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].

Core Points - The new national standard GB 17675-2025 for automotive steering systems has been officially released and will replace the previous standard GB 17675-2021 starting from July 1, 2026 [1][6] - The primary revision of the new standard addresses new technologies such as steer-by-wire (SBW) and electric power steering (EPS), removing mandatory mechanical connection requirements [1][6] Summary by Category Standard Information - The new standard was published on December 2, 2025, and will be implemented on July 1, 2026 [2] - It is classified under safety standards and is overseen by the Ministry of Industry and Information Technology [2][7] - The standard was drafted by multiple automotive companies, including NIO, Li Auto, Xpeng, BYD, Geely, Xiaomi, Huawei, Toyota, and Mercedes-Benz [2][7] Safety Requirements - The new standard emphasizes enhanced safety requirements, particularly for the redundancy capabilities of steering systems in case of failure [3][7] - It introduces functional safety terminology and verification methods, requiring electronic control systems to meet ISO 26262 functional safety levels [3][7] - Specific requirements for fully powered steering systems include vehicle safety status, degradation requirements, and energy management systems [3][7] Technological Changes - The fully powered steering system eliminates mechanical connections and relies on energy for steering operations, necessitating new alarm methods for battery aging and performance issues [3][7] - Current models utilizing steer-by-wire technology include Infiniti Q50, Zhiji L6, NIO ET9, and Tesla Cybertruck, with NIO ET9 being the first mass-produced model in China to implement full steer-by-wire without mechanical redundancy [3][7]

Core Viewpoint - Zhejiang Shibao (002703.SZ) is gaining market attention due to its focus on the automotive steering system sector, with promising prospects in L3+ autonomous driving and regulatory relaxation [1][9]. Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 149 million yuan, a year-on-year increase of over 90% [1]. - In Q1 2024, the net profit attributable to shareholders was 49 million yuan, doubling year-on-year [1][4]. - The company reported a revenue of 718 million yuan in Q1 2024, a year-on-year growth of 45.47% [4]. - The operating cash flow for Q1 2024 was 75.9 million yuan, a significant increase of 1714.77% year-on-year [4]. Growth Drivers - The rapid growth in performance is driven by product structure optimization and increased value per vehicle [2][6]. - The company is expanding its customer base, which contributes to the rapid revenue growth [6]. R&D and Technological Advancements - Zhejiang Shibao invested 160 million yuan in R&D in 2024, developing seven core technological capabilities [3][9]. - The company has established strong design and manufacturing capabilities in electric power steering systems and intelligent steer-by-wire systems [8][9]. - The company has been recognized for its ability to integrate steering systems with autonomous driving technologies, with projects expected to be mass-produced by 2026 [1][8]. Market Position and Future Outlook - The company is well-positioned to benefit from the trends of electrification and intelligence in the automotive industry, with a projected revenue of 1.819 billion yuan in 2023 and 2.693 billion yuan in 2024, reflecting year-on-year growth of 31.24% and 48.04% respectively [5]. - The long-term outlook for steer-by-wire systems is positive, with expectations for significant growth as L3+ autonomous driving becomes more prevalent [9].

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]