研报掘金丨民生证券：维持伯特利“推荐”评级，人形机器人布局再进一步

Core Viewpoint - Bertelli Electric's subsidiary is advancing its humanoid robot layout, which is a key part of the company's strategy for technological independence, product diversification, and global market expansion [1] Group 1: Company Strategy - The establishment of the subsidiary is integral to the deep integration of motor technology and intelligent chassis, which will help the company strengthen its advantages in the automotive chassis sector [1] - The company aims to further penetrate high-growth areas such as high-end new energy vehicles, intelligent driving, and key components for humanoid robots [1] Group 2: Business Development - In November 2025, the company will collaborate with Jinrun Electric to establish Bertelli Drive, enhancing its motor business layout in the automotive chassis and humanoid robot fields [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: Market Outlook - In the medium to long term, the steer-by-wire chassis is anticipated to contribute significant incremental growth, with overseas production capacity gradually ramping up [1] - The company maintains a "recommended" rating based on its customer and product structure alignment [1]