Investment Rating - The investment rating for the company is "Outperform the Market" [5][25][29] Core Views - The company achieved a net profit growth of 304% year-on-year in the first half of 2025, with revenue reaching $2.242 billion, a 7% increase compared to the previous year [1][7] - The company is experiencing accelerated recovery in overseas profits, with significant improvements in profitability driven by cost reduction and efficiency enhancement [2][9] - The company is positioned as a leading player in the EPS market, with a market share of over 16% in China and strong partnerships with over 60 global OEM customers [12][25] Financial Performance - In the first half of 2025, the company reported a gross margin of 11.55%, up 1.50 percentage points year-on-year, and a net margin of 2.81%, an increase of 2.05 percentage points [2][9] - The company's revenue forecast for 2025 is $4.487 billion, with projected net profits of $136 million, reflecting a 120.9% increase compared to 2024 [4][27] - The earnings per share (EPS) is expected to grow from $0.05 in 2025 to $0.09 in 2027, indicating a positive growth trajectory [4][27] Market Position and Strategy - The company has established a solid position in the R-EPS segment, capturing a 20% market share in the global EPS market, and is expanding its presence in the domestic market by partnering with local automotive manufacturers [3][12] - The company is actively developing new products in the line control steering and braking systems, with a focus on enhancing its technological capabilities and expanding its product offerings [19][22] - The company has received multiple orders for its SbW technology, indicating strong demand and recognition in the market [18][21]

Q&A 线控转向-制动专家交流 20250814 摘要 L2 级别自动驾驶要求制动系统电压响应时间在 150 毫秒以内，L2+及 以上级别则需控制在 100 毫秒以内，此为影响股票交易策略的关键数据。 现有制动系统产品已能满足当前法规，但新国标对 ETPS 及 EHB 系统在 自动时间、自动力等方面提出了更高测试要求，或将推动相关技术升级。 EHB 系统成本主要由电机、液压单元、电磁阀和滚珠丝杆等部件构成， 各供应商报价存在差异，但部件成本比例相似，转向和制动系统成本结 构基本一致。 国内厂家在控制算法方面通常不提供完全白盒交付，但会尽量满足客户 需求，在一些环节上提供支持，核心技术仍需保留。 博士和博特利的 EMB 系统已进行装车测试，性能指标接近，响应时间提 升 30%，100 公里时速下制动距离优化 10-20 米，预计 2026 年应用 于极氪 7X 车型。 新法规预计将定义驾驶员在任何时候都能控制车辆，即使助力失效后仍 能通过方向盘控制车辆，或将显著增加 EPS 系统成本至 3,500-4,000 元。 2026 年极氪品牌车型将采用纳什特公司的 SDBW 系统，并与大 EMB 关联，但若法规未能及 ...

我是自己没办法在花这么多时间内去培养一时半会培养不出来的所以说在外面郭鑫在外面挖的人过来而且挖过来的技术人员基本上70%是外面的人员聘请过来30%是公司内部的其他部门抽调过来的抽调过来的技术人员组成了昆选这个技术软肋 然后这个技术团队呢他为了规避拓扶骨灰这些不发作这些行业内目前已量产这些这些这些竞争对手所以说我们昆选也做了很多的一个改进所以说在产品这个结构上也做了很大的一个优化明白这个产品的保留率估计是怎么样的呀这个产品目前还没算还没算那个 目前公司是不惜一切代价说把这产品搞量产说产品的毛利率和和其他的后面再刷目前在客户这边也是客户说你把产品搞拼掉了我们再用你产品然后我们再来谈价就价格还没有进入到谈的这个真正谈的这个阶段是吧对对哦明白 哦好的好的好的好的好的哎呃这个业务到明年放量是会有哪些车型啊因为感觉已经挺快的了进入到了C样你说像那个什么奇瑞新纪元这些都上车了吗我不知道大概明年能真正SOP的有哪些车型啊就我想预估一下然后他这个分几块吧然后我们我们也做了减能器然后呢奇瑞这边主要上昆旋 然后让上了估计估计团伙这边其实也在上主要是新起源那个一替跟烟湿这两款车型然后呢好像是风云那个风云风云的那几款车然后呢好像在在谈 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [2][14]. Core Views - The company is experiencing high growth in its performance, with a significant increase in revenue and net profit projected for the coming years. The growth logic is continuously being validated [1][5]. - The company has secured major clients, including Geely and Changan, and is expanding its product offerings and production capacity, which is expected to drive rapid revenue growth [5][6]. Financial Performance Summary - **Revenue Projections**: The company is expected to achieve revenues of 38.74 billion, 42.60 billion, 52.77 billion, 64.70 billion, and 74.99 billion yuan from 2023 to 2027, with year-on-year growth rates of 3.3%, 10.0%, 23.9%, 22.6%, and 15.9% respectively [1][6]. - **Net Profit Projections**: The projected net profit for the same period is 970 million, 2.13 billion, 3.83 billion, 4.68 billion, and 5.60 billion yuan, with year-on-year growth rates of 42.7%, 119.6%, 80.0%, 22.1%, and 19.7% respectively [1][6]. - **Return on Equity (ROE)**: The ROE is expected to increase from 3.5% in 2023 to 13.3% in 2027, indicating improved profitability [1][6]. - **Earnings Per Share (EPS)**: The EPS is projected to rise from 0.13 yuan in 2023 to 0.76 yuan in 2027 [1][6]. - **Valuation Ratios**: The Price-to-Earnings (P/E) ratio is expected to decrease from 84.8 in 2023 to 14.7 in 2027, reflecting a more attractive valuation as earnings grow [1][6]. Business Development Summary - **Client Base Expansion**: The company has expanded its client base to include major global automotive manufacturers, with new orders totaling 3.7 billion yuan in the first half of 2025 [5][6]. - **Product Development**: The company has developed a complete chassis electronic control capability, with several products entering mass production and testing phases [5][6]. - **Production Capacity**: The establishment of a new production base in Morocco is expected to enhance the company's manufacturing capabilities significantly [5][6].

Investment Rating - The report indicates a positive outlook for the line control braking industry, particularly for the Electric Mechanical Brake (EMB) technology, which is expected to achieve mass production soon [1][4]. Core Insights - The line control braking technology is evolving, with domestic manufacturers likely to gain market share through technological advancements, particularly in EMB [1][4]. - EMB technology is aligned with the trends in smart driving, offering significant performance advantages such as faster response times and higher control precision, which are critical for active safety features [3][11]. - The line control braking market is projected to reach a scale of 25.75 billion yuan by 2030, with EMB expected to achieve a breakthrough in mass production by 2025, reaching a market size of 11.98 billion yuan by 2030 [4][63]. Summary by Sections 1. Core Insights - The report highlights three main technological paths for line control braking: EHB Two-box, EHB One-box, and EMB, with the One-box currently being the mainstream choice [1][10]. - EMB is transitioning from research and development to mass production, overcoming previous bottlenecks related to motor durability and regulatory frameworks [3][11][62]. 2. Line Control Braking - Line control braking is a crucial component of smart chassis systems, meeting the safety requirements of intelligent driving through rapid response and precise control capabilities [2][29]. - The evolution of braking systems has progressed from mechanical to hydraulic and now to line control systems, which utilize electronic signals for operation [20][24]. 3. EHB One-box and EMB - EHB One-box is currently the mainstream solution due to its compact size and low cost, with its market share expected to increase significantly by 2024 [52]. - EMB technology eliminates hydraulic structures, providing a fully electronic control system that enhances response speed and control accuracy, making it suitable for advanced driving assistance systems [47][56]. 4. Market Outlook - The line control braking market is anticipated to grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2030, with significant contributions from the EMB segment [63]. - The report emphasizes the competitive landscape, noting that while foreign manufacturers dominate the EHB market, domestic companies are focusing on EMB development [4][61].