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].

Core Insights - The company reported a revenue of 9.937 billion yuan for 2024, representing a year-over-year increase of 32.95%, and a net profit attributable to shareholders of 1.209 billion yuan, up 35.60% year-over-year [1] - The fourth quarter saw a revenue of 3.358 billion yuan, with a year-over-year growth of 41.80% and a quarter-over-quarter increase of 28.80% [1] Revenue and Profit Growth - The rapid growth in revenue is attributed to the quick ramp-up of electric control products, with Q4 sales of smart electric control products increasing by 48% year-over-year and 32% quarter-over-quarter, totaling 1.78 million sets [2] - The company added 40 and 22 new designated projects for EPB/WCBS, respectively, contributing to the revenue growth [2] Margin Improvement - The gross margin for 2024 was reported at 21.14%, with Q4 gross margin at 20.86%, which is expected to improve to approximately 22.2% after adjusting for warranty costs [3] - The net profit margin for 2024 increased by 0.2 percentage points year-over-year to 12.2% [3] Global Expansion - The company’s overseas revenue grew by 25.9% year-over-year to 1.09 billion yuan, with a gross margin of 31.9%, significantly higher than domestic operations [4] - The first phase of the Mexican factory has quickly reached production capacity, and the second phase is expected to support major North American automakers [4] Profit Forecast - The company maintains profit forecasts of 1.51 billion yuan and 1.93 billion yuan for 2025 and 2026, respectively, with an expected net profit of 2.42 billion yuan for 2027 [5] - A target price of 65.49 yuan is set for 2025, based on a PE ratio of 26.3 times [5]

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating a "Buy" recommendation for specific companies within the sector [1]. Core Insights - Consumer demand is expected to rebound quickly post-auto show, with an increase in orders anticipated as consumer hesitation regarding pricing and product offerings diminishes [4]. - The report highlights the significant role of technology, particularly in high-level autonomous driving and robotics, as key attractions at the auto show, which could stimulate demand for mid-to-large SUVs [4]. - The report suggests that the automotive market is supported by improving export expectations and a favorable pricing policy, which will benefit strong brands and leading component manufacturers [4]. Industry Updates - Retail sales of passenger vehicles reached 386,000 units in the 16th week of 2025, reflecting a month-on-month increase of 11.88%. Traditional energy vehicles accounted for 183,000 units, up 13.66%, while new energy vehicles reached 203,000 units, up 10.33%, with a penetration rate of 52.59% [4]. - The automotive industry recorded a total transaction value of 385.447 billion yuan this week, with an industry index increase of 4.87%, outperforming the Shanghai Composite Index [16]. - The report notes that 234 automotive stocks rose while 56 fell, with the largest gainers being Hai Lian Jin Hui, Heng Bo Shares, and Zhejiang Rong Tai, which saw increases of 46.6%, 31.8%, and 30.5% respectively [22]. Market Conditions - The report indicates that the automotive industry index has risen significantly, ranking first among all sectors in the Shenwan Hongyuan classification, with a notable increase in stock performance compared to the previous week [16]. - The report also mentions that the automotive sector's price-to-earnings ratio stands at 25.34, placing it in the middle range among Shenwan's primary sectors [19]. Key Events - The Shanghai Auto Show attracted nearly 1,000 companies from 26 countries, showcasing over 1,300 vehicles, with new energy vehicles comprising approximately 70% of the exhibition [5]. - Tesla's Q1 2025 performance was below expectations, with revenues of $19.3 billion, a year-on-year decline of 9.2%, and a net profit drop of 70.6% [12][13]. Investment Recommendations - The report recommends focusing on companies leading in automotive intelligence and robotics, such as XPeng, Geely, BYD, and others, as well as state-owned enterprises undergoing reforms like Dongfeng Motor Group and SAIC Motor [4]. - It emphasizes the importance of technological advancements and state-owned enterprise integration as key investment themes [4].

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].