6月26日，胡润研究院发布《2025胡润全球独角兽榜》，列出了全球成立于2000年之后、估值10亿美元 以上的非上市公司。京西智行作为国际化汽车零部件企业再度上榜，估值约130亿元人民币，位列全球 第693位，延续其在智能汽车底盘供应链的领先地位。 2025年榜单的估值计算时间截止至本年1月1日。京西智行已于今年4月获得来自深圳市投控基石新能源 汽车产业基金的5亿元战略投资。该基金隶属于深圳市"20+8"产业集群基金体系，重点支持新能源汽车 与智能网联汽车等关键产业发展。该战略投资加速了核心技术以更大规模、更优成本落地，推动发挥龙 头作用。 作为智能底盘领域的中国独角兽代表，京西智行正不断推动技术创新与全球化交付能力建设。本次上榜 既是对京西智行在智能汽车产业链中技术实力和市场表现的肯定，也再次印证中国科技企业在全球汽车 新势力浪潮中的重要地位。 —— 完 —— 在智能悬架方面，京西智行第四代MagneRide 磁流变悬架系统已于深汕工厂实现国产化量产，成为全球 首个实现技术全栈自研并本地交付的磁流变悬架系统。京西第四代MagneRide 磁流变悬架系统以每秒 1000次的阻尼调节频率，1毫秒响应速度，显著提 ...

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]