Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 8.0, indicating a potential upside of 33% from the current price of HKD 6.4 [6]. Core Insights - The company achieved a revenue of USD 2.242 billion in the first half of 2025, representing a year-on-year growth of 6.8%, and a net profit of USD 63.48 million, which is a threefold increase [1][2]. - The report projects revenue growth for 2025-2027 to reach USD 4.59 billion, USD 4.98 billion, and USD 5.48 billion, with respective growth rates of 7.3%, 8.6%, and 10.0%. Net profit is expected to increase to USD 120 million, USD 148 million, and USD 182 million, with growth rates of 93.8%, 23.4%, and 23.0% [1][3]. Revenue and Profitability - The company's gross margin improved to 11.5%, up by 1.5 percentage points year-on-year, while the net margin reached 2.8%, an increase of 2.1 percentage points [2]. - Revenue by region for the first half of 2025 was USD 1.14 billion in North America, USD 690 million in Asia-Pacific, and USD 400 million in EMEASA, with growth rates of 1.7%, 15.5%, and 9.4% respectively [2]. Business Development - The company secured new orders totaling USD 1.5 billion, including contracts from Chinese and European automotive manufacturers, and aims to maintain an annual order target of USD 5 billion [3]. - The launch of the Motion IQ software suite is expected to enhance product development speed and reduce costs, aligning with industry trends [3]. Financial Forecast - The financial projections indicate a sales revenue of USD 4.207 billion for FY2023, increasing to USD 5.479 billion by FY2027, with a compound annual growth rate of approximately 10% [4]. - The net profit is forecasted to recover from a decline of 37% in FY2023 to a growth of 68% in FY2024, reaching USD 182 million by FY2027 [4].
耐世特（01316）：领先布局线控产品，精准把握行业发展趋势