20231119-兴证国际证券-耐世特-01316.HK-再次突破全球EV龙头业务_4页_633kb

报告摘要

Investment Recommendation: Maintain "Buy" with a target price of 702 HKD from current 464 HKD, implying a 513% expected increase, driven by strong performance and growth opportunities.
Key Highlights:
- UAW Strike Impact: Minimal, with an estimated 55M USD revenue impact and 15M USD EBITDA effect in 2023; supply issues stabilized, not extending beyond 2024.
- New Orders and Growth: Record-high orders of 28M USD in H1 2023, projected to reach 60M USD for the year; Q3 orders hit 15M USD, including global EV leader contracts; 44% of Q1-Q3 orders are new, with 98% EV-related and 90% EPS-focused.
- Future Outlook: Q4 expected stronger with increased project launches in EV and automation, supporting regional sales growth.
- Financial Projections: 2023-2025 net profit forecast: 585M USD (2022), rising to 151M USD (2024E) and 209M USD (2025E), with revenue growing to 4.923B USD by 2025.
Valuation: Target price of 702 HKD based on 15x 2024 EPS, aligning with a "Buy" rating.
Risks: Potential decreases in car demand, exchange rate volatility, and high inflation in North America could affect performance.