Group 1: Financial Performance - In 1H25, total operating revenue increased by 30.0% year-on-year to 5.16 billion yuan, accounting for 39% of the original full-year forecast [1] - Gross margin decreased by 2.5 percentage points year-on-year to 18.6%, while net profit attributable to the parent company rose by 14.2% year-on-year to 520 million yuan, representing 34% of the original full-year forecast [1] - In 2Q25, revenue was 2.53 billion yuan, a year-on-year increase of 19.7% but a quarter-on-quarter decrease of 4.2% [1] Group 2: Product Performance - In 1H25, sales of intelligent electronic control products, disc brakes, lightweight brakes, and mechanical steering products grew by 43.1%, 28.7%, 7.4%, and 6.9% year-on-year, respectively [2] - The number of new project approvals increased by 44% year-on-year to 282, with intelligent electronic control products accounting for 63% of new mass production projects [2] - The decline in sales growth of lightweight brake products was attributed to lower-than-expected sales from domestic core customers, but revenue is expected to remain stable as production capacity ramps up in Mexico [2] Group 3: Global Expansion and Strategic Initiatives - The company’s Mexican subsidiary achieved stable profitability in 1H25, with a net profit of approximately 18.27 million yuan, and overseas revenue is expected to continue growing as production capacity increases [3] - The company is the first in China to release and mass-produce the ONE-BOX integrated line control braking system, actively promoting the industrialization of new generation line control braking products [3] - A 200 million yuan industrial fund has been established to invest in emerging fields such as humanoid robots and low-altitude economy, extending the company's main business advantages into the robotics sector [3] Group 4: Investment Outlook - The company maintains a "buy" rating, despite a 10% reduction in net profit forecasts for 2025, 6% for 2026, and 1% for 2027, due to intensified competition in downstream industries [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3][6]. Core Insights - The company's revenue for 1H25 increased by 30.0% year-on-year to 5.16 billion yuan, accounting for approximately 39% of the original full-year forecast. However, the gross margin decreased by 2.5 percentage points to 18.6% [1]. - In 1H25, the company saw significant growth in its intelligent electronic control products, with sales increasing by 43.1% year-on-year. The number of new projects also rose by 44% to 282 [2]. - The company is accelerating its global expansion, with its Mexican subsidiary achieving stable profitability and ongoing construction of a factory in Morocco [3]. Summary by Sections Financial Performance - 1H25 total revenue reached 5.16 billion yuan, with a net profit of 520 million yuan, reflecting a year-on-year increase of 14.2% [1]. - The gross margin for 2Q25 was 19.2%, showing a year-on-year decline of 2.2 percentage points [1]. Product Development - The company is focusing on new product development, particularly in integrated chassis systems, with successful mass production of line control braking systems [2]. - The company is preparing for mass production of new products such as EMB and air suspension systems, with significant production capacity planned [2]. Global Strategy - The Mexican subsidiary reported a net profit of approximately 18.27 million yuan, with expectations for continued growth as production capacity increases [3]. - The company has established a 200 million yuan industrial fund to invest in emerging fields such as humanoid robots and low-altitude economy [3]. Earnings Forecast - The report has adjusted the profit forecasts for 2025, 2026, and 2027 down by 10%, 6%, and 1% respectively, but maintains a positive long-term growth outlook due to the integrated chassis strategy [3].

摘要 博特利预计 2025 年三季度收入环比增长超 30%，四季度预计保持近 30%增速，主要受益于奇瑞、吉利、北汽、长安和斯堪尼亚等客户的需 求增长，对完成全年预算充满信心。 2025 年上半年，博特利线控制动产品增速超 50%，新项目量产同比增 长超 30%，智能电控产品同比增长 43%，其中 EPB 保持稳定增长， One Box 产品增长超 50%。 博特利 2025 年上半年现金净流入 6.37 亿元，同比增长超 62%，资金 回款健康，有力支撑资本开支和研发投入。新增定点项目 280 多项，同 比增长近 44%，预计年化收益 41.8 亿元。 公司上半年研发费用同比增长约 18%，但占收入比下降至 5.54%。线 控制动 1.0 和 1.5 版本已大规模量产，2.0 版本去年四季度投产，EMB 同步进行试验验证，测试结果超预期，将于明年上半年量产。 博特利重点推进墨西哥二期产能建设并实现量产，同时推进摩洛哥产能 建设，预计年底启动，2027 年上半年完成。关注东南亚市场，包括马 来西亚和泰国。 Q&A 博特利公司 2025 年上半年业绩表现如何？ 2025 年上半年，博特利公司实现营收 51.64 ...

| | | EP J E N / | | BUIL | | | --- | --- | --- | --- | --- | --- | | | | 年内跑输 | 机构一致预测 | 机构一致预测 | | | 代码 | 简称 | 行业指数 | 2025年净利润 | 2026年净利润 | 行业 | | | | (自分点) | 增幅(%) | 增幅(%) | | | 300623 | 捷捷微电 | 37.95 | 34.40 | 34.15 | 电子 | | 301269 | 华大九天 | 23.82 | 82.78 | 51.36 | 计算机 | | 688525 | 佰维存储 | 22.15 | 140.65 | 80.38 | 电子 | | 688012 | 中微公司 | 22.12 | 44.43 | 40.20 | 电子 | | 300418 | 昆仑万维 | 21.52 | 75.94 | 116.45 | 传媒 | | 601933 | 永辉超市 | 21.24 | 63.11 | 217.45 | 商贸零售 | | 300229 | 拓 尔 思 | 20.40 | 165.33 | 35.25 | 计 ...

Core Viewpoint - The company's performance in the first half of 2025 was below expectations, with revenue growth of 30% year-on-year and a net profit increase of 14.2% [2] Financial Performance - In H1 2025, the company reported revenue of 5.16 billion yuan, a year-on-year increase of 30.0%, and a net profit of 522 million yuan, up 14.2% year-on-year [2] - Q2 2025 revenue reached 2.53 billion yuan, with a quarter-on-quarter increase of 19.7% but a decrease of 4.3% compared to the previous quarter [2] - The gross profit margin in Q2 2025 was 19.19%, showing a quarter-on-quarter recovery but still under pressure year-on-year [4][5] Business Segments - Core customers, including Chery and Geely, showed production increases, with Chery's production down 0.3% and Geely's up 6.0% in Q2 2025 [3] - The company's subsidiaries reported significant revenue growth, with Berteli Electronics (line control braking) up 52% and the Mexican plant (lightweight overseas capacity) generating 330 million yuan in revenue [3] Cost and Expenses - The company experienced a significant increase in R&D expenses, up 19% quarter-on-quarter, reflecting ongoing efforts to expand new products [5] - The period expense ratio was 8.9%, showing a slight improvement [5] Capacity and Technology Development - In H1 2025, the company added significant production capacity, including 380,000 sets/year for calipers and 300,000 sets/year for electric power steering [6] - The company is advancing technology with the WCBS1.5 and WCBS2.0 line control braking systems achieving mass supply in multiple projects [6] Profit Forecast and Investment Rating - The company maintains revenue forecasts for 2025-2027 at 12.92 billion, 15.50 billion, and 18.38 billion yuan, with year-on-year growth rates of 30%, 20%, and 19% respectively [7] - The net profit forecast for 2025-2027 has been adjusted to 1.44 billion, 1.74 billion, and 2.08 billion yuan, with corresponding PE ratios of 20, 17, and 14 times [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 gross margin improved sequentially but remains under pressure, with notable growth in electronic and overseas business [3][9] - The company reported a revenue of 5.16 billion yuan in the first half of 2025, a year-on-year increase of 30.0%, and a net profit of 522 million yuan, up 14.2% year-on-year [8][9] - The company is expanding its production capacity and advancing technology development to strengthen its long-term growth foundation [9] Financial Performance Summary - For 2023A, total revenue is projected at 7.474 billion yuan, with a year-on-year growth of 34.93% [1] - The net profit attributable to the parent company for 2023A is estimated at 891.50 million yuan, reflecting a year-on-year increase of 27.57% [1] - The latest diluted EPS for 2023A is 1.47 yuan per share, with a P/E ratio of 32.44 [1] Revenue and Profit Forecast - Revenue forecasts for 2025-2027 are 12.92 billion yuan, 15.50 billion yuan, and 18.38 billion yuan, with year-on-year growth rates of 30%, 20%, and 19% respectively [9] - The net profit attributable to the parent company for 2025-2027 is projected at 1.44 billion yuan, 1.74 billion yuan, and 2.08 billion yuan, with year-on-year growth rates of 19%, 21%, and 20% respectively [9] Margin Analysis - The gross margin for Q2 2025 is reported at 19.19%, showing a sequential recovery but still under pressure year-on-year [3] - The company’s net profit margin for Q2 2025 is 9.98%, reflecting a significant year-on-year decline primarily due to pressure on gross margins [3]

融资余额增幅前20只个股中，从市场表现来看，平均上涨4.13%，涨幅居前的有通达海、科达自控、百 济神州，涨幅分别为20.01%、14.94%、12.55%。跌幅居前的有伯特利、顺丰控股、红四方，跌幅分别 为9.98%、7.91%、2.91%。 融资余额增幅前20只个股 8月29日沪指上涨0.37%，市场两融余额为22613.49亿元，较前一交易日增加174.21亿元。 证券时报·数据宝统计显示，截至8月29日，沪市两融余额11519.36亿元，较前一交易日增加86.73亿元； 深市两融余额11020.41亿元，较前一交易日增加87.62亿元；北交所两融余额73.72亿元，较前一交易日 减少0.14亿元；深沪北两融余额合计22613.49亿元，较前一交易日增加174.21亿元。 分行业看，申万所属行业中，融资余额增加的行业有20个，增加金额最多的行业是电子，融资余额增加 48.09亿元；其次是通信、电力设备行业，融资余额分别增加29.93亿元、22.72亿元。 具体到个股来看，融资余额出现增长的股票有1729只，占比46.49%，其中，430股融资余额增幅超过5% 。融资余额增幅最大的是通达海，该股最新融资余 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 75.3 CNY, compared to the current stock price of 47.69 CNY [5][8]. Core Insights - The company experienced a temporary pressure on its Q2 2025 performance, with revenue of 2.526 billion CNY, a year-on-year increase of 19.66% but a quarter-on-quarter decrease of 4.25%. The net profit attributable to shareholders was 252 million CNY, up 1.8% year-on-year but down 6.8% quarter-on-quarter [1][2]. - The next-generation braking technology, EMB, has seen regulatory progress that exceeds expectations, positioning the company as a core player in the EMB sector. The new regulations will take effect on January 1, 2026, and the company has successfully developed its first functional EMB prototype [3]. - The company is accelerating its global customer expansion, with ongoing capacity expansion at its Mexico plant [4]. Financial Performance - The company forecasts net profits of 1.52 billion CNY, 2.02 billion CNY, and 2.71 billion CNY for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 19, 14.3, and 10.7 [5][14]. - In Q2 2025, the company reported a gross margin of 19.19%, with a year-on-year decrease of 1.56 percentage points and a quarter-on-quarter increase of 1.22 percentage points. The main business gross margin was 17.24%, reflecting improved profitability despite cost pressures [12]. - The company’s sales volume for smart electronic control in Q2 2025 was 1.4 million sets, a year-on-year increase of 30%, while the sales volume for disc brakes was 870,000 sets, up 22% year-on-year [12]. Capacity and Production - The Mexico plant has achieved a production capacity of 4 million sets for steering knuckles, with plans for further expansion to include 5.5 million sets of aluminum steering knuckles and additional capacities for control arms and EPB [13]. - The company has secured contracts with a North American electric vehicle manufacturer and a German joint venture for lightweight projects, with expected total sales revenues of approximately 1.22 billion USD and 600 million CNY, respectively [13].

Core Viewpoint - The automotive industry is on the brink of a revolution driven by smart technology, with 2025 expected to be a pivotal year for the adoption of Level 3 (L3) automation, particularly in urban environments [1][2]. Group 1: Automotive Smart Technology - L3 automation is anticipated to significantly influence consumer purchasing decisions, becoming one of the top three considerations when buying a car [1]. - The penetration rate of L3 automation is projected to increase from 10% in 2025 to over 80% by 2027, indicating a rapid adoption phase [1]. - The future automotive landscape is expected to be categorized into three types of companies: B-end Robotaxi operators, C-end personalized brands, and high-end vehicle manufacturers [2]. Group 2: Market Trends and Developments - In August, the penetration rate of urban NOA (Navigation on Autopilot) reached 23.2%, reflecting a month-on-month increase of 0.9 percentage points [3]. - Companies like Li Auto and XPeng are leading in smart technology adoption, with XPeng's smart technology penetration exceeding 70% and Li Auto's at 59.4%, despite a slight decline [3]. - The introduction of next-generation driving architectures, such as VLA, is being implemented in new models, enhancing the capabilities of smart driving systems [3]. Group 3: Investment Recommendations - The report suggests a focus on smart vehicles and related components, highlighting companies in both Hong Kong and A-share markets, such as XPeng Motors, Li Auto, BYD, and SAIC Motor [4]. - Investment opportunities are identified in AI chips, domain controllers, and electronic components, with specific companies recommended for each category [4].

Core Viewpoint - The company, Wuhu Berteli Automotive Safety Systems Co., Ltd., is utilizing its own funds to pay for part of the fundraising investment projects and will replace these with raised funds, ensuring compliance with regulatory requirements and maintaining the integrity of the fundraising process [1][6]. Fundraising Overview - The company has issued 28,020,000 convertible bonds with a face value of RMB 100 each, raising a total of RMB 2,802,000,000. After deducting issuance costs of RMB 12,349,094.60, the net amount raised is RMB 2,789,650,905.40 [1][2]. - All raised funds are stored in a special account approved by the board of directors to ensure proper management and protection of investor rights [2]. Investment Project Details - The total amount intended for investment in fundraising projects is capped at RMB 280,200.00 million, with adjustments made based on the actual net amount raised after deducting issuance costs [2][3]. - Specific projects include: - 60 million sets of Electronic Mechanical Brake (EMB) systems with an adjusted investment of RMB 18,821.80 million [3]. - 100 million sets of electronic control chassis brake systems with an adjusted investment of RMB 22,645.00 million [3]. - A project in Mexico for producing 7.2 million lightweight components and 2 million brake calipers, with a total investment of USD 16,500 million, calculated at an exchange rate of 1 USD = 7 RMB [3][4]. Use of Own Funds - The company plans to use its own funds to finance part of the investment project in Mexico due to the need for foreign currency transactions, which cannot be directly handled by the domestic fundraising account [4]. - The process involves borrowing from its own funds to the Mexican subsidiary, which will then use these funds for project payments, followed by a replacement with the raised funds [4][5]. Impact on the Company - The use of own funds for part of the investment does not affect the normal implementation of the investment plan and does not change the direction of the raised funds or harm shareholder interests [5][6]. Approval Process - The board of directors and the supervisory board approved the use of own funds for the investment project at meetings held on August 28, 2025 [5][6]. Sponsor's Verification Opinion - The sponsor, China International Capital Corporation, has verified that the company has followed necessary approval procedures and that the use of own funds does not impact the normal progress of the investment projects [6].