Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.66, corresponding to a P/E of 13 times for 2025 [3][6]. Core Views - The company is expected to see significant profit margin improvement in 2024, with a projected net profit of USD 61.72 million, representing a year-on-year increase of 68% [1][3]. - The company has secured two new steer-by-wire orders in 2024, which are anticipated to be implemented by 2026, indicating a strong position in the autonomous driving sector [2][3]. - The report highlights the company's revenue growth potential driven by the trends of electrification and intelligence in the automotive industry, with expected revenues of USD 43 billion, USD 46 billion, and USD 50 billion for 2025, 2026, and 2027 respectively [3][5]. Financial Performance - For 2024, the company is projected to achieve revenues of USD 4.28 billion, a year-on-year increase of 1.6%, with an adjusted EBITDA of USD 424 million, reflecting a 22.5% growth [1][5]. - The net profit margin is expected to improve to approximately 1.4% in 2024, up from 0.9% in 2023 [5][12]. - The company’s EBITDA margin is projected to reach 9.9% in 2024, an increase of 1.7 percentage points year-on-year [1][5]. Product and Market Insights - The steer-by-wire technology is highlighted as a key innovation, allowing for more flexible vehicle design and enhanced driving precision, which is crucial for advanced autonomous driving [2][3]. - The company has also received its first rear-wheel steering order in 2024, which is expected to enhance driving experience in larger vehicle models [3][5]. - The revenue breakdown shows that North America accounts for 51% of total revenue, followed by Asia-Pacific at 31% and EMEASA at 17% [1].
耐世特：线控转向趋势已成，后轮转向方兴未艾-20250411