新业务订单达15 亿美元，亚太区战略布局扩张：中国整车制造商的订单持续强劲。公司赢得北美全尺 寸皮卡平台的重要电调管柱订单，新获取客户订单规模占74%。2025 年1 月常熟工厂开业，产品包括 REPS、DPEPS、SbW、RWS 和EMB。柳州工厂计划搬迁新址，并于2026 年上半年投入运营，生产 BEPS、CEPS、高输出CEPS 以及机械转向器，同时增配先进的实验室和测试车道。 机构：财通证券 研究员：邢重阳/李渤 事件：公司发布2025 年中报，2025 年上半年实现营业收入22.42 亿美元，同比增长6.8%，实现净利润 6300 万美元，同比增长293.8%。1H2025 实现EBITDA2.3 亿美元，同比增长16.8%。 投资建议：我们预计公司2025-2027 年实现归母净利润1.46/1.92/2.44 亿美元。对应PE 分别为 15.22/11.60/9.12 倍，维持"增持"评级。 风险提示：全球汽车需求走弱；原材料价格维持高位；线控转向业务进展不及预期。 各区域营收增长，亚太区收入增速较高：1H2025 北美、亚太、欧中非南美的收入占比分别为 51%/31%/18% ， 营收同比增速 ...

Business Performance & Bookings - The company secured $0.8 billion in new business bookings in Q1 2025 [12, 15] - The company anticipates securing $5.0 billion in bookings for the remainder of 2025 [12] - Asia Pacific accounted for 45% of Q1 bookings, North America 36%, and EMEASA 19% [15] - Bookings from Chinese OEMs represented 61% of the total, while other OEMs accounted for 39% [15] - New/Conquest programs made up 54% of Q1 bookings, with incumbent programs accounting for 46% [15] Program Launches & Product Portfolio - The company launched 23 new programs in Q1 2025, including 14 BEV (Battery Electric Vehicle) programs [7] - 15 programs were launched in the APAC region, and 19 were new/conquest programs [7] - Major program launches in Q1 included Fiat Panda (CEPS), BMW 2-Series Gran Coupe (SPEPS), and Cadillac Vistiq (I-Shafts; Halfshafts) [8] - The company is expanding its "Motion-by-Wire" chassis portfolio, including Rear Wheel Steering (RWS), Hand Wheel Actuator (HWA), and Electro-Mechanical Braking (EMB) [17, 18] Strategic Considerations - The company is navigating a dynamic environment, closely monitoring tariff policies and working to mitigate their impact [20, 21] - The company's supply chain and manufacturing strategy is focused by region, with a majority of Mexico imports to the US being USMCA compliant [20] - The company is strategically expanding into "Motion-by-Wire" chassis control and expects more 'By-Wire' bookings throughout the year [21] - The company is pursuing a strategy for profitable growth, including capitalizing on megatrends, strengthening technology leadership, and optimizing cost structure [22, 23]

Core Viewpoint - Nexteer launched 23 new projects in Q1 2025, with 60.9% focused on new energy vehicles (NEVs), driven by strong demand from Chinese NEV OEMs and significant bookings from North American clients [1] Group 1: Business Performance - The Company secured bookings totaling US$0.8 billion in Q1 2025, representing 16.0% of its full-year target of US$5.0 billion [1] - New energy vehicle projects accounted for 14 out of 23 new projects, highlighting the Company's focus on this sector [1] - The Company is actively developing new products, including Electro-Mechanical Braking (EMB) and enhancing its Rear Wheel Steering (RWS) systems [1] Group 2: Market Environment - The Company is facing manageable impacts from US tariffs, primarily affecting parts and raw materials from Canada and Mexico, with a 25% tariff on non-compliant automobile parts [1] - Most products exported from Mexico to the U.S. comply with USMCA, allowing them to maintain tariff-free status [1] - The Company is optimizing its supply chain and manufacturing strategies to mitigate market uncertainties and policy risks [1] Group 3: Regulatory Developments - The Trump administration plans to relax regulations on autonomous driving, which will benefit Nexteer's autonomous driving-related business, particularly in high-capacity EPS and advanced SBW and RWS business units [2] - The relaxation of compliance procedures for self-driving vehicles for non-commercial purposes is expected to further support the development of autonomous driving in the U.S. [2] Group 4: Investment Outlook - The Company maintains a "Buy" investment rating with a target price of HK$6.50 per share, reflecting a 15.6x 2025 PER [2]