中国首个量产线控转向技术的车企。 文 丨 沈行 2019 年，在圣何塞的蔚来北美总部，停着一辆 "怪车"。那是一台改装过的 ES8 骡子车（用来做早期 测试的原型车），方向盘和转向机之间的机械柱被拆除了，取而代之的是几根电线。 李斌（蔚来创始人）坐进驾驶位，轻轻打了半圈方向，车轮随即打满，这台 ES8 原地完成了一次 180 度掉头，对于长期习惯机械转向的人来说，这种反应速度和转向幅度都打破了原有的驾驶惯性。李斌 觉得惊喜，"如果方向盘和车轮彻底解耦，可以给用户带来全新的驾驶体验。前舱空间能释放出来，辅 助驾驶时方向盘可以收纳，车轮转角不再受限于方向盘圈数。" 这是线控转向在蔚来的开始。 线控转向与机械转向结构对比（右：线控转向） 2022 年年初的一次产品决策会上，会议室里连续讨论了两个多小时。时任蔚来底盘工程部负责人的 Frank 和同事们一页页拆解线控转向上车后的真实体验：如果有故障发生，如何保证驾驶安全，方向 盘与车轮转角比例如何定义，手感反馈如何设定，当前各方面的技术成熟的总体处在什么水平，法规 是否走得通，用户会不会接受。问题被逐条抛出，又被逐条回答。 Frank 回忆，这次内部推进得异常顺畅。会 ...

智通财经获悉，耐世特(01316)涨超7%，截至发稿，涨7.14%，报6.45港元，成交额5587.72万港元。 消息面上，根据中国标准化公众号，近日，GB17675-2025《汽车转向系基本要求》国家认证标准发 布，2026年7月1日起代替"GB17675-2021"标准，其中删除了相关机械连接的强制要求，重点规范线控 转向（SBW）、电动助力转向（EPS）等新型技术的安全性、失效应对及功能安全验证。据悉，该标准 由多个相关车企单位牵头起草。 本文源自：智通财经网 国泰海通证券认为，相关国家认证标准的发布，是线控转向走向量产的一个重要前置节点；线控转向的 优势包括：更好地释放座舱空间、赋能L3及以上自动驾驶、可变转向比以及更好的转向舒适性；在标 准的规范下，线控转向有望顺利量产。推荐转向系统头部企业耐世特。 ...

消息面上，根据中国标准化公众号，近日，GB17675-2025《汽车转向系基本要求》国家认证标准发 布，2026年7月1日起代替"GB17675-2021"标准，其中删除了相关机械连接的强制要求，重点规范线控 转向(SBW)、电动助力转向(EPS)等新型技术的安全性、失效应对及功能安全验证。据悉，该标准由多 个相关车企单位牵头起草。 国泰海通证券认为，相关国家认证标准的发布，是线控转向走向量产的一个重要前置节点；线控转向的 优势包括：更好地释放座舱空间、赋能L3及以上自动驾驶、可变转向比以及更好的转向舒适性；在标 准的规范下，线控转向有望顺利量产。推荐转向系统头部企业耐世特。 耐世特(01316)涨超7%，截至发稿，涨7.14%，报6.45港元，成交额5587.72万港元。 ...

Core Viewpoint - The release of the GB17675-2025 national certification standard for automotive steering systems marks a significant step towards the mass production of steer-by-wire (SBW) technology, which is expected to enhance vehicle design and functionality [1][5]. Group 1: Company Performance - NEXTEER (耐世特) shares rose by over 7%, with a current price of 6.44 HKD and a trading volume of 56.83 million HKD [1][5]. Group 2: Industry Standards - The new GB17675-2025 standard will replace the GB17675-2021 standard starting July 1, 2026, removing mandatory mechanical connection requirements and focusing on the safety and functional validation of new technologies like SBW and electric power steering (EPS) [1][5]. - The standard was drafted by multiple automotive companies, indicating industry collaboration in setting safety benchmarks [1]. Group 3: Market Implications - According to Guotai Junan Securities, the introduction of this national certification standard is a crucial precursor for the mass production of steer-by-wire systems, which offer advantages such as improved cabin space, support for L3 and higher levels of autonomous driving, variable steering ratios, and enhanced steering comfort [1][5]. - Under the new standard, steer-by-wire technology is expected to achieve successful mass production, positioning NEXTEER as a leading player in the steering system market [1].

智通财经APP获悉，耐世特(01316)涨超7%，截至发稿，涨7.14%，报6.45港元，成交额5587.72万港元。 国泰海通证券认为，相关国家认证标准的发布，是线控转向走向量产的一个重要前置节点；线控转向的 优势包括：更好地释放座舱空间、赋能L3及以上自动驾驶、可变转向比以及更好的转向舒适性；在标 准的规范下，线控转向有望顺利量产。推荐转向系统头部企业耐世特。 消息面上，根据中国标准化公众号，近日，GB17675-2025《汽车转向系基本要求》国家认证标准发 布，2026年7月1日起代替"GB17675-2021"标准，其中删除了相关机械连接的强制要求，重点规范线控 转向（SBW）、电动助力转向（EPS）等新型技术的安全性、失效应对及功能安全验证。据悉，该标准 由多个相关车企单位牵头起草。 ...

来源：格隆汇APP 蔚来(NIO.US)美股盘前反弹逾3%。消息上，12月3日， 蔚来 ET9荣幸助力线控转向GB17675-2025《汽 车转向系基本要求》国家标准正式发布，搭载「线控转向」的蔚来ET9，成为中国首款线控转向量产车 型，也是全球唯一线控转向获中欧双认证的车型。以技术创新引领行政旗舰标杆。 | NIO 蔚来 | | | | --- | --- | --- | | 4.790 4 -0.240 -4.77% | | 收盘价 12/03 15:59 美东 | | 4.940 + 0.150 +3.13% | | 盘前价 12/04 04:06 美东 | | 三分24号8 9 日 0 | | ● 快捷交易 | | 最高价 4.990 | 开盘价 4.975 | 成交量 9455.37万 | | 最低价 4.730 | 昨收价 5.030 | 成交额 4.56亿 | | 平均价 4.823 | 市盈率TM 亏损 | 总市值 118.48亿 (1) | | 振 幅 5.17% | 市盈率(静) 亏损 | 总股本 24.73亿 | | 换手率 5.33% | 市净率 22.809 | 流通值 84.97亿 ...

Core Viewpoint - The company reported a steady revenue growth in Q3 2025, driven by a high demand in the automotive sector and effective market expansion strategies [2][4]. Financial Performance - In Q3 2025, the company achieved a revenue of 4.81 billion yuan, representing a year-on-year increase of 9.0% [1][2]. - The net profit attributable to shareholders was 160 million yuan, showing a significant year-on-year growth of 52.9% [1][2]. - The gross margin for Q3 2025 was 16.0%, a decrease of 1.1 percentage points year-on-year, but an increase of 0.3 percentage points quarter-on-quarter [2]. - The company’s net investment income was 30 million yuan, reflecting a year-on-year increase of 6.5% and a quarter-on-quarter increase of 32.1% [2]. Market and Industry Trends - The global automotive market is experiencing high demand, with China's passenger car production reaching 7.69 million units in Q3 2025, a year-on-year increase of 13.9% [2]. - The company is actively expanding its presence in the new energy vehicle components sector, with 526 new projects initiated in the first half of 2025 [3]. Strategic Initiatives - The company is enhancing its global supply capabilities and market position by deepening its involvement in the new energy sector and developing new technologies [3]. - In the automotive business, the company is focusing on the development of steering systems and has completed the design phase for an autonomous logistics vehicle steering system [3]. - The company is also improving operational quality and risk management in its overseas operations, particularly in Germany and Mexico [3]. Future Outlook - The company anticipates a revenue of 19.1 billion yuan in 2025, representing a year-on-year growth of 1.4% [4]. - The strategic shift towards new energy and the introduction of new product lines such as battery boxes and sensors are expected to drive future growth [4]. - The company plans to distribute a cash dividend of 0.10 yuan per share in 2025, amounting to 120 million yuan, with a payout ratio of 28.2% [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][5]. Core Views - The company achieved a revenue of 4.81 billion yuan in Q3 2025, representing a year-on-year increase of 9.0%, and a net profit attributable to shareholders of 160 million yuan, up 52.9% year-on-year [2][4]. - The company is strategically transforming towards new energy, with a complete reserve of lightweight products, accelerating global supply capabilities, and continuously enhancing its position in the global new energy lightweight market, which is expected to open a second growth curve for the company [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 48.1 billion yuan, a 9.0% increase year-on-year, and a net profit of 1.6 billion yuan, reflecting a 52.9% year-on-year growth [2][4]. - The gross margin for Q3 2025 was 16.0%, down 1.1 percentage points year-on-year but improved by 0.3 percentage points quarter-on-quarter [9]. - The company plans to distribute a cash dividend of 0.10 yuan per share (before tax) in the first half of 2025, amounting to 120 million yuan, with a payout ratio of 28.2% [4]. Business Strategy - The company is actively expanding into new fields such as steer-by-wire and robotics, with a focus on new business development and customer acquisition, which is expected to lead to stable revenue growth [4]. - The company has deepened its layout in the new energy component industry, with 526 new projects approved in the first half of 2025, including 161 in the automotive metal sector and 365 in the automotive pipeline system [9]. - The company is enhancing operational quality and risk management in its overseas operations, particularly in Germany and Mexico, and plans to complete the establishment of a base in Morocco by 2025 [9].

Investment Rating - The report maintains a "Strong Buy" rating for Lingyun Co., Ltd. (600480) with a target price range of 15.7 to 19.6 CNY [2][8]. Core Insights - The company's Q3 2025 performance met expectations, with revenue of 14.07 billion CNY, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 590 million CNY, up 17% year-on-year [2][8]. - New business segments, including liquid cooling, sensors, and steer-by-wire systems, are progressing steadily, contributing to the overall growth [8]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 18.837 billion CNY - 2025E: 20.122 billion CNY (growth of 6.8%) - 2026E: 21.499 billion CNY (growth of 6.8%) - 2027E: 23.124 billion CNY (growth of 7.6%) [4][9] - **Net Profit Forecasts**: - 2024A: 655 million CNY - 2025E: 841 million CNY (growth of 28.4%) - 2026E: 961 million CNY (growth of 14.2%) - 2027E: 1.056 billion CNY (growth of 10.0%) [4][9] - **Earnings Per Share (EPS)**: - 2024A: 0.54 CNY - 2025E: 0.69 CNY - 2026E: 0.79 CNY - 2027E: 0.86 CNY [4][9] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E: 19 times - Price-to-Book (P/B) ratio for 2025E: 1.9 times [4][9]. Business Development Summary - The company is actively developing liquid cooling products for energy storage, charging stations, and data centers, which are expected to become new growth points as the liquid cooling industry expands [8]. - The sensor projects, including torque and pressure sensors, have begun to deliver small batch orders, indicating progress in new technology applications [8].

Core Viewpoint - Zhejiang Shibao (002703.SZ) focuses on automotive steering systems as a primary supplier, targeting leading domestic automakers and mainstream new energy vehicle companies [1] Group 1: Business Overview - The company primarily engages in the first-level supply of automotive steering systems [1] - Major clients include leading domestic automakers and mainstream new energy vehicle enterprises [1] Group 2: Research and Development - Current R&D investments are directed towards electrification and intelligent steering technologies [1] - The company has secured several mainstream clients for its steer-by-wire and rear-wheel steering technologies, which have not yet entered mass production [1] Group 3: Partnerships - The company serves as the steering intermediate shaft supplier for Xiaomi Automotive [1]