格隆汇9月29日丨浙江世宝(002703.SZ)在互动平台表示，公司主要业务为汽车转向系统的一级配套，主 要客户为国内领先整车厂商及主流新势力车企。公司目前主要的研发投入均投向电动化、智能化转向技 术。公司的线控转向、后轮转向已获得数个主流客户定点，尚未量产。公司是小米汽车的转向中间轴供 应商。 ...

Core Insights - The automotive market is increasingly focusing on intelligent driving, with steer-by-wire (SBW) systems emerging as a key investment opportunity, particularly highlighted by Tesla's Cybercab model which eliminates mechanical connections [1][2] - Recent policies from the Ministry of Industry and Information Technology in China support the development of L3 autonomous vehicles, paving the way for SBW systems and enhancing market expectations for the industry [1][3] Company Overview - The company, Nastec, specializes in steering systems, including electric power steering (EPS), hydraulic power steering (HPS), and SBW systems, holding a leading market position in EPS and SBW technologies [2] - SBW technology, which relies solely on electrical signals for steering control, is crucial for higher levels of automation in vehicles, particularly L3 and above [2] Market Position and Performance - Nastec is positioned as a top supplier in the SBW market, having secured its first SBW order in 2022 from Tesla and additional orders from domestic automakers, with plans to commence production in 2026 [3] - The company has a solid foundation in the EPS market, with a revenue of $1.525 billion in the first half of 2025, reflecting an 8.57% year-on-year growth, and contributing 68% to total revenue [4][8] Financial Stability - Nastec's major clients, including General Motors, contribute significantly to its revenue, with the top three clients accounting for 68.5% of total income [8] - The adjusted EBITDA for the first half of the year was $230 million, with a profit margin of 10.26%, indicating a steady improvement in profitability [8] Industry Outlook - The SBW industry is expected to enter a commercial phase by 2025, with projections indicating that the domestic market could exceed 35 billion yuan and the global market could surpass 80 billion yuan by 2030 [9] - Analysts maintain a positive outlook on Nastec, with expectations of improved profitability and market share growth, particularly in the Chinese market [9][10] Future Growth Potential - By 2026, Nastec's revenue structure is anticipated to shift, with SBW contributing a significant portion, while maintaining a strong presence in the North American and Chinese markets [10] - The company's established product matrix and early mover advantage in SBW position it well for future growth, with a low valuation suggesting potential for market capitalization increase [10]

在竞争高度激烈的汽车市场，智能驾驶已成为购车参考的核心标准之一，而智能化趋势下线控转向应时而生，尤其是特斯拉Cybercab车型搭载的线控转向系 统首次彻底取消机械连接，令线控转向站上了投资风口。 政策也在加大支持力度，近期工业和信息化部等八部门联合印发《汽车行业稳增长工作方案（2025—2026年）》，指出将推进智能网联汽车准入和上路通行 试点，有条件批准L3级车型生产准入，这无疑为国内新能源汽车辅助驾驶L3级别标准的落地铺平了道路，同时也为线控转向行业打开了市场预期。 作为线控转向的引领者，耐世特（01316）先发优势具备产品以及技术实力，已和特斯拉以及国内多家造车新势力达成线控转向订单，并将于2026年投产交 付，而今年以来该公司近两年业绩表现也不错，获得了资本青睐，市值升幅达120%。然而相比于2018年的高位该公司估值仍缩水超60%。 在线控转向风口下，耐世特具备投资价值吗？ 站上行业风口，2026年将交付SBW订单 当然，转向市场的玩家也都纷纷开展线控转向的布局，包括采埃孚、耐世特、博世、捷太格特及舍弗勒等均积极开展研发，耐世特是首个SBW商业化应用 的供应商，随着技术成熟，在产品技术趋同下，耐世 ...

Core Viewpoint - The company reported a revenue of 4.92 billion yuan in Q2 2025, representing a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 220 million yuan, up 22.7% year-on-year [1][2]. Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 4.92 billion yuan, with a year-on-year growth of 6.1% and a quarter-on-quarter growth of 13.4% [2]. - The gross profit margin for Q2 2025 was 15.7%, down 1.6 percentage points year-on-year and 1.9 percentage points quarter-on-quarter, primarily due to intensified competition in the downstream market [3]. - The net profit margin for Q2 2025 was 4.4%, reflecting a year-on-year increase of 0.6 percentage points, despite a quarter-on-quarter decrease of 0.5 percentage points [3]. Group 2: Market and Industry Trends - The global automotive market showed strong performance in Q2 2025, with China's passenger car production reaching 7.01 million units, up 11.7% year-on-year; U.S. light vehicle sales at 4.181 million units, up 3.0% year-on-year; and European passenger car registrations at 3.78 million units, up 8.5% year-on-year [2]. - The company is deepening its layout in the new energy sector, with 526 new projects initiated in the first half of 2025, including 161 in the automotive metal sector and 365 in the automotive pipeline system [4]. Group 3: Strategic Initiatives - The company is actively developing its autonomous logistics vehicle steering system, having completed the design phase and entered prototype manufacturing [4]. - The company is enhancing operational quality and risk management in its German operations and implementing efficiency improvement plans in its Mexican operations [4]. - The company has made progress in its robotics sensor project, with multiple small batch orders delivered for tension, torque sensors, and the design of six-dimensional force sensors completed [4]. Group 4: Investment Outlook - The company plans to achieve a revenue of 19.1 billion yuan in 2025, reflecting a year-on-year growth of 1.4% [5]. - The company is expected to distribute a cash dividend of 0.10 yuan per share, totaling 120 million yuan, with a payout ratio of 28.2% [5]. - Forecasted net profits for 2025-2027 are 840 million, 940 million, and 1.07 billion yuan, with corresponding price-to-earnings ratios of 19.8X, 17.7X, and 15.6X [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - In Q2 2025, the company achieved operating revenue of 4.92 billion yuan, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 220 million yuan, up 22.7% year-on-year. The company is strategically transforming towards new energy and has a complete reserve of lightweight products, enhancing its global supply capabilities and market position in the global new energy lightweight sector [2][4][7]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 4.92 billion yuan, reflecting a year-on-year growth of 6.1% and a quarter-on-quarter increase of 13.4%. The net profit attributable to shareholders was 220 million yuan, which is a 22.7% increase year-on-year and a 1.3% increase quarter-on-quarter. The net profit margin was 4.4%, up 0.6 percentage points year-on-year [2][4][7]. Business Strategy - The company is deepening its layout in the new energy component industry, with 526 new projects approved in the first half of 2025, including 161 projects in the automotive metal sector and 365 in the automotive pipeline system. The company is also actively developing the automotive steer-by-wire system and has completed the design for an autonomous logistics vehicle steering system [7]. Market Position - The company is enhancing its operational quality and risk management capabilities in Germany and Mexico, with plans to complete the establishment of a base in Morocco and improve management levels in Indonesia by 2025. The company is also making progress in its new business ventures, including sensor projects for robotics, with several products already delivered [7]. Future Outlook - The company expects steady growth in performance due to active exploration of new businesses and clients, with a revenue target of 19.1 billion yuan for 2025, representing a year-on-year increase of 1.4%. The strategic transformation towards new energy and the introduction of new components like battery boxes and hot forming are anticipated to open new growth curves [7].

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]

报告提到，耐世特将线控转向(steer-by-wire)、集成式后轮转向(rear wheel steer)及相关软件整合至车辆的 线控系统，已在今年上半年获得多个订单。公司预计，今年的总订单将达到50亿美元，其中今年上半年 已获15亿美元订单，预计下半年将再获35亿美元订单。 智通财经APP获悉，大和发布研报称，耐世特(01316)在过去数年持续降低成本及改善利润率，相信公司 已自去年下半年起受惠，并料集团未来的盈利能力将持续改善。大和重申对耐世特的"跑赢大市"评级， 目标价由6.8港元上调至7港元。该行又调升集团2026至27年的每股盈测7%至9%，以反映利润率优于预 期。 ...

Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue and net profit significantly increasing, driven by growth in the Asia-Pacific region and successful project launches [1][2][3] Revenue Performance - In H1 2025, the company achieved revenue of $2.242 billion, a year-on-year increase of 6.7%, and a 7.6% increase when excluding foreign exchange and commodity compensation effects [1] - Revenue by region: - North America: $1.14 billion, +1.7% year-on-year, driven by strong market performance of client projects [1] - Asia-Pacific: $690 million, +15.5% year-on-year, mainly due to orders secured in previous years and new project launches, with China contributing a 12.3% growth [1] - Europe, Middle East, Africa, and South America: $401 million, +9.4% year-on-year, supported by project launches in Europe and steady growth in South America, particularly in Brazil [1] Profitability Metrics - The company's gross margin in H1 2025 was 11.5%, an increase of 1.4 percentage points year-on-year, attributed to revenue growth and improved operational performance [2] - EBITDA margin for H1 2025 was 10.3%, up 0.9 percentage points year-on-year, with regional breakdowns showing: - North America: 7.6%, down 0.2 percentage points year-on-year - Asia-Pacific: 16.9%, down 0.8 percentage points year-on-year - Europe, Middle East, Africa, and South America: 8.8%, up 6.7 percentage points year-on-year [2] Net Profit Growth - The company reported a net profit of $6.3 million in H1 2025, a substantial increase of 304.7% year-on-year, primarily driven by increased EBITDA and changes in orders [2] Strategic Positioning - The company is positioned as a leader in steer-by-wire technology, successfully launching 31 new customer projects in H1 2025, with 23 being new or newly acquired businesses and 8 being expansions of existing businesses [3] - The Asia-Pacific region is identified as a key growth engine, contributing to 24 projects, with 21 of these related to electric vehicles, reflecting the company's proactive adaptation to the electrification trend [3] Earnings Forecast - The company maintains revenue forecasts for 2025-2027 at $4.4 billion, $4.5 billion, and $4.7 billion, representing year-on-year growth of 3% each year [3] - The net profit forecasts for 2025-2027 have been revised upward to $14 million, $16 million, and $19 million, with year-on-year growth rates of 123%, 18%, and 16% respectively [3]

Summary of Key Points from Conference Call Industry and Company Involved - The conference call focuses on the automotive industry, specifically on advancements in braking systems and steering technologies related to autonomous driving, with mentions of companies like 博士 (Bosch) and 博特利 (Boteley) as key suppliers. Core Insights and Arguments - **Response Time Requirements**: For L2 level autonomous driving, the braking system must have a voltage response time within 150 milliseconds, while L2+ and above require it to be within 100 milliseconds, which is critical for stock trading strategies [1][3][4] - **New Regulatory Standards**: New national standards will impose higher testing requirements on ETPS and EHB systems, necessitating technological upgrades [1][12] - **Cost Structure of EHB Systems**: The cost structure of EHB systems is primarily composed of components like motors, hydraulic units, electromagnetic valves, and ball screws, with similar cost proportions across suppliers [1][7] - **Performance of EMB Systems**: 博士 and 博特利's EMB systems have shown a 30% improvement in response time and a 10-20 meter reduction in braking distance at 100 km/h, expected to be applied in the 极氪 7X model by 2026 [1][11][13] - **Driver Control Requirements**: New regulations will ensure that drivers can control vehicles at all times, even if assistance fails, potentially increasing EPS system costs to 3,500-4,000 yuan [1][26] Additional Important Content - **Current Product Compliance**: Existing braking systems meet current regulations, indicating readiness for future regulatory changes without needing significant adjustments [1][6] - **Testing Standards for EHB Systems**: New testing standards for EHB systems will be released in September 2024, focusing on automatic timing and maximum automatic force [12] - **Market Competitiveness**: 博士 outperforms domestic brands in response time, braking distance, and noise control, while other domestic brands still need improvements in noise management [11] - **Cost Implications of New Standards**: The new standards may significantly increase costs, particularly for EPS systems, which could affect the pricing strategy for L3 and L4 level autonomous vehicles [26] - **Future Model Launches**: The 极氪 brand is set to launch models with advanced steering and braking technologies, contingent on regulatory approvals [29][31] This summary encapsulates the critical aspects of the conference call, highlighting the advancements in braking and steering technologies, regulatory impacts, and market dynamics within the automotive industry.

Group 1 - Nexperia's stock rose nearly 10%, reaching HKD 6.47 with a trading volume of HKD 84.52 million [1] - Nexperia's board meeting on August 13 will approve mid-term performance, with expected revenue growth of 7% to 8% year-on-year, reaching USD 2.25 billion, driven by a surge in sales in the Asia-Pacific region [1] - Net profit for the period is anticipated to be between USD 40 million and USD 50 million [1] Group 2 - The automotive market views Tesla's Cybertruck as the first mass-produced model with steer-by-wire technology, while NIO's ET9 is the first in China [1] - Many automotive companies are researching steer-by-wire technology, with a forecast that models equipped with this technology will gradually increase in volume starting in 2026 [1] - Major suppliers, including ZF, Nexperia, Bosch, JTEKT, and Schaeffler, are actively developing steer-by-wire solutions, with Nexperia having a strong technological advantage as a leading Tier 1 supplier [1]