Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved revenue of $4.3 billion in 2024, a year-on-year increase of 1.6%, with net profit reaching $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 in 2024, including $6 billion in total orders, with 28% from Chinese automakers [15][18] - The report indicates a positive outlook for the company's profitability, with a projected improvement in earnings per share (EPS) and a favorable price-to-earnings (P/E) ratio trend [18] Revenue and Profitability Summary - Total revenue projections for the company are as follows: - 2023: $4.21 billion - 2024: $4.28 billion - 2025: $4.40 billion - 2026: $4.54 billion - 2027: $4.65 billion - Year-on-year growth rates for revenue are projected at 9.55%, 1.50%, 2.96%, 3.00%, and 2.55% respectively [1] - Net profit projections are as follows: - 2023: $36.74 million - 2024: $61.72 million - 2025: $110.48 million - 2026: $138.00 million - 2027: $158.01 million - Year-on-year growth rates for net profit are projected at -36.67%, 68.00%, 79.00%, 24.91%, and 14.50% respectively [1] Regional Performance Summary - North America contributed $2.19 billion in revenue for 2024, a decrease of 2.9% year-on-year, while the Asia-Pacific region saw a revenue increase of 10.1% to $1.34 billion [9][12] - The company’s EBITDA margin for 2024 is projected at 9.9%, with a year-on-year increase of 1.7 percentage points, indicating a steady improvement in operational efficiency [12][18]
耐世特：线控转向/后轮转向重大突破，24H2业绩符合预期-20250401