耐世特系列 车中旭霞 深度报告： 《 智能驾驶系列专题：线控转向加速落地，线控底盘大势所趋 》——20250626 点评报告 ： 《 耐世特（01316.HK）优于大市上半年净利润同比增长 304%，海外盈利加速修复 》-20250821 核心观点 上半年净利润同比+304% 2025H1耐世特收入22.42亿美元，同比+7%；EPS收入7.04亿美元，同比+9%；净利润0.63亿美元，同比+304%；净利率2.83pct，同比+2.07pct。分区域看，1）北美区收 入11.38亿美元，同比+1.7%；EBITDA利率7.56%，同比-0.25pct；2）亚太区收入6.87亿美元，同比+15.46%；EBITDA利率16.84%，同比-0.76pct；3）EMEA&LATAM 收入4.01亿美元，同比+9.56%；EBITDA利率8.76%，同比+6.73pct。海外盈利修复，业绩反转加速兑现。 盈利加速修复，上半年净利率同比提升2pct 利润端，2025H1公司毛利率11.55%，同比+1.50pct；净利率2.81%，同比+2.05pct。公司研发/销售/管理/财务费用率分别为3.35%/0.49%/3 ...

Core Viewpoint - The company reported a strong performance in H1 2025, with revenue of $2.242 billion, a year-on-year increase of 6.7%, and a net profit of $63 million, reflecting a significant growth of 304.7% compared to the previous year [2][3][5]. Revenue Performance - In H1 2025, the company achieved revenue of $2.242 billion, up 6.7% year-on-year, and 7.6% when excluding foreign exchange and commodity compensation effects, primarily driven by high growth in the Asia-Pacific region [3]. - Revenue breakdown by region shows North America at $1.14 billion (up 1.7%), Asia-Pacific at $690 million (up 15.5%), and Europe, Middle East, Africa, and South America at $401 million (up 9.4%) [3]. Profitability Metrics - The company's gross margin in H1 2025 was 11.5%, an increase of 1.4 percentage points year-on-year, attributed to revenue growth and operational performance improvements [5]. - EBITDA margin reached 10.3%, up 0.9 percentage points year-on-year, with regional variations: North America at 7.6% (down 0.2 percentage points), Asia-Pacific at 16.9% (down 0.8 percentage points), and Europe, Middle East, Africa, and South America at 8.8% (up 6.7 percentage points) [5]. Strategic Positioning - The company successfully launched 31 new customer projects in H1 2025, with 23 being new or newly acquired businesses, and 8 expanding existing operations. The Asia-Pacific region contributed significantly, with 24 projects, 21 of which were related to electric vehicles, indicating a strategic alignment with the electrification trend [6]. Future Outlook - The company maintains revenue forecasts for 2025-2027 at $4.4 billion, $4.5 billion, and $4.7 billion, respectively, with year-on-year growth of 3% each year. Net profit forecasts have been raised to $140 million, $160 million, and $190 million for the same period, reflecting a strong improvement trend [7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a strong revenue growth of 6.7% year-on-year for the first half of 2025, achieving total revenue of $2.242 billion [7] - The net profit attributable to the parent company surged by 304.7% year-on-year, reaching $0.63 million, indicating robust performance [7] - The Asia-Pacific region is identified as a significant growth driver, contributing to the majority of the revenue increase [7] - The company successfully launched 31 new customer projects in the first half of 2025, with a focus on electric vehicle-related projects [7] - The report highlights the company's leadership position in steer-by-wire technology and its positive outlook in the context of global electrification and automation trends [7] Financial Summary - Revenue projections for 2025-2027 are set at $4.4 billion, $4.5 billion, and $4.65 billion, reflecting a consistent growth rate of approximately 3% year-on-year [7] - The net profit forecasts for the same period have been revised upwards to $137.54 million, $161.83 million, and $187.24 million, with significant growth rates of 123%, 18%, and 16% respectively [7] - The company's P/E ratios are projected to decrease from 16.13 in 2025 to 11.85 in 2027, indicating improving profitability [7]

（以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 截至8月12日收盘，耐世特（01316.HK）报6.610港元，较上个交易日上涨1.23%，当日盘中最高价触及 6.700港元，创近一年新高。 资金流向方面，当日主力流入NaN万港元，流出NaN万港元，净流出236.02万港元。 耐世特汽车系统集团有限公司是全球领先的运动控制技术公司,加速实现安全、绿色和振奋人心的移动 出行。公司创新的产品和技术组合包括电动助力和液压助力转向系统、线控转向系统、转向管柱与中间 轴、传动系统、电驱动以及软件解决方案。公司为包括电气化、软件/网联、先进驾驶辅助系统(ADAS)/ 自动驾驶和共享出行在内的所有大趋势所面临的运动控制挑战提供解决方案,为60余家客户提供服务,包 括宝马、福特、通用、雷诺日产三菱、Stellantis、丰田、大众,以及印度和中国的汽车制造商。 作者：港股君 ...

Group 1 - Nexperia's stock rose nearly 10%, reaching HKD 6.47 with a trading volume of HKD 84.52 million [1] - Nexperia's board meeting on August 13 will approve mid-term performance, with expected revenue growth of 7% to 8% year-on-year, reaching USD 2.25 billion, driven by a surge in sales in the Asia-Pacific region [1] - Net profit for the period is anticipated to be between USD 40 million and USD 50 million [1] Group 2 - The automotive market views Tesla's Cybertruck as the first mass-produced model with steer-by-wire technology, while NIO's ET9 is the first in China [1] - Many automotive companies are researching steer-by-wire technology, with a forecast that models equipped with this technology will gradually increase in volume starting in 2026 [1] - Major suppliers, including ZF, Nexperia, Bosch, JTEKT, and Schaeffler, are actively developing steer-by-wire solutions, with Nexperia having a strong technological advantage as a leading Tier 1 supplier [1]

Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - The report highlights that high-level intelligent driving is accelerating the penetration of steer-by-wire (SBW) systems, which are expected to replace traditional mechanical chassis. The steer-by-wire technology is currently in the product introduction phase and is anticipated to enter mass production in 2025. The market for steer-by-wire is projected to reach 68.3 billion yuan by 2030, with a CAGR of 7.9% from 2023 to 2030 [3][9]. Summary by Sections Introduction - The demand for automotive intelligence is driving the continuous upgrade of intelligent driving systems, with L2 and above levels expected to penetrate over 50% of the market. The steer-by-wire system, currently with a penetration rate of less than 1%, has significant growth potential [6][25]. Trends - The transition from mechanical steering to electric steering and now to steer-by-wire is evident. The electric power steering (EPS) market is nearing saturation, with a penetration rate close to 100%. The steer-by-wire system is expected to become a key component in L3 and above autonomous driving, with a projected domestic penetration rate of 30% by 2030 [7][49]. Market Structure - The EPS market is primarily dominated by foreign companies, with the top five players holding significant market shares. Domestic companies are expected to catch up in the steer-by-wire market, with some already achieving mass production [8][9]. Investment Recommendations - The report suggests that the steer-by-wire system is on the verge of mass production, presenting substantial growth opportunities for domestic companies. It recommends companies like Top Group and Berteli, which are making significant progress in this area [9][11].

Core Viewpoint - The Chinese market significantly enhances the global competitiveness of multinational companies, as highlighted by the insights from ZF Group's board member Peter Hoedeman [1] Group 1: Investment and Market Strategy - ZF Group has been increasing its investment in China, establishing a new R&D center and expanding or building 10 factories in recent years [1] - Approximately 50 production facilities of ZF Group are located in China, accounting for about one-third of its global total [1] - The company anticipates global sales exceeding €40 billion in 2024, with a notable contribution from the Chinese market [1] Group 2: Technological Innovation and Collaboration - The rapid growth of the Chinese automotive market and its technological advancements are driving ZF Group to collaborate closely with several Chinese companies in areas such as chassis systems, electric drive, and autonomous driving [1][2] - ZF Group's partnership with NIO represents a model of local collaborative innovation, showcasing the importance of trust between suppliers and manufacturers [2] - The line control steering technology developed in collaboration with NIO is expected to become a key technology direction for smart connected vehicles [2] Group 3: Future Outlook - ZF Group expresses confidence in the Chinese market, believing that the growth rate in China will continue to outpace that of other global regions in the coming years [3] - The company is committed to a localization strategy of "In China, for China," aiming to deepen collaborative innovation with Chinese partners [3]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 7.32 HKD, indicating an expected relative return of over 20% within six months [5][56]. Core Viewpoints - Zhejiang Shibao is positioned as a leading enterprise in the automotive steering system sector in China, with a focus on the development, manufacturing, and sales of steering systems. The company has successfully transitioned from traditional hydraulic systems to electric power steering (EPS) and is set to launch steer-by-wire systems in 2026 [1][4]. - The company has experienced significant revenue growth due to the introduction of new products and expansion into new customer segments, particularly with the rise of electric vehicles and new energy commercial vehicles [2][3][4]. Summary by Sections Company Overview - Zhejiang Shibao, established in 1993, is a key player in the automotive steering system industry in China, transitioning from mechanical and hydraulic steering systems to electric power steering [12][18]. - The company serves a diverse customer base, with 82% of revenue from passenger vehicles and 18% from commercial vehicles in 2024 [19][22]. Development Stages - From 2015 to 2019, the company faced challenges with revenue growth not translating into profit due to high costs and quality issues affecting exports [2][25]. - Post-2020, the company capitalized on the recovery of the automotive market and expanded its customer base, leading to improved capacity utilization and profitability [2][40]. Embracing New Technologies - The company is actively pursuing steer-by-wire technology, which eliminates mechanical linkages and enhances vehicle design flexibility. Initial production is expected in 2026 [3][51]. - In the commercial vehicle sector, the company has developed electric hydraulic and electric steering systems, aligning with new emission standards and increasing demand for energy-efficient solutions [3][55]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 35.1 billion, 43.7 billion, and 52.0 billion CNY, with corresponding net profits of 2.7 billion, 3.8 billion, and 5.1 billion CNY, reflecting significant growth rates [4][56]. - The company is valued at a 20X PE ratio for 2025, leading to a target market capitalization of 55 billion HKD [4][56].

Core Concept - The article discusses the evolution and significance of drive-by-wire technology in the automotive industry, highlighting its advantages over traditional mechanical systems and its applications in modern vehicles [1][3][4]. Group 1: Definition and Origin of Drive-by-Wire Technology - Drive-by-wire technology refers to the replacement of traditional mechanical connections with electronic signals for vehicle control, enhancing precision and responsiveness [1][3]. - This technology originated from the aviation sector in the 1980s, specifically from fly-by-wire systems, which aimed to reduce weight and improve control capabilities [1][3]. Group 2: Applications of Drive-by-Wire Technology - The technology has expanded from initial applications in anti-lock braking systems (ABS) to include steering, throttle, and suspension systems, collectively known as drive-by-wire chassis technology [3][4]. - Examples of drive-by-wire systems include brake-by-wire, steer-by-wire, and electronic parking brakes, which replace traditional mechanical components with electronic controls [4][6][10][12]. Group 3: Advantages of Drive-by-Wire Technology - Drive-by-wire systems simplify mechanical structures, improve vehicle response times, and allow for more flexible control strategies, paving the way for advanced driver assistance systems [3][4]. - The modular design enabled by drive-by-wire technology offers cost-effective solutions for automotive manufacturing [3][4]. Group 4: Redundancy and Safety Measures - The article emphasizes the importance of redundancy in drive-by-wire systems to ensure safety in case of component failures, with examples such as the iBooster brake system and steer-by-wire systems employing multiple sensors for data validation [17][18]. - In extreme failure scenarios, these systems can still function through backup mechanisms, ensuring that vehicles can be safely controlled even when primary systems fail [17][18].

Macro and Strategy - The bond market experienced a rebound in the first half of 2025, with credit spreads narrowing. The yield changes for 1-year and 10-year government bonds were +27 basis points and -3 basis points respectively, while credit spreads for AAA and AA-rated bonds decreased by 15 basis points and 22 basis points respectively [7][8]. - The government debt net financing reached 25,594 million in week 25 and is projected to be 67,140 million in week 26, with a cumulative total of 7 trillion, exceeding the previous year's total by 3.7 trillion [9][10]. Banking Industry - The stablecoin ecosystem in Hong Kong is analyzed, highlighting its operational mechanisms and the various participants involved, including issuers, asset management companies, and virtual asset trading platforms. The report emphasizes that stablecoins can enhance the efficiency and security of cross-border payments, although they may disrupt traditional banking operations [11][12]. - The launch of the cross-border payment system in China represents a diversification of the RMB cross-border payment framework, exploring various systems and pilot projects for stablecoin issuance [12]. Electric New Energy Industry - The solid-state battery industry is gaining traction due to policy support and technological advancements. The report notes that solid-state batteries offer high energy density and safety but face challenges such as high manufacturing costs and shorter lifespans. Major automotive companies are planning to scale up production by 2030 [13][14]. - The AIDC power equipment sector is highlighted, with high-voltage direct current (HVDC) technology presenting significant market opportunities for domestic manufacturers. The demand for power supply equipment in data centers is expected to grow substantially, with a projected market size of 108.7 billion by 2030 [15][16]. Automotive Industry - The trend towards steer-by-wire technology is accelerating, with the report indicating that the penetration rate for electronic brake systems (EHB) is nearing 60%. The market for steer-by-wire systems is expected to grow significantly, with projections of over 30% penetration by 2030 [17][19]. - The report discusses the transition from mechanical steering to electronic and steer-by-wire systems, with the current market for electronic power steering (EPS) valued at approximately 38 billion. The market is dominated by foreign joint ventures, but domestic companies are rapidly increasing their market share [18][20]. Company Analysis - The report on Tabo (06110.HK) indicates a mid-single-digit decline in total sales for Q1 2026, with online sales channels showing positive growth. The company is managing inventory effectively, with a focus on improving profitability amid a challenging consumer environment [21][23].