伯特利：制动龙头矢志线控底盘，持续深化全球布局

Investment Rating - The report maintains a "Buy" rating for the company with a target price range of 50.0-60.0 CNY [3][5]. Core Insights - The company is a leading player in the automotive brake system industry, focusing on expanding its global footprint and diversifying its product offerings, including lightweight components and intelligent electronic control products [1][13]. - The traditional brake business serves as a solid foundation for performance, while the lightweight business is expected to contribute significantly to revenue growth, especially with the establishment of the Mexico factory [1][21]. - The company aims to maintain its first-mover advantage in brake systems while expanding into steering systems through strategic acquisitions, positioning itself as an integrated supplier of line-controlled chassis systems [1][13]. Summary by Sections 1. Brake System Development and Global Expansion - The company has been deeply involved in the brake system sector for over 20 years, expanding horizontally into lightweight components and steering systems [1][13]. - The establishment of a factory in Mexico in 2020 and the planned opening of a Singapore company in 2024 are part of the strategy to enhance global operations [1][21]. 2. Traditional Brake Business and Lightweight Market - The company offers a full range of brake products, including calipers and electronic brake systems, with a strong competitive edge in the domestic market [1][21]. - The lightweight business has seen rapid growth in overseas orders, supported by the new production capacity in Mexico [1][21]. 3. Advancements in Line-Controlled Brake Systems - The company is advancing its line-controlled brake technology and has made significant progress in developing electric brake systems (EMB) [1][13]. - The acquisition of Wanda Company has enabled the company to enter the steering sector, enhancing its product offerings and revenue potential [1][13]. 4. Customer Base and Overseas Business Growth - The company has diversified its customer base, reducing reliance on major clients, and has established partnerships with both domestic and international automotive manufacturers [1][25]. - The overseas revenue has been steadily increasing, with a notable contribution from lightweight brake components [1][27]. 5. Financial Projections - The company is projected to achieve revenues of 10.35 billion CNY, 13.28 billion CNY, and 16.60 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.22 billion CNY, 1.46 billion CNY, and 1.91 billion CNY [2][21].