Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8 HKD, corresponding to a P/E of 20x for 2025 and 16x for 2026 [4][7]. Core Insights - The company reported a revenue of 2.24 billion USD for the first half of 2025, representing a year-on-year growth of 6.8%, driven by the continuous growth in the Asia-Pacific region [1]. - The adjusted EBITDA for the first half of 2025 reached 230 million USD, a year-on-year increase of 16.8%, benefiting from the higher revenue share from the Asia-Pacific region [2]. - The company is actively advancing its line control chassis technology, including line control steering and braking systems, with expectations of securing more orders in the second half of the year [3]. Revenue and Profitability - The company's gross margin improved by 1.5 percentage points year-on-year to 11.5%, with gross profit increasing by 22.7% to 260 million USD [2]. - The net profit attributable to shareholders surged by 304.5% year-on-year to 63.48 million USD, with a net profit margin of 2.8% [2]. - The Asia-Pacific region's revenue share increased by 2.3 percentage points to 30.6%, with a significantly higher EBITDA margin compared to North America and EMEASA [4]. Future Outlook - The company expects to achieve a record high in annual revenue, outperforming the market by 300-400 basis points, with a target of 5 billion USD in orders for the year [1]. - Revenue projections for 2025-2027 are estimated at 4.6 billion USD, 4.8 billion USD, and 5.1 billion USD, respectively, with net profits expected to grow significantly [4][6].

消息面上，据耐世特官网消息，8月11日，耐世特汽车系统推出了用于智能运动控制的 MotionIQ™软件 套件。MotionIQ基于全球超过1.15亿辆汽车所采用的成熟算法设计而成，将线控底盘控制、开发和车辆 健康监测工作流程整合到一个套件中，有助于整车厂加快产品上市速度，同时提高质量和成本效益。耐 世特全新软件套件包含三个产品系列，分别为 MotionIQ/Control™、MotionIQ/Dev™ 以及 MotionIQ/Health™，它们协同运作，可实现精准运动控制、加速底盘开发以及先进的预测性维护。 据公司方面介绍，随着整车厂采用更集中化的电子电气(E/E)架构来支持其软件定义汽车(SDV)平台，他 们越来越多地进行自研软件开发，其中包括将关乎品牌核心的功能植入车辆子系统。耐世特目前正与多 家全球整车厂合作开展的多个电动助力转向和线控转向量产项目中已提供解耦的转向软件。这种方式使 整车厂能够自主掌控特色的转向功能，加快其软件定义汽车的上市速度。 本文源自：智通财经网 智通财经获悉，耐世特(01316)再涨超3%，截至发稿，涨3.48%，报6.84港元，成交额4607.46万港元。 ...

消息面上，据耐世特官网消息，8月11日，耐世特汽车系统推出了用于智能运动控制的 MotionIQ™软件 套件。MotionIQ基于全球超过1.15亿辆汽车所采用的成熟算法设计而成，将线控底盘控制、开发和车辆 健康监测工作流程整合到一个套件中，有助于整车厂加快产品上市速度，同时提高质量和成本效益。耐 世特全新软件套件包含三个产品系列，分别为 MotionIQ/Control™、MotionIQ/Dev™ 以及 MotionIQ/Health™，它们协同运作，可实现精准运动控制、加速底盘开发以及先进的预测性维护。 据公司方面介绍，随着整车厂采用更集中化的电子电气(E/E)架构来支持其软件定义汽车(SDV)平台，他 们越来越多地进行自研软件开发，其中包括将关乎品牌核心的功能植入车辆子系统。耐世特目前正与多 家全球整车厂合作开展的多个电动助力转向和线控转向量产项目中已提供解耦的转向软件。这种方式使 整车厂能够自主掌控特色的转向功能，加快其软件定义汽车的上市速度。 智通财经APP获悉，耐世特(01316)再涨超3%，截至发稿，涨3.48%，报6.84港元，成交额4607.46万港 元。 ...