Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue and net profit significantly increasing, driven by growth in the Asia-Pacific region and successful project launches [1][2][3] Revenue Performance - In H1 2025, the company achieved revenue of $2.242 billion, a year-on-year increase of 6.7%, and a 7.6% increase when excluding foreign exchange and commodity compensation effects [1] - Revenue by region: - North America: $1.14 billion, +1.7% year-on-year, driven by strong market performance of client projects [1] - Asia-Pacific: $690 million, +15.5% year-on-year, mainly due to orders secured in previous years and new project launches, with China contributing a 12.3% growth [1] - Europe, Middle East, Africa, and South America: $401 million, +9.4% year-on-year, supported by project launches in Europe and steady growth in South America, particularly in Brazil [1] Profitability Metrics - The company's gross margin in H1 2025 was 11.5%, an increase of 1.4 percentage points year-on-year, attributed to revenue growth and improved operational performance [2] - EBITDA margin for H1 2025 was 10.3%, up 0.9 percentage points year-on-year, with regional breakdowns showing: - North America: 7.6%, down 0.2 percentage points year-on-year - Asia-Pacific: 16.9%, down 0.8 percentage points year-on-year - Europe, Middle East, Africa, and South America: 8.8%, up 6.7 percentage points year-on-year [2] Net Profit Growth - The company reported a net profit of $6.3 million in H1 2025, a substantial increase of 304.7% year-on-year, primarily driven by increased EBITDA and changes in orders [2] Strategic Positioning - The company is positioned as a leader in steer-by-wire technology, successfully launching 31 new customer projects in H1 2025, with 23 being new or newly acquired businesses and 8 being expansions of existing businesses [3] - The Asia-Pacific region is identified as a key growth engine, contributing to 24 projects, with 21 of these related to electric vehicles, reflecting the company's proactive adaptation to the electrification trend [3] Earnings Forecast - The company maintains revenue forecasts for 2025-2027 at $4.4 billion, $4.5 billion, and $4.7 billion, representing year-on-year growth of 3% each year [3] - The net profit forecasts for 2025-2027 have been revised upward to $14 million, $16 million, and $19 million, with year-on-year growth rates of 123%, 18%, and 16% respectively [3]
耐世特(01316.HK)2025H1业绩公告点评：亚太区增长迅猛 利润同比高增！