of last year, supported by increased demand in North America and Europe, exchange rate factors, and stability in the Chinese market [1] Financial Performance - Revenue is expected to grow by 7% year-on-year to reach $2.3 billion, marking a new high for the half-year period [1] - Net profit is projected to exceed $70 million, continuing the profit recovery trend since 2024 [1] Market and Regulatory Factors - Naisite's optimization and restructuring efforts in North America have shown initial results [1] - A new national standard for automotive steering systems will be implemented in July this year, removing mandatory mechanical connection requirements, which is expected to clear key regulatory obstacles and accelerate the application of steer-by-wire technology [1] Profit Forecast and Rating - The net profit forecast for Naisite for 2025 and 2026 has been raised by 7% to 10%, now estimated at $137 million and $160 million respectively [1] - The rating has been upgraded to "Buy," with the target price increased to HKD 9 [1]

Group 1 - The stock of NEXTEER (01316.HK) increased by over 3%, specifically rising by 3.17% to reach HKD 7.16 [1] - The trading volume for NEXTEER amounted to HKD 15.8372 million [1]

Group 1 - The core viewpoint of the article indicates that Nexperia (01316) has seen a stock increase of over 3%, currently trading at 7.16 HKD with a transaction volume of 15.84 million HKD [1] - According to a report from CCB International, the company is expected to experience a stable operational performance in the second half of last year, supported by increased demand in North America and Europe, currency factors, and stability in the Chinese market [1] - Revenue is projected to grow by 7% year-on-year, reaching 2.3 billion USD, marking a new high for the half-year period, while net profit is expected to exceed 70 million USD, continuing the profit recovery trend since 2024 [1] Group 2 - The report highlights that Nexperia's optimization and restructuring efforts in North America have shown initial results [1] - A new national standard for automotive steering systems will be implemented in July this year, which eliminates mandatory mechanical connection requirements, helping to clear key regulatory obstacles [1] - This change is anticipated to accelerate the application of steer-by-wire technology, driving revenue growth in Nexperia's steer-by-wire business [1]

Core Viewpoint - The report from CCB International indicates that NEXTEER (01316) is expected to see stable operational performance in the second half of last year, driven by increased demand in North America and Europe, favorable exchange rate factors, and stability in the Chinese market [1] Group 1: Financial Performance - Revenue is projected to grow by 7% year-on-year, reaching $2.3 billion, marking a new high for the half-year period [1] - Net profit is expected to exceed $70 million, continuing the profit recovery trend since 2024 [1] Group 2: Market and Regulatory Factors - NEXTEER's optimization and restructuring efforts in North America have shown initial success [1] - The new national standard for automotive steering systems will be implemented in July, removing mandatory mechanical connection requirements, which is anticipated to clear key regulatory hurdles [1] - This regulatory change is expected to accelerate the application of steer-by-wire technology, driving revenue growth in NEXTEER's steer-by-wire business [1]

Core Viewpoint - The report from BOC International predicts that the operational performance of Tenneco in the second half of last year will be stable, supported by increased demand in North America and Europe, exchange rate factors, and stability in the Chinese market [1] Group 1: Financial Performance - Revenue is expected to grow by 7% year-on-year, reaching $2.3 billion, marking a new semi-annual high [1] - Net profit is projected to exceed $70 million, continuing the profit recovery trend since 2024 [1] Group 2: Operational Developments - The optimization and restructuring of Tenneco's North American facilities have shown initial results [1] - The new national standard for automotive steering systems will be implemented in July, removing mandatory mechanical connection requirements, which is expected to clear key regulatory obstacles [1] Group 3: Future Projections - The net profit forecasts for Tenneco for 2025 and 2026 have been raised by 7% to 10%, now estimated at $137 million and $160 million respectively [1] - The rating has been upgraded to "Buy," with the target price increased to HKD 9 [1]

Key Points Summary Company Overview - The company discussed is **Nexteer Automotive**, focusing on its **steer-by-wire** technology and market strategies in the automotive industry [2][3][4]. Industry Insights - The steer-by-wire business is accelerating, with mass production expected to start by the end of Q1 or early Q2 2024, and small-scale production in 2025, with some projects potentially delayed until 2026 [2][3]. - New regulations for steer-by-wire in China will take effect on July 1, 2024, which will not impact current projects but will accelerate the commercialization of the technology in the long term [4][5]. - The company competes with major players like Bosch and ZF in the global steer-by-wire market, leveraging localized R&D and quick response to customer needs [2][6]. Financial Performance and Projections - The company anticipates improved profitability in 2026 due to the end of the new product introduction phase and the realization of scale effects [4][10]. - The financial performance for the second half of 2025 is expected to remain stable despite external factors like tariffs, with a better performance in the Chinese market compared to the first half [11][12]. Customer and Market Dynamics - The company is set to launch multiple steer-by-wire projects in the first half of 2026, including partnerships with North American electric vehicle leaders and Chinese new energy vehicle companies [3][12]. - The Chinese market is expected to outperform the European and American markets, driven by a diverse customer base including BYD, Li Auto, and Xiaomi [12][15]. Product Pricing and Trends - Initial pricing for steer-by-wire products is high, estimated between 3,000 to 4,000 RMB, but may decrease with standardization and economies of scale [8][9]. - The steer-by-wire technology offers significant advantages in extreme conditions, enhancing driving experience and safety, which justifies the higher costs [9]. Competitive Advantages - The company’s competitive edge lies in its localized R&D and ability to respond quickly to market demands, particularly in the L3 and above autonomous driving sectors [6][16]. - The company is also focusing on maintaining strong export business and expanding into new product lines like rear-wheel steering [17]. Regulatory Impact - The implementation of new regulations is expected to accelerate the adoption of steer-by-wire technology among new energy vehicle manufacturers, who are likely to move faster than traditional automakers [4][5]. Future Growth Potential - The company believes that despite challenges in the Chinese market, it can outperform the market due to its strong customer relationships and diverse product offerings [12][15][16].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 第 1 頁 共 11 頁 v 1.1.1 FF301 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01316 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | 本月底法定/註冊股本總額： ...

Key Points Summary of the Conference Call Company Overview - The company discussed is **Nexteer Automotive**, focusing on its **Robotaxi** project and steering systems. Industry Insights - The **Robotaxi** line control steering system is expected to ship tens of thousands of units by **2025**, priced between **3,000-4,000 RMB**. This system utilizes a dual actuator solution, offering better cost performance [2][5] - The production capacity is initially planned for tens of thousands of units, with potential adjustments to over **100,000** based on Full Self-Driving (FSD) commercialization and regulatory conditions [2][3] - The line control steering standard will take effect on **July 1, 2025**, accelerating technology promotion [9] Core Business Developments - In **2026**, Nexteer is collaborating closely with companies like **Li Auto**, **Geely (ZEEKR)**, and **Xiaomi** on line control steering projects, with more orders expected to be secured by the end of **2025** [2][7] - The domestic market's growth rate is slowing, which may impact performance, but a diversified customer base is expected to mitigate risks [2][13] Financial Performance and Projections - The company anticipates continued price pressure in **2025**, but expects to maintain growth due to strong clients like **BYD** and **Xiaomi**, with Xiaomi's revenue contribution nearing that of BYD [2][13] - The North American market is recovering slowly, with profit margins in the mid-single digits, affected by tariffs, inflation, and supply chain issues, but a target profit margin of over **10%** is set for the future [3][14][15] - The effective tax rate is expected to decrease from **40%** in the first half of **2025** to around **30%**, with a long-term goal of below **20%** [15][27] Market Dynamics - The overseas market is progressing slowly, with only **T Company** making significant advancements in line control steering technology [11] - The domestic market is advancing faster than overseas, with integrated solutions priced similarly in both markets [12] Challenges and Risks - The potential increase in tariffs from **Mexico** could impact costs, but the direct effect on the company is limited as only a small percentage of revenue is affected [28][30] - The company aims to pass on increased costs to customers, with about **3%** of revenue impacted by tariffs [29] Future Outlook - The company is optimistic about the future of line control steering systems, especially with the rise of autonomous vehicles and partnerships with key players in the market [8] - The timeline from order acquisition to commercial production is expected to shorten significantly, with some projects potentially launching within a year [9] Additional Notes - The impact of **Beijing Yizhuang's** share reduction on the company's long-term investment logic is acknowledged, but short-term stock price volatility is expected [16][17] - The company is actively working on the **EMB (Electric Brake)** and **ENB (Electric Brake)** systems, with expectations for commercial production by **2027** [23][25]

Core Insights - The Ministry of Industry and Information Technology has issued the first batch of L3 conditional autonomous driving vehicle permits, with Xiaomi Auto being the latest company to obtain an L3 road testing license in Beijing [1][14] - The report indicates that by September 2025, 23 companies, including Xiaomi, have accumulated over 60.27 million kilometers of operation with 750 autonomous passenger vehicles [1][14] - The L3 autonomous driving permit process follows a structured pathway, and companies are categorized into those with official "entry permits" and those with "road licenses" for internal testing [1][14] Company Developments - Changan Automobile's "Deep Blue SL03" has received L3 permit for operation in specific congested areas in Chongqing [2][15] - BAIC Blue Valley's "ARCFOX Alpha S" has been granted L3 permit for operation on specific highways in Beijing [2][15] - BYD was the first to obtain an L3 road testing license in July 2023 and has begun large-scale road validation [3][16] - Seres (Wenjie) has obtained L3 testing permits primarily in Chongqing and Shenzhen for its Wenjie M9 model [4][17] - SAIC Group has received two L3 road permits, making it one of the companies with the most licenses [4][17] - NIO has been selected for the first batch of L3/L4 autonomous driving permits and road testing trials [5][17] - GAC Group has made progress in L3 autonomous driving technology [6][18] - JAC Motors has obtained L3 road testing permits [7][19] - Foton Motor has completed the development and acceptance of L3 autonomous driving prototypes [8][20] - Yutong Bus is the first in the bus industry to enter the L3 autonomous driving pilot program [9][21] - FAW Jiefang's high-level autonomous driving truck J7 L3 has completed road testing [10][22] Industry Trends - The transition to L3 autonomous driving represents a significant technological milestone, shifting driving control and accident liability from the driver to the system itself [10][22] - Multiple institutions emphasize the hardware upgrade logic due to the increased safety and reliability requirements associated with L3 [11][23] - The regulatory framework for L3 permits indicates a closed loop in product safety, network security, and accident liability, alleviating long-standing compliance concerns for automakers [12][23] - The commercialization of L3 is expected to drive the mass application of intelligent chassis technologies, including active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems [12][23][24] - Specific components benefiting from this trend include active suspension systems from companies like Baolong Technology and Top Group, EMB systems from Bertel and Asia Pacific Holdings, and SBW systems from companies like Nexperia [12][24]

Summary of L3 Autonomous Driving Industry Conference Call Industry Overview - The approval of L3 autonomous driving trial runs marks readiness in regulations and the industry chain for large-scale commercialization, indicating that regulatory bodies are preparing for further promotion of autonomous driving [1][2] Core Insights and Arguments - L3 technology is initially launched in a B2B model, focusing on professional controlled testing on designated roads, which is more advantageous than directly targeting consumers due to lower education costs [1][3] - The L3 technology is expected to drive upgrades in the automotive supply chain, particularly in sensors (especially LiDAR), controllers (chip computing power), algorithms (full-stack self-research), and testing phases [1][4] - Steer-by-wire technology, as a key enabler for L3, is anticipated to improve driving experiences significantly, leading to an increase in its application ratio, benefiting related companies [1][5] - The increase in testing task requirements for L3 will provide more development opportunities for testing companies, potentially enhancing their business volume and profitability [1][5] Companies Mentioned - Changan Automobile, as one of the first approved manufacturers, is expected to benefit significantly in vehicle manufacturing [1][6] - Aptiv, a leader in steer-by-wire technology, is also viewed positively due to a high increase in Average Selling Price (ASP) [1][6] - China Automotive Research, as a key provider in the testing phase, is projected to benefit from increased task volume, leading to performance growth [1][6] Additional Important Points - The approval of L3 commercial trial runs includes two models: Changan Deep Blue S203 and BAIC Jihoo, which will be tested in Chongqing and Beijing, covering over 200 kilometers of roads, including complex urban elevated roads [2][3] - The regulatory approval signifies that the necessary preparations in regulations and the industry chain are in place for the commercial promotion of L3 autonomous driving technology [2]