Core Viewpoint - The report maintains a "Buy" rating for Nexperia, anticipating a strong performance in Q4 2025 with the potential acquisition of a steering control order, supported by robust production in the Asia-Pacific region [1] Group 1: Investment Outlook - The "Buy" rating is upheld, with EPS forecasts for 2025-2027 set at $0.06, $0.08, and $0.10 respectively, based on comparable companies [1] - The target price is raised to HKD 9.45, using an exchange rate of 1 USD = 7.7 HKD, reflecting a 20x PE for 2025 [1] Group 2: Regional Performance - The Asia-Pacific region shows strong momentum, with multiple R-EPS models entering mass production in Q3 2025, including models from Li Auto and Chery [1] - The order contribution from the Asia-Pacific region is projected to account for 49% of total orders in the first three quarters of 2025, with an estimated total order value of $5 billion for the year [1] Group 3: Product Innovation - Nexperia is expected to secure another steering control order in Q4 2025, previously having received a contract from a global electric vehicle leader, supporting L4 autonomous driving and mobility as a service [1] - The introduction of an innovative direct-drive steering feel simulator enhances steering feedback and is designed for compact, lightweight applications, benefiting both consumers and manufacturers [1]
耐世特(1316.HK)：线控转向有望再获定点