Core Insights - The automotive market is increasingly focusing on intelligent driving, with steer-by-wire (SBW) systems emerging as a key investment opportunity, particularly highlighted by Tesla's Cybercab model which eliminates mechanical connections [1][2] - Recent policies from the Ministry of Industry and Information Technology in China support the development of intelligent connected vehicles, paving the way for L3-level autonomous driving and enhancing market expectations for SBW systems [1][5] - As a leading player in the SBW sector, the company has established orders with Tesla and several domestic automakers, with production and delivery expected in 2026, reflecting strong market demand [2][5] Company Overview - The company specializes in steering systems, including electric power steering (EPS), hydraulic power steering (HPS), and SBW systems, holding a leading market position in EPS and SBW technologies [2][5] - SBW technology, which eliminates the intermediate steering shaft, is crucial for higher levels of automation in driving, particularly L3 and above, where driver intervention is not required [2] Market Dynamics - The SBW industry is anticipated to enter a phase of large-scale production by the second half of 2025, with the company positioned as a top supplier benefiting from its technological advantages and production experience [5] - The company received its first SBW order in 2022 from Tesla and has since secured additional orders from domestic automakers, indicating a growing market presence [5][10] Financial Performance - The company's EPS segment generated $1.525 billion in revenue in the first half of 2025, marking an 8.57% year-over-year increase, with a significant contribution from the North American and Asia-Pacific markets [6][9] - The company maintains a stable order target of $5 billion for the year, with a strong customer base including General Motors, which contributed 34.39% of revenue in the first half of the year [9] Future Outlook - The line control steering industry is expected to experience significant growth, with projections indicating that the domestic market could exceed 35 billion yuan by 2030, and the global market could surpass 80 billion yuan [10] - Analysts maintain a positive outlook on the company, with expectations of improved profitability and market share growth, particularly in the U.S. and China [10][11]
站在线控转向投资风口，耐世特（01316）市值节节走高