Please remain on the line. 本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位投资者早上好感谢大家早上时间来听我们这次智电新维度的第四篇从星空制动趋势再看伯特利的发展趋势今年我们对于智电新维度其实是持续以机车这边在新格局新方向新技术上面的一个 不断的就是报告上的一个推出啊那从前期的小米华为带到这个特斯拉FSD那这块的话我们这次从这个先空之洞近期的一些变化跟趋势看整个博特利的整个拐点以及包括他的这个发展的这个空间跟潜力 因为伯特利的话近期这个其实大家关注度一直都是比较高的一家公司实际上就是从去年以来对于伯特利最大的一个问题就是说这个相关系统可能从初期的大家预期或者是公司的指引可能从150万左右就是最后可能不到70万的出货 实际上这样的一个影响对于整个公司包括市场对于这个先攻自动放量公司放量的信心是有比较大的打击的而最近短期的话也受这个机车景气相对较弱然后包括像这个就原材料啊然后包括年降这些担心那波特力 ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Viewpoints - The report highlights the significant growth potential of the line control braking technology, driven by trends towards cost reduction and the upgrade of EMB technology [5][24] - The penetration rate of line control braking in new energy vehicles reached 74.3% in 2023, a substantial increase from 63.9% in 2022, indicating a strong market demand [6][36] - The company is positioned as a domestic leader in line control braking, having successfully mass-produced the One-box system, which is expected to benefit from the industry's growth [8][7] Summary by Sections Introduction: Current Perspective on Line Control Braking Development - The transition from internal combustion engines to electric motors has limited the use of traditional vacuum boosters, leading to the emergence of line control braking technology [5][20] - The report identifies two major trends in line control braking: cost reduction and the upgrade of EMB technology [24] Demand Expansion for Line Control Braking - The report anticipates further expansion in demand for line control braking due to the increasing penetration of this technology in the market [6][27] - The market size for line control braking is projected to grow from approximately 11 billion yuan in 2023 to 16.8 billion yuan by 2025, with a CAGR of about 23.4% [6] Market Penetration and Trends - The penetration rate of line control braking in new energy vehicles is expected to continue rising, driven by the need for improved range and energy recovery capabilities [29][36] - The report notes that the One-box solution is rapidly gaining market share, accounting for over 65% of shipments in 2023 [6][50] Company Positioning and Product Development - The company has captured approximately 10% of the One-box market share, with a strong pipeline of projects and orders [7][8] - The company is actively developing new products, including cost-reduced and upgraded versions of its line control braking systems, which are expected to accelerate market share expansion [7][8] Investment Recommendations - The report suggests that the company, as a domestic leader in line control braking, is well-positioned to benefit from the industry's growth and technological advancements [8][9] - Projected net profits for the company from 2024 to 2026 are estimated at 1.15 billion, 1.55 billion, and 1.90 billion yuan, respectively, with corresponding PE ratios of 18.7X, 13.8X, and 11.3X [8]

Summary of Conference Call Transcript Company and Industry - The discussion revolves around the automotive parts industry, specifically mentioning Bertley and its peers in the sector [1]. Core Points and Arguments - Bertley and similar automotive parts companies are currently facing beta-type disturbances, indicating volatility in their performance [1]. - Despite these challenges, the valuation perspective suggests that companies like Bertley are still positioned at a relatively low valuation level, indicating potential for future growth [1]. Other Important Content - The mention of "beta-type disturbances" suggests that the industry may be experiencing fluctuations that could impact stock performance, which is crucial for investors to consider [1]. - The reference to valuation being at a relative bottom may indicate a buying opportunity for investors looking for undervalued stocks in the automotive parts sector [1].

会议即将开始请稍候大家好欢迎参加动物汽车博特里深度汇报目前所有掌控者均处于静音状态下面开始播报名叫声明声明播报完毕后主讲人可直接开始发言谢谢 东吴证券研究所提醒您本次电话会议即面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议未经合法授权严禁录音转发及相关解读涉嫌违反上述情形的 我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢各位同学大家好我是东东新社团队成员孙元浩那么今天这个时间点呢我今天给大家带来我们最新的一篇博客力的深度啊 首先总结来看,博特利为首的零部件,目前这个阶段确实我们觉得面临一定的Beta性的扰动但是其实从宣言来看的话,首先估值维度上其实像博特利等一众的曾经的零部件白码标定还是处于一个估值相对的底部 确定性来看的话其实我们会觉得月记确定性释放的确定性还是比较强的那么像博哥这种标的我们觉得兼具了新产品属性同时又兼具了出海的属性 到现在其实市场上更多犹豫的在于说一些所谓的业绩释放节奏的一些犹豫那么我们觉得全年来看包括更长期维度来看其实像伯特利这种标的还是具备着很强的一个长期投资价值同时我们这篇报告其 ...

这个交流会按照会议的安排下面的话我先将公司的一期报里面的主要的一些信息和大家先行交流一下然后首先的话是关于一期报里面的一些主要的财务指标和数据像一期注的话公司的营业收入是18.6亿同比增长24% 关于还有规模禁运论的话是2.1亿然后同比增长22%课费费的规模禁运是1.92亿同比增长18%禁运活动相对于去年同期相比的话有了非常好的提升所以增速的话76% 每股收益这些指标包括家庭平均净资产收益率同比的话都是有相应的提高然后由于收入的整体收入规模增长那公司的总资产也有达到了109.46亿所以同比也增长了相对于起初的话也增长了1.86%规模净资产 达到了59.14亿然后相对于起初也是增长了4.18%那在这个主要指标里面就关于一个营业收入的指标这个有一个解释今年一季度的话我们会涉及到一些新投产的产品包括从有部分产品的话从去年四季度时候上一年四季度 已经开始实现量产但是由于最终的话价格协议因为和今年的部分客户这个新产品新量产的产品的价格协议和年价是合并在一起谈的最终由于这个在三月末这个没有签订下来所以有部分产品新产品我们实际已经交付了但是没有最终确认输入 这里面大概相差了有几千万的这个收入所以对整体的一季度的同比的增速和 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company achieved a revenue of 1.86 billion yuan in Q1 2024, representing a year-on-year growth of 24.0%, and a net profit attributable to shareholders of 210 million yuan, up 21.9% year-on-year [5][6]. - The company benefits from the rapid ramp-up of new projects in steering, lightweight components, and intelligent electronic control, contributing to stable revenue growth despite pressures from rising raw material costs [6][7]. - The company has a strong outlook for 2024, with accelerated new product launches and ongoing capacity expansion, which is expected to drive continued earnings growth [7]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 1.86 billion yuan, a 24.0% increase year-on-year, and a net profit of 210 million yuan, reflecting a 21.9% year-on-year growth [5][6]. - The gross margin for Q1 2024 was 20.7%, down 0.7 percentage points year-on-year and 2.3 percentage points quarter-on-quarter, impacted by increased raw material and shipping costs [6]. - The company maintained a stable expense ratio of 8.8% in Q1 2024, with a net profit margin of 11.3%, slightly down from the previous year [6]. Business Outlook - The company has added 106 new projects in Q1 2024, with significant contracts from a North American electric vehicle company and a German joint venture, indicating strong future revenue potential [7]. - The company is in a phase of rapid capacity expansion, with a capital expenditure of 1.03 billion yuan in 2023, a 69.9% increase year-on-year, which is expected to enhance profitability as capacity is released [7]. - The company is positioned to become a global platform enterprise in chassis electronics, with ongoing advancements in lightweight and electronic parking brake (EPB) technologies [7]. Market Performance - The company’s major clients showed positive sales performance in Q1 2024, with passenger car wholesale sales reaching 5.685 million units, a year-on-year increase of 10.6% [6]. - The company’s mechanical steering product sales increased by 54% year-on-year, while lightweight brake components and intelligent electronic control products also saw significant growth [6].

这个交流会按照会议的安排下面的话我先将公司的一级包里面的主要的一些信息和大家先行交流一下然后首先的话是关于一级包里面的一些主要的财务指标和数据像一级珠的话公司的营业收入是18.6亿同比增长24% 关于还有规模禁运论的话是2.1亿然后同比增长22%课费费的规模禁运是1.92亿同比增长18%禁运活动相对于去年同期相比的话有了非常好的提升所以增速的话76% 每股收益这些指标包括家庭平均净资产收益率同比的话都是有相应的提高然后由于收入的整体收入规模增长那公司的总资产也有达到了109.46亿所以同比也增长了相对于起初的话也增长了1.86%规模净资产 达到了59.14亿然后相对于起初也是增长了4.18%那在这个主要指标里面就关于一个营业收入的指标这个有一个解释今年一季度的话我们会涉及到一些新投产的产品包括从有部分产品的话从去年四季度时候上一年四季度 已经开始实现量产但是由于最终的话价格协议因为和今年的部分客户这个新产品新量产的产品的价格协议和年价是合并在一起谈的最终由于这个在三月末这个没有签订下来所以有部分产品新产品我们实际已经交付了但是没有最终确认输入 跟里面大概相差了有几千万的收入所以对整体的一季度的同比的增速和预期 ...

证券研究报告 | 2024年05月06日 伯特利（603596.SH） 买入 一季度营收同比增长 24%，海外定点持续开拓 核心观点 公司研究·财报点评 公司24Q1营收同比增长24%，轻量化制动产品销量同比增长52%。2024年 汽车·汽车零部件 第一季度，公司营收为18.6亿元，同比增长24%；实现归母净利润2.1 证券分析师：唐旭霞 亿元，同比增长22%。其中智能电控产品销量92.2万套，同比增长28%； 0755-81981814 tangxx@guosen.com.cn 盘式制动器销量68.5万套，同比增长13%；轻量化制动零部件销量278.5 S0980519080002 万件，同比增长52%。机械转向产品销量73.9万套，同比增长54%。 基础数据 24Q1期间费用率同比下降0.8pct。利润端，24Q1年公司实现销售毛利率 投资评级 买入(维持) 合理估值 20.75%，同比下滑-0.75%，归母净利率11.29%，同比-0.18%。其中公司24Q1 收盘价 57.53元 总市值/流通市值 24925/24870百万元 销售/管理/研发/财务费用率分别1.02%/2.53%/5.97%/-0. ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [5][11]. Core Insights - The company reported a revenue of 1.86 billion yuan in Q1 2024, representing a year-on-year growth of 24.04% but a quarter-on-quarter decline of 21.47%. The net profit attributable to the parent company was 210 million yuan, up 21.85% year-on-year but down 29.23% quarter-on-quarter [1]. - The gross margin for Q1 2024 was 20.75%, a decrease of 0.75 percentage points year-on-year and 2.34 percentage points quarter-on-quarter. The net margin was 11.31%, down 0.36 percentage points year-on-year and 1.47 percentage points quarter-on-quarter [1]. - The company has successfully expanded its overseas customer base, with significant sales growth in various product categories, including a 28% increase in smart electronic control products and a 52% increase in lightweight brake components [2]. - The company is actively pursuing a global strategy, with a new production base in Mexico expected to enhance capacity and support international orders [3]. Financial Performance Summary - For 2024E, the company is projected to achieve a revenue of 10.35 billion yuan, with a growth rate of 38.50%. The net profit attributable to the parent company is expected to reach 1.19 billion yuan, reflecting a growth rate of 33.93% [4][7]. - The company's earnings per share (EPS) for 2024E is estimated at 2.76 yuan, with a price-to-earnings (P/E) ratio of 20.89 [4][7]. - The company’s total assets are projected to grow from 10.75 billion yuan in 2023 to 13.91 billion yuan in 2024E, indicating a robust growth trajectory [7].

证券研究报告 公 2024年05月09日 司 报 告 伯特利(603596) │ 行 业： 汽车/汽车零部件 公 投资评级： 买入（维持） 司 2024 年一季度报告点评： 当前价格： 56.13元 季 报 智能电控加速，产品升级有望持续兑现业绩 目标价格： 82.03元 点 事件： 评 基本数据 公司发布2024年一季报。2024Q1实现营收18.60亿元，同比增长24.0%， 总股本/流通股本(百万股) 433.25/432.30 归母净利润2.10亿元，同比增长21.8%，扣非后归母为1.92亿元，同比增 流通A股市值(百万元) 24,265.17 长21.3%。 每股净资产(元) 13.65 ➢ 产品销量数量稳步向上，营收有望持续提升 资产负债率(%) 42.52 公司2024Q1实现营收18.60亿元，同比增长24.0%。公司主要产品盘式制 一年内最高/最低(元) 97.86/47.11 动 器 / 轻 量 化 / 智 能 电 控 / 机 械 转 向 2024Q1 销 量 分 别 为 68.5/278.5/92.3/73.9万套，各类产品销量保持较快增长。2024Q1公司新 股价相对走势 增定点项目 ...