声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 国家知识产权局信息显示，芜湖伯特利汽车安全系统股份有限公司取得一项名为"一种具备多轴承的空 气弹簧及汽车悬架"的专利，授权公告号CN223881610U，申请日期为2025年4月。 专利摘要显示，本实用新型公开了一种具备多轴承的空气弹簧及汽车悬架，包括轴承安装座和下安装 座，下安装座设在轴承安装座底部，轴承安装座外部设有车身安装座，轴承安装座顶部设有第一轴承， 轴承安装座与车身安装座之间设有第二轴承，采用本实用新型的具备多轴承的空气弹簧，满足空气弹簧 承受侧向力与扭转力的设计需求，密封性能可靠。 天眼查资料显示，芜湖伯特利汽车安全系统股份有限公司，成立于2004年，位于芜湖市，是一家以从事 汽车制造业为主的企业。企业注册资本60651.082万人民币。通过天眼查大数据分析，芜湖伯特利汽车 安全系统股份有限公司共对外投资了18家企业，参与招投标项目22次，财产线索方面有商标信息9条， 专利信息463条，此外企业还拥有行政许可30个。 ...

2月2日，伯特利跌3.95%，成交额9.47亿元。两融数据显示，当日伯特利获融资买入额1.04亿元，融资 偿还7808.00万元，融资净买入2612.11万元。截至2月2日，伯特利融资融券余额合计10.48亿元。 责任编辑：小浪快报 截至9月30日，伯特利股东户数3.48万，较上期减少13.00%；人均流通股17428股，较上期增加14.94%。 2025年1月-9月，伯特利实现营业收入83.57亿元，同比增长27.04%；归母净利润8.91亿元，同比增长 14.58%。 分红方面，伯特利A股上市后累计派现6.64亿元。近三年，累计派现4.99亿元。 机构持仓方面，截止2025年9月30日，伯特利十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股3913.44万股，相比上期增加66.12万股。南方中证500ETF（510500）位居第九大流通股东， 持股622.22万股，相比上期减少11.23万股。睿远成长价值混合A（007119）位居第十大流通股东，持股 541.39万股，相比上期增加12.61万股。兴全趋势投资混合(LOF)（163402）退出十大流通股东之列。 声明：市场有风险，投资需谨慎。 ...

证券代码：603596 证券简称：伯特利 公告编号：2026-005 转债代码：113696 转债简称：伯25转债 芜湖伯特利汽车安全系统股份有限公司关于可转债转股结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 二、可转债本次转股情况 公司本次发行的"伯25转债"转股期为：2026年1月7日至2031年6月30日。 （一）自2026年1月7日至2026年1月31日期间，累计已有人民币73,000元"伯25转债"已转换为公司股 票，因转股形成的股份数量为1,387股。截至2026年1月31日，累计转股股份数为1,387股，占"伯25转 债"转股前公司已发行股份总额的0.0002% 重要内容提示： ● 累计转股情况：截至2026年1月31日，累计已有人民币73,000元"伯25转债"已转换为公司股票，累计转 股股份数为1,387股，占"伯25转债"转股前公司已发行股份总额的0.0002%。 ● 未转股可转债情况：截至2026年1月31日，尚未转股的"伯25转债"金额为人民币2,801,927,000元， 占" ...

累计转股情况：截至 2026 年 1 月 31 日，累计已有人民币 73,000 元"伯 25 转债"已转换为公司股票，累计转股股份数为 1,387 股，占"伯 25 转债"转股前公 司已发行股份总额的 0.0002%。 未转股可转债情况：截至 2026 年 1 月 31 日，尚未转股的"伯 25 转债"金 额为人民币 2,801,927,000 元，占"伯 25 转债"发行总量的比例为 99.9974%。 | 证券代码：603596 | 证券简称：伯特利 | | 公告编号：2026-005 | | --- | --- | --- | --- | | 转债代码：113696 | 转债简称：伯 25 | 转债 | | 芜湖伯特利汽车安全系统股份有限公司 关于可转债转股结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本季度转股情况：自 2026 年 1 月 7 日至 2026 年 1 月 31 日期间，累计已有 人民币 73,000 元"伯 25 转债"已转换为公司股票，因转股形成的股份数量为 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The automotive sector is experiencing a significant shift with the introduction of Tesla's Robotaxi strategy, focusing on a dual-seat Cybercab to address 90% of travel scenarios [5][13] - Tesla has disclosed that approximately 1.1 million Full Self-Driving (FSD) paid users account for about 12% of its total vehicle sales, with a year-on-year growth of 38% [14] - The Shanghai government has introduced a subsidy for replacing old vehicles with new energy vehicles, offering an 8% subsidy on the purchase price, capped at 15,000 yuan [14] - The National Energy Administration plans to establish 28 million charging facilities by the end of 2027, expected to drive over 200 billion yuan in investments [15] - The global humanoid robot shipment is projected to increase by 508% in 2025, with Chinese manufacturers leading the market [20][22] Market Performance - The automotive sector underperformed the market, with the A-share automotive index declining by 4.67%, ranking 29th among primary industries [6][25] - The passenger vehicle index fell by 1.84%, while the commercial vehicle index decreased by 1.21% [6] - The automotive parts index saw a decline of 6.82%, with various segments experiencing different levels of performance [6] Investment Recommendations - For passenger vehicles, there is an unexpected demand in the domestic high-end luxury market, with recommendations for Jianghuai Automobile and Seres, while Geely Automobile is identified as a beneficiary [7] - In the automotive parts sector, profitability is expected to improve, with recommendations for Desay SV, Zhejiang Xiantong, Meili Technology, and others, while Weichai Power and others are seen as beneficiaries [7]

Accessible version Greater China Industrials China humanoid robot & EV supply chain tour takeaways Auto/EV OEMs & supply chain: eyes on demand/costs The weak auto/EV sales trend is extendng into January, given EV purchase tax subsidy has been cut and trade-in subsidy has not been fully in place yet. In light of this, Chery plans new model launches after Lunar New Year in February. Impacts from recent BOM costs hike is another key question: Chery estimates c. RMB4.5-5k BOM costs increase for EV models, facto ...

伯特利深度：线控底盘领军者 人形机器人未来的中坚力量【国联民生汽车 崔琰团队】 ————————————— 我们发布# 伯特利深度报告，详细探讨： ————————————— 从汽车到机器人 技术沉淀的必然延伸 公司于汽车业务端积累了深厚的经验，具备精密零部件制造、机电液一体化系统设计、传感器设计融合与软件设 计开发、底盘调教等系统方案设计、规模化量产及供应链管理等能力，已完成产业基金、丝杠及电机子公司的布 局，未来基于汽车端深厚技术积淀的必然延伸，有望逐渐成长为人形机器人核心零部件及关节模组、控制模组、 视觉模组等领域的中坚力量。 智能化&电动化齐驱 全球化再进一步 1）伯特利成长为国内汽车制动系统龙头的核心壁垒是什么？ 2）伯特利汽车端业务实现ASP不断增长、收入持续新高的原因是什么？ 3）伯特利从汽车行业拓展至机器人，核心优势在哪里、未来机器人业务如何展望？ 伯特利深度：线控底盘领军者 人形机器人未来的中坚力量【国联民生汽车 崔琰团队】 ————————————— 我们发布# 伯特利深度报告，详细探讨： 1）伯特利成长为国内汽车制动系统龙头的核心壁垒是什么？ 2）伯特利汽车端业务实现ASP不断增长、收入 ...

2026 年 01 月 27 日 公司点评 买入/维持 伯特利(603596) 目标价: 昨收盘:54.85 L3 元年 EMB 加速量产，人形机器人丝杠、电机打造第二增长曲 线 ◼ 走势比较 (10%) 2% 14% 26% 38% 50% 25/1/27 25/4/9 25/6/20 25/8/31 25/11/11 26/1/22 伯特利 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 6.07/6.07 | | --- | --- | | 总市值/流通(亿元) | 332.67/332.67 | | 12 个月内最高/最低价 | 67.4/43.22 | | (元) | | 相关研究报告 <>--2025-11-01 <<智驾 L3 时代的底盘 XYZ 智驾核心 供应商>>--2025-09-17 <<智驾平权时代：做强 X 向，做大 Y+Z 向>>--2025-04-30 证券分析师：刘虹辰 电话：010-88321818 E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 事件：早前国内首批 L3 级自动驾驶牌照开始批量发放，2026 年启动 L3 ...

Summary of the Conference Call Industry Overview - The conference focused on the automotive industry, specifically strategies and forecasts for 2026, with a review of the automotive market from 2005 to 2025 [1][2]. Key Insights and Arguments 1. **Sales Growth and Valuation**: - Sales growth is a sufficient but not necessary condition for the valuation of the automotive sector to increase. Historical data shows that years with sales growth corresponded with rising valuations, but there were exceptions in years like 2012 and post-2020 [3]. - The automotive sector's valuation tends to respond approximately three months ahead of sales growth before 2020, and this response time has shortened to about one month post-2020 [3]. 2. **Comparison with 2018**: - The year 2026 is expected to mirror 2018, which also faced declining sales due to policy changes. In 2018, the automotive sector began to decline three months before sales dropped significantly [4][5]. 3. **Impact of Policy Changes**: - The introduction of a 5% purchase tax on new energy vehicles in 2026 and changes in subsidy structures are expected to impact demand negatively [1][2]. 4. **Investment Opportunities**: - The focus for 2026 is on new growth areas, particularly in smart driving technologies. Companies in this sector are seen as undervalued, with many trading below 30x P/E ratios while maintaining decent growth rates [7][8]. 5. **Low Valuation and High Growth Stocks**: - Several companies were highlighted as having strong growth potential while being undervalued, including: - **Mastec**: Estimated 20% growth in 2026 with a P/E of 15-16x [10]. - **Yatong**: Expected 30% growth with a P/E of around 20x [10]. - **Fuyou Glass**: Anticipated 15% growth with a P/E of about 15x [11]. - **Weichai Power**: Projected 15% growth with a similar P/E [11]. 6. **Sector-Specific Insights**: - Companies like **Desay SV** and **Kobota** are expected to see significant revenue growth due to their involvement with major clients like Li Auto and NIO, with projected revenues of 90 billion and 21 billion respectively for Q4 [17][21]. - **Huayang Group** is expected to maintain a growth rate of over 20% in 2026, driven by high-margin products [24]. Other Important but Overlooked Content - The conference also discussed the potential risks associated with rising raw material costs, particularly for companies in the forging sector, which could impact earnings realization [13]. - The importance of technological cycles, including the shift towards electric and smart vehicles, was emphasized as a key driver for future growth in the automotive sector [6][7]. - The discussion included a focus on the competitive landscape, with companies like Fuyou Glass expected to benefit from a more favorable market position as competitors exit [30][31]. Conclusion - The automotive industry is facing challenges due to policy changes and market dynamics, but there are significant investment opportunities in undervalued companies with strong growth potential, particularly in the smart driving and electric vehicle segments. The insights from the conference provide a comprehensive overview of the current state and future outlook of the automotive sector.

摘要 ► 深耕制动系统 剑指线控底盘 产品端：公司为国内汽车制动系统龙头，现已形成机械制动+智能电控+机械转向+轻量化结构件四大业务布局，剑指线控底盘。客户端：公司客户结构从机械制动的奇瑞、吉 利、长安等自主品牌，逐步向智能电控的蔚小理、赛力斯、东风日产、江铃福特及轻量化的上汽通用、北美通用、欧洲沃尔沃等新势力、合资及全球化平台升级。 ► 智能化&电动化齐驱 全球化再进一步 1）智能化：公司为自主线控制动龙头，拓展业务至主动悬架领域，2022年收购浙江万达布局电控转向，打造线控底盘平台型布局，受益于行业智能化渗透率的持续提升。2）电 动化：公司是国内首家实现EPB量产的供应商，后拓展业务至ESC/电动尾门等领域，把握行业电动化机遇。3）全球化：公司2020年开始筹建墨西哥生产基地，2023实现墨西哥 基地投产，2024年起筹划摩洛哥基地，全球化持续加深。 ► 产业化拐点确立 三重驱动开启人形机器人万亿赛道 技术端，大模型突破通用性瓶颈，DeepSeek低成本训练范式加速AGI落地；产业端，特斯拉、英伟达、华为等科技巨头密集布局；政策端，政府工作报告明确，培育具身智能等 未来产业，大力发展智能机器人。我们预计2 ...