Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved revenue of 0.62 billion, up 68% year-on-year, aligning with expectations [8][9] - The company is focusing on becoming a leader in steer-by-wire technology, securing significant orders from major electric vehicle manufacturers in North America and China [15] - The report highlights a robust increase in operating profit margins, with EBITDA margins improving for three consecutive years [12] Revenue and Profit Forecast - Projected total revenue for 2025 is 4.5 billion, growing by 3% [1][18] - The forecast for net profit in 2025 is 1.4 billion, a 25% increase [1][18] Regional Performance - In 2024, North America generated 1.34 billion [9][12] - The report indicates that the Asia-Pacific region contributed the most to revenue growth, outperforming the automotive production growth rate in that area by 970 basis points [9] Order Book and Market Position - The company secured a total of $6 billion in new orders in 2024, maintaining a stable order book compared to 2023, with 28% of these orders coming from Chinese automakers [15] - The report emphasizes the potential for accelerated adoption of steer-by-wire technology in the context of global electrification and automation trends [15]
耐世特（01316）：线控转向、后轮转向重大突破，24H2业绩符合预期