Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of $2.1 billion in H1 2024, a slight decrease of 0.1% year-on-year, with a net profit of $16 million, down 54% year-on-year due to non-recurring factors [3] - The company outperformed the market in terms of revenue growth, particularly in the Asia-Pacific region, which contributed the largest revenue increase [3] - The company aims to become a leader in steer-by-wire technology, with a total order intake of $6.1 billion in 2023, 83% of which comes from new energy customers [4] Revenue and Profit Forecast - Revenue forecasts for 2024-2026 are set at $4.495 billion, $4.900 billion, and $5.243 billion, representing year-on-year growth of 7%, 9%, and 7% respectively [4] - The net profit forecasts for the same period have been adjusted to $88 million, $154 million, and $203 million, reflecting year-on-year growth of 140%, 75%, and 32% respectively [4] - The corresponding P/E ratios are projected to be 9, 5, and 4 times for 2024, 2025, and 2026 [4] Regional Performance - North America reported revenue of $1.12 billion in H1 2024, a decline of 6.3% year-on-year, primarily due to poor market performance of clients and the conclusion of certain projects in 2023 [3] - The Asia-Pacific region achieved revenue of $600 million, up 9.3% year-on-year, with China contributing $520 million, a growth of 12.9% [3] - Revenue from Europe, the Middle East, Africa, and South America was $366 million, a slight increase of 1.4% year-on-year, impacted by a $10 million loss due to flooding in Brazil [3]
耐世特：2024H1中报点评：经营性利润提升，中国区收入快速增长