Group 1 - The core point of the article is that Suzhou Coordinate System Intelligent Technology Co., Ltd. has completed equity financing with Meituan as a new investor [1] - Coordinate System Intelligent Technology was established in 2023 and focuses on the development of core technologies for intelligent automotive drive-by-wire chassis, providing systematic solutions such as pure electromechanical drive-by-wire (EMB) and steer-by-wire systems [1] - According to Zhitong Finance's investment data, the probability of further financing in the next two years, based on a forecast date of September 2025, is 77.89% [1]

Group 1 - Zhejiang Shibao (002703) saw a stock price increase of over 5%, reaching 5.22 HKD with a trading volume of 39.09 million HKD [1] - The company announced during an analyst meeting that it has strong technical reserves in steer-by-wire and rear-wheel steering, with multiple mainstream automakers already designated for these technologies [1] - The first mass production project for steer-by-wire is expected to begin in the second half of 2026, while the rear-wheel steering project is anticipated to start mass production in Q4 of this year [1] Group 2 - The steer-by-wire and rear-wheel steering products are primarily aimed at L3+ autonomous driving vehicles and high-performance luxury models, indicating high technical barriers and a broad market outlook [1] - CITIC Securities noted that regulatory focus on the safety of autonomous driving is increasing, leading to stricter requirements for L2-level assisted driving in both promotional and operational aspects [1] - It is expected that L3 will become the main upgrade direction for intelligent driving from Q4 2025 to 2026, with commercial solutions requiring high redundancy in system safety, which will significantly enhance the value of intelligent driving components [1]

Group 1 - The core viewpoint of the article highlights the positive market response to Nextracker (耐世特), with its stock price increasing by 4.04% to HKD 7.98 and a trading volume of HKD 337 million [1] - The recently issued "Automotive Industry Stabilization and Growth Work Plan (2025-2026)" emphasizes the promotion of intelligent connected vehicles and conditional approval for L3 level vehicle production [1] - With the increasing prevalence of L3 and higher-level autonomous driving, the demand for steer-by-wire technology is expected to rise significantly, positioning Nextracker as a key player in this sector due to its strong first-mover advantage [1] Group 2 - Tesla's supply chain is experiencing positive developments, with CEO Elon Musk planning a technical evaluation of the AI5 chip design and upcoming meetings regarding AI/autonomous driving systems and vehicle production [1] - Nextracker is recognized as a leading global steering manufacturer and a rare investment opportunity within the autonomous driving and Tesla supply chain [1]

Core Viewpoint - The recent issuance of the "Automotive Industry Stabilization and Growth Work Plan (2025-2026)" is expected to boost the demand for steer-by-wire technology, benefiting companies like Nexperia, which is a leading Tier 1 supplier in this field [1] Group 1: Industry Developments - The new plan includes provisions for the approval of L3 level vehicle production, indicating a shift towards advanced autonomous driving technologies [1] - The demand for steer-by-wire systems is anticipated to increase rapidly alongside the penetration of higher-level autonomous driving [1] Group 2: Company Insights - Nexperia's stock has risen over 4%, currently trading at 7.98 HKD with a transaction volume of 337 million HKD, reflecting positive market sentiment [1] - Nexperia is recognized as a key player in the steer-by-wire market, benefiting from its strong first-mover advantage [1] - The company is positioned as a rare asset in the autonomous driving and Tesla supply chain, further enhancing its market appeal [1]

Core Viewpoint - Wanxiang Qianchao is focusing on key areas such as intelligent chassis, humanoid robots, and low-altitude flying vehicles, with significant progress in developing critical components like planetary roller screws and precision reducers [1][2]. Group 1: Business Developments - The company has experienced a stock price increase of 20.01% over two consecutive trading days, with the latest closing price at 9.52 yuan per share [1]. - Wanxiang Qianchao is actively pursuing opportunities in the artificial intelligence industry, emphasizing its core strategy of "dynamic intelligent control" [1]. - In the humanoid robot sector, the company aims to establish an annual production capacity of 100,000 sets of ball screws and planetary roller screws by 2025, and increase the production of specialized bearings to 1.2 million sets by 2026 [2]. Group 2: Product Development and Testing - The company is currently in the R&D, sampling, testing, and production line construction stages for its products, with no mass production achieved yet [3]. - Collaboration with specific clients for low-altitude flying vehicles is set to begin in 2024, with multiple product models expected to complete testing by March 2025 [2]. - The intelligent chassis development focuses on line control braking, line control suspension, line control steering, and wheel-side drive systems, with several products anticipated to complete testing between 2025 and 2026 [2]. Group 3: Financial Performance - In the first half of the year, Wanxiang Qianchao reported revenue of 6.91 billion yuan, a year-on-year increase of 8.57%, and a net profit of 535 million yuan, up 9.3% [3]. - The company has implemented a data-driven "order-oriented flexible production" strategy to optimize production processes, enhancing overall operational capabilities [3]. - New significant clients, including Mercedes-Benz, Geely Volvo, and FAW Hongqi, have been added, further expanding market share [3].

Core Viewpoint - The stock of Nexperia (01316) has risen nearly 6%, reaching a new high of 7.64 HKD since February 2022, driven by favorable government policies and strong order growth in the automotive sector [1] Group 1: Company Performance - Nexperia's stock price increased by 5.83% to 7.63 HKD with a trading volume of 145 million HKD [1] - The company secured new orders worth 1.5 billion USD in the first half of the year, including domestic and overseas business from Chinese automakers and orders for dual small gear EPS and rear-wheel steering from European automakers [1] - Nexperia maintains its annual order target of 5 billion USD, indicating strong confidence in future performance [1] Group 2: Industry Trends - The Ministry of Industry and Information Technology, along with eight other departments, released the "Automotive Industry Stabilization and Growth Work Plan (2025-2026)", promoting the industrial application of intelligent connected technology [1] - The plan includes conditional approval for the production of L3-level vehicles and aims to enhance road traffic safety and improve relevant laws and regulations [1] - As the penetration rate of L3-level and above autonomous driving increases, the penetration rate of steer-by-wire systems is expected to rise correspondingly, with Nexperia currently holding over 50% of the global market share in this technology [1] Group 3: Competitive Position - Nexperia is one of the few companies, alongside Bosch and ZF, that has achieved mass production of steer-by-wire technology, positioning itself as a leader in this competitive landscape [1] - The company is actively advancing its steer-by-wire chassis development, including steer-by-wire, rear-wheel steering, electronic mechanical brake control, and Motion IQ software suite, aligning with industry development trends to enhance competitiveness [1] - Analysts expect Nexperia to secure more steer-by-wire related projects in the second half of the year, further solidifying its market position [1]

Group 1 - The company participated in the 2025 Hebei Listed Companies Investor Online Reception Day and Half-Year Performance Briefing on September 15, 2025, where executives engaged with investors and addressed common concerns [1] - The company has been promoting new technologies such as steer-by-wire and advanced driver assistance systems to major automotive manufacturers like Chery, Changan, and Dongfeng Nissan, exploring potential collaborations in the autonomous driving sector [2] - The company reported a significant market expansion, securing 526 new project designations in the first half of the year, indicating a robust order backlog for future business development [9] Group 2 - The company is focusing on its core business and aims to enhance operational performance and intrinsic value, while also actively managing its stock price and market perception [4][15] - The company has established a specialized production line for sensors, with production capacity expected to adjust based on market demand and order conditions [6][16] - The company is currently engaged in the development of a six-dimensional force sensor project, with an execution period extending until the end of December 2025 [5][14] Group 3 - The company has not yet generated revenue from its collaborations in the autonomous driving field, as it is still in the research and development phase [2] - The company is strategically targeting well-known clients in the energy storage sector, including Huawei, Tesla, BYD, and CATL, while considering future expansion to smaller manufacturers based on industry trends [3] - The company has completed the design of a steering system for unmanned logistics vehicles and is in the prototype manufacturing stage, indicating progress in the autonomous vehicle technology space [8]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The company achieved a revenue of 1.524 billion yuan in the first half of 2025, a year-on-year increase of 35.32%, with an overall gross profit margin of 18.01%, a year-on-year decrease of 1.77%. The gross profit margin decline was mainly due to product price cuts. The company expects product prices to stabilize in the second half of the year, helping to maintain a stable gross profit margin. With the improvement of product structure, the gross profit margin is expected to further improve [24]. - The company's electric recirculating ball steering gear is mainly used in new energy light trucks, and the electro-hydraulic recirculating ball steering gear is used in high-performance medium and heavy commercial vehicles such as unmanned mining trucks and port operation vehicles [26]. - The company anticipates that the domestic steer-by-wire market will start to scale up in 2026. As a leading domestic supplier, it has obtained project approvals from several mainstream OEMs, and related products are expected to enter mass production from the second half of 2026 [27]. 3. Summary by Directory 3.1. Research Basic Situation - Research object: Zhejiang Shibao [16] - Industry: Auto parts [16] - Reception time: September 4, 2025 [16] - Listed company reception staff: Board Secretary Liu Xiaoping [16] 3.2. Detailed Research Institutions - Investment companies: Qianhe Investment [17] - Fund management companies: ICBC Credit Suisse, Great Wall Fund, Ruiyuan Fund, etc. [17][18] - Securities companies: Great Wall Securities, Guolian Minsheng Securities, Huaxi Securities, etc. [17][18] - Others: Huatai Insurance Asset [18] 3.3. Research Institution Proportion - Investment companies: 6% [20] - Fund management companies: 50% [20] - Securities companies: 39% [20] - Others: 6% [20] 3.4. Main Content Data - **Gross profit margin analysis**: The decline in gross profit margin in the first half of 2025 was mainly due to price cuts in the auto industry. With the stabilization of product prices in the second half of the year and the improvement of product structure, the gross profit margin is expected to stabilize and improve [24]. - **Product application scenarios**: Electric recirculating ball steering gears are used in new energy light trucks, and electro-hydraulic recirculating ball steering gears are used in high-performance medium and heavy commercial vehicles [26]. - **Steer-by-wire progress**: The domestic steer-by-wire market is expected to start to scale up in 2026, and the company's products are expected to enter mass production from the second half of 2026 [27]. - **Cost reduction measures**: The company promotes cost reduction through multi-dimensional optimization of product design, material procurement, and manufacturing, and improves operational efficiency through digital means [28]. - **Net profit margin outlook**: The company's net profit margin in the first half of 2025 was 6.10%. With the expansion of scale, the company is confident to further improve profitability [30]. - **Accounts receivable management**: The implementation of the 60-day payment term is expected to improve cash flow management and capital turnover efficiency [31]. - **Overseas layout**: The company currently has no specific plans for overseas investment and construction, but is actively promoting supplier qualification certification and project approvals for international OEMs [32]. - **Controlling shareholder's share reduction**: The controlling shareholder's share reduction is for its own capital needs, and the reduction does not affect the company's control [33].

Core Viewpoint - Nextracker (01316) has seen a nearly 6% increase in stock price, currently trading at 6.63 HKD, with a transaction volume of 75.63 million HKD, driven by Tesla's recent announcements regarding its focus on autonomous driving and the Optimus project [1] Group 1: Tesla's Developments - Tesla has officially released the "Master Plan Part Four," emphasizing the importance of autonomous driving and the Optimus project as key future ventures [1] - The company has initiated a Robotaxi autonomous driving pilot in Austin, Texas, with plans to expand this service to the Bay Area and other states by the end of the year, indicating a shift from testing to commercial operation for its autonomous driving technology [1] Group 2: Nextracker's Business Prospects - Nextracker has secured steering orders from Tesla, Li Auto, and Zeekr, with deliveries set to begin in 2026, indicating strong future demand [1] - The company maintains deep collaborations with XPeng, Xiaomi, and GAC, suggesting significant growth potential in its steer-by-wire business [1] - According to GF Securities, Nextracker is currently in a profit recovery phase, with future profitability expected to improve through cost reduction and efficiency measures, alongside growth in higher-margin revenue from the Asia-Pacific region [1] - The company is accelerating the acquisition of high-level electric power steering, rear-wheel steering, and steer-by-wire orders, which may lead to a new cycle of profitability driven by product structure optimization [1]

Core Viewpoint - Tesla has officially launched its "Master Plan Part 4," emphasizing the importance of autonomous driving and the Optimus project as key future ventures, indicating a significant step towards commercialization of its autonomous driving technology [1] Company Summary - Nextracker (耐世特) shares have increased by nearly 6%, currently trading at 6.63 HKD with a transaction volume of 75.63 million HKD [1] - The company has secured steering orders from Tesla, Li Auto, and Zeekr, with deliveries set to begin in 2026 [1] - Nextracker maintains deep collaborations with companies such as Xpeng, Xiaomi, and GAC, suggesting substantial growth potential in its steer-by-wire business [1] Industry Summary - Tesla has initiated a Robotaxi autonomous driving pilot in Austin, Texas, with plans to expand this service to the Bay Area and other states by the end of the year, marking a transition from testing to commercial operation [1] - According to GF Securities, Nextracker is currently in a profit recovery phase, with future profitability expected to improve through cost reduction and efficiency measures [1] - The company is accelerating the acquisition of high-level electric power steering, rear-wheel steering, and steer-by-wire orders, which may lead to a new cycle of profitability driven by product structure optimization [1]