Macro Strategy - The report highlights that government bonds support the improvement of social financing, while an active stock market boosts M2 growth, downplaying the negative growth in monthly loans [1][16] - In July 2025, new social financing reached 1.16 trillion yuan, an increase of 389.3 billion yuan year-on-year, with government bond financing being a major contributor [16][17] - The M2 growth rate increased by 0.5 percentage points to 8.8% in July 2025, driven by an active stock market and improved fiscal spending [16][17] Fixed Income Analysis - The report discusses the comparative value of non-ETF component bonds in the sci-tech bond market, suggesting a shift towards these bonds for better liquidity and potential inclusion in ETF [1][18] - The analysis indicates that the credit spreads of non-ETF component bonds are generally higher than those of ETF component bonds, suggesting a larger selection of bonds with compression potential [1][19] - The report emphasizes the importance of monitoring the performance of sci-tech bonds in the context of market fluctuations and the potential for future inclusion in ETFs [1][19] Industry Insights - The "anti-involution" policy is compared to the supply-side reform, indicating a shift in focus towards new industries such as renewable energy, semiconductors, and high-end equipment [2][22] - The report notes that the current economic environment shows signs of structural and institutional overcapacity, particularly in emerging industries like photovoltaics and lithium batteries [2][22] - The analysis suggests that the "anti-involution" policy aims to enhance quality development rather than merely reducing capacity, with a focus on market-driven measures [2][22] Company Recommendations - Jinlang Technology is projected to benefit from increased demand in Europe and Asia, with a forecasted net profit growth of 68% in 2025 [8] - Upme Holdings is expected to achieve significant profit growth through its multi-brand strategy, with a projected net profit increase of 42.3% in 2025 [9] - Nasda is recognized as a leading domestic printer manufacturer, with a focus on enhancing competitiveness through R&D investments [10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a strong revenue growth of 6.7% year-on-year for the first half of 2025, achieving total revenue of $2.242 billion [7] - The net profit attributable to the parent company surged by 304.7% year-on-year, reaching $0.63 million, indicating robust performance [7] - The Asia-Pacific region is identified as a significant growth driver, contributing to the majority of the revenue increase [7] - The company successfully launched 31 new customer projects in the first half of 2025, with a focus on electric vehicle-related projects [7] - The report highlights the company's leadership position in steer-by-wire technology and its positive outlook in the context of global electrification and automation trends [7] Financial Summary - Revenue projections for 2025-2027 are set at $4.4 billion, $4.5 billion, and $4.65 billion, reflecting a consistent growth rate of approximately 3% year-on-year [7] - The net profit forecasts for the same period have been revised upwards to $137.54 million, $161.83 million, and $187.24 million, with significant growth rates of 123%, 18%, and 16% respectively [7] - The company's P/E ratios are projected to decrease from 16.13 in 2025 to 11.85 in 2027, indicating improving profitability [7]

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。 ...

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]