Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.18 CNY [2][5] Core Views - The company is experiencing continuous overseas capacity expansion, with the roof business becoming a new growth point [1] - The revenue and profit forecasts have been adjusted, with projected net profits for 2025-2027 at 963 million, 1.164 billion, and 1.365 billion CNY respectively, reflecting a growth rate of 20.0%, 20.9%, and 17.3% [2][4] Financial Summary - The company’s revenue for 2023 is reported at 5.861 billion CNY, with a year-on-year growth of 13.9%. Projections for 2024, 2025, 2026, and 2027 are 6.377 billion, 7.387 billion, 8.638 billion, and 9.875 billion CNY, respectively, indicating growth rates of 8.8%, 15.8%, 16.9%, and 14.3% [4] - The gross profit margin is expected to improve gradually from 26.9% in 2023 to 27.5% in 2027, while the net profit margin is projected to increase from 11.2% to 13.8% over the same period [4] - The company’s operating profit for 2023 is 802 million CNY, with forecasts of 943 million, 1.107 billion, 1.344 billion, and 1.581 billion CNY for the following years, showing growth rates of 35.7%, 17.6%, 17.4%, and 21.4% [4] Business Development - The roof business is entering a phase of significant growth, with sales of roof products expected to increase substantially, supported by contracts with major clients such as General Motors, Ford, Tesla, and Rivian [9] - The company’s overseas business accounted for 86.4% of its revenue in 2024, with production facilities in Mexico ensuring compliance with trade agreements, thus minimizing the impact of potential tariffs [9] - The construction of a new production facility in Mexico is progressing, with an expected annual output of 700,000 roof products, which is anticipated to be operational by the end of 2024 [9]

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core View of the Report This week, convertible bonds underperformed underlying stocks, and their valuations slightly declined. Amid better - than - expected Sino - US economic and trade talks, the equity market accelerated its recovery in the first half of the week and then pulled back. There was a divergence in the performance of large - and small - cap styles in the convertible bond market. Large - cap convertible bonds performed strongly due to the continuous replenishment of under - allocated industries by funds, while previously active styles such as TMT declined. Currently, with limited fluctuations in the bond market and doubts about the medium - to - long - term profit improvement of equities, although there is limited upward space for convertible bond valuations, strong support is likely due to supply - demand contradictions, and no breakthrough variables have emerged. In terms of allocation, it is recommended to focus on high - dividend large - cap debt - biased convertible bonds, combined with a balanced equity - biased direction. Pay attention to recent cases of proposed downward revisions and look for potential targets with a strong willingness to promote conversion. Asymmetrical trading, double - low momentum, and clause - based gaming are still recommended [1][6]. 3. Summary by Relevant Catalogs 3.1 Week's View and Outlook - Convertible bonds underperformed underlying stocks this week, with slightly reduced valuations. The equity market first recovered and then pulled back. There was a style divergence in the convertible bond market. - Given the current situation of the bond and equity markets, convertible bond valuations have limited upward space but are likely to be strongly supported. - Allocate high - dividend large - cap debt - biased convertible bonds, combined with a balanced equity - biased direction. Focus on downward - revision cases and use strategies like asymmetrical trading [1][6]. 3.2 Convertible Bond Valuation - Convertible bonds underperformed underlying stocks, and overall valuations slightly decreased. The 100 - yuan premium rate of the entire market was 28%, down 0.02% week - on - week, at the 73.1st percentile since 2017. Low - rated convertible bonds had a 100 - yuan premium rate of 23%, down 0.2%, at the 71.2nd percentile. High - rated convertible bonds had a 100 - yuan premium rate of 22%, down 0.31%, at the 79.6th percentile [3][7]. - The conversion premium rate decreased, the pure - bond premium rate increased, and the yield to maturity decreased. As of the latest data, the conversion premium rate index, pure - bond premium rate index, and yield to maturity were 47.24%, 26.13%, and - 2.48% respectively, changing by - 0.91%, 0.42%, and - 0.13% from last week, at the 72.4th, 33.3rd, and 15.3rd percentiles since 2017 [3][10]. 3.3 Clause Tracking 3.3.1 Redemption - No new convertible bonds issued early - redemption announcements this week. There is currently 1 convertible bond that has issued an early - redemption announcement and is still trading, and no bonds with maturity - redemption announcements are trading. The potential maturity or conversion balance of early - redeemed and matured convertible bonds still trading is 275 million yuan. - There are 26 convertible bonds in the redemption process, and 7 are expected to meet the redemption conditions next week, which are recommended for observation. - Two convertible bonds, including Qianglian, announced not to redeem early. As of now, 49 convertible bonds are within the non - redemption period [13][18][19]. 3.3.2 Downward Revision - Gaoce and Puli announced downward - revision board plans this week. As of now, 170 convertible bonds are in the non - downward - revision interval, 2 have triggered the condition and the stock price is still below the trigger price but no announcement has been made, 46 are in the downward - revision process, and 4 have issued downward - revision board plans but have not held a general meeting of shareholders [20][23]. 3.3.3 Put Option - Three convertible bonds, including Sannuo, Lepu 2, and Changhong, issued put - option announcements this week. As of now, 9 convertible bonds are in the cumulative put - option process, 1 is in the downward - revision process, 2 are in the process of board - proposed revision but have not held a general meeting of shareholders. Currently, 6 convertible bonds have issued put - option announcements [23]. 3.4 Primary Issuance - There are no convertible bonds scheduled for issuance or listing next week. As of now, there are 9 convertible bonds in the approval - registration process, with an expected issuance scale of about 1.45 billion yuan, and 4 in the listing - committee approval process, with an expected issuance scale of about 270 million yuan [25].

公开信息显示，现任基金经理甘传琦先生:中国国籍,毕业于北京大学金融学专业,研究生、硕士学位,具 有基金从业资格。2010年7月至2017年3月历任博时基金管理有限公司研究员、高级研究员、基金经理助 理。2017年4月加入国联基金管理有限公司,现任公司权益投资部联席总经理。现任国联先进制造混合型 证券投资基金、国联沪港深大消费主题灵活配置混合型发起式证券投资基金(2018年02月至2020年09 月)、中融强国制造灵活配置混合型证券投资基金(2018年02月至2018年11月)、国联医疗健康精选混合型 证券投资基金(2018年09月至2020年09月)、国联产业升级灵活配置混合型证券投资基金(2017年06月起至 今)、国联新经济灵活配置混合型证券投资基金(2020年03月起至今)、国联创业板两年定期开放混合型证 券投资基金(2020年08月起至2023年11月)、国联成长优选混合型证券投资基金(2020年11月至2021年12 月)、国联产业趋势一年定期开放混合型证券投资基金(2020年12月至2023年04月)、国联行业先锋6个月 持有期混合型证券投资基金(2021年02月至2023年04月)、国联高质量成 ...

Core Viewpoint - Guangzhou Ruili Kemi Automotive Electronics Co., Ltd. (referred to as "Ruili Kemi") has recently passed its IPO review, indicating strong market interest and potential for growth in the automotive electronics sector [1] Financial Performance - Revenue projections for Ruili Kemi from 2022 to 2024 are 1.326 billion, 1.760 billion, and 1.977 billion yuan respectively, with net profits of 81 million, 223 million, and 257 million yuan [2] - The comprehensive gross profit margins for the same years are 22.03%, 29.70%, and 29.73%, showing a significant increase in 2023 [2] - Total assets are projected to reach 2.837 billion yuan by the end of 2024, with a debt-to-asset ratio decreasing from 50.37% in 2022 to 37.98% in 2024 [3] Business Segments - Ruili Kemi focuses on active safety systems for vehicles and aluminum alloy precision die-casting, with the active safety systems accounting for 74.24%, 82.37%, and 82.49% of revenue from 2022 to 2024 [5] - The company has established a supply chain with major domestic manufacturers and has entered the supply systems of international companies such as Bosch and Ford [5] Market Position - Ruili Kemi's market share in pneumatic control braking systems ranked first from 2021 to 2023, indicating strong competitive positioning [5] - The company has seen an increase in overseas sales, with proportions rising from 5.06% in 2022 to 16.07% in 2024 [5] Client Base - The top five clients of Ruili Kemi include major automotive groups, with the concentration of sales to these clients decreasing from 44.24% in 2022 to 29.53% in 2024, indicating a diversification of the client base [6] R&D Investment - Ruili Kemi's R&D expenditure as a percentage of revenue is higher than the industry average, with figures of 7.07%, 5.50%, and 5.86% from 2022 to 2024 [7] - By the end of 2024, the company plans to invest 1.522 billion yuan in various projects, including 880 million yuan for the R&D headquarters [9]

Investment Rating - The report maintains a positive investment rating for the automotive industry, highlighting strong growth potential driven by policy support and technological advancements [6]. Core Insights - The automotive industry is experiencing a robust recovery, with passenger vehicle sales driven by policy incentives and an increase in new energy vehicle penetration [1][46]. - The report emphasizes the profitability of intelligent and autonomous driving technologies, which are expected to lead the market in the coming years [5]. - The overall performance of the automotive sector is supported by favorable exchange rates and improved product structures, contributing to enhanced profit margins [1][2]. Summary by Sections Industry Overview - As of Q1 2025, the automotive sector's fund holding ratio increased to 6.09%, reflecting strong demand and positive market sentiment [19]. - The total market capitalization of the selected sample of 306 companies in the automotive sector is approximately 50,793 billion [10]. Passenger Vehicles - In Q4 2024, wholesale passenger vehicle sales reached 8.859 million units, a year-on-year increase of 12.4% and a quarter-on-quarter increase of 32.2% [1]. - The revenue for the passenger vehicle segment in Q4 2024 was 696.5 billion, up 18.0% year-on-year and 28.8% quarter-on-quarter [1]. - The average selling price (ASP) remained stable in Q1 2025, with seven sample companies reporting a total revenue of 447.7 billion, a year-on-year increase of 6.2% [1]. Auto Parts - The auto parts sector saw revenue growth, with Q4 2024 revenue at 269.225 billion, a year-on-year increase of 6.8% [2]. - The gross margin for the auto parts sector in Q4 2024 was 16.8%, reflecting competitive pricing pressures [2]. - In Q1 2025, the gross margin improved to 17.5%, driven by economies of scale and reduced raw material costs [2]. Commercial Vehicles - Heavy truck demand showed signs of recovery, with Q4 2024 revenue for key companies at 95.64 billion, a year-on-year decrease of 3.7% but a quarter-on-quarter increase of 12.4% [3]. - The bus segment experienced significant growth, with Q4 2024 revenue at 24.25 billion, up 55.5% year-on-year [3]. Motorcycles - The motorcycle segment saw a surge in sales, with Q4 2024 sales reaching 184,000 units, a year-on-year increase of 57.2% [4]. - Revenue for key motorcycle companies in Q4 2024 was 13.42 billion, up 25.9% year-on-year [4]. Investment Recommendations - The report recommends investing in high-quality domestic brands in the passenger vehicle sector, such as BYD, Geely, and Xpeng [5]. - In the auto parts sector, it suggests focusing on companies involved in the new energy vehicle supply chain and intelligent driving technologies [5].

行 业 及 产 业 行 业 研 究 / 行 业 点 证 券 研 究 报 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 戴文杰 (8621)23297818× daiwj@swsresearch.com 2025 年 05 月 13 日 先提效、再降本，核心还看日均收 入 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 评 告 汽车 ⚫ 量化 Robotaxi 业务盈利弹性来源：先提效、再降本，核心还看日均收入 ⚫ 我们站在企业视角，对单车盈利模型做了更新，结论如下： ⚫ Robotaxi 发展早期（刚铺开运营车辆），单车运营成本随技术发展可快速下降，具备 将毛利率提升约 130%的能力。 ⚫ 进入成熟期，随区域运营车辆逐步增加，效率对毛利率的影响让位于整车降本。逐步成 熟阶段，单车降本 10%可撬动毛利率提升 3pct。而此时运营效率提升 10%（即安全员 劳动报酬降低 10%），对毛利率影响仅 0.8pct。 ⚫ 稳定 L4 运营后，日均收入提升 10pct 有望带动毛利率增加 6pct。这一 ...

Group 1 - The company held its annual general meeting on May 13, 2025, in accordance with Chinese laws and regulations [1][4] - The meeting was convened following the approval of the board of directors on April 21, 2025, and the notice was published on April 23, 2025 [2][4] - A total of 11 proposals were reviewed during the meeting, including annual reports and financial statements [3][6] Group 2 - The meeting had 7 representatives present, representing 228,454,107 shares, which is 37.6669% of the total voting shares [4] - Additionally, 484 shareholders participated through online voting, representing 111,247,292 shares, or 18.3422% of the total voting shares [4] - The voting results indicated that all proposals were approved by the shareholders present [5][10] Group 3 - The meeting's voting procedures were conducted in accordance with the company's articles of association and relevant laws [5][10] - The proposals included the annual work report, financial budget, and the appointment of the auditing firm for 2025 [3][8] - The results of the voting showed a high level of agreement among minority shareholders, with significant percentages of approval for each proposal [7][9]

Meeting Overview - The shareholders' meeting of Wuhu Berteli Automotive Safety Systems Co., Ltd. was held on May 13, 2025, with a total attendance representing 56.0091% of the shares [1] - The meeting was presided over by Chairman Yuan Yongbin, and the procedures complied with the Company Law and the Articles of Association [1] Voting Results - All proposed resolutions were approved with significant majority votes, including: - A resolution with 339,675,879 votes in favor (99.9924%) and 22,400 votes against (0.0065%) [1] - Another resolution received 338,433,159 votes in favor (99.6266%) with 22,500 votes against (0.0066%) [1] - A budget report was also approved with 338,426,899 votes in favor (99.6248%) and 28,560 votes against (0.0084%) [1] Shareholder Voting Breakdown - The voting results indicated a strong consensus among A-shareholders, with most resolutions receiving over 99% approval [2][3] - Specific resolutions included the annual audit firm and internal control audit firm, which also passed with over 99% approval [2] Legal Compliance - The meeting's procedures and the qualifications of the attending shareholders were confirmed to be in accordance with Chinese laws and regulations, ensuring the validity of the voting results [3]

证券代码：603596 证券简称：伯特利 公告编号：2025-032 芜湖伯特利汽车安全系统股份有限公司 2024年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 13 日 (二)股东大会召开的地点：芜湖伯特利汽车安全系统股份有限公司二楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 493 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 339,701,399 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 56.0091 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况： 本次会议由公司董事会提议召开，公司董事长袁永彬先生主持会议，会议召 集及召开程序符合《公司法》和《公司章程》的有关规定。 (五)公司董事、 ...

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 关于芜湖伯特利汽车安全系统股份有限公司 2024 年度股东大会的法律意见书 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"）接受芜湖伯特利汽车安全系 统股份有限公司（以下称"公司"）的委托，指派本所律师见证了公司于 2025 年 5 月 13 日在芜湖伯特利汽车安全系统股份有限公司二楼会议室召开的公司 2024 年度股东大会（以下称"本次股东大会"），并依据《中华人民共和国公 司法》《中华人民共和国证券法》等中国现行法律、法规和其他规范性文件（以 下称"中国法律法规"）及《芜湖伯特利汽车安全系统股份有限公司章程》（以 下称"《公司章程》"）的规定，就本次股东大会的召集和召开程序、出席会议 人员资格、召集人资格、会议表决程序和表决结果等事宜（以下称"程序事宜"） 出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东大会的文件， 包括但不限于公司第四届董事会第六次会议决议、第四届监 ...