股票代码：002703 股票简称：浙江世宝 浙江世宝股份有限公司投资者关系活动记录表 | | 6、问：公司今年收入的展望？ | | | | --- | --- | --- | --- | | | 答：2025 年，在汽车行业整体保持稳定发展的前提下， | | | | | 公司对收入增长持审慎乐观态度。受益于新能源汽车渗 | | | | | 透率的持续提升、智能化转向系统需求的增长，以及国 | | | | | 产替代加速，公司预计收入将保持稳健增长。 | | | | | 7、问：今年新产能的投放主要是哪些产品？ | | | | | 答：主要是电调管柱和 R-EPS。 | | | | | 8、问：公司有无与无人车/低速物流车等企业展开业务 | | | | | 合作？ | | | | | 答：公司的智能转向可用于各类型无人驾驶汽车，公司 | | | | | 与多个客户开展了无人物流车的转向技术交流。未来， | | | | | 公司将继续深化在智能驾驶领域的技术研发和市场拓 | | | | | 展，以满足行业快速增长的需求。 | | | | | 9、问：公司后轮转向布局情况？ | | | | | 答：公司在后轮转向领 ...

Core Viewpoint - The automotive industry's price-cutting trend has led to a continuous decline in valuations across the supply chain, yet savvy investors are beginning to acquire undervalued stocks, particularly in the intelligent driving sector [1] Group 1: Intelligent Driving Sector - The intelligent driving segment is a core investment theme in the automotive industry, with domestic new energy vehicle penetration exceeding 40%, but high-level intelligent driving penetration remains low, primarily at the L2 stage [1] - Companies like Xpeng and Tesla are leading the push for higher-level intelligent driving, with only a few models achieving L2+ and L3 capabilities [1] - The steer-by-wire system is a key component of high-level intelligent driving, and the global steering system leader, Nexteer (耐世特), is gaining investor interest [1] Group 2: Company Performance and Market Position - Nexteer's valuation has dropped by 7% recently but has increased by over 77% this year, driven by improved fundamentals and strong competitiveness in the steer-by-wire sector [1] - The company is strategically expanding into the steer-by-wire chassis sector to meet industry mass production demands, further enhancing its fundamentals [1] - Nexteer holds a strong position in the global automotive steering system market, ranking among the top three with a market share of 16.16% in China, second only to Bosch Huayu [2][4] Group 3: Financial Outlook - Despite being a market leader, Nexteer faces significant competitive pressure from price wars and domestic substitution in the Chinese market, with revenue growth slowing to only 1.65% in 2024 [4] - The company has a high customer concentration, with its top three clients contributing 68.8% of revenue, which poses operational risks if major clients like General Motors face performance issues [4] - In Q1 2025, Nexteer secured $800 million in new orders, a 60% year-on-year increase, with a significant rise in orders from Chinese clients, indicating strong product recognition [5][11] Group 4: Product Development and Market Trends - The steer-by-wire system is becoming mainstream as the automotive industry shifts from traditional hydraulic systems to electronic systems, with significant growth potential in the L2+ and L3 intelligent driving segments [7][10] - Nexteer's product portfolio includes traditional hydraulic and electric power steering systems, with a notable increase in orders for steering columns and intermediate shafts in 2025 [8] - The company has made breakthroughs in steer-by-wire technology, winning multiple orders from leading electric vehicle manufacturers, which positions it well for future growth [10] Group 5: Investment Sentiment - Several investment banks are optimistic about Nexteer's prospects, forecasting a compound annual growth rate of 29% in net profit from 2025 to 2027, supported by strong order growth and product diversification [11] - The intelligent driving sector remains a hot investment theme, with Nexteer's fundamentals and multiple growth drivers expected to support its market value in the long term [12]

Group 1 - The automotive steering system is gradually transitioning from EPS to steer-by-wire technology, which offers better responsiveness, enhanced autonomous driving capabilities, and improved emergency steering safety [1] - The steer-by-wire system is essential for L3+ autonomous driving, with significant advancements since its first mass production application in the 2013 Infiniti Q50 [1] - The company is experiencing a recovery in its main business profitability and is building a comprehensive steer-by-wire chassis product portfolio, integrating trends such as electrification, automation, and software-defined vehicles [1] Group 2 - The company's net profit margin has significantly improved, with a projected net profit of $61.72 million in 2024, a 68.1% increase from $36.74 million in 2023 [2] - The company secured project orders totaling $6 billion in 2024, with 31% from new business, including multiple steer-by-wire orders, showcasing its strong competitiveness [2] - The company plans to strategically expand into the steer-by-wire chassis field with the release of rear-wheel steering (RWS) and electronic mechanical brake (EMB) systems in the first half of 2025, further enhancing future growth potential [2] Group 3 - The company is forecasted to achieve revenues of $4.469 billion, $4.772 billion, and $5.068 billion from FY2025 to FY2027, with year-on-year growth rates of 4.5%, 6.8%, and 6.2% respectively [2] - The projected net profit for the same period is $121 million, $162 million, and $186 million, reflecting growth rates of 96.2%, 34.1%, and 14.4% respectively [2] - Given the rapid profit growth phase, the company has a target price of HKD 7.61 per share, indicating a 24% upside potential from the current price, with a corresponding FY2025E PE of approximately 19 times [2]

Group 1 - The company launched 23 projects in Q1 2025, with 60.9% being new energy vehicle projects, totaling 14 projects, which account for 65.2% of all projects in the Asia-Pacific region [1] - Strong orders from Chinese new energy vehicle manufacturers were highlighted, covering REPS, DPEPS, and the latest RWS systems [1] - The company aims for an annual order target of $5 billion, with Q1 orders reaching $800 million, representing 16.0% of the annual target [1] Group 2 - The U.S. government proposed to ease regulations on autonomous vehicles, which will benefit the company's autonomous driving-related business and advanced steering systems [2] - The company is actively collaborating with clients and suppliers to optimize supply chains and production strategies to mitigate market uncertainties, especially regarding U.S. import policies [1] - The company is ensuring compensation from clients to offset costs related to non-exempt tariffs [1]

Group 1 - The core viewpoint of the article highlights that Nexperia is a trusted partner in the safety-critical motion control sector, both in China and globally, as stated by Robin Milavec, the company's President, CTO, and Chief Strategy Officer [2] - Nexperia is recognized as a leading company in motion control technology, providing innovative products and solutions for challenges in electrification, advanced driver-assistance systems (ADAS), autonomous driving, and shared mobility [2] - During the 21st Shanghai International Auto Show, Nexperia showcased its latest innovations in motion control, allowing visitors to experience next-generation breakthroughs in safety, comfort, and performance through simulated driving [2] Group 2 - The company collaborates closely with leading automotive manufacturers in China and globally, helping them to quickly respond to market trends and changes with high-quality, value-driven technologies [3] - The choice of Nexperia by automotive manufacturers is attributed to its foresight, speed, and value, which are crucial for success in a highly competitive and rapidly changing market [3]

2024年全年业绩符合预期 点击注册小程序 查看完整报告 特别申明： 2024年公司总营收同比+1.6%至42.8亿美元（vs. 我们原预测42.5亿美元），毛利率同比+1.7pcts至10.5%， EBITDA同比+22.5%至4.2亿美元，净利润同比+68.0%至0.62亿美元（vs. 我们原预测0.7亿美元）； 其中， 2H24营收同比+3.4%至21.8亿美元，毛利率同比+2.5pcts至10.9%，EBITDA同比+41.6%至2.3亿美元，净利 润同比+1577.3%至0.46亿美元。 亚太地区业务持续增长+北美地区业务修复驱动EBITDA利润率近双位数 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 2024全年公司新增订单60亿美元，其中，线控转向/DP-EPS/后轮转向业务取得重大突破：1）线控转 ...

Nexteer Automotive Group (01316) Q4 2024 Earnings Call March 19, 2025 08:00 AM ET Company Participants Tony Wang - Investor Relations DirectorRobin Milavec - President, CTO, Chief Strategy Officer & Executive DirectorMike Bierlein - SVP & CFORebecca Wen - Executive DirectorBen Wang - Director Conference Call Participants Tim Hsiao - AnalystYiming Liu - Chief Analyst Operator I would now like to turn the conference over to Investor Relations Director, Mr. Tony Wong. Please go ahead. Tony Wang Thank you, Bets ...