NEXTEER-耐世特：2024年半年报业绩点评：静待北美业务调整+线控转向放量，聚焦亚太地区新订单推进

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company’s 1H24 performance was below expectations, with revenue declining by 0.1% year-on-year to $2.1 billion, accounting for 47% of the full-year forecast. The net profit dropped by 54% year-on-year to$ 16 million [1]. - The Asia-Pacific region drove performance growth, with revenue increasing by 9.3% year-on-year to $600 million, contributing 28% to total revenue [1]. - The company is focusing on cost reduction and leveraging its steering technology advantages to expand its customer base and business [1]. Summary by Sections Financial Performance - 1H24 revenue was$ 2.1 billion, with a gross margin of 10.1% and EBITDA of $197 million, reflecting a 6.0% increase year-on-year [1]. - The net profit for 1H24 was$ 16 million, significantly lower than the previous year [1]. - The company’s EBITDA margin improved by 0.5 percentage points to 9.4% [1]. Regional Performance - The Asia-Pacific region's revenue accounted for 28% of total revenue, up 2 percentage points year-on-year, while North America’s share decreased by 4 percentage points to 53% [1]. - The EBITDA margin in the Asia-Pacific region rose by 2.6 percentage points to 17.6% [1]. Business Outlook - The management targets a full-year order goal of $6 billion for 2024, with expectations to launch the first steer-by-wire product in collaboration with Chinese manufacturers by 2026 [1]. - The company is optimistic about its steering technology and modular advantages to attract new clients, including partnerships with major electric vehicle manufacturers [1]. - The target price has been adjusted to HKD 2.81, corresponding to approximately 13 times the 2024 EPS [1].