" RsM | 容 诚 关于芜湖伯特利汽车安全系统股份有限公司 向不特定对象发行可转换公司债券申请文件 的审核问询函的回复 容诚专字[2024]230Z2313 号 谷城会计 得 容诚会计师事务所(特殊普通合伙) 中国 北京 关于芜湖伯特利汽车安全系统股份有限公司 18 向不特定对象发行可转换公司债券申请文件的审核问询函 的回复 容诚专字[2024]230Z2313 号 上海证券交易所: 贵所于 2024年8月13日出具的《关于芜湖伯特利汽车安全系统股份有限 公司向不特定对象发行可转换公司债券申请文件的审核问询函》(上证上审 (再融资)〔2024〕201 号)(以下简称"审核问询函")已收悉。 容诚会计师事务所(特殊普通合伙)(以下简称"我们")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"、"发行人")的申报 会计师,本着勤勉尽责、诚实守信的原则,就审核问询函所提问题逐项进行认真 讨论、核查与落实,并逐项进行回复说明。具体回复内容附后。 除另有说明外,本回复中使用的释义或简称与《芜湖伯特利汽车安全系统股 份有限公司向不特定对象发行可转换公司债券募集说明书(申报稿)》(以下简 称"募集说 ...

关于芜湖伯特利汽车安全系统股份有限公司 向不特定对象发行可转换公司债券申请文件的 审核问询函的回复 保荐机构（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二四年九月 关于芜湖伯特利汽车安全系统股份有限公司审核问询函的回复 上海证券交易所： 贵所于 2024 年 8 月 13 日出具的《关于芜湖伯特利汽车安全系统股份有限公司向不 特定对象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资）〔2024〕 201 号）（以下简称"审核问询函"）已收悉。 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"、"发行 人"）会同中国国际金融股份有限公司（以下简称"保荐机构"、"中金公司"）、容 诚会计师事务所（特殊普通合伙）（以下简称"会计师"、"申报会计师"、"容诚"）、 北京市竞天公诚律师事务所（以下简称"发行人律师"、"竞天"）等中介机构，本着 勤勉尽责、诚实守信的原则，就审核问询函所提问题逐项进行认真讨论、核查与落实， 并逐项进行回复说明。具体回复内容附后。 除另有说明外，本回复中使用的释义或简称与《芜湖伯特利汽车安全系统股份有限 公司向不特定 ...

证券代码：603596 证券简称：伯特利 公告编号：2024-071 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 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）于 2024 年 8 月 13 日收到上海证券交易所（以下简称"上交所"）出具的上证上审（再融资） 〔2024〕201 号《关于芜湖伯特利汽车安全系统股份有限公司向不特定对象发行 可转换公司债券申请文件的审核问询函》（以下简称"《审核问询函》"），上 交所审核中心对公司提交的向不特定对象发行可转换公司债券申请文件进行了 审核，并形成了首轮问询问题。 公司收到《审核问询函》后，会同相关中介机构对《审核问询函》所列问题 进行了认真研究和逐项落实，并对有关问题进行了说明、论证分析和逐项回复， 具体内容详见公司同日在上交所网站（www.sse.com.cn）上披露的《关于芜湖伯 特利汽车安全系统股份有限公司向不特定对象发行可转换公司债券申请文件的 审核问询函的回复》等相关公告文件。 公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获 得中国证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后 方可 ...

北京市竞天公诚律师事务所 关于芜湖伯特利汽车安全系统股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书（二） 北京市竞天公诚律师事务所 二〇二四年九月 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话：（86-10）5809-1000 传真：（86-10）5809-1100 北京市竞天公诚律师事务所 关于芜湖伯特利汽车安全系统股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书（二） 致：芜湖伯特利汽车安全系统股份有限公司 北京市竞天公诚律师事务所（以下称"本所"）作为在中国取得律师执业资格 的律师事务所，根据《中华人民共和国证券法》《中华人民共和国公司法》、中 国证券监督管理委员会（以下称"中国证监会"）发布的《上市公司证券发行注册 管理办法》《<上市公司证券发行注册管理办法>第九条、第十条、第十一条、 第十三条、第四十条、第五十七条、第六十条有关规定的适用意见——证券期货 法律适用意见第 18 号》《公司债券发行与交易管理办法》《可转换公司债券管 理办法》《上海证券交易所上市公司自律监管指引第 12 号——可转换公司债券》 《上海证券交易 ...

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 年第二次临时股东大会 芜湖伯特利汽车安全系统股份有限公司 2024 年第二次临时股东大会会议议程 会议资料 股票代码：603596 二〇二四年九月 芜湖伯特利汽车安全系统股份有限公司 2024 年第二次临时股东大会会议资料 目 录 | 2024 年第二次临时股东大会会议议程 2 | | --- | | 会议须知 5 | | 议案一：关于为公司及公司董事、监事及高级管理人员购买责任险的议案 6 | | 议案二：关于变更公司注册资本及修订《公司章程》相应条款的议案 7 | | 议案三：关于调整公司董事津贴的议案 8 | | 议案四：关于增加预计公司 2024 年度日常关联交易的议案 9 | | 议案五：关于公司董事会换届并选举公司第四届董事会非独立董事的议案 15 | | 议案六：关于公司董事会换届并选举公司第四届董事会独立董事的议案 17 | | 议案七：关于公司监事会换届并选举公司第四届监事会股东代表监事的议案 19 | ...

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].