| 证券代码：603596 | 证券简称：伯特利 | | 公告编号：2025-060 | | --- | --- | --- | --- | | 债券代码：113696 | 转债简称：伯 | 转债 25 | | 芜湖伯特利汽车安全系统股份有限公司 关于签订募集资金专户存储四方监管协议的公告 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、募集资金基本情况 根据中国证监会出具的《关于同意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注册的批复》（证监许可〔2025〕631 号），芜湖伯 特利汽车安全系统股份有限公司（以下简称"公司"）本次向不特定对象发行的可 转换公司债券 28,020,000 张，每张面值为人民币 100 元，募集资金总额为人民币 2,802,000,000.00 元，扣除发行费用（不含税）金额 12,349,094.60 元，实际募集资 金净额为 2,789,650,905.40 元。前述募集资金已于 2025 年 7 月 7 日全部到账，容诚 会计师事务所（特殊普通合伙）对本 ...

Investment Rating - The automotive industry is rated as "Outperform the Market" [1][5][4] Core Viewpoints - The industry is entering the mid-year performance period, with a focus on the 2025 World Robot Conference. The July car market is expected to grow primarily due to the "trade-in and scrapping" policies, with an estimated retail market of 1.85 million narrow passenger cars, a year-on-year increase of 7.6% [1][3] - The long-term outlook emphasizes the rise of domestic brands and opportunities in incremental components driven by electric and intelligent trends. In the short term, the strong new product cycle of Huawei and the first year of the Xiaomi automotive industry chain are highlighted [3][12] - The report suggests that under the geopolitical backdrop, the automotive sector as a domestic consumption product is likely to see increased stimulus policies, favoring passenger cars and domestically replaced components [3][12] Monthly Production and Sales Data - In July, the narrow passenger car retail market is projected to be around 1.85 million units, with a year-on-year growth of 7.6% and a month-on-month decline of 11.2%. New energy vehicle retail is expected to be approximately 1.01 million units, with a penetration rate of 54.6% [1][22] - Weekly data indicates that from July 1 to 27, the national passenger car retail reached 1.445 million units, a year-on-year increase of 9% but a month-on-month decline of 19% [1][2] Weekly Market Performance - For the week of July 28 to August 1, the CS automotive index fell by 2.26%, with the CS passenger car index down by 2.73%. The CS electric vehicle sector saw a decline of 5.01% [2][3] - The CS automotive sector outperformed the CSI 300 index by 0.08 percentage points but underperformed the Shanghai Composite Index by 0.88 percentage points, with a year-to-date increase of 10.97% [2][3] Key Company Earnings Forecast and Investment Ratings - Key companies such as Leap Motor, Geely, and JAC are rated as "Outperform the Market" with varying earnings per share (EPS) forecasts for 2025 and 2026 [4][5] - Leap Motor is expected to have an EPS of -0.05 in 2025, while Geely is projected to have an EPS of 1.36 [4][5] Investment Recommendations - The report recommends focusing on the rise of domestic brands and opportunities in incremental components, particularly in electric and intelligent sectors. Specific recommendations include: - Vehicle manufacturers: Leap Motor, JAC, Geely - Intelligent technology: Kobot, Huayang Group, Junsheng Electronics - Robotics: Top Group, Sanhua Intelligent Control, Shuanghuan Transmission - Domestic replacements: Xingyu Co., Fuyao Glass, Jifeng Co., New Spring Co., Horizon Robotics [3][12][24]

摘要 大摩闭门会-从马力驱动到算力驱动 — 人工智能接管方向盘 20250801 智能驾驶渗透率显著提高，预计到 2030 年全球 L2+级别车型销量将达 2,600 万辆，相当于当前美国或欧盟轻型车市场总量，预示着巨大的市 场潜力。 摩根士丹利预测，到 2030 年全球智能驾驶硬件加软件市场规模将达 2000 亿美元，2035 年进一步增至 3,000-4,000 亿美元，硬件占比约 七成，为相关企业带来广阔发展空间。 生成式 AI、东西方经济体技术合作降本、政府及产业标准完善是推动自 动驾驶技术发展的三大因素，政策支持对产业长期发展至关重要。 智能驾驶技术不仅限于乘用车和商用车市场，还将重塑交通运行模式， 并可能拓展至人形机器人、电动垂直起降飞行器等新型交通解决方案， 推动整个交通生态系统变革。 特斯拉、小鹏和理想等整车企业通过快速算法迭代和资源投入，在自动 驾驶领域取得显著进展，并可能将技术积累延伸至机器人、人形机器人 以及飞车等领域。 Q&A 人工智能驱动的自动驾驶技术在汽车行业的普及速度如何？ 根据摩根士丹利的预测，全球市场将在 2026 年开始普遍应用 AI 驱动的自动驾 驶技术。预计到 2030 ...

证券研究报告 | 2025年08月03日 转债市场周报 转债进入强股性区间，风险与机遇并存 核心观点 固定收益周报 上周市场焦点（7 月 28 日-8 月 1 日） 上周转债个券多数收跌，中证转债指数全周-1.37%，价格中位数-1.22%， 我们计算的算术平均平价全周-1.00%，全市场转股溢价率与上周相比 +0.09%。个券层面，奇正（创新药）、东杰（实控人或变更）、天路（雅 下水电概念）、景 23（PCB）、海波（桥梁钢结构工程）转债涨幅靠前； 大禹（雅下水电概念&已公告强赎）、亿田（算力概念）、应急（军工& 已公告强赎）、奥飞（数据中心）、宏丰（合金材料&已公告强赎）转 债跌幅靠前。 观点及策略（8 月 4 日-8 月 8 日） 转债进入强股性区间风险与机遇并存，警惕三方面风险（小盘股/债市 压力/条款乐观定价），挖掘三类机会（反内卷/正股成长高波/红利）： 7 月沪指站上 3600 点，转债平均平价站上 110 元，市场价格中位数大于 130 元，均处于 2010 年来 90%、2023 年以来 100%分位数，转债资产已 进入强股性区间；随着债底保护下降，估值进一步提升，我们认为后续 续警惕三类风 ...

融券方面，当日融券卖出0.00万股，净买入0.07万股。 最近三个交易日，30日-1日，伯特利分别获融资买入0.51亿元、0.57亿元、0.28亿元。 8月1日，沪深两融数据显示，伯特利获融资买入额0.28亿元，居两市第597位，当日融资偿还额0.34亿 元，净卖出674.33万元。 ...

Core Viewpoint - Bertli has launched an employee stock ownership plan aimed at fostering long-term growth and enhancing operational efficiency through talent retention and motivation [1] Group 1: Employee Stock Ownership Plan - The employee stock ownership plan has a broad coverage, which helps attract and retain top talent [1] - The plan is designed to enhance the motivation of core personnel and improve operational efficiency [1] - A tiered unlocking and multiple assessment mechanisms are implemented to drive performance growth and ensure the company's long-term development [1] Group 2: Business Expansion and Market Position - In 2024, the company will establish Bertli Automotive Suspension Technology Company and plans to add a suspension capacity of 200,000 units per year [1] - The goal is to become a leading supplier of steer-by-wire chassis, targeting the top 100 global automotive parts manufacturers [1] - The company is expected to benefit in the short term from the increased penetration of intelligent electronic control businesses such as EPB and steer-by-wire [1] Group 3: Financial Projections - The company anticipates significant incremental contributions from steer-by-wire chassis in the medium to long term, with overseas capacity gradually ramping up [1] - As of July 31, 2025, the closing price is projected to be 47.1 yuan per share, with corresponding price-to-earnings ratios of 18/14/10 times [1] - The company maintains a "recommended" rating based on these projections [1]

Core Viewpoint - Bertli has launched an employee stock ownership plan aimed at fostering long-term growth and enhancing operational efficiency through talent retention and motivation [1] Group 1: Employee Stock Ownership Plan - The employee stock ownership plan has a broad coverage, which helps attract and retain top talent [1] - The plan is designed to stimulate the enthusiasm of core personnel and improve operational efficiency [1] - A tiered unlocking and multiple assessment mechanisms are implemented to drive performance growth and ensure the company's long-term development [1] Group 2: Business Expansion and Market Position - In 2024, the company will establish Bertli Automotive Suspension Technology Company and plans to add a suspension capacity of 200,000 units per year [1] - The goal is to become a leading supplier of steer-by-wire chassis, targeting the top 100 global automotive parts manufacturers [1] - The company is expected to benefit in the short term from the increased penetration of intelligent electronic control businesses such as EPB and steer-by-wire [1] Group 3: Financial Projections - The company anticipates significant incremental contributions from steer-by-wire chassis in the medium to long term, with overseas capacity gradually ramping up [1] - As of July 31, 2025, the closing price is projected to be 47.1 yuan per share, with corresponding price-to-earnings ratios of 18/14/10 times [1] - The company maintains a "recommended" rating based on these projections [1]

01 事件概述 7月31日，公司发布2025年第一期员工持股计划（草案），覆盖公司核心技术（业务）骨干、中层管理人员（总计≤258人），股票来源为公司回购专用证券账户内已回 购的股份，合计不超过180万股，占公司当前总股本的0.30%，员工受让价格为24.97元/股，员工自筹资金总额不超过人民币4,494.60万元，本员工持股计划的份数上限 为4,494.60万份 。 02 分析判断 ► 发布员工持股计划 绑定人才助力长期成长 增 1）激励对象覆盖广泛： 本次激励对象包括公司核心技术（业务）骨干、中层管理人员（总计≤258人），覆盖人数较多，且预计2025-2030年费用摊销金额分别为 416/998/998/831/515/233万元，对公司业绩影响较小。 2）激励力度显著： 本次员工持股计划的授予价格为24.97元/股，相较现价折价47.03%。我们认为，本次员工持 股计划覆盖范围广泛，有助于吸引和留住优秀人才，充分调动核心人员积极性，提升经营效率，并通过阶梯式解锁与多重考核机制推动业绩增长，保障公司长期发 展。 ► 智能化&电动化齐驱 全球化再进一步 1）智能化： 公司积极布局线控制动系统并成为国内首家 ...

民生证券8月1日发布研报称，给予伯特利（603596.SH，最新价：47.16元）推荐评级。评级理由主要包 括：1）发布员工持股计划绑定人才助力长期成长；2）智能化&电动化齐驱全球化再进一步；3）整合 稳步推进进击线控底盘。风险提示：客户销量不及预期；竞争加剧；原材料价格上涨；关税风险等。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Insights - The company has launched an employee stock ownership plan aimed at enhancing long-term growth, covering up to 258 core technical and managerial personnel, with a total of no more than 1.8 million shares, representing 0.30% of the current total share capital [1][2] - The employee stock plan is priced at 24.97 CNY per share, which is a 47.03% discount compared to the current price, indicating a significant incentive to attract and retain talent [2] - The company is advancing in smart and electric vehicle technologies, becoming the first domestic supplier to mass-produce line control braking systems and EPB, with plans to expand production capacity significantly [3] - The company has made strategic acquisitions, including a 45% stake in Wanda, enhancing its product offerings and operational efficiency, with plans to establish a new suspension technology company [4] Financial Projections - Revenue projections for 2025-2027 are estimated at 130.75 billion CNY, 170.89 billion CNY, and 220.44 billion CNY respectively, with net profits of 15.94 billion CNY, 21.04 billion CNY, and 27.93 billion CNY [4][5] - The expected EPS for the same period is 2.63 CNY, 3.47 CNY, and 4.60 CNY, with corresponding PE ratios of 18, 14, and 10 [5][4] - The company anticipates a revenue growth rate of approximately 31.6% in 2025, with a net profit growth rate of 31.9% [5][9]