公司研究 | 年报点评 伯特利 603596.SH 买入 （维持） 业绩符合预期，拓展新项目、全球化布局 股价（2024年03月29日） 55.8元 目标价格 70.25元 52周最高价/最低价 97.86/47.11元 总股本/流通A股（万股） 43,325/43,230 A股市值（百万元） 24,175 国家/地区 中国 核心观点 行业 汽车与零部件 ⚫ 业绩符合预期。公司 2023 年营业收入 74.74 亿元，同比增长 34.9%；归母净利润 报告发布日期 2024年03月30日 8.91亿元，同比增长27.6%；扣非归母净利润8.55亿元，同比增长36.8%。4季度 营业收入23.68亿元，同比增长27.7%，环比增长17.8%；归母净利润2.97亿元， 同比增长34.5%，环比增长23.9%；扣非归母净利润3.13亿元，同比增长65.7%， 1周 1月 3月 12月 环比增长 45.1%。2023 年公司抓住新能源车发展机遇，加大对新项目开发的深层介 绝对表现% -4.55 -11.57 -19.48 -21.9 入，提升对自主品牌主机厂及新能源客户配套规模，积极扩产推动新品交付，实现 营收和利润 ...

证券研究报告·公司点评报告·汽车零部件 伯特利（603596） 2023年报点评：品类拓展海外战略双轮驱动， 2024 年 03月 29日 全年业绩符合预期 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 研究助理 孙仁昊 营业总收入（百万元） 5,539 7,474 10,131 14,126 18,788 执业证书：S0600123090002 同比 58.61% 34.93% 35.55% 39.44% 33.00% sunrh@dwzq.com.cn 归母净利润（百万元） 698.81 891.50 1,210.04 1,659.63 2,183.78 同比 38.51% 27.57% 35.73% 37.15% 31.58% 股价走势 EPS-最新摊薄（元/股） 1.61 2.06 2.79 3.83 5.04 伯特利 沪深300 P/E（现价&最新摊薄） 34.60 27.12 19.98 14.5 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company achieved a revenue of 7.47 billion yuan in 2023, representing a year-on-year increase of 35%, and a net profit attributable to shareholders of 0.89 billion yuan, up 28%, with a net profit margin of 12.2% [5][6] - In Q4 2023, the company reported a revenue of 2.37 billion yuan, a 28% increase year-on-year, and a net profit of 0.30 billion yuan, a 34% increase year-on-year, with a net profit margin of 12.8% [5] - The company has a rich reserve of projects under research and development, with a total of 319 new designated projects in 2023, including various systems for new energy vehicles [5][6] - The company is expected to achieve revenues of 9.74 billion yuan, 12.04 billion yuan, and 15.08 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.22 billion yuan, 1.60 billion yuan, and 2.08 billion yuan for the same years [6][8] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 7.47 billion yuan, with a year-on-year growth of 34.9% expected for 2024 [6][8] - The net profit for 2023 was 0.89 billion yuan, with a projected growth of 27.6% for 2024 [6][8] - The earnings per share (EPS) for 2023 was 2.06 yuan, expected to rise to 2.83 yuan in 2024 [6][8] Market Position and Growth Potential - The company is one of the few domestic brands with independent intellectual property rights capable of mass production of various intelligent electronic control products [5][6] - The company has a strong focus on expanding its market presence and has a rich pipeline of projects in development [5][6] Valuation - The company is assigned a price-to-earnings (P/E) ratio of 25 to 30 times for 2024, corresponding to a fair value range of 70.71 to 84.85 yuan [5][6]

[Table_Header] 公司点评报告●汽车行业 2024年 3月 28日 [Table_Title] [Table_StockCode] 新产品业务收入快速提升，产能建设加 伯特利(603596.SH) [Table_InvestRank] 速释放业绩增长潜力 推荐 维持评级 核心观点： 分析师 [Tabl事e_S件u：mm公a司ry]发布 2023 年度财务报告，全年公司实现营业收入 74.74 亿元，同 [石Ta金b漫le_Authors] ：010-80927689 比+34.93%，实现归母净利润 8.91 亿元，同比+27.59%，实现扣非归母净利润 ：shijinman_yj@chinastock.com.cn 8.55 亿元，同比+36.78%，EPS 为 2.15 元。 分析师登记编码：S0130522030002 我们的分析和判断：  业务多元化进程顺利推进，新产品产能爬坡带动毛利率稳中有升。2023 年 研究助理 公司继续推进由机械制动产品向智能电控、机械转向、轻量化等产品拓展的 秦智坤 业务多元化进程，机械制动产品/智能电控产品/机械转向产品/其他产品分别实 ：qinzh ...

证券研究报告 | 公司动态点评 2024 年 03月 28日 伯特利（603596.SH） 4Q23 盈利能力环比改善，线控制动新品加快落地 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 5,539 7,474 9,783 12,555 15,835 股票信息 增长率yoy（%） 58.6 34.9 30.9 28.3 26.1 归母净利润（百万元） 699 891 1,180 1,547 1,973 行业 汽车 增长率yoy（%） 38.5 27.6 32.4 31.1 27.6 2024年3月27日收盘价（元） 58.09 ROE（%） 15.3 15.0 17.0 18.5 19.4 总市值（百万元） 25,167.58 EPS最新摊薄（元） 1.61 2.06 2.72 3.57 4.55 流通市值（百万元） 25,112.48 P/E（倍） 36.0 28.2 21.3 16.3 12.8 总股本（百万股） 433.25 P/B（倍） 6.2 4.4 3.8 3.1 2.5 流通股本（百万股） 432.30 资料来源：公司财报、长城证券产 ...

公司报告 | 年报点评报告 伯特利（603596） 证券研究报告 2024年03月 29日 投资评级 23 年业绩高增长，品类扩张打开长期发展空间 行业 汽车/汽车零部件 6个月评级 买入（维持评级） 当前价格 54.66元 盈利能力持续提升，客户订单释放助力公司业绩高增 目标价格 元 2024 年 3 月 27 日，公司发布 2023 年年报，2023 年公司实现营收74.74 亿元，同比+34.93%；归母净利润8.91 亿元，同比+27.59%，略低于业绩预 基本数据 增公告中值（此前归母净利润预告区间为 8.81-9.57 亿元，同比+26.09%～ A股总股本(百万股) 433.25 +37.02%）。23Q4公司营收达23.68亿元，同比+27.68%/环比+17.78%；23Q4 流通A股股本(百万股) 432.30 公司归母净利润达2.97 亿元，同比大增34.46%，环比+23.95%。从盈利能 力看，公司 23Q4 毛利率达 23.09%，同比-0.25pct/环比+0.49pct；23Q4 净 A股总市值(百万元) 23,681.53 利率达 12.78%，同比+0.83pct/环比+0 ...

关于芜湖伯特利汽车安全系统股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 国泰君安证券股份有限公司（以下简称"保荐机构"）作为芜湖伯特利汽车 安全系统股份有限公司（以下简称"伯特利"、"公司"）公开发行可转换公司债 券的保荐机构，根据《证券发行上市保荐业务管理办法》、《上市公司监管指引第 2 号-上市公司募集资金管理和使用的监管要求》、《上海证券交易所股票上市规 则》以及《上海证券交易所上市公司募集资金管理办法（2013 年修订）》等相关 规定履行持续督导职责，就伯特利拟使用部分暂时闲置募集资金进行现金管理的 事项进行了审慎核查，核查具体情况如下： 一、募集资金基本情况 国泰君安证券股份有限公司 注 1："墨西哥公司年产 400 万件轻量化零部件建设项目"投资总额 5,000 万美元，本 募集说明书人民币汇率按照 1 美元=7 元人民币计算。 注 2：2023 年 12 月 5 日召开 2023 年第三次临时股东大会审议将"年产 5 万吨铸铁汽 车配件及 1 万吨铸铝汽车配件加工项目"中将"原有 1 万吨汽车配件铸铁件生产线升级改 造"部分拟变更为新设项目"威海伯特利汽车安全系统有限公司底盘结构 ...

内部控制审计报告 芜湖伯特利汽车安全系统股份有限公司 容诚审字[2024]230Z0361 号 容诚会计师事务所(特殊普通合伙) 【RSM】容 诚 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://a.gef.get.cn）" 进行 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（bttp://a 报告编码:.京242NY08H r any of the same with 内部控制审计报告 容诚审字[2024]230Z0361 号 芜湖伯特利汽车安全系统股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了芜湖伯特利汽车安全系统股份有限公司(以下简称"伯特利公司")2023 年 12 月 31 日的财务报告内部控制的有效性。 四、财务报告内部控制审计意见 我们认为，伯特利公司于 2023 年 12 月 31 日按照《企业内部控制基本规范》 和相关规定在所有重大方面保持了有效的财务报告内部控制。 (此页无正文,为伯特利公司容诚审字[2024]230Z0361 号报告之签字盖章页。) 一、企业对内部控制的责任 按照《企 ...

关于召开 2023 年度业绩暨现金分红说明会的公告 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： 会议召开时间：2024 年 04 月 09 日(星期二) 上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2024 年 03 月 29 日(星期五) 至 04 月 08 日(星期一)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 investor@btl-auto.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）已于 2024 年 3 月 28 日发布公司 2023 年度报告，为便于广大投资者更全面深入地了解公司 2023 年度 经营成果、财务状况，公司计划于 2024 年 04 月 09 日上午 10:00-11:00 举行 2023 年 度业绩暨现金分红说明 ...

Financial Performance - The company's operating revenue for 2023 reached RMB 7,473,782,728.86, representing a year-on-year increase of 34.93% compared to RMB 5,539,148,624.29 in 2022[18]. - The net profit attributable to shareholders for 2023 was RMB 891,498,095.42, an increase of 27.57% from RMB 698,807,302.55 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was RMB 855,380,834.43, reflecting a growth of 36.78% compared to RMB 625,369,022.93 in 2022[18]. - The net cash flow from operating activities for 2023 was RMB 678,333,087.54, a decrease of 13.54% from RMB 784,535,594.52 in the previous year[18]. - As of the end of 2023, the net assets attributable to shareholders amounted to RMB 5,677,110,911.48, up 34.83% from RMB 4,210,704,022.35 at the end of 2022[18]. - The total assets of the company reached RMB 10,746,748,183.98, which is a 24.29% increase from RMB 8,646,310,214.44 in 2022[18]. - The weighted average return on net assets increased to 18.9%, up 0.79 percentage points from the previous year[22]. - The basic earnings per share rose to 2.15 RMB, reflecting a year-on-year increase of 25.73%[22]. Dividend and Capital Management - The company plans to distribute a cash dividend of RMB 3.40 per 10 shares, totaling approximately RMB 147,300,147.90, which accounts for 16.52% of the net profit attributable to shareholders for 2023[5]. - The company intends to increase its capital reserve by 4 shares for every 10 shares held by shareholders[5]. - The cumulative cash dividend distributed over the last three years must not be less than 30% of the average annual distributable profit, with a minimum of 10% of the current year's distributable profit allocated as cash dividends[115]. - The company repurchased 1,000,086 shares for a total of approximately 73.3 million RMB in 2022, which, along with the cash dividend, amounts to 213 million RMB, or 30.49% of the net profit for that year[115]. Research and Development - The company has invested in research and development, completing the design and performance testing of the WCBS1.5 technology platform[31]. - The company has completed the R&D of the WCBS2.0 brake system with redundancy features and has developed the first sample of the EMB A wheel, which was completed in August 2023[74]. - The company has a total of 1,278 technical personnel among its employees, indicating a strong focus on technical expertise[110]. - The company is committed to continuous innovation in product development, including low-drag brake calipers and low-jump brake products to reduce vehicle energy consumption[73]. Market Position and Strategy - The company has established long-term strategic partnerships with major domestic automakers, enhancing its market position[41]. - The company is positioned to benefit from the ongoing development of the intelligent automotive sector, which is expected to accelerate with advancements in technology and policy support[36]. - The company aims to enhance its R&D investment in new products and technologies, focusing on the industrialization of the next-generation line control braking system (WCBS2.0) and electric brake (EMB) systems[71]. - The company is actively pursuing mergers and acquisitions in the intelligent chassis and intelligent driving sectors to enrich its product and technology portfolio[71]. Production Capacity and Operations - The company has added a total of 50,000 sets/year EPB caliper assembly capacity, 35,000 sets/year WCBS valve body machining capacity, and 60,000 sets/year AC6 actuator assembly capacity by December 2023[32]. - The company has also increased its production capacity with 75,000 sets/year caliper body machining capacity, 27,000 sets/year fixed caliper assembly capacity, and 42,000 sets/year bracket machining capacity[32]. - The company is expanding its production capacity in Mexico, with a phase one project that has a capacity of 4 million lightweight components per year, which commenced production by the end of Q3 2023[71]. - The company has initiated a project to invest in the construction of an annual production capacity of 5.5 million aluminum steering knuckles in Mexico[105]. Risk Management - There are no significant risks that could materially affect the company's operations during the reporting period[8]. - The company faces risks from raw material price fluctuations, as direct materials constitute a significant portion of its production costs[76]. - The company has a strong quality assurance capability, with no major quality issues reported in its brake system products, but faces risks related to potential recalls due to defects[78]. Governance and Compliance - The company maintained a strict governance structure in compliance with relevant laws and regulations, ensuring effective internal control systems[80]. - The company has not faced any penalties from securities regulatory agencies in the past three years[97]. - The company has established a comprehensive internal control system to ensure compliance, asset security, and the accuracy of financial reporting[124]. - The company’s governance layer is responsible for overseeing the financial reporting process[200]. Environmental and Social Responsibility - The company has committed to reducing carbon emissions by utilizing solar energy and electric forklifts in its operations[135]. - The company has implemented pollution prevention facilities, including exhaust gas and wastewater treatment systems, to meet emission standards[129]. - The company invested 3.699 million yuan in environmental protection funds during the reporting period[127]. Shareholder Information - The total number of shares held by the chairman and general manager, Yuan Yongbin, remained unchanged at 79,003,100 shares, with a pre-tax remuneration of 1.6 million yuan for the reporting period[86]. - The company has scheduled three shareholder meetings in 2023, with the first held on February 23, the second on October 16, and the third on December 5[84]. - The total number of shares expected for the 2023 dividend distribution is approximately 433,235,729 shares[116]. - The company has a commitment to maintain a minimum selling price for shares at or above the IPO price during the two years following the lock-up period[188].