Investment Rating - The investment rating for the company is "Outperform the Market" [4][20]. Core Views - The company has shown strong growth in its lightweight braking products, with a 61% year-on-year increase in sales for the first half of 2024. The overall revenue for the first half of 2024 reached 3.971 billion yuan, a 28% increase year-on-year, with a net profit of 457 million yuan, up 29% year-on-year [1][6]. - The company is positioned as a leading domestic braking system manufacturer, benefiting from the automotive industry's shift towards lightweight and intelligent solutions. The number of new designated projects increased by 35% year-on-year in the first half of 2024 [1][12]. - The company is expanding its production capacity and enhancing its global presence, with new production lines and projects in Mexico and domestic lightweight production bases [2][18]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 2.111 billion yuan, a 32% increase year-on-year and a 13% increase quarter-on-quarter. The net profit for the same period was 248 million yuan, up 35% year-on-year and 18% quarter-on-quarter [1][6][10]. - The gross margin for Q2 2024 was 21.43%, a decrease of 1.32 percentage points year-on-year but an increase of 0.68 percentage points quarter-on-quarter. The net margin was 11.87%, showing a slight increase year-on-year and quarter-on-quarter [10][12]. Product Development and Market Position - The company has successfully launched new products, including the WCBS1.5 and WCBS2.0 systems, and is advancing in the development of electric tailgates and new suspension products [1][10][15]. - The company is a key player in the electronic parking brake (EPB) market, having established a significant presence among domestic and joint venture brands. The market for EPB is expected to grow, with increasing penetration rates in passenger vehicles [19][20]. Future Outlook - The company maintains its profit forecast, expecting net profits of 1.15 billion yuan, 1.50 billion yuan, and 1.95 billion yuan for 2024, 2025, and 2026, respectively. The earnings per share (EPS) estimates have been adjusted to 1.90 yuan, 2.47 yuan, and 3.22 yuan for the same years [20][21]. - The company is well-positioned to benefit from the ongoing trends in the automotive industry, including the shift towards lightweight materials and intelligent driving systems, which are expected to drive future growth [18][19].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 37.2 yuan [2]. Core Views - The company is experiencing steady revenue growth, with a focus on global expansion and increased production capacity in North America. The release of capacity in Mexico is driving sales growth in lightweight components, while intelligent electronic control systems are maintaining rapid growth [6][7]. - The company is expected to achieve a net profit of 1.16 billion yuan in 2024, with a year-on-year growth rate of 31%. The projected net profits for 2025 and 2026 are 1.52 billion yuan and 1.87 billion yuan, respectively, with growth rates of 30% and 24% [7][8]. Financial Summary - **Revenue Forecast**: - 2022A: 5,539 million yuan - 2023A: 7,474 million yuan (yoy growth: 35%) - 2024E: 9,674 million yuan (yoy growth: 29%) - 2025E: 11,796 million yuan (yoy growth: 22%) - 2026E: 14,001 million yuan (yoy growth: 19%) [2][8] - **Net Profit Forecast**: - 2022A: 699 million yuan - 2023A: 891 million yuan (yoy growth: 28%) - 2024E: 1,164 million yuan (yoy growth: 31%) - 2025E: 1,515 million yuan (yoy growth: 30%) - 2026E: 1,874 million yuan (yoy growth: 24%) [2][8] - **Earnings Per Share (EPS)**: - 2022A: 1.15 yuan - 2023A: 1.47 yuan - 2024E: 1.92 yuan - 2025E: 2.50 yuan - 2026E: 3.09 yuan [2][8] - **Valuation Ratios**: - P/E: - 2023A: 32.3 - 2024E: 25.3 - 2025E: 19.4 - 2026E: 14.9 - 2026E: 12.0 [2] - P/B: - 2023A: 5.4 - 2024E: 4.0 - 2025E: 3.4 - 2026E: 2.8 - 2026E: 2.3 [2] Market Position and Strategy - The company is advancing its globalization strategy, with production capacity in Mexico expected to ramp up significantly. The first phase of the project, capable of producing 4 million lightweight components annually, was launched in Q3 2023, while the second phase is expected to be operational by the end of 2024 [6][7]. - The company has established strong partnerships with major global OEMs, which is facilitating its entry into overseas markets for lightweight components and electronic parking brakes (EPB) [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's 1H24 performance met expectations, with revenue increasing by 28.3% year-on-year to 3.97 billion yuan, accounting for approximately 41% of the full-year forecast [2]. - The growth in lightweight braking sales is attributed to increased sales from key customer Chery, which saw a 48% year-on-year increase in sales to 1.1 million vehicles in 1H24 [2]. - The company has a strong order pipeline, with a 35% year-on-year increase in new projects, particularly in smart electronic control products [2]. Summary by Sections Financial Performance - 1H24 revenue reached 3.97 billion yuan, with a gross margin of 21.1%, down 1.0 percentage points year-on-year [2]. - Net profit attributable to shareholders increased by 28.7% year-on-year to 460 million yuan [2]. - In Q2 2024, revenue was 2.11 billion yuan, up 32.4% year-on-year and 13.5% quarter-on-quarter [2]. Product Performance - Sales of lightweight braking products grew by 61.2% year-on-year, driven by increased demand from Chery and contributions from the new Mexico plant [2]. - The company’s subsidiaries showed varied performance, with Weihai Berteli's revenue up 39.7% to 830 million yuan, while Zhejiang Wanda's revenue decreased by 4.5% to 450 million yuan [2]. Strategic Developments - The company is expanding its global capacity, with the first phase of the Mexico project producing 4 million lightweight components annually and the second phase expected to start production in Q3 2024 [2]. - The company aims to develop an integrated chassis domain control system, with significant progress in R&D for new products [2]. Profit Forecasts - The report raises the net profit forecasts for 2024E, 2025E, and 2026E by 2.7%, 1.1%, and 2.4% respectively, projecting net profits of 1.15 billion yuan, 1.5 billion yuan, and 1.88 billion yuan [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a revenue of 3.97 billion yuan for the first half of 2024, representing a year-on-year growth of 28.3%. The net profit attributable to shareholders was 457 million yuan, up 28.7% year-on-year, while the net profit after deducting non-recurring items was 422 million yuan, reflecting a growth of 29.4% [11][12] - In Q2 2024, the company achieved a revenue of 2.11 billion yuan, a year-on-year increase of 32.4%, and a net profit of 248 million yuan, which is a 35.0% increase compared to the same period last year [11][12] - The company is experiencing accelerated capacity ramp-up and steady improvement in gross margin, with Q2 gross margin at 21.4%, showing a quarter-on-quarter increase of 0.7 percentage points [11][12] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 3.97 billion yuan, with a year-on-year growth of 28.3%. The sales volume of smart control and lightweight products reached 1.998 million and 6.13 million sets, respectively, with year-on-year growth of 32% and 61% [11][12] - The company expects revenues for 2024-2026 to be 10.01 billion, 13.02 billion, and 16.59 billion yuan, with year-on-year growth rates of 33.9%, 30.0%, and 27.5% respectively [11][12] Profitability - The net profit attributable to shareholders for H1 2024 was 457 million yuan, with a year-on-year increase of 28.7%. The net profit margin for Q2 was 11.7%, showing a quarter-on-quarter increase of 0.4 percentage points [11][12] - The company maintains a gross margin above 20%, alleviating market concerns regarding profitability [11][12] Subsidiary Performance - Subsidiaries such as Bertli Electronics, Weihai Bertli, and Wanda achieved revenues of 570 million, 830 million, and 450 million yuan, respectively, with net profit margins of 9.4%, 14.3%, and 8.8% [11][12] Market Outlook - The company is expected to benefit from a clear upgrade in line control chassis and a defined capacity release schedule, leading to sustained high growth in performance [11][12]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 15% or more relative to the industry index within the next six months [14]. Core Insights - The company achieved a revenue of 3.971 billion yuan in 1H24, representing a year-on-year growth of 28.3%, with a net profit of 457 million yuan, also up by 28.7% [1]. - In 2Q24, the company reported a revenue of 2.111 billion yuan, with year-on-year and quarter-on-quarter increases of 32.4% and 13.5%, respectively [2]. - The gross margin for 1H24 was 21.1%, with a slight decrease of 1.0 percentage points year-on-year, while 2Q24 saw a recovery to 21.4% [3]. - The company is focusing on expanding its product offerings and production capacity, with significant new projects and production lines underway [7]. Financial Performance - The company’s revenue is projected to reach 9.756 billion yuan in 2024, with a corresponding net profit of 1.151 billion yuan, reflecting a growth rate of 30.5% and 29.1% year-on-year, respectively [1][7]. - The report indicates a steady increase in earnings per share (EPS), projected to be 1.90 yuan in 2024, up from 1.47 yuan in 2023 [9]. - The return on equity (ROE) is expected to improve from 15.0% in 2023 to 16.8% in 2024 [9]. Revenue Breakdown - In 1H24, the company’s sales volume for key products included 2 million sets of intelligent electronic control systems, 1.4 million sets of disc brakes, and 613 million lightweight components, showing significant year-on-year growth [2]. - The company has successfully launched multiple new production lines, including 23 new mass production projects for disc brakes and 36 for lightweight components [2]. Profitability Analysis - The company’s net profit margin for 1H24 was 10.6%, with a slight increase from the previous year, indicating improved profitability [3]. - The report highlights a significant improvement in the profitability of the company's subsidiaries, with net profit margins of 9.4% for electronic control systems and 8.8% for steering systems [3]. Expansion Plans - The company plans to raise up to 2.832 billion yuan through convertible bonds to fund various projects, including the production of electronic mechanical brakes and lightweight components [7]. - The ongoing construction of new production lines in Mexico and domestic facilities is expected to enhance the company’s production capacity significantly [7].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][11]. Core Views - The company reported a revenue of 3.97 billion yuan for the first half of 2024, representing a year-on-year increase of 28% [5]. - The net profit attributable to shareholders for the same period was 460 million yuan, up 29% year-on-year, with a gross margin of 21.1% [5]. - The company is focusing on increasing R&D investment and advancing new product development and mass production delivery [5]. - The company has a rich reserve of projects under research and is steadily advancing new product development and mass production delivery [5]. Financial Summary - Revenue for 2024 is projected to be 9.43 billion yuan, with net profits expected to reach 1.15 billion yuan [6]. - The earnings per share (EPS) for 2024 is estimated at 1.90 yuan, with a projected growth in EPS to 3.18 yuan by 2026 [6][8]. - The company is expected to maintain a gross margin around 22% over the next few years [6][8]. Product Performance - Sales of intelligent electronic control products reached 1,997,738 units, a year-on-year increase of 32.04% [5]. - The sales of disc brakes were 1,397,998 units, up 14.99% year-on-year, while lightweight brake components saw a significant increase of 61.17% in sales [5]. Capacity Expansion - The company is accelerating capacity construction based on its order situation and the anticipated future development of new energy vehicles [5]. - New production capacity includes 300,000 units per year for EPS and EPS-ECU production lines [5].

Investment Rating - Buy/Maintain rating for Bethel (603596) with a target price of 37.20 [1] Core Views - Bethel is focusing on building an integrated chassis domain control system, strengthening the X-axis and expanding the Y+Z-axis [1][3] - The company's new generation of brake-by-wire systems, including WCBS2.0 and EMB, is accelerating industrialization [4] - Bethel is transitioning from electric control to wire control in steering systems and is laying out ADAS domain controllers, high-precision maps, and intelligent algorithms [4] - The company has a strong order book with 196 new project awards in H1 2024, a 35% YoY increase [3] Financial Performance - H1 2024 revenue reached 3.971 billion yuan, up 28.32% YoY, with net profit attributable to shareholders of 457 million yuan, up 28.65% YoY [2] - Q2 2024 revenue was 2.111 billion yuan, up 32.35% YoY and 13.49% QoQ, with net profit attributable to shareholders of 248 million yuan, up 35.04% YoY and 17.92% QoQ [2] - Gross margin in H1 2024 was 21.1%, down 1.03 pct YoY, while net margin was 11.52%, up 0.03 pct YoY [2] - R&D expenses in H1 2024 were 243 million yuan, up 26.20% YoY [3] Product and Market Performance - Smart electric control product sales reached 1.998 million units in H1 2024, up 32.04% YoY [3] - Disc brake sales were 1.398 million units, up 14.99% YoY [3] - Lightweight brake component sales reached 6.13 million units, up 61.17% YoY [3] - Mechanical steering product sales were 1.328 million units, up 21.34% YoY [3] Future Projections - Revenue for 2024-2026 is projected to be 9.894 billion yuan, 12.603 billion yuan, and 15.726 billion yuan, with YoY growth rates of 32.38%, 27.38%, and 24.78% respectively [5] - Net profit attributable to shareholders for 2024-2026 is projected to be 1.181 billion yuan, 1.630 billion yuan, and 1.931 billion yuan, with YoY growth rates of 32.53%, 37.99%, and 18.42% respectively [5] - The company's PE ratio for 2024-2026 is expected to be 17x, 13x, and 11x [5] Capacity Expansion - Bethel is expanding its domestic lightweight production base to meet the demand for vehicle lightweighting [3] - The company is adding 300,000 units/year capacity for EPS and EPS-ECU production lines [3] - The Mexico Phase II project is progressing smoothly [3]

Investment Rating - The report maintains a "Buy" rating for Berteli (603596.SH) with a target price of 45.43 CNY, indicating a potential upside from the current price of 37.20 CNY over the next six months [4]. Core Insights - Berteli's H1 2024 revenue reached 3.971 billion CNY, a year-on-year increase of 28.32%, while net profit attributable to shareholders was 457 million CNY, up 28.65% year-on-year [2]. - The company has seen significant growth in its smart electric control products and lightweight brake components, with sales increasing by 32.04% and 61.17% respectively [2]. - The company is expanding its market presence both domestically and internationally, with 196 new project approvals in H1 2024, a 35% increase from the previous year [2]. Summary by Sections Financial Performance - In H1 2024, Berteli achieved a gross margin of 21.43% and a net margin of 11.87%, showing improvement from Q1 [2]. - The company forecasts net profits of 1.152 billion CNY, 1.422 billion CNY, and 1.715 billion CNY for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.90 CNY, 2.34 CNY, and 2.83 CNY [3][4]. Business Development - The company is actively pursuing new business opportunities, with successful mass production of WCBS 1.5 and initial supply of WCBS 2.0 to clients [2]. - Berteli is also expanding its production capacity, including a new annual capacity of 300,000 units for EPS and EPS-ECU production lines [2]. Market Position - Berteli's strategy includes optimizing its customer structure and increasing the number of new clients, which has led to a robust order book [2]. - The company is well-positioned in the automotive electronics and control components sector, with key subsidiaries showing improved profitability [2].

证券代码：603596 证券简称：伯特利 公告编号：2024-070 一、 回购股份的基本情况 公司于 2024 年 1 月 31 日召开的第三届董事会第二十六次会议审议通过了《关 于公司以集中竞价交易方式回购股份的议案》, 同意公司以自有或符合法律法规规 定的自筹资金通过集中竞价交易方式回购部分公司股票，并将该回购股份用于后期 公司管理层和核心骨干员工实施股权激励或员工持股计划。回购股票价格的上限为 90.43 元/股（含），回购股票数量为不低于 120 万股（含）且不超过 180 万股（含）， 占公司截至 2024 年 1 月 31 日已发行总股本的 0.28%-0.42%。公司将根据回购方案 实施期间股票市场价格的变化情况，结合公司经营状况进行回购。回购股票的实施 期限为自董事会审议通过本次回购股份方案之日起不超过 12 个月。具体内容详见 公司 2024 年 2 月 1 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《伯特利关于以集中竞价交易方式回购公司股份方案的公告》（公告编号： 2024-015）。 公司于 2024 年 5 月 20 日实施 2023 年度利润分 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing revenue growth, with significant increases in product sales and market expansion efforts [1][2] - The company is focusing on lightweight and electric control products, which are expected to ramp up production [1][3] - The company has successfully launched new projects and increased its customer base, with a notable rise in new project approvals [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 39.71 billion yuan, a year-on-year increase of 28.65% [1] - The net profit attributable to the parent company for Q2 2024 was approximately 2.48 billion yuan, reflecting a year-on-year growth of 35.04% [1] - The company expects to achieve net profits of 11.24 billion yuan, 15.48 billion yuan, and 20.48 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 26.1%, 37.7%, and 32.3% [3] Market Expansion and Product Development - The company has actively expanded its market presence, with a significant increase in sales volumes across various product lines [1][2] - New project approvals have increased by 35% year-on-year, with a total of 196 new projects [1][2] - The company is advancing its lightweight product initiatives, including the establishment of new production bases and projects in Mexico [2] Future Outlook - The company is well-positioned to benefit from the growing demand for lightweight automotive components and electric control systems [2][3] - The projected P/E ratios for 2024, 2025, and 2026 are 20.07, 14.58, and 11.02 respectively, indicating a favorable valuation outlook [3][6]