MBTL · 2024年 MAKE MOBILITY SAFER 让什行更安全 最佳编制说明 报告简介 本报告是芜湖伯特利发布的第一份环境、社会及公司治理（以下简称为"ESG"）报告，报告详细介绍了 2024年度芜湖伯特利及下属分子公司在 ESG 的各项议题上的表现。本公司对报告内容的真实性、准确性和完整性负责。 时间范围 本报告为年度报告,披露范围与公司年报保持一致, 时间跨度为 2024 年 1 月 1 日至 2024 年 12 月 31 日, 为提高报告完整性, 部分内容有所延展。 本报告已于 2025年 4 月 29 日经董事会审议通过。 组织范围 芜湖伯特利汽车安全系统股份有限公司 环境、社会及公司治理报告 ENVIRONMENTAL SOCIAL AND GOVERNANCE REPORT 本报告内容覆盖芜湖伯特利汽车安全系统股份有限公司及下属公司,在环境、社会及治理方面的表现。 称谓说明 为便于表达和阅读,芜湖伯特利汽车安全系统股份有限公司在报告中简称"芜湖伯特利""伯特利""集团""公司""我们"等。 参考标准 本报告参考全球报告倡议组织（GRI）《可持续发展报告编写标准》、上海证券交易所《上 ...

芜湖伯特利汽车安全系统股份有限公司 Bethel Automotive Safety Systems Co., Ltd （住所：中国（安徽）自由贸易试验区芜湖片区泰山路 19 号） 2024 年度股东大会 会议资料 股票代码：603596 二〇二五年五月 | 会议须知 4 | | | | | --- | --- | --- | --- | | 议案一：关于《公司董事会 | | 2024 年度工作报告》的议案 5 | | | 议案二：关于《公司独立董事 | | 2024 年度述职报告》的议案 6 | | | 议案三：关于《公司监事会 | | 2024 年度工作报告》的议案 7 | | | 议案四：关于公司 | | 2024 年度报告及摘要的议案 8 | | | 议案五：关于公司《2024 | | 年度财务决算报告》及《2024 年度财务预算报告》的议案. | 9 | | 议案六：关于《公司 | | 年度利润分配预案》的议案 10 2024 | | | 易的议案 12 | | | | | 计机构的议案 20 | | | | | 议案九：关于公司预计对控股子公司提供担保的议案 21 | | | | | 议案十：关于 ...

证券代码：603596 证券简称：伯特利 公告编号：2025-028 芜湖伯特利汽车安全系统股份有限公司 第四届监事会第七次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）第四届监事会第七次会 议于 2025 年 4 月 29 日下午 14:00 在公司五楼会议室以现场结合通讯的方式召开，会议 通知已于 2025 年 4 月 24 日以电子邮件形式发出。本次会议由公司监事会主席张昊先生 主持，会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集、召开和表决程序符 合《中华人民共和国公司法》、《公司章程》的有关规定，会议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于 2025 年第一季度报告的议案》； 表决结果：3 票赞成，0 票反对，0 票弃权。 具体内容详见公司 2025 年 4 月 30 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 2025 年第一季度报告》。 ...

证券代码：603596 证券简称：伯特利 公告编号：2025-027 芜湖伯特利汽车安全系统股份有限公司 第四届董事会第七次会议决议公告 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。 一、董事会会议召开情况 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）第四届董事会第七次会 议（临时）于 2025 年 4 月 29 日上午 10:00 在公司五楼会议室以现场及通讯相结合的方 式召开，会议通知已于 2025 年 4 月 24 日以电子邮件形式发出。本次会议由公司董事长 袁永彬先生主持，会议应出席董事 9 人，实际出席董事 9 人。本次会议的召集、召开和 表决程序符合《中华人民共和国公司法》、《公司章程》的有关规定，会议合法、有效。 （一）审议通过《关于 2025 年第一季度报告的议案》。 表决结果：9 票赞成，0 票反对，0 票弃权。 具体内容详见公司 2025 年 4 月 30 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 2025 年第一季度报告》。 二、董事会会 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,637,957,471.92, representing a 41.83% increase compared to CNY 1,859,952,289.55 in the same period last year[3]. - Net profit attributable to shareholders was CNY 270,361,200.59, up 28.79% from CNY 209,917,928.44 year-on-year[3]. - The company reported a 38.61% increase in net profit attributable to shareholders after deducting non-recurring gains and losses, driven by business growth[7]. - Total operating revenue for Q1 2025 reached ¥2,637,957,471.92, a 41.7% increase from ¥1,859,952,289.55 in Q1 2024[26]. - Net profit for Q1 2025 was ¥268,393,419.25, representing a 27.5% increase compared to ¥210,341,897.40 in Q1 2024[27]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.45, up from ¥0.35 in Q1 2024[27]. - The company reported a total comprehensive income of ¥275,708,879.73 for Q1 2025, compared to ¥233,247,209.06 in Q1 2024[27]. Cash Flow and Assets - The net cash flow from operating activities improved significantly to CNY 42,295,096.20, a 233.35% increase from a negative CNY 31,716,538.59 in the previous year[3]. - Cash flow from operating activities for Q1 2025 was ¥42,295,096.20, a recovery from a negative cash flow of ¥31,716,538.59 in Q1 2024[30]. - Cash and cash equivalents at the end of Q1 2025 totaled ¥1,935,590,947.34, down from ¥2,062,730,275.08 at the end of Q1 2024[31]. - The total current assets as of March 31, 2025, amounted to RMB 9,174,336,162.08, slightly down from RMB 9,255,312,766.25 at the end of 2024[21]. - The company's total assets were RMB 12,738,906,363.06 as of March 31, 2025, compared to RMB 12,786,035,768.51 at the end of 2024[23]. - The total liabilities decreased to RMB 5,533,973,798.34 from RMB 5,845,772,549.43 in the previous period[23]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,253[10]. - The company's equity attributable to shareholders rose to CNY 6,822,558,541.55, reflecting a 4.07% increase from CNY 6,555,921,414.57[4]. - The company's equity attributable to shareholders increased to RMB 6,822,558,541.55 from RMB 6,555,921,414.57[23]. Business Operations - The company's main business revenue for Q1 2025 reached RMB 259,463.18 million, representing a year-on-year growth of 42.78%[12]. - The sales volume of smart electric control products was 1,461,909 units, up 58.43% year-on-year; disc brake sales reached 932,716 units, an increase of 36.14%[12]. - The total number of projects under research increased to 498, a growth of 6.41% compared to the same period last year; new mass production projects totaled 57, up 11.76%[13]. - The number of new designated projects rose to 120, reflecting a year-on-year increase of 13.21%[13]. - The number of projects in the electronic control product category reached 191, with 99 projects focused on new energy vehicles[16]. - The company is actively expanding its domestic and international market presence while optimizing its customer structure[13]. Costs and Expenses - Total operating costs for Q1 2025 were ¥2,369,495,116.60, up 43.9% from ¥1,646,429,151.29 in Q1 2024[26]. - Research and development expenses for Q1 2025 were ¥128,576,221.11, an increase from ¥110,913,997.79 in Q1 2024[26]. Financing Activities - The company experienced a net increase in cash flow from financing activities of ¥52,501,961.91 in Q1 2025, compared to ¥46,481,514.60 in Q1 2024[31]. - The company recorded a net investment cash outflow of ¥163,404,949.42 in Q1 2025, compared to a net outflow of ¥122,183,379.06 in Q1 2024[31]. Borrowings and Financial Assets - Short-term borrowings surged by 348.60%, primarily due to an increase in short-term loans taken[7]. - The company experienced a 66.74% increase in trading financial assets due to increased purchases of financial products during the period[7].

24 年公司墨西哥一期工厂快速达产，海外营收同比+25.9%至10.9 亿元，毛利率达31.9%，较国内业务高 14.7pct。25 年公司墨西哥二期工厂也将落地投产，有望配套通用、福特、北美新能源客户等头部车企 实现快速爬坡，释放盈利。此外公司将在摩洛哥建设新工厂，有望加大对欧洲客户的供应配套机会。公 司对美出口主要采用FCA 贸易方式，且墨西哥工厂的轻量化产品已符合美墨加协定，关税风险较小。 盈利预测 我们基本维持公司25-26 年归母净利润15.1/19.3 亿元，并预计27 年归母净利润为24.2 亿元。基于可比公 司估值均值，给予公司25 年26.3 倍 PE估值，对应目标价为65.49 元（前值56.03 元，对应25E 22.5x PE）。 风险提示：下游客户整车产销不及预期，短期内新产品盈利能力不及预期。 伯特利发布年报，2024 年实现营收99.37 亿元（yoy+32.95%），归母净利12.09 亿元（yoy+35.60%）， 扣非净利11.13 亿元（yoy+30.15%），超过Wind 一致预期（11.7 亿元）。其中Q4 实现营收33.58 亿元 （yoy+41.80%，qoq+2 ...

Summary of Bertley Conference Call Company Overview - Bertley reported a revenue of 11.13 billion in 2024, representing a year-on-year growth of 33% [2][3] - Net profit attributable to shareholders increased by 36%, with a non-recurring net profit growth of 30% [2][3] - R&D investment reached 5.76 billion, up 28% year-on-year, accounting for 5.79% of revenue [2][3] Financial Performance - Basic earnings per share (EPS) was 1.99, a 30% increase year-on-year; non-recurring EPS was 1.84, up 25% [2][4] - The net asset return rate was 19.76% [3] - Gross margin remained stable at around 21%, with a net profit margin exceeding 12% [3] Project Development and Product Launches - In 2024, Bertley added 416 new designated projects, a 30.4% increase, and 309 new mass production projects, up 28% [2][6] - Total projects under research reached 430 [6] - New designated projects are expected to generate an annualized revenue of 65.4 billion over their lifecycle, focusing on disc brakes, lightweight products, electronic parking brakes, and steer-by-wire systems [2][6] Product and Market Dynamics - Significant growth in product lines: intelligent electric control products sales exceeded 5.2 million units (+40%), disc brakes sales reached nearly 3.4 million units (+19%), and lightweight products totaled 13.8 million units (+35%) [5] - Major clients include well-known North American electric vehicle manufacturers, Ford North America, and various Volkswagen brands [5] Future Growth Projections - Revenue is expected to grow by 28% in 2025, with specific targets for various segments: disc brakes (+15%), electronic parking brakes (+30%), lightweight products (+30%), steer-by-wire (+40%), steering systems (+30%), and ADAS (+70%) [3][21] Strategic Initiatives - Bertley is actively entering the robotics industry in two phases: the first focuses on key components and assemblies, while the second will expand into complete robotic systems [3][12][26] - The company plans to enhance production capacity in response to market demand, particularly for EPB products, fixed calipers, lightweight products, and EPS [3][13] Technological Innovations - Bertley has made advancements in air suspension technology, integrating open and closed system advantages to improve performance while controlling costs [8] - The company aims to achieve mass production of air suspension by the end of 2025 [7][8] International Expansion and Market Strategy - The Mexican factory generated 2.75 billion in revenue in 2024, with 90% from lightweight products, despite reporting a loss of 1.1 billion [3][29] - The company is focusing on expanding its international market presence, particularly in Europe and North America, with plans to target clients like Renault and BMW [23][24] Conclusion - Bertley is positioned for robust growth with a strong focus on R&D, product innovation, and strategic market expansion, aiming for a compound annual growth rate of around 20% over the next five years [16]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.50 CNY, based on a projected PE ratio of 27 times for 2025 [3][6]. Core Insights - The company is experiencing significant growth in its smart electric control products, with new customer acquisitions contributing to this expansion [2]. - The financial performance for 2024 aligns with expectations, showing a revenue of 99.37 billion CNY, a year-on-year increase of 33.0%, and a net profit of 12.09 billion CNY, up 35.6% [9]. - The company is actively expanding its production capacity and exploring new markets, including intelligent driving and humanoid robotics [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 130.11 billion CNY, 159.62 billion CNY, and 196.98 billion CNY, respectively, with growth rates of 30.9%, 22.7%, and 23.4% [5]. - The net profit for the same period is forecasted to be 15.18 billion CNY, 18.63 billion CNY, and 22.98 billion CNY, reflecting growth rates of 25.6%, 22.8%, and 23.3% [3][5]. - The company’s gross margin is expected to stabilize around 22.0% to 22.5% from 2025 to 2027 [5]. Customer and Market Expansion - The company has successfully added eight new clients, including notable names in the North American market, bringing the total client count to 50 [9]. - The company is focusing on enhancing its product offerings and has a robust pipeline of projects, with 430 projects under research and 309 new projects entering mass production [9]. Production Capacity and Future Plans - The company plans to increase its production capacity significantly, including 100,000 sets per year for floating calipers and 150,000 sets for EPB calipers by 2025 [9]. - The company is also exploring mergers and acquisitions in the intelligent chassis and driving sectors to create business synergies [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Viewpoints - The company's performance in 2024 met expectations, with total revenue increasing by 33.0% year-on-year to 9.94 billion yuan, and net profit rising by 35.6% to 1.21 billion yuan [1]. - The growth in revenue is driven by the steady increase in sales of lightweight and EPB products, as well as the ramp-up in line control braking systems [2]. - The company has expanded its customer base and production capacity, with a clear strategy for integrated chassis development and entry into the robotics sector [3]. Summary by Sections Financial Performance - In 2024, total revenue reached 9.94 billion yuan, with a year-on-year growth of 33.0%. The gross margin decreased by 1.4 percentage points to 21.1%, while the net profit attributable to shareholders increased by 35.6% to 1.21 billion yuan [1]. - For Q4 2024, revenue was 3.36 billion yuan, reflecting a year-on-year increase of 41.8% and a quarter-on-quarter increase of 28.8% [1]. Product Sales and Growth Drivers - The company saw significant sales growth across various product lines: intelligent electric control (40.0%), disc brakes (19.2%), lightweight brakes (35.3%), and mechanical steering (23.7%) [2]. - The number of new mass production projects increased by 28% to 309, with intelligent electric control products accounting for 61% of new projects, indicating a strong focus on innovation and market demand [2]. Customer and Capacity Expansion - The company added 8 new customers in 2024, including notable names in the North American electric vehicle market, bringing the total customer count to 50 [3]. - New production capacities include EPB (1.25 million sets), AC6 actuator assembly (1.4 million sets), lightweight casting (2 million sets), and C-EPS (260,000 sets) [3]. Future Profitability and Valuation - The report projects an increase in net profit estimates for 2025 and 2026 by 4% and 10% respectively, with a new estimate for 2027 set at 2.67 billion yuan [4]. - The company's valuation metrics indicate a P/E ratio of 30 for 2024, decreasing to 13 by 2027, suggesting a favorable long-term investment outlook [12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.50 CNY, based on a projected PE ratio of 27 times for 2025 [3][6]. Core Insights - The company is experiencing significant growth in its smart electric control products, with new customer acquisitions contributing to revenue increases. The projected net profits for 2025-2027 are 15.18 billion, 18.63 billion, and 22.98 billion CNY respectively, reflecting a strong growth trajectory [2][3]. - The company reported a revenue of 99.37 billion CNY for 2024, a year-on-year increase of 33.0%, with a net profit of 12.09 billion CNY, up 35.6% from the previous year [9]. - The company is expanding its production capacity and exploring new markets, including intelligent driving and humanoid robotics, indicating a strategic focus on future growth areas [9]. Financial Summary - Revenue projections for 2025-2027 are as follows: 13.01 billion CNY (2025), 15.96 billion CNY (2026), and 19.70 billion CNY (2027), with respective growth rates of 30.9%, 22.7%, and 23.4% [5]. - The company's gross margin is expected to stabilize around 22.0% to 22.5% from 2025 to 2027, while the net profit margin is projected to remain steady at approximately 11.7% [5][9]. - The company plans to increase its production capacity significantly, including 100,000 sets per year for floating calipers and 150,000 sets for EPB calipers, among others, to meet growing demand [9].