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、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准芜湖伯特利 汽车安全系统股份有限公司公开发行可转换公司债券的批复》（证监许可（2020） 3389 号）核准，芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）向社 会公开发行 902 万张可转换公司债券，发行价格为每张人民币 100 元，募集资金总 额为人民币 902,000,000.00 元，扣除不含税发行费用人民币 6,892,988.11 元,募 集资金净额为人民币 895,107,001.89 元。上述募集资金已于 2021 年 7 月 5 日全部 到位，容诚会计师事务所（特殊普通合伙）已对公司公开发行 A 股可转换公司债券 的募集资金到位情况进行了审验，并出具了"容诚验字[2021]230Z0149 号"《验资 报告》。 二、募集资金存放及管理情况 为规范公司募集资金管理，保护投资者的权益，公司按照《公司法》《证券法》 《上市公司监管指引第 2 号——上市公司募集资金管理和使 ...

Financial Data and Key Metrics Changes - The company expects to achieve a revenue of 1.15 billion this year, with a growth rate of approximately 30% [1][3] - The lightweight chassis business is projected to contribute around 2 billion in revenue this year, with profits estimated between 250 million to 300 million, reflecting at least a 25% growth [1][2] Business Line Data and Key Metrics Changes - The lightweight chassis business has made significant breakthroughs in Mexico, with expected production value reaching 400 million this year [1] - The company's EPB (Electronic Parking Brake) business, holding a market share of about 25%, is anticipated to grow by 30% this year and next year [1][3] - The EMB (Electric Mechanical Brake) system is expected to enter mass production by 2026, with significant market potential [1][3] Market Data and Key Metrics Changes - The company has established a 2 billion production capacity for lightweight components in Mexico, indicating strong growth potential in the North American market [2] - The domestic market for EPB is experiencing a shift towards local replacements, with the company positioned well against foreign competitors [3] Company Strategy and Development Direction - The company is focusing on next-generation autonomous driving hardware, particularly the EMB system, which is seen as a key growth area [1][2] - The strategy includes leveraging the growing demand for lightweight components in electric vehicles, particularly in North America [1][2] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of the autonomous driving hardware segment, citing a solid performance foundation in the short term [1] - The company anticipates continued strong performance driven by the EPB and lightweight business segments, with a favorable valuation outlook [3] Other Important Information - The company has secured a key order for EPB from a leading joint venture automaker, expected to enter mass production by 2025 [1][3] - The competitive landscape is shifting, with opportunities for domestic players to replace established foreign competitors in the EPB market [3] Q&A Session Summary Question: What is the outlook for the lightweight chassis business? - The company has made significant progress in the lightweight chassis business in Mexico, with major clients being the top three OEMs in North America, leading to improved operational conditions [1] Question: How is the EMB system expected to perform? - The EMB system is anticipated to have a large market potential and is progressing well, with mass production expected by 2026 [1][3] Question: What are the growth expectations for the EPB business? - The EPB business is expected to grow by 30% this year and next year, supported by domestic replacement trends and new orders [3]

Summary of Conference Call Company or Industry Involved - The conference call is associated with Guolian Securities Research Institute, focusing on investment management and advisory services. Core Points and Arguments - The call is intended exclusively for clients on the whitelist of Guolian Securities Research Institute, emphasizing the selective nature of the audience [1] - It is clearly stated that the content of the meeting does not constitute investment advice, highlighting the importance of independent decision-making by participants [1] - Participants are reminded that they bear the responsibility for their investment decisions and any associated risks [1] - Guolian Securities disclaims any liability for losses incurred by individuals using the content of the meeting [1] Other Important but Possibly Overlooked Content - The call underscores the regulatory framework surrounding investor suitability, indicating a focus on compliance and risk management in investment practices [1]

芜湖伯特利汽车安全系统股份有限公司 证券代码：603596 证券简称：伯特利 公告编号：2024-046 公司于 2024 年 5 月 20 日实施 2023 年度利润分配及资本公积转增，实施完毕 后，公司总股本调整为 606,545,820 股，公司以集中竞价方式回购股份的价格上限 由不超过人民币 90.43 元/股（含）调整为不超过人民币 64.35 元/股（含），价格上 限调整起始日期为 2024 年 5 月 20 日，具体内容详见公司 2024 年 5 月 14 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《伯特利关于实施 2023 年权益分派后调整回购股份价格上限的公告》（公告编号：2024-045）。 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号 ——回购股份》等相关规定，公司在回购期间，应当在每个月的前 3 个交易日内公 告截至上月末的回购进展情况，现将公司回购股份的进展情况公告如下： 关于以集中竞价交易方式回购公司股份的进展公告 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 ...

Financial Data and Key Metrics Changes - The company recently faced challenges with expected shipments of line control braking products dropping from approximately 1.5 million to less than 700,000, impacting market confidence and leading to a decline in stock price [7] - The company anticipates a profit of 1.0115 billion for the year, with current valuations considered reasonable, presenting an investment opportunity [15] Business Line Data and Key Metrics Changes - The company has six production lines with a capacity of several million units, and plans to expand EMB capacity to 600,000 by 2026 [6] - New products WCBS1.5 and WCBS2.0 have been launched, achieving market recognition and cost reduction, enhancing the company's competitive position [15] Market Data and Key Metrics Changes - The penetration rate of line control braking technology has increased from 5-6% to around 25% from 2010 to 2013, but the actual application in fuel vehicles remains low [10] - In the new energy vehicle market, the penetration rate for braking systems has risen from approximately 68% to 74% in 2022, with expectations for further increases as more models adopt advanced braking technologies [11] Company Strategy and Development Direction - The company is focusing on expanding production capacity and enhancing R&D efforts to capture opportunities in the rapidly growing new energy vehicle market [2][6] - The strategic shift towards chassis electronics and line control braking technology is seen as a key growth area, particularly with the rise of intelligent driving and related products [4][5] Management Comments on Operating Environment and Future Outlook - Management highlighted the importance of line control braking technology in improving vehicle handling and safety, especially for new energy vehicles [4] - The company is optimistic about its growth potential despite recent challenges, citing rapid domestic market growth and a global expansion strategy [8] Other Important Information - The company has been increasing its R&D investment, which currently stands at about 6% of revenue, indicating a commitment to innovation and market leadership [14] - The company is also exploring overseas production capacity, with successful operations in Mexico and plans for further expansion [8] Q&A Session Summary Question: What challenges has the company faced recently? - The company has seen a significant drop in expected shipments of line control braking products, which has affected market confidence and led to a decline in stock price [7] Question: How is the company's performance in domestic and international markets? - The company is experiencing rapid growth in the domestic market, particularly with EPP and the launch of new products, while also successfully initiating global operations [8] Question: What is the significance of line control braking technology in the automotive industry? - Line control braking technology plays a crucial role in vehicle stability and safety, with high technological content and significant market potential [9]

Summary of Conference Call on Bertelli Company Overview - The conference call focused on Bertelli, a company in the automotive sector, particularly in the field of electronic braking systems and related technologies [3][4]. Key Points and Arguments 1. **Sales Performance and Market Confidence** - Bertelli's sales guidance was initially around 1.5 million units but ended up at approximately 700,000 units, significantly impacting market confidence [4]. - The company's stock has dropped to below 20 times earnings, indicating a potential buying opportunity given its innovative capabilities and market potential [4][6]. 2. **Growth in Electronic Parking Brake (EPB) and Global Expansion** - There is a rapid growth in EPB and the launch of new products in Mexico, marking the beginning of Bertelli's global expansion [5][6]. - The company is expected to maintain a growth rate of around 35% in the coming years, with significant market share opportunities in electronic braking systems [6]. 3. **Market Penetration and Industry Trends** - The penetration rate of electronic braking systems has increased from 5-6% in 2020 to approximately 25% in 2023, with the industry exporting over 600,000 units [9][10]. - The long-term potential for electronic braking systems is substantial, as they represent a high-value segment within the automotive industry, accounting for about 25% of the total vehicle cost [13]. 4. **Impact of New Energy Vehicles (NEVs)** - The rapid adoption of NEVs is driving demand for advanced braking systems, with expectations for hybrid and plug-in hybrid vehicles to reach a penetration rate of around 14% this year [15][16]. - The integration of electronic braking systems in NEVs can enhance energy recovery and improve overall vehicle performance, potentially increasing range by 5% [16]. 5. **Competitive Landscape and Market Share** - Bertelli is positioned well against competitors, with a significant market share in the electronic braking sector, particularly as traditional fuel vehicles transition to electric [34]. - The company is expected to capture a substantial portion of the market as NEV sales increase, with projections of reaching 1.3 to 1.5 million units in the near future [36]. 6. **Product Development and Innovation** - Bertelli is focusing on developing low-cost solutions and enhancing product integration, which is crucial for maintaining competitiveness in the market [17][29]. - The company has a robust pipeline of new products, with a significant increase in research and development projects, indicating a commitment to innovation [39][40]. 7. **Financial Projections and Valuation** - The company anticipates revenue of approximately 5 million in the second quarter, with a positive growth trajectory expected to continue [44]. - Current valuations are around 18 times earnings, with projections for a decrease to 14 times in the following year, suggesting an attractive investment opportunity [44]. Other Important Insights - The conference highlighted the importance of electronic braking systems in the context of the automotive industry's shift towards electrification and automation [7][14]. - The discussion also touched on the challenges faced by competitors, particularly in terms of supply chain issues and the impact of major players like BYD on market dynamics [34][42]. This summary encapsulates the key insights from the conference call regarding Bertelli's market position, growth potential, and strategic direction within the automotive industry.

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Viewpoints - The report highlights the significant growth potential of the line control braking technology, driven by trends towards cost reduction and the upgrade of EMB technology [5][24] - The penetration rate of line control braking in new energy vehicles reached 74.3% in 2023, a substantial increase from 63.9% in 2022, indicating a strong market demand [6][36] - The company is positioned as a domestic leader in line control braking, having successfully mass-produced the One-box system, which is expected to benefit from the industry's growth [8][7] Summary by Sections Introduction: Current Perspective on Line Control Braking Development - The transition from internal combustion engines to electric motors has limited the use of traditional vacuum boosters, leading to the emergence of line control braking technology [5][20] - The report identifies two major trends in line control braking: cost reduction and the upgrade of EMB technology [24] Demand Expansion for Line Control Braking - The report anticipates further expansion in demand for line control braking due to the increasing penetration of this technology in the market [6][27] - The market size for line control braking is projected to grow from approximately 11 billion yuan in 2023 to 16.8 billion yuan by 2025, with a CAGR of about 23.4% [6] Market Penetration and Trends - The penetration rate of line control braking in new energy vehicles is expected to continue rising, driven by the need for improved range and energy recovery capabilities [29][36] - The report notes that the One-box solution is rapidly gaining market share, accounting for over 65% of shipments in 2023 [6][50] Company Positioning and Product Development - The company has captured approximately 10% of the One-box market share, with a strong pipeline of projects and orders [7][8] - The company is actively developing new products, including cost-reduced and upgraded versions of its line control braking systems, which are expected to accelerate market share expansion [7][8] Investment Recommendations - The report suggests that the company, as a domestic leader in line control braking, is well-positioned to benefit from the industry's growth and technological advancements [8][9] - Projected net profits for the company from 2024 to 2026 are estimated at 1.15 billion, 1.55 billion, and 1.90 billion yuan, respectively, with corresponding PE ratios of 18.7X, 13.8X, and 11.3X [8]

Summary of Conference Call Transcript Company and Industry - The discussion revolves around the automotive parts industry, specifically mentioning Bertley and its peers in the sector [1]. Core Points and Arguments - Bertley and similar automotive parts companies are currently facing beta-type disturbances, indicating volatility in their performance [1]. - Despite these challenges, the valuation perspective suggests that companies like Bertley are still positioned at a relatively low valuation level, indicating potential for future growth [1]. Other Important Content - The mention of "beta-type disturbances" suggests that the industry may be experiencing fluctuations that could impact stock performance, which is crucial for investors to consider [1]. - The reference to valuation being at a relative bottom may indicate a buying opportunity for investors looking for undervalued stocks in the automotive parts sector [1].

Summary of Conference Call Company/Industry Involved - The conference call is related to the automotive industry, specifically focusing on a company named "Animal Automotive" [1] Core Points and Arguments - The call is set to begin with all participants in a muted state, indicating a structured approach to the presentation [1] - A welcome message is provided, suggesting a formal introduction to the topics that will be discussed [1] - The main speaker is expected to start speaking immediately after the introductory statements, indicating a streamlined presentation format [1] Other Important but Possibly Overlooked Content - The call includes a formal declaration, which may contain important disclaimers or information relevant to the participants [1]

Company and Industry Summary Company Overview - The company reported a revenue of 1.86 billion, representing a year-over-year growth of 24% [1] Key Financial Metrics - The primary financial indicators discussed include the significant increase in revenue, highlighting the company's strong performance in the reporting period [1]