证券代码：603596 证券简称：伯特利 公告编号：2025-009 芜湖伯特利汽车安全系统股份有限公司 第四届董事会第五次会议决议公告 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 为保证本次发行可转换公司债券方案决议的持续有效性和本次发行的顺利实施，公 司拟延长本次发行决议的有效期 12 个月，即本次发行决议的有效期延长至 2026 年 4 月 15 日止，本次发行决议的其他内容保持不变。 本议案需提请公司 2025 年第二次临时股东大会审议。 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）第四届董事会第五次会 议（临时）于 2025 年 3 月 27 日上午 10:00 在公司五楼会议室以现场结合通讯方式召开， 会议通知已于 2025 年 3 月 22 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。 二、董事会会议审议情况 ...

Investment Rating - The report maintains a bullish outlook on the automotive sector, recommending a comprehensive positive stance on the entire vehicle segment and parts sector [5]. Core Insights - The automotive sector is experiencing a positive trend, with passenger car insurance registrations increasing by 15.9% year-on-year in the first week of March 2025 [3]. - The report highlights significant developments in the industry, including the revenue performance of Li Auto and the launch of new models by Leap Motor, indicating a competitive landscape in the smart electric vehicle market [3][5]. - The report emphasizes the importance of smart technology in vehicles, predicting that the competition among automakers will intensify, particularly in the L3 and L2+ autonomous driving segments [38]. Weekly Sector Review - The SW automotive index rose by 0.8%, with the passenger vehicle segment showing the best performance at +2.6% [3]. - The report notes that the passenger vehicle sector is ranked 25th in A-shares and 4th in Hong Kong stocks for the week [9][12]. - Key stocks that performed well include Leap Motor, Fuyao Glass, and King Long Automobile [17]. Industry Trends - The report forecasts a total of 23.83 million passenger vehicles sold in 2025, representing a year-on-year growth of 4.7% [35]. - The penetration rate of new energy vehicles is expected to reach 62% by 2025, with significant growth in both domestic and export markets [36][41]. - The report anticipates that the heavy truck segment will see a 5.5% increase in domestic sales, driven by demand for replacements and policy support [41]. Company Tracking - Li Auto's revenue for Q4 2024 reached 44.27 billion yuan, with a year-on-year growth of 6.1% [3]. - Leap Motor has launched its B10 model, targeting the high-value smart electric vehicle market with competitive pricing [3]. - The report highlights the performance of various automakers, noting that companies like Xpeng and BYD are leading in the smart technology race [5][38].

Investment Rating - The automotive sector is rated as "Overweight" with a recommendation to increase holdings in specific stocks [1][48]. Core Insights - The automotive sector experienced a 3.08% increase from March 3 to March 7, 2025, outperforming the CSI 300 index by 1.69 percentage points [9][37]. - The passenger vehicle retail sales in February are expected to reach 1.4 million units, reflecting a year-on-year growth of 26% but a month-on-month decline of 22% [6][39]. - The release of Geely's "Qianli Haohan" intelligent driving system marks a significant advancement in high-level autonomous driving technology [3][39]. Summary by Sections Market Performance - The automotive sector's performance includes a 0.68% increase in the passenger vehicle segment, a 1.42% increase in the commercial vehicle segment, and a 2.67% increase in the truck segment, while the bus segment saw a decline of 0.89% [9][37]. - The automotive parts sector rose by 5%, and the automotive services sector increased by 2.21%, both outperforming the CSI 300 index [9][37]. Valuation Levels - As of March 3, 2025, the automotive industry's PE-TTM stands at 28.92, up by 0.81 from the previous week [10][38]. - The valuations for sub-sectors are as follows: passenger vehicles at 31.53, commercial vehicles at 37.02, and parts at 25.96 [10][38]. New Developments - Geely's "Qianli Haohan" system includes features like high-speed NOA and automatic parking, with plans for a large-scale rollout in March 2025 [3][39]. - In February, the wholesale of passenger vehicles reached 1.781 million units, a 35% year-on-year increase [6][39]. Raw Material Prices - As of March 7, 2025, the prices for key raw materials are as follows: aluminum index at 20,847.07, copper index at 78,223.6, rebar index at 3,266.92, and rubber index at 17,431.15, with respective weekly changes of 0.93%, 1.8%, -2.2%, and -1.8% [19][38].

证券代码：603596 证券简称：伯特利 公告编号：2025-008 芜湖伯特利汽车安全系统股份有限公司 关于向不特定对象发行可转换公司债券获得 上海证券交易所上市审核委员会审议通过的公告 芜湖伯特利汽车安全系统股份有限公司 董 事 会 2025 年 2 月 25 日 1 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。 上海证券交易所上市审核委员会于 2025 年 2 月 24 日召开 2025 年第 4 次审 议会议（以下简称"会议"），对芜湖伯特利汽车安全系统股份有限公司（以下简 称"公司"）向不特定对象发行可转换公司债券的申请进行了审议。根据会议审议 结果，公司本次向不特定对象发行可转换公司债券的申请符合发行条件、上市条 件和信息披露要求。 公司本次向不特定对象发行可转换公司债券事项尚需获得中国证券监督管 理委员会作出同意注册的决定后方可实施。本次发行最终能否获得中国证券监督 管理委员会同意注册的决定及其时间尚存在不确定性。公司将根据上述事项进展 情况，按照相关法律法规规定和要求及时履行信息披露义务，敬请广大投资 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [6]. Core Views - The company is a leading player in the domestic automotive brake system market, actively expanding its product range and achieving steady growth in performance [6]. - The company has a strong focus on the chassis sector, advancing multiple products with robust technical barriers [7]. - The company is well-positioned to benefit from the trends of lightweight components and smart electronic control systems, with significant growth potential in international markets [9]. Summary by Sections 1. Domestic Automotive Brake Leader, Actively Expanding Product Areas - The company has been deeply engaged in the automotive brake system for nearly 20 years, becoming a domestic leader in this field [19]. - The company has a rich product matrix covering mechanical brakes, electronic control, and mechanical steering, with a high concentration of sales from major clients [20][36]. - Revenue growth has been rapid, with a CAGR of 46.29% from 2021 to 2023, and a year-on-year increase of 28.85% in Q1-Q3 2024 [23]. 2. Focus on Chassis with Multiple Products and Strong Technical Barriers - The company is a domestic leader in electronic parking brakes (EPB), with a significant market share and ongoing improvements in technology [52]. - The company has successfully launched its line control braking system (WCBS), achieving production milestones and expanding capacity [63]. - The acquisition of Zhejiang Wanda has allowed the company to enter the steering system market, enhancing business synergy [36]. 3. Leading Lightweight Business with Global Strategy Advancement - The company has established a comprehensive product matrix for lightweight components, with advanced production processes that improve quality and reduce costs [8]. - The construction of a factory in Mexico is part of the company's global strategy, aimed at localizing supply for overseas clients [8]. - The company is expected to see significant revenue growth from international markets as production capacity expands [8]. 4. Profit Forecast and Investment Recommendations - Revenue projections for 2024, 2025, and 2026 are estimated at 98.54 billion, 124.21 billion, and 151.63 billion yuan, respectively, with year-on-year growth rates of 31.84%, 26.05%, and 22.08% [12]. - Net profit forecasts for the same years are 11.99 billion, 15.43 billion, and 19.46 billion yuan, with corresponding growth rates of 34.44%, 28.74%, and 26.12% [12].

证券代码：603596 证券简称：伯特利 公告编号：2025-007 芜湖伯特利汽车安全系统股份有限公司 关于部分股权激励限制性股票回购注销实施公告 回购注销原因：因芜湖伯特利汽车安全系统股份有限公司（以下简称"公 司"）2019 年限制性股票激励计划的 1 名激励对象已经离职，不再具备激励对象资 格，其所持有的 2019 年限制性股票激励计划已获授但尚未解除限售的限制性股票 应由公司回购注销。 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。 重要内容提示： 本次注销股份的有关情况： | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 35,000 | 35,000 | 年 2025 2 | 月 | 25 | 日 | 一、本次限制性股票回购注销的决策与信息披露 1、2024 年 12 月 17 日，公司召开了第四届董事会第四次会议、第四届监事会 第四次会议，审议通过了《关于回购注销部分股权激励对象已获授但尚未解除限 ...

• 伯特利从机械制动起家，通过前瞻性技术布局，如鼓式到盘式制动、机械 到电控制动、EHB 到 One-Box，实现业务快速增长。实控人具备深厚技术背 景，对自动驾驶产品路线把控精准，提升公司在自动驾驶领域的竞争力。 • 2023 年伯特利营收 34 亿元，机械制动占比约 45%，智能电控产品占比 44%， 机械转向占比 6%。整体毛利率维持在 23%左右，智能电控产品毛利率略低 于 20%，机械转向毛利率为 14%左右，整合后预计提升。 • 国内 EHB 装配量快速增长，2023 年接近 800 万台，搭载率达 40%，新能源 车更高。One-Box 因成本和布置优势，满足 L2 以下智能驾驶需求，但 L3 以上需冗余备份，线控制动车型壁垒较高，竞争格局相对稳定。 • 制动车型高安全属性使得生产难度大，大规模量产后的质控、一致性生产 以及规模效应构成壁垒。新技术需老产品积累，One-Box 需集成 ABS/ESC 等稳定系统开发能力，硬件一致性、电磁阀良率及软件算法积累构成核心 差异。 • One-Box 领域国产化率大幅提升，伯特利和弗迪动力是国内代表，博世是 主要外资竞争对手。伯特利销售规模增长，对上游议 ...

证券代码：603596 证券简称：伯特利 公告编号：2025-006 芜湖伯特利汽车安全系统股份有限公司 股票交易异常波动公告 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。 重要内容提示： ●芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）股票交易连续 3 个交易日（2025 年 1 月 27 日、2 月 5 日、2 月 6 日）内日收盘价格涨幅偏离值 累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异 常波动情形。 ●经公司自查，并向控股股东、实际控制人发函核实，截止本公告披露日， 确认不存在应披露而未披露的重大事项或重要信息。 一、股票交易异常波动的具体情况 公司股票连续 3 个交易日内收盘价格涨幅偏离值累计超过 20%，根据《上海 证券交易所交易规则》的有关规定，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 1 露日，公司、控股股东及实际控制人不存在影响公司股票交易价格异常波动的重 大事项；不存在应披露而未披露的重大信息，包括但不限于正在筹划涉及上市公 司的重大资产重组 ...

证券代码：603596 证券简称：伯特利 公告编号：2025-005 芜湖伯特利汽车安全系统股份有限公司 关于高级管理人员集中竞价减持股份结果公告 本公司董事会、全体董事及相关股东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： 高级管理人员持股的基本情况 本次减持计划实施前，芜湖伯特利汽车安全系统股份有限公司（以下简称"公 司"）高级管理人员王孝杰女士直接持有公司股份 28,000 股,占公司股份总数的 0.0046%。王孝杰女士目前所持有的全部股份均来源于公司股权激励计划及股份 转增。 集中竞价减持计划的实施结果情况： 公司于 2024 年 12 月 26 日在上海证券交易所网站（www.sse.com.cn）上披 露了《伯特利关于高级管理人员减持股份计划公告的更正公告》（公告编号：2024- 111）。王孝杰女士因个人资金需求，计划自公告之日起 15 个交易日后的 3 个月 内通过集中竞价方式减持（窗口期等不得减持期间不进行减持）不超过 7,000 股， 减持价格将根据减持时的市场价格确定。 截至本公告披露日，王孝杰女士通过集中 ...

关于《芜湖伯特利汽车安全系统股份有限公司股票交易异 常波动间询函》的回函 芜湖伯特利汽车安全系统股份有限公司: 本人已收到贵公司发来的《芜湖伯特利汽车安全系统股份有限公 司股票交易异常波动问询函》,经自查核实,回复如下: 本人作为芜湖伯特利汽车安全系统股份有限公司控股股东及实 际控制人,截止目前,本人不存在影响贵公司股票交易异常波动的重 * 大事项,不存在应披露而未披露的重大信息,包括但不限于正在筹划 涉及上市公司的重大资产重组、股份发行、重大交易类事项、业务重 组、股份回购、股权激励、破产重整、重大业务合作、引进战略投资 者等重大事项。 特此回复。 控股股东及实际控制人: 2025 年 2 月 6 日 ...