港股公司报告 | 首次覆盖报告 浙江世宝（01057） 证券研究报告 穿越周期成长，转向技术领航 公司概况 浙江世宝是中国汽车零部件转向器行业龙头企业，主营汽车转向系统产品 的研发、制造和销售。公司产品从机械式及液压动力循环球转向器，逐步 拓展至电动助力转向系统（EPS），并在 2023 年成功开发线控转向系统， 预计 2026 年开始量产。公司客户广泛涵盖国内外乘用车、商用车企业， 2024 年乘用车业务占比 82%，商用车占比 18%。 发展阶段：从坎坷到曙光 2015-2019 年：新产品导入但增收不增利： 受国四、国五排放标准驱动，电动助力转向（EPS）替代传统液压助力转 向（HPS）成为主流，公司 EPS 产品于 2015 年起量产，带动营收增长 （2016 年首破 10 亿元）。但受汽车行业 "年降" 机制、EPS 量产初期 成本高、2019 年出口产品质量问题导致供货中断等影响，毛利率持续下 降，期间费用率偏高，呈现 "增收不增利"。 2020 年往后：客户和新产品开拓拉动稼动率，规模效益显现： 受益于中国汽车销量回升，叠加公司拓展蔚来、理想等新势力客户，以及 转向管柱、R-EPS 等高毛利新产 ...

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]

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 ...