公司于 2024 年 1 月 31 日召开的第三届董事会第二十六次会议审议通过了《关 于公司以集中竞价交易方式回购股份的议案》, 同意公司以自有或符合法律法规规 定的自筹资金通过集中竞价交易方式回购部分公司股票，并将该回购股份用于后期 公司管理层和核心骨干员工实施股权激励或员工持股计划。回购股票价格的上限为 90.43 元/股（含），回购股票数量为不低于 120 万股（含）且不超过 180 万股（含）， 占公司截至 2024 年 1 月 31 日已发行总股本的 0.28%-0.42%。公司将根据回购方案 实施期间股票市场价格的变化情况，结合公司经营状况进行回购。回购股票的实施 期限为自董事会审议通过本次回购股份方案之日起不超过 12 个月。具体内容详见 公司 2024 年 2 月 1 日刊登在上海证券交易所网站（www.sse.com.cn）及《中国证券 报》上的《伯特利关于以集中竞价交易方式回购公司股份方案的公告》（公告编号： 2024-015）。 公司于 2024 年 5 月 20 日实施 2023 年度利润分配及资本公积转增，实施完毕 证券代码：603596 证券简称：伯特利 公告编号：2024-094 ...

证券代码：603596 证券简称：伯特利 公告编号：2024-093 芜湖伯特利汽车安全系统股份有限公司 关于投资设立控股子公司的公告 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个别及连带 责任。 重要内容提示： 二、投资主体的基本情况 投资标的名称：芜湖伯特利汽车悬架科技有限公司 投资金额：芜湖伯特利汽车悬架科技有限公司注册资本为人民币 300 万元， 其中芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）认缴出资人民币 210 万元，占注册资本的 70%。 特别风险提示：控股子公司在运营过程中可能面临宏观政策调控、市场变化、 经营管理等方面的不确定因素。敬请广大投资者理性投资，注意投资风险。 一、投资设立控股子公司的概述 （一）基本情况 根据公司发展及战略规划需要，公司与芜湖伯诚企业管理合伙企业（有限合伙） 共同投资并设立芜湖伯特利汽车悬架科技有限公司，注册资本为人民币 300 万元。 其中，公司认缴出资人民币 210 万元，占注册资本的 70%，芜湖伯诚企业管理合伙 企业（有限合伙）认缴出资人民币 90 万元，占注册资本的 ...

关于为全资子公司提供担保的公告 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个别及连带 责任。 重要内容提示： 证券代码：603596 证券简称：伯特利 公告编号：2024-092 芜湖伯特利汽车安全系统股份有限公司 本次担保金额及已实际为其提供的担保余额： 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）为全资子公司伯特利 电子提供 1,512,864 欧元（按 2024 年 11 月 19 日欧元兑人民币汇率 1:7.6386 计算，为 1,155.6163 万元人民币）的担保。截至本公告日，公司已实际为伯特利电子提供的担保 余额为 6,728.3822 万元（不含本次担保金额）。 本次担保不存在反担保。 被担保人名称：芜湖伯特利电子控制系统有限公司（以下简称"伯特利电 子"） 对外担保逾期的累计数量：无 特别风险提示：截至本公告披露日，公司实际担保总额为人民币 7,883.9985 万 元，占公司最近一期经审计净资产的 1.39%，敬请投资者注意风险。 一、担保情况概况 （一）本次担保基本情况 为满足全资子公司伯特利电子业 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved rapid growth in performance, with revenue reaching 6.578 billion yuan in the first three quarters of 2024, a year-on-year increase of 28.85%. The net profit attributable to shareholders was 778 million yuan, up 30.79% year-on-year [1] - The company is expanding its research and production projects quickly, with a total of 432 ongoing projects, a 12% increase year-on-year, and 235 new production projects, a 19% increase year-on-year [2] - Revenue from the main business increased significantly, with a total of 6.378 billion yuan in the first three quarters, representing a 29.43% year-on-year growth [2] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 2.607 billion yuan, a year-on-year increase of 29.66%, and a net profit of 321 million yuan, up 33.96% year-on-year [1] - The gross margin was 21.29%, a decrease of 1.04% year-on-year, while the net margin was 11.99%, an increase of 0.08% year-on-year [1] Sales and Product Development - The sales volume of smart electronic control products reached 3.34 million units, a year-on-year increase of 32.53%, while the sales of lightweight brake components surged by 58.99% year-on-year [2] - The company is actively expanding its market presence, with a significant increase in new designated projects, totaling 301, which is a 65% year-on-year growth [2] Earnings Forecast and Valuation - The projected total revenue for 2024-2026 is 9.589 billion, 11.925 billion, and 14.795 billion yuan, with year-on-year growth rates of 28.31%, 24.36%, and 24.07% respectively [3] - The expected net profit attributable to shareholders for the same period is 1.104 billion, 1.392 billion, and 1.785 billion yuan, with year-on-year growth rates of 23.81%, 26.09%, and 28.25% respectively [3]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3][7]. Core Views - The company has shown strong revenue growth due to the ramp-up of lightweight and intelligent electronic control products, achieving a revenue of 2.61 billion yuan in Q3 2024, representing a year-on-year increase of 29.7% and a quarter-on-quarter increase of 23.5% [2][4]. - The net profit attributable to the parent company reached 320 million yuan in Q3 2024, marking a year-on-year growth of 34.0% [2][5]. - The company is expected to continue its upward trajectory in profitability, with a focus on lightweight chassis electronics and successful overseas expansion, positioning itself as a global chassis platform enterprise [6][7]. Financial Performance - In Q3 2024, the company's gross profit margin was 21.6%, with a slight year-on-year decrease of 1.0 percentage points but a quarter-on-quarter increase of 0.1 percentage points [5]. - The net profit margin for Q3 2024 was 12.3%, reflecting a year-on-year increase of 0.4 percentage points and a quarter-on-quarter increase of 0.6 percentage points [5]. - The company has a total revenue forecast of 9.66 billion yuan for 2024, with projected net profits of 1.14 billion yuan, 1.51 billion yuan, and 1.90 billion yuan for the years 2024, 2025, and 2026 respectively [10][7]. Product and Capacity Expansion - The company added 105 new projects in Q3 2024, including 17 new projects for line control braking and 10 new mass production projects [6]. - The company is in a rapid capacity expansion phase, with ongoing construction of several production bases and a capital expenditure of 490 million yuan in the first three quarters of 2024, a decrease of 31.2% year-on-year [6][10]. - The company aims to develop an integrated automotive chassis domain control system, with successful mass production of new products like WCBS1.5 and upcoming mass production of electric tailgates [6][7].

Investment Rating - The report maintains an "Outperform" rating for Bethel Automotive (603596 SH) [1][17] Core Views - Bethel Automotive is a leading domestic brake system manufacturer with strong technological capabilities and customer resources [2] - The company is well-positioned to benefit from the automotive industry's trends towards lightweight and intelligent development [2] - Bethel's intelligent electric control products are expected to drive significant revenue growth [17] Financial Performance Revenue and Profit - Q3 2024 revenue reached 2 607 billion yuan, up 30% YoY and 24% QoQ [1] - Q3 2024 net profit attributable to parent company was 321 million yuan, up 34% YoY and 30% QoQ [1] - For the first three quarters of 2024, revenue was 6 578 billion yuan, up 29% YoY, and net profit was 778 million yuan, up 31% YoY [1] Product Sales - Lightweight brake parts sales grew 59% YoY in the first three quarters of 2024 [1] - Intelligent electric control product sales reached 3 3434 million units, up 32 53% YoY [1] - Disc brake sales increased 13 70% YoY to 2 2715 million units [1] Operational Highlights R&D and Projects - R&D expenses increased 24% YoY in Q3 2024 [2] - The company had 432 R&D projects in the first three quarters of 2024, up 12% YoY [2] - 235 new mass production projects were added, up 19% YoY [2] - 301 new designated projects were secured, up 65% YoY [2] Production Capacity - The company expanded production capacity with new lightweight production bases and EPS production lines [3] - The Mexico Phase II project is progressing smoothly [3] Industry Position - Bethel is one of the few domestic companies with independent intellectual property rights for intelligent electric control products [3] - The company is positioning itself as a global chassis supplier with overseas R&D and production bases [3] Future Outlook - The report maintains profit forecasts for 2024 2025 and 2026 with net profits of 1 15 billion, 1 5 billion, and 1 95 billion yuan respectively [17] - The company's lightweight and intelligent electric control products are expected to drive future growth [17]

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company has shown rapid growth in performance, with a 28.85% year-on-year increase in revenue to 6.578 billion yuan and a 30.79% increase in net profit attributable to shareholders to 778 million yuan for the first three quarters of 2024 [2] - The company's Q3 revenue reached 2.607 billion yuan, reflecting a 29.66% year-on-year growth, while net profit for the same period was 321 million yuan, up 33.96% year-on-year [2] - The company has a strong order backlog with 432 ongoing projects and 235 new mass production projects, indicating potential for continued high growth in the future [2] Summary by Sections Business Growth and Profitability - The company has achieved a gross margin of 21.56% and a net margin of 12.57% in Q3, significantly higher than the industry averages of 16.96% and 4.03% respectively [2] - Sales of intelligent electronic control products increased by 32.53%, while lightweight brake components saw a 58.99% increase in sales [2] Key Projects and Segments - The company has added numerous new projects across various segments, including 58 new projects for disc brakes and 116 for electronic parking brake systems, with significant growth rates in key areas such as EPS and ADAS [2] - The growth rates for new business segments are impressive, with EPS and ADAS growing by 400% and 57% year-on-year respectively [2] Financial Forecasts - The company is projected to achieve net profits of 1.152 billion yuan, 1.422 billion yuan, and 1.715 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.90 yuan, 2.34 yuan, and 2.83 yuan [3] - The projected P/E ratios for the next three years are 24.89, 20.16, and 16.72, indicating a favorable valuation outlook [3]

证券代码：603596 证券简称：伯特利 公告编号：2024-091 芜湖伯特利汽车安全系统股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/2/1 | | --- | --- | | 回购方案实施期限 | 2024/1/31~2025/1/30 | | 预计回购金额 | 5,784.1960 万元~11,568.3919 万元 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 120.00 万股 | | 累计已回购股数占总股本比例 | 0.1978% | | 累计已回购金额 | 5,200.5964 万元 | | 实际回购价格区间 | 32.65 元/股~55.72 元/股 | 一、 回购股份的基本情况 公司于 2024 年 1 月 31 日召开的第三届董事会第二十六次会议审议通过了《关 于公司以集中竞价交易方式回购股份的议案》, 同意公司以自有或符合法律法规规 定的自筹资金通过集中竞价 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6]. Core Views - The company reported a revenue of 2.61 billion yuan in Q3 2024, representing a year-on-year growth of 29.7%. The net profit attributable to shareholders was 321 million yuan, up 34.0% year-on-year [6]. - The company is expected to achieve revenues of 9.96 billion, 13.02 billion, and 16.59 billion yuan for the years 2024, 2025, and 2026, with year-on-year growth rates of 33.3%, 30.6%, and 27.5% respectively [6]. - The net profit attributable to shareholders is projected to be 1.18 billion, 1.58 billion, and 2.05 billion yuan for the same years, with growth rates of 32.1%, 34.2%, and 30.0% respectively [6]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a gross margin of 21.6%, a decrease of 1.0 percentage points year-on-year but an increase of 0.1 percentage points quarter-on-quarter [6]. - The company’s operating expenses for Q3 2024 were 227 million yuan, with an expense ratio of 8.7%, down 0.3 percentage points from the previous quarter [6]. Product Development - The company has seen significant growth in product sales, with smart control and lightweight products sold at 1.347 million and 3.531 million units respectively, marking year-on-year increases of 33% and 55% [6]. - The number of new projects and clients has increased, with 301 new projects added, a 65% increase year-on-year [6]. Market Position - The company maintains a high barrier to entry and stable profit growth, which supports the "Buy" rating [6]. - The company’s earnings per share (EPS) are projected to be 1.94, 2.61, and 3.38 yuan for 2024, 2025, and 2026 respectively [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 50.44 CNY [2][5] Core Insights - The company's performance meets expectations, with a revenue of 6.578 billion CNY for the first three quarters, representing a year-on-year growth of 28.9%. The net profit attributable to shareholders reached 778 million CNY, up 30.8% year-on-year [1] - The gross margin improved sequentially, with a gross margin of 21.3% for the first three quarters, a decrease of 1.0 percentage points year-on-year, but a slight increase of 0.1 percentage points quarter-on-quarter [1] - The company continues to expand its product offerings and secure new projects, with significant growth in sales of intelligent electronic control products and lightweight brake components [1] Financial Performance Summary - Revenue for 2022 was 5.539 billion CNY, projected to grow to 7.474 billion CNY in 2023, and further to 10.033 billion CNY in 2024, reflecting a year-on-year growth of 34.9% [4] - The net profit attributable to shareholders is expected to increase from 891 million CNY in 2023 to 1.175 billion CNY in 2024, indicating a growth rate of 27.6% [4] - The company's gross margin is projected to improve slightly from 22.6% in 2023 to 22.7% in 2024 [4] Market Expansion and Capacity Building - The company is actively expanding its overseas market presence, establishing partnerships with major clients like General Motors and Stellantis, with a projected annual demand for lightweight components of 7.7 million units [1] - The company has a robust order backlog, with expected annual revenue from new projects reaching 7.822 billion CNY upon full capacity [1]