证券研究报告 行业研究｜汽车 2026 年 01 月 06 日 汽车行业深度报告：EMB 线控制动是发展智能底 盘、实现主动安全的关键基础，2026 有望迎来量 产元年 [Table_Author] 刘浩 分析师 Email:liuhao3@lczq.com 证书:S1320523080001 投资要点： EMB 软硬件解耦的系统架构更适配未来智能网联汽车制动的最终解决方 案。EMB 取消了 iBooster、制动主缸、液压管路等零部件，通过电信号控 制分布在轮毂处的执行器直接建立制动力，是真正意义的线控制动，可实 现区域/中央集中控制融合。EMB 具备制动响应快（≤100ms）、效率高、 系统质量轻等优点，满足 ADAS 对快速、精准制动的需求。 2025 年技术标准落地、2026 年法规制约将解除，进一步加速 EMB 上车进 程。2025 年 5 月，《GB 21670-2025 乘用车制动系统技术要求及试验方法》 正式发布，将于 2026 年 1 月 1 日实施，其中首次新增 EMB 相关技术要 求，填补此前"无标可依"的法规空白。2025 年 5 月，《轻型汽车自动紧 急制动系统技术要求及试验方法》完 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][25][29] Core Views - The company achieved a net profit growth of 304% year-on-year in the first half of 2025, with revenue reaching $2.242 billion, a 7% increase compared to the previous year [1][7] - The company is experiencing accelerated recovery in overseas profits, with significant improvements in profitability driven by cost reduction and efficiency enhancement [2][9] - The company is positioned as a leading player in the EPS market, with a market share of over 16% in China and strong partnerships with over 60 global OEM customers [12][25] Financial Performance - In the first half of 2025, the company reported a gross margin of 11.55%, up 1.50 percentage points year-on-year, and a net margin of 2.81%, an increase of 2.05 percentage points [2][9] - The company's revenue forecast for 2025 is $4.487 billion, with projected net profits of $136 million, reflecting a 120.9% increase compared to 2024 [4][27] - The earnings per share (EPS) is expected to grow from $0.05 in 2025 to $0.09 in 2027, indicating a positive growth trajectory [4][27] Market Position and Strategy - The company has established a solid position in the R-EPS segment, capturing a 20% market share in the global EPS market, and is expanding its presence in the domestic market by partnering with local automotive manufacturers [3][12] - The company is actively developing new products in the line control steering and braking systems, with a focus on enhancing its technological capabilities and expanding its product offerings [19][22] - The company has received multiple orders for its SbW technology, indicating strong demand and recognition in the market [18][21]