Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a Q1 revenue of 2.638 billion RMB, representing a year-on-year increase of 41.83% but a quarter-on-quarter decrease of 21.45%. The net profit attributable to the parent company was 270 million RMB, up 28.79% year-on-year but down 37.25% quarter-on-quarter, with the decline attributed to annual price negotiations [1][2] - The company is expected to see continued growth in its WCBS products, with new intelligent chassis products like EMB and steer-by-wire anticipated to benefit from the rollout of advanced driver assistance systems [1][2] - The gross margin in Q1 was under pressure, decreasing by 2.3 percentage points to 18.0%, influenced by price negotiations and product mix changes. However, the introduction of higher value-added products is expected to optimize the profit structure [3] - The company has been expanding its global footprint, with new production capacities in Mexico and Morocco, which are expected to support major automotive clients and enhance profitability through scale effects [4] Financial Projections and Valuation - The company is projected to achieve net profits of 1.51 billion RMB, 1.93 billion RMB, and 2.42 billion RMB for the years 2025, 2026, and 2027, respectively. The target price for 2025 is set at 68.97 RMB, based on a PE ratio of 27.7 times [5][9] - Revenue forecasts for the company are 12.74 billion RMB in 2025, 16.29 billion RMB in 2026, and 20.57 billion RMB in 2027, with growth rates of 28.22%, 27.86%, and 26.24% respectively [7][18]

证券研究报告 | 公司动态点评 2025 年 05 月 08 日 伯特利（603596.SH） 1Q25 营收维持高增长，盈利能力短期承压 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 7,474 | 9,937 | 12,989 | 16,527 | 21,085 | | 增长率 yoy（%） | 34.9 | 33.0 | 30.7 | 27.2 | 27.6 | | 归母净利润（百万元） | 891 | 1,209 | 1,523 | 1,925 | 2,520 | | 增长率 yoy（%） | 27.6 | 35.6 | 26.0 | 26.4 | 30.9 | | ROE（%） | 15.0 | 17.6 | 18.8 | 19.4 | 20.6 | | EPS 最新摊薄（元） | 1.47 | 1.99 | 2.51 | 3.17 | 4.16 | | P/E（倍） | 39.7 | 29.3 | 23.2 | 18.4 | 14.0 | | ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, driven by multiple product lines and a robust pipeline of new energy projects [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 2.638 billion yuan, representing a year-on-year increase of 41.83% [1] - The net profit attributable to shareholders was 270 million yuan, up 28.79% year-on-year [1] - The net profit after deducting non-recurring items was 266 million yuan, reflecting a growth of 38.61% [1] - Main business revenue reached 2.595 billion yuan, with a year-on-year growth of 42.78% [1] Product Line Growth - The company's smart electric control products saw a sales increase of 58.43% year-on-year, becoming the main driver of overall growth [1] - Disc brakes and lightweight braking components experienced year-on-year growth of 36.14% and 23.45%, respectively [1] - The synergy among multiple product lines supported the rapid increase in overall revenue [1] New Energy Project Pipeline - As of Q1 2025, the company had a total of 498 projects under research, new production, and new designated projects, marking a year-on-year increase of 6.41%, 11.76%, and 13.21% respectively [1] - Among these, 393 projects are related to new energy vehicles, aligning with trends in electrification and intelligence, providing ample reserves for future project releases [1] Customer Structure and Market Expansion - The company has served a total of 50 automotive manufacturer clients and is actively optimizing its customer structure [2] - New clients added in 2024 include Ford North America and GAC Toyota [2] - The company’s overseas business is progressing steadily, with exports to the U.S. reaching 339 million yuan, primarily through bases in China and Mexico [2] - The establishment of a stable supply capability from the Mexico factory marks a significant step in the company's international strategy [2] Profit Forecast - The company is expected to achieve revenues of 12.7 billion yuan, 16.1 billion yuan, and 20.1 billion yuan in 2025, 2026, and 2027 respectively [2] - The projected net profits attributable to shareholders for the same years are 1.56 billion yuan, 2.01 billion yuan, and 2.44 billion yuan [2] - The company is anticipated to experience rapid growth in revenue and net profit, particularly in the fields of online control chassis and robotics [2]

证券研究报告·公司点评报告·汽车零部件 伯特利（603596） 2025 年一季报点评：毛利率或为阶段低点， 看好智能底盘+全球化长期趋势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,474 | 9,937 | 12,918 | 15,500 | 18,376 | | 同比（%） | 34.93 | 32.95 | 30.01 | 19.99 | 18.55 | | 归母净利润（百万元） | 891.50 | 1,208.85 | 1,547.19 | 1,881.89 | 2,285.19 | | 同比（%） | 27.57 | 35.60 | 27.99 | 21.63 | 21.43 | | EPS-最新摊薄（元/股） | 1.47 | 1.99 | 2.55 | 3.10 | 3.77 | | P/E（现价&最新摊薄） | 39.20 | 28.91 | 22.59 | 18.57 | 15.29 ...

证券研究报告·公司点评报告·汽车零部件 伯特利（603596） 2025 年一季报点评：毛利率或为阶段低点， 看好智能底盘+全球化长期趋势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,474 | 9,937 | 12,918 | 15,500 | 18,376 | | 同比（%） | 34.93 | 32.95 | 30.01 | 19.99 | 18.55 | | 归母净利润（百万元） | 891.50 | 1,208.85 | 1,547.19 | 1,881.89 | 2,285.19 | | 同比（%） | 27.57 | 35.60 | 27.99 | 21.63 | 21.43 | | EPS-最新摊薄（元/股） | 1.47 | 1.99 | 2.55 | 3.10 | 3.77 | | P/E（现价&最新摊薄） | 39.20 | 28.91 | 22.59 | 18.57 | 15.29 ...

智能车ETF泰康紧密跟踪中证智能电动汽车指数，中证智能电动汽车指数选取主营业务涉及智能电动汽 车动力系统、感知系统、决策系统、执行系统、通讯系统、整车生产以及汽车后市场的上市公司证券作 为指数样本，以反映智能电动汽车产业上市公司证券的整体表现。 4月上半月整体车市热度仍维持较高水平，下半月上海车展开幕；新车型集中上市，新能源热点产品逐 一开启交付，预计将为新能源市场提供新的增长动能，有力支撑整车市场。 民生证券认为，智能化奇点已来，自主技术输出孵化机遇。智能化能力将成为车企竞争的重要因素。随 着特斯拉FSD使用率拐点显现，自主新势力城市辅助驾驶加速落地和小鹏开启全新商业模式；我们判断 智能驾驶正逐步迎来技术、用户接受度和商业模式的三重拐点，看好智能化布局相对领先、产品周期、 品牌周期向上的优质自主车企。 相关产品：智能车ETF泰康(159720)。 截至2025年5月6日 10:31，智能车ETF泰康(159720)上涨1.61%，盘中成交额迅速走阔，跟踪指数中证智 能电动汽车指数(H11052)强势上涨1.43%，成分股伯特利(603596)上涨5.81%，湖南裕能(301358)上涨 4.97%，北京君正 ...

伯特利系列 车中旭霞 公司深度报告： 《伯特利（603596.SH）：电控制动和轻量化业务迎来收获期》-2021-11-22 公司点评报告 ： 《 伯特利系列二十-一季报点评：一季度收入同比增长42%，公司底盘新产品研发加速》 - 20250501 《 伯特利系列十九-三季报点评： 三季度净利润同比增长34%，毛利率环比攀升 》 - 20241104 《伯特利系列十八：二季度净利润同比增长35%，轻量化、线控制动等快速放量》-20240905 《伯特利系列十七：一季度营收同比增长24%，海外定点持续开拓》-20240507 《伯特利系列十六-年报点评：2023年营收同比增长35%，技术推进夯实长期竞争力》-20240402 《伯特利：2023年三季报点评：单三季度归母净利润同比增长21%，新项目、新客户有序拓 展》-20231030 《伯特利（603596.SH）：2023年中报点评：智能电控销量同比增长78%，2023年第二季度毛利率 环比提升》-2023-08-31 《伯特利（603596.SH）：2023年一季报点评：智能电控产品持续增收，一季度营收同比增长 48%》-2023-05-01 《伯特利（6 ...

Core Viewpoint - The company reported strong revenue growth in Q1 2025, but profitability faced pressure due to various factors, including increased production and new project launches [1] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 2.638 billion yuan, representing a year-on-year increase of 41.8% but a quarter-on-quarter decrease of 21.5% [1] - The net profit attributable to shareholders was 270 million yuan, up 28.8% year-on-year but down 37.3% quarter-on-quarter [1] - The gross margin for Q1 2025 was 17.97%, a decrease of 2.8 percentage points year-on-year and 2.9 percentage points quarter-on-quarter [1] Group 2: Product Sales and Growth - Major clients saw significant sales growth, with Chery up 17.9% year-on-year but down 27.1% quarter-on-quarter, Geely up 48% year-on-year and 2.5% quarter-on-quarter, and Changan up 1.9% year-on-year but down 9.5% quarter-on-quarter [1] - Sales of intelligent electronic control products reached 1.462 million units, a year-on-year increase of 58.4% [1] - Sales of disc brakes were 933,000 units, up 36.1% year-on-year, while lightweight brake components sold 3.438 million units, up 23.5% year-on-year [1] Group 3: Technological Advancements and Capacity Expansion - The company completed the manufacturing of B samples for its electronic mechanical brake system (EMB) and launched several new platforms, including WCBS1.5 and GEEA3.0 [2] - The company is expanding its lightweight component production capacity, with a planned annual capacity of 4 million units at its new facility in Mexico, which began operations in 2023 [2] - The Mexican production base is expected to enhance service levels for North American clients and foster deeper customer relationships [2] Group 4: New Market Opportunities - The company reported a 23.8% year-on-year increase in sales of mechanical steering products, with a net profit margin of 6.7%, reflecting significant integration effects [3] - Development of integrated control systems for automotive chassis, including line control braking and steering, is progressing well [3] - The company is actively promoting its L2 and L2+ level ADAS products and engaging in R&D for high-precision mapping and intelligent algorithms [3] Group 5: Earnings Forecast - The company forecasts EPS of 2.49, 3.27, and 4.18 yuan for 2025-2027, corresponding to PE ratios of 24, 18, and 14 times, with a projected CAGR of 28% for net profit attributable to shareholders [3]

2025 年 04 月 30 日 公司点评 买入/维持 伯特利(603596) 目标价: 昨收盘:59.40 智驾平权时代：做强 X 向，做大 Y+Z 向 ◼ 走势比较 (30%) (10%) 10% 30% 50% 70% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 ◼ 股票数据 | 总股本/流通(亿股) | 6.07/6.06 | | --- | --- | | 总市值/流通(亿元) | 360.27/360.14 | | 12 个月内最高/最低价 | 67.4/31.75 | | (元) | | 相关研究报告 <<打造一体式底盘域控系统：做强 X 向，做大 Y+Z 向>>--2024-09-03 <<伯特利 2023 年报点评：智能电控 龙头，产能扩张驱动高速成长>>-- 2024-03-31 证券分析师：刘虹辰 电话：010-88321818 E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 事件：公司发布 2024 年报&2025 年一季报，2024 年营业收入 99.37 亿元， 同比+32.95%；归母 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company [5][8]. Core Views - The company reported strong revenue growth in Q1 2025, with revenue reaching 2.638 billion yuan, a year-on-year increase of 41.83%. The net profit attributable to shareholders was 270 million yuan, up 28.79% year-on-year [1][2]. - The sales volume of the intelligent electronic control segment increased significantly, with 1.46 million units sold in Q1 2025, representing a 58% year-on-year growth. The disc brake sales reached 930,000 units, up 36% year-on-year, while lightweight brake components sold 3.44 million units, a 23% increase year-on-year [2]. - The company is positioned as a core player in the next-generation braking technology, with significant progress in EMB regulations and successful development of initial functional samples [3]. - The company is expanding its global customer base and increasing production capacity at its Mexican facility [4]. Financial Summary - The projected net profits for the company from 2025 to 2027 are estimated at 1.5 billion, 2 billion, and 2.7 billion yuan, respectively, with corresponding PE ratios of 23.5, 17.7, and 13.2 times [5][14]. - The company’s gross margin for Q1 2025 was reported at 17.97%, with a year-on-year decrease of 2.09 percentage points and a quarter-on-quarter decrease of 4.24 percentage points [2]. - The company’s total market capitalization is approximately 36.03 billion yuan, with a current share price of 59.40 yuan and a target price of 75.3 yuan for the next six months [8].