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].
耐世特(1316.HK)：1H25业绩超预期 转向龙头领跑线控底盘赛道