Revenue and Financial Performance - Half-year revenue of $2.1 billion, flat compared to the first half of 2023[12] - Full-year revenue for 2024 is expected to reach a record high[12] - Revenue for H1 2024 was $2.099 billion, a slight decrease of 0.1% compared to $2.102 billion in H1 2023[24] - Revenue for the first six months of 2024 was $2.1 billion, flat compared to the same period in 2023, but adjusted for unfavorable foreign exchange and reduced commodity compensation, revenue grew by 1%, outperforming the market by 120 basis points[28] - Revenue for the six months ended June 30, 2024, was $2,098.927 million, slightly down from $2,101.830 million in the same period in 2023[87] - Total revenue for the six months ended June 30, 2024, was $2,127.347 million, with North America contributing $1,151.635 million, Asia-Pacific $616.680 million, and Europe, Middle East, Africa, and South America $368.276 million[112] - Revenue from external customers for the six months ended June 30, 2024, was $2,098.927 million, compared to $2,101.830 million for the same period in 2023[112] - North America revenue decreased to $1,118,983K in H1 2024 from $1,194,519K in H1 2023, with the US contributing $664,380K (down 6.3% YoY) and Mexico contributing $454,603K (down 6.4% YoY)[117][120] - Asia-Pacific revenue increased to $594,578K in H1 2024 from $543,983K in H1 2023, driven by growth in China to $524,420K (up 12.9% YoY)[117][120] - Europe, Middle East, Africa, and South America revenue remained stable at $366,348K in H1 2024 compared to $361,149K in H1 2023, with Poland contributing $220,917K (up 9.6% YoY)[117][120] - Electric Power Steering (EPS) revenue decreased to $1,404,555K in H1 2024 from $1,442,653K in H1 2023, while Driveline (DL) revenue remained stable at $382,244K[120][121] - General Motors remained the largest customer, contributing $754,995K in H1 2024 (up 4.6% YoY), accounting for 36% of total revenue[124] Orders and Customer Projects - Customer project orders totaling $2.1 billion secured in the first half of 2024[12] - 74% from existing business, including DL and CIS business for North American truck projects[12] - 26% from new/newly acquired business, including the first DPEPS order in the Asia-Pacific region[12] - Orders from domestic Chinese automakers increased by 186% to $930 million in H1 2024 compared to H1 2023, accounting for 43% of total orders ($9 billion out of $21 billion)[13] - 38 new customer projects were successfully launched globally in H1 2024, including 18 pure electric vehicle projects and the first DPEPS project in EMEA and South America[13] - The company achieved a total order intake of $2.1 billion in the first half of 2024, with 41% from EPS product lines and 59% from driveline product lines[19] - 40% of the orders are for EV or EV/ICE shared platforms, while 60% are for ICE platforms exclusively[19] - New or newly acquired business accounted for 26% of the order intake, driving long-term above-market growth[19] - Orders from domestic Chinese OEMs surged to $930 million in H1 2024, a 186% increase compared to $325 million in H1 2023[19] - Domestic Chinese OEMs' total production increased by 20% (1.3 million units) in H1 2024 compared to H1 2023[19] - The company successfully launched 38 new customer projects in the first six months of 2024, including 18 pure EV projects, with 32 being new or newly acquired business[30] Profitability and Margins - Gross profit increased by 10.5% to $210.9 million in H1 2024 from $190.8 million in H1 2023[24] - Adjusted EBITDA rose by 6.0% to $197.3 million in H1 2024 from $186.1 million in H1 2023[24] - Adjusted EBITDA for the first six months of 2024 increased by $11.2 million or 6.0% to $197.3 million, driven by efficiency improvements and cost reductions, partially offset by unfavorable foreign exchange[28] - Gross profit increased to $210.927 million in 2024 from $190.831 million in 2023, reflecting improved margins[87] - Operating profit decreased to $41.311 million in 2024 from $46.818 million in 2023, primarily due to higher engineering and product development costs[87] - Net profit attributable to equity holders of the company was $15.695 million in 2024, a significant decline from $33.993 million in 2023[87] - Net profit attributable to equity holders decreased by $18.3 million to $15.7 million, or 0.7% of total revenue, down from $34.0 million (1.6% of total revenue) in 2023[36] - EBITDA increased by $11.2 million[37] - Raw material costs decreased by $54.2 million or 3.9%, contributing to a gross profit increase of $20.1 million or 10.5%[39][40] - The company's pre-tax profit for the six months ended June 30, 2024, was $40.790 million, compared to $45.799 million for the same period in 2023[115] - The company's basic earnings per share for the six months ended June 30, 2024, was $0.006, down from $0.014 in the same period in 2023[180] Regional Performance - The Asia-Pacific region saw strong growth, with revenue increasing by 9.3% to $594.6 million, driven by new and acquired projects, despite unfavorable foreign exchange impacts[32][33] - North America revenue decreased by 6.3% to $1.12 billion, primarily due to poor market performance of certain customer projects and the end of some projects in 2023[32][33] - Europe, Middle East, Africa, and South America revenue increased by 1.4% to $366.3 million, despite a 4.1% decline in light vehicle production in Europe, supported by new project launches[32][33] - Global light vehicle production decreased by 0.2% in the first six months of 2024, with growth in the Asia-Pacific region offset by declines in Europe, the Middle East, Africa, and South America[29] - The company's revenue was negatively impacted by $20.9 million due to unfavorable foreign exchange rates, particularly the appreciation of the USD against the RMB[31] Operational Highlights - The company has 27 manufacturing plants, including 1 non-consolidated joint venture[3] - Operates 5 technology centers and 13 customer service centers globally[3] - Serves over 60 global and domestic OEMs, including BMW, BYD, Ford, and General Motors[3] - The Porto Alegre facility in Brazil fully resumed operations by the end of July 2024 after a 30-day flood disruption[12] - The company broke ground on a new manufacturing and testing base in Changshu, China, expected to be operational by early 2025, and expanded the Mexico Technical Center, set to complete in 2026[16] - The DL business in the US underwent consolidation, resulting in a 22% increase in throughput and zero late deliveries to customers[16] - The company implemented a second round of the Early Retirement Incentive Program (ERIP) in H1 2024, expected to achieve cost savings in H2 2024[17] - A 25-acre solar power plant was commissioned at the Saginaw, Michigan facility, reducing operational costs through renewable energy[17] - The company completed 20% of the machinery relocation for the North American column business transfer to Mexico, with full completion expected by 2025[18] - The 2024 Global Supplier Conference emphasized strategic themes including dual sourcing, cost targets, faster time-to-market, ESG commitments, and digital supply chain management[18] - The company completed the modular product portfolio for EPS architectures with the launch of mPEPS, a cost-effective and scalable PEPS solution[13] - The company launched the mPEPS system, expanding its modular EPS product portfolio to include single and dual pinion systems[21] Financial Position and Cash Flow - Non-current liabilities decreased by 15.3% to $258.1 million as of June 30, 2024, compared to $304.7 million as of December 31, 2023[25] - Cash balance as of June 30, 2024, was $279.8 million, a decrease of $31.9 million from December 31, 2023, primarily due to reduced operating cash flow and increased financing activities[28] - Total assets as of June 30, 2024, amounted to $3,359.23 million, a slight decrease from $3,404.59 million at the end of 2023[83] - Non-current assets decreased to $1,814.17 million from $1,856.92 million, primarily due to reductions in property, plant, and equipment, and intangible assets[83] - Current assets remained stable at $1,545.06 million, with inventory increasing to $310.83 million and accounts receivable rising to $800.27 million[83] - Cash and cash equivalents decreased to $279.84 million from $311.74 million at the end of 2023[83] - Total equity decreased to $1,994.999 million as of June 30, 2024, compared to $2,010.841 million at the end of 2023[85] - Total liabilities decreased to $1,364.231 million in 2024 from $1,393.752 million in 2023, reflecting a reduction in non-current liabilities[85] - Exchange rate differences resulted in a loss of $25.256 million in 2024, compared to a loss of $10.086 million in 2023, impacting comprehensive income[89] - Operating cash flow for the six months ended June 30, 2024, was $152.387 million, a decrease from $231.191 million in the same period in 2023[96] - Net cash used in investing activities for the six months ended June 30, 2024, was $154.648 million, compared to $171.316 million in the same period in 2023[96] - Net cash used in financing activities for the six months ended June 30, 2024, was $19.703 million, compared to $13.857 million in the same period in 2023[96] - Cash and cash equivalents decreased by $21.964 million in the six months ended June 30, 2024, compared to an increase of $46.018 million in the same period in 2023[96] - The company's cash and cash equivalents at the end of June 30, 2024, were $279.836 million, down from $290.087 million at the end of June 30, 2023[96] Costs and Expenses - Engineering and product development costs increased by $20.6 million or 30.3%, reaching $88.6 million or 4.2% of revenue[41] - Total investment in engineering and product development decreased by $12.5 million or 8.5% to $135.4 million[42] - Selling, distribution, and administrative expenses increased by $5.1 million or 6.6% to $82.4 million, representing 3.9% of revenue[43] - Net financing costs increased to $2.2 million, up from $0.9 million in the same period last year, primarily due to short-term borrowing fluctuations[45] - Cost of sales and operating expenses totaled 2,059,040 thousand USD in the first half of 2024, slightly higher than the 2,056,312 thousand USD recorded in the same period of 2023, with increased employee costs and warranty expenses[162] - Intangible asset impairment charges surged to 37,699 thousand USD in the first half of 2024, compared to 2,371 thousand USD in the same period of 2023, reflecting higher write-downs[162] Liabilities and Provisions - Provisions for litigation, environmental liabilities, warranties, and shutdown claims decreased by $3.8 million to $83.6 million as of June 30, 2024, from $87.4 million as of December 31, 2023[48] - Total provisions decreased from 87,355 thousand USD at the beginning of 2024 to 83,600 thousand USD by June 30, 2024, primarily due to reductions in litigation and warranty provisions[153] - Warranty provisions increased by 20,226 thousand USD in the first half of 2024, reflecting higher estimated costs related to product warranties[153] - Deferred revenue decreased from 137,473 thousand USD at the end of 2023 to 123,309 thousand USD by June 30, 2024, mainly due to revenue recognition from pre-production activities[156][157] - Accounts payable decreased from 833,401 thousand USD at the end of 2023 to 810,295 thousand USD by June 30, 2024, with a notable reduction in the 0-30 days aging category from 460,109 thousand USD to 370,755 thousand USD[158][159] - Accrued expenses increased from 136,096 thousand USD at the end of 2023 to 145,601 thousand USD by June 30, 2024, driven by higher estimated customer claims due to supply chain disruptions[160] - Other net income increased to 1,424 thousand USD in the first half of 2024, compared to 1,300 thousand USD in the same period of 2023, primarily due to higher miscellaneous income[161] Shareholder and Governance Information - The company's largest shareholder, Nexteer Automotive (Hong Kong) Holdings Limited, holds 44.03% of the issued shares, totaling 1,105,000,000 shares[77] - Beijing E-Town International Investment Development Co., Ltd. holds a 20.92% stake in the company, equivalent to 525,000,000 shares[77] - M&G Plc. holds a 5.33% stake in the company, with 133,657,000 shares[77] - Directors collectively hold a minimal stake, with the highest individual holding being 0.08% by Robin Zane Milavec[74] - No directors or their immediate family members acquired any rights to purchase shares or bonds during the six months ending June 30, 2024[75] - The company's financial statements were reviewed by Deloitte, which found no material misstatements in accordance with International Accounting Standard 34[82] - The company adheres to high standards of corporate governance, including compliance with the Hong Kong Stock Exchange's corporate governance code[63] - The company's chairman also serves as the CEO, a deviation from standard corporate governance practices, but deemed necessary for consistent leadership[64] - No interim dividend was recommended for the six months ended June 30, 2024[67] - No purchase, sale, or redemption of any listed securities by the company or its subsidiaries during the six months ended June 30, 2024[68] - No options were granted under the stock option plan during the six months ended June 30, 2024[68] - The stock option plan expired on June 5, 2024, with no options available for grant as of June 30, 2024[68] - As of June 30, 2024, 8,635,250 shares could be issued under the stock option plan, representing 0.34% of the weighted average number of issued shares[71] - The company's stock price on the day before the option grant date (October 24, 2022) was HK$3.98[71] - The total number of options granted but not yet exercised as of June 30, 2024, was 83,143,610[70] - The total number of options available for exercise as of June 30, 2024, was 8,635,250[70] - The exercise price for options granted on October 25, 2022, was HK$4.268[70] - The company's total issued shares as of June 30, 2024, were 2,509,824,293[73] - The company declared a dividend of $7,529,000 for the year ended December 31, 2023, payable on July 9, 2024[183] Joint Ventures and Investments - Share of joint venture profits (losses) for Chongqing Nexteer, Dongfeng Nexteer, and CNXMotion were $1.7 million, $0, and $0 respectively for the six months ended June 30, 2024, compared to $1.9 million, ($0.2 million), and ($1.8 million) for the same period in 2023[46] - The company dissolved Dongfeng Nexteer, a joint venture with Dongfeng Motor Parts and Components Group Co., Ltd., in the six months ended June 30, 2023[187] - The company dissolved CNXMotion, a joint venture with Continental Automotive Systems, Inc., in the year ended December 31, 2023[187] - The company's investment in joint ventures had a book value of $20,097,000 as of June 30, 2024, related to Chongqing Nexteer[187] - The company's share of joint venture performance for the six months ended June 30, 2024, was $1,657,000, related to Chongqing Nexteer[187] - The company's share of joint venture performance for the six months ended June 30, 2023, was $(138,000), including $1,852,000 from Chongqing Nexteer, $(196,000) from Dongfeng Nexteer, and $(1,794,000) from CNXMotion[187] - The

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 3.34, corresponding to a P/E ratio of 13 times for 2024 [2][4]. Core Views - The company’s revenue for H1 2024 was approximately USD 2.1 billion, showing a year-on-year growth of 1% after adjustments, outperforming the market by 1.2 percentage points [1]. - The North American market faced challenges due to reduced electric vehicle plans, while the Asia-Pacific market exhibited strong growth, with a 27.5% increase in revenue to USD 595 million [2]. - The company expects to achieve USD 6 billion in new orders for the full year and anticipates revenue growth to exceed the market by 3 percentage points [1][2]. Summary by Sections Financial Performance - H1 2024 gross margin was 10%, up 1 percentage point year-on-year, primarily due to reduced raw material costs [1]. - EBITDA increased by 6% year-on-year to USD 19.7 million, with an EBITDA margin improvement of 0.5 percentage points to 9.4% [1]. - The net profit attributable to shareholders for H1 2024 was USD 15.7 million, a decrease of 54% year-on-year, resulting in a net profit margin of 0.7% [1]. Market Dynamics - The company secured USD 2.1 billion in orders in H1 2024, with 43% coming from Chinese OEMs, nearly tripling the order size compared to the same period in 2023 [2]. - The company is expanding its product offerings in the Asia-Pacific region and has successfully obtained DPEPS orders [2]. Future Outlook - The company is optimistic about the rapid growth of the Chinese electric vehicle market and expects to maintain high growth rates in its Asia-Pacific business [2]. - The company plans to launch its first steer-by-wire technology vehicle in collaboration with a Chinese OEM by 2026, positioning itself to benefit from the increasing penetration of advanced driving technologies [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.24, indicating a potential upside from the current price of HKD 2.47 [1][9]. Core Insights - The company reported a revenue of USD 2.1 billion for the first half of 2024, a slight decrease of 0.1% year-on-year, with a net profit of USD 15.7 million, down 53.8% year-on-year. The gross margin improved to 10.1%, up 1 percentage point year-on-year [2]. - The Asia-Pacific region showed strong growth, with a revenue increase of 9.3% year-on-year, while North America experienced a decline of 6.3% [2]. - The decline in net profit was primarily due to impairment losses related to specific customer projects and increased tax expenses. However, the company expects a stabilization and recovery in gross and net profits in 2024 due to cost reduction efforts and a favorable raw material price trend [2][3]. Summary by Sections Financial Performance - Revenue for H1 2024 was USD 2.1 billion, with a net profit of USD 15.7 million. The gross margin was 10.1%, and EBITDA margin was 9.4% [2]. - Revenue breakdown by region for H1 2024: North America USD 1.12 billion (-6.3% YoY), Asia-Pacific USD 590 million (+9.3% YoY), EMEASA USD 370 million (+1.4% YoY) [2]. Growth Drivers - The company successfully launched 38 new customer projects in H1 2024, with a focus on electric vehicle (EV) projects, indicating a robust order book and potential for above-market growth [3]. - The company is positioned to benefit from advancements in autonomous driving technology and has secured two orders for steer-by-wire systems, showcasing its technological leadership [3]. Earnings Forecast - The company is projected to achieve a compound annual growth rate (CAGR) of 73.4% in net profit from 2024 to 2026, with corresponding price-to-earnings (PE) ratios of 9, 5.7, and 4.1 for the respective years [3][9].

周一早上九点加入我们的奈叙特解读电话会我们也是看到了奈叙特上周发布了中报今天我们也是非常高兴的请到了奈叙特的IR总监Tony王王宇同王总跟大家来一块解读王总您好你好 非常感谢接触相信大家也是对奈斯特比较熟悉了那么我们今天也就是简要的我这边来播报一下中报的情况然后后面就直接进入到问答的环节 那么我们看到公司上半年的这个营收情况上半年是营收21亿美元同比基本上持平这个规模净利润是大约在1600万美元同比有一定的 这个下降这个扣分也是跟这个规模的同比下降幅度差不多都是50%左右但是公司上半年毛利率在这个10.5个点比2023年上半年和2023年全年都有一个点左右的这个回升那么一币大率是这个也是有一定的这个回升那么我们也是看到了公司上周发布的中报然后这边的话 我也是收集了比较多的投资者的提问,我们可能就先逐一的向王总请教,然后后面如果有时间的话,我们来进行自由的提问。首先就是想请教一下,我们上半年其实毛利率和EBITDA占营收的比例, 同比去年同期都是有提升的但是我们看到净利润是有不小幅度的下滑您是否能解读一下这里面的一些差异然后导致利润下滑的在盲利率和ebitda以外的重点因素是什么谢谢好的谢谢一鸣谢谢大家早上的时 ...

证券研究报告·海外公司点评·汽车(HS) 耐世特（01316.HK） 2024H1 中报点评：经营性利润提升，中国区 收入快速增长 2024 年 08 月 19 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|---------|---------|--------|--------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3846 | 4213 | 4495 | 4900 | 5243 | | 同比(%) | 14.19 | 9.55 | 6.69 | 9.01 | 7.00 | | 归母净利润（百万元） | 58.01 | 36.74 | 88.03 | 154.04 | 202.71 | | 同比(%) | (51.02) | (36.67) | 139.63 | 74.98 | 31.59 | | EPS-最新摊薄（元/股） | 0.02 | 0.01 | 0. ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 4.0 HKD, indicating a potential upside of 68% from the current price of 2.4 HKD as of August 15, 2024 [4][2]. Core Insights - The company's revenue for the first half of 2024 reached 2.1 billion USD, remaining flat year-on-year, while net profit significantly declined by 54% to 15.69 million USD due to project cancellations leading to impairment of intangible assets and increased tax expenses [2][1]. - The Asia-Pacific market is performing well, with a 9.3% year-on-year revenue increase, while North America is under pressure with a 6.3% decline [2][1]. - The company secured new orders worth 2.1 billion USD in the first half of 2024, with 49% from North America and 46% from the Asia-Pacific region, indicating strong demand, particularly from Chinese automakers [2][1]. Summary by Sections Financial Performance - Revenue for 2024 is projected to be 4.36 billion USD, with a growth rate of 3.7% year-on-year, while net profit is expected to rebound to 0.8 billion USD, reflecting a growth rate of 108.1% [2][3]. - The company experienced a significant drop in net profit in 2023, with a forecasted recovery in subsequent years [8][7]. Market Analysis - The report highlights the strong growth potential in the Chinese market, particularly with the upcoming launch of the Changshu factory in 2025, which is expected to accelerate business development [2][1]. - The report notes that 43% of new orders in the first half of 2024 came from Chinese vehicle manufacturers, showcasing deepening partnerships in the region [2][1]. Financial Projections - The company’s projected financials indicate a gradual increase in revenue and net profit over the next few years, with expected revenues of 4.36 billion USD in 2024, 4.65 billion USD in 2025, and 5.00 billion USD in 2026 [7][8]. - The net profit margin is expected to improve, with net profit projected to reach 2.1 billion USD by 2026, reflecting a growth rate of 37.1% [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company’s 1H24 performance was below expectations, with revenue declining by 0.1% year-on-year to $2.1 billion, accounting for 47% of the full-year forecast. The net profit dropped by 54% year-on-year to $16 million [1]. - The Asia-Pacific region drove performance growth, with revenue increasing by 9.3% year-on-year to $600 million, contributing 28% to total revenue [1]. - The company is focusing on cost reduction and leveraging its steering technology advantages to expand its customer base and business [1]. Summary by Sections Financial Performance - 1H24 revenue was $2.1 billion, with a gross margin of 10.1% and EBITDA of $197 million, reflecting a 6.0% increase year-on-year [1]. - The net profit for 1H24 was $16 million, significantly lower than the previous year [1]. - The company’s EBITDA margin improved by 0.5 percentage points to 9.4% [1]. Regional Performance - The Asia-Pacific region's revenue accounted for 28% of total revenue, up 2 percentage points year-on-year, while North America’s share decreased by 4 percentage points to 53% [1]. - The EBITDA margin in the Asia-Pacific region rose by 2.6 percentage points to 17.6% [1]. Business Outlook - The management targets a full-year order goal of $6 billion for 2024, with expectations to launch the first steer-by-wire product in collaboration with Chinese manufacturers by 2026 [1]. - The company is optimistic about its steering technology and modular advantages to attract new clients, including partnerships with major electric vehicle manufacturers [1]. - The target price has been adjusted to HKD 2.81, corresponding to approximately 13 times the 2024 EPS [1].

现在给大家介绍一下赖特新的点名我们三联报虽然说他年学业绩上半年还是相对比较一般表观数据的话是下降但我们认为最新的情况尤其是能力能力毛利都有一定的改善 我们能够出现压缺的提升以及产品的进一步的改变最终也是在这个位置尤其考虑到回稿比较多了首先说一下风暴的情况上半年营收是21亿同时下降0.4%毛利率是10点比增加1%这个率是2200左右 同比是下降了百分之五十四这一步是本期同比下降了零点几乎百分之三那么我们看到确实公司这个上半年表冠的对是出现了一段下滑那我们具体猜点的话发现呢这个公司的毛利的率其实还是有提升的毛利是这个同比提升了一个点这个余大是同比提升了百分之五十六 这样的话在人修食行的情况下这个一旦是铜底略有掉的那么这个利润净率都有下降的我们经过这个差一点发现主要是这个一些非可持续的财务开销以及影响 比如说这公司的披露择六参数中包括了第一个酷项目取消导致了3800万美元的减值当然同时它有2400万客户的行但是现在的话仍然有1400万的这个参销是一个不持续的导致它上半年的经营利润是4100万比去年7700万是有一个下降 同时在非金融的部分一个是它的所得税开支有千万的大这里面公司解释主要是由于2023年被确定税收优惠 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company continues to show growth potential in the Asia-Pacific region, with a significant increase in orders from Chinese automakers [3] - The company's revenue for the first half of 2024 was USD 2.10 billion, a slight decrease of 0.1% YoY, but gross margin improved by 1.0 percentage points to 10.0% [3] - Net profit attributable to shareholders decreased by 53.8% YoY to USD 20 million, with a net profit margin of 0.7%, down 0.9 percentage points YoY [3] - The company successfully launched 38 new customer projects in the first half of 2024, with nearly half being pure EV projects [3] - New orders in the first half of 2024 amounted to USD 2.1 billion, with Chinese automakers contributing 43% of the total [3] Financial Performance Revenue Breakdown by Product - Electric Power Steering (EPS) product sales revenue was USD 1.40 billion, down 2.6% YoY [3] - Steering Column and Intermediate Shaft (CIS) product sales revenue was USD 220 million, up 18% YoY [3] - Hydraulic Power Steering (HPS) product sales revenue was USD 90 million, up 5.3% YoY [3] - Driveline (DL) product sales revenue was USD 380 million, down 0.8% YoY [3] Revenue Breakdown by Region - North America revenue was USD 1.12 billion, down 6.3% YoY [3] - Asia-Pacific revenue was USD 590 million, up 9.3% YoY [3] - Europe, Middle East, Africa, and South America revenue was USD 370 million, up 1.4% YoY [3] - Other regions contributed USD 20 million [3] Financial Forecast - Revenue is expected to be USD 4.5 billion, USD 5.0 billion, and USD 5.9 billion for 2024, 2025, and 2026, respectively [3] - Net profit attributable to shareholders is forecasted to be USD 101 million, USD 237 million, and USD 313 million for 2024, 2025, and 2026, respectively [3] - EPS is projected to be USD 0.04, USD 0.09, and USD 0.12 for 2024, 2025, and 2026, respectively [3] Valuation - The company is valued at 11-13x PE for 2024, with a fair value range of HKD 3.44-4.07 (converted at HKD 1 ≈ USD 0.13) [3] Comparable Companies - Comparable companies include Bethel (603596 SH) and Top Group (601689 SH), with average PE ratios of 22x, 17x, and 19x for 2022, 2023, and 2024E, respectively [5] Financial Statements Income Statement - Revenue for 2023 was USD 4.21 billion, with a YoY growth of 10% [4] - Net profit attributable to shareholders for 2023 was USD 37 million, a decrease of 37% YoY [4] - EPS for 2023 was USD 0.01 [4] Balance Sheet - Total assets for 2023 were USD 3.41 billion, with current assets at USD 1.55 billion and non-current assets at USD 1.86 billion [7] - Total liabilities for 2023 were USD 1.39 billion, with current liabilities at USD 1.09 billion and non-current liabilities at USD 305 million [7] - Shareholders' equity for 2023 was USD 2.01 billion [7] Cash Flow Statement - Operating cash flow for 2024E is projected to be USD 404 million [6] - Net cash flow for 2024E is expected to be USD 57 million [6] Key Financial Ratios - Gross margin for 2023 was 8.76%, expected to increase to 10.70% in 2024E [6] - Net profit margin for 2023 was 0.87%, expected to rise to 2.22% in 2024E [6] - ROE for 2023 was 1.87%, projected to increase to 4.89% in 2024E [6] - ROIC for 2023 was 2.07%, expected to rise to 5.46% in 2024E [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Nexteer Automotive Group Limited 耐世特汽車系統集團有限公司 （根 據 開 曼 群 島 法 例 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1316） 截 至2024年6月30日止六個月 中期業績公告 耐世特汽車系統集團有限公司（本公司）董事會（董事會）謹此宣佈本公司及其附 屬公司（統 稱 我 們、我 們 的 或 本集團）截 至2024年6月30日止六個月的未經審核中 期 簡 明 合 併 業 績，連 同 上 一 個 期 間 的 比 較 數 字 如 下： – 1 – 簡明合併中期利潤表 截 至2024年6月30日止六個月 | --- | --- | --- | --- | |------------------------------------------------------------------- ...