证券研究报告·公司点评报告·汽车零部件 伯特利（603596） 2025 年一季报点评：毛利率或为阶段低点， 看好智能底盘+全球化长期趋势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,474 | 9,937 | 12,918 | 15,500 | 18,376 | | 同比（%） | 34.93 | 32.95 | 30.01 | 19.99 | 18.55 | | 归母净利润（百万元） | 891.50 | 1,208.85 | 1,547.19 | 1,881.89 | 2,285.19 | | 同比（%） | 27.57 | 35.60 | 27.99 | 21.63 | 21.43 | | EPS-最新摊薄（元/股） | 1.47 | 1.99 | 2.55 | 3.10 | 3.77 | | P/E（现价&最新摊薄） | 39.20 | 28.91 | 22.59 | 18.57 | 15.29 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is progressing smoothly in new business initiatives, aiming to become a supplier of intelligent chassis systems [1] - In 2024, the company expects revenue of 9.937 billion yuan, a year-on-year increase of 33%, and a net profit of 1.209 billion yuan, a year-on-year increase of 36% [3] - For Q1 2025, the company reported revenue of 2.6 billion yuan, a year-on-year increase of 42%, and a net profit of 270 million yuan, a year-on-year increase of 29% [1] Financial Performance - The company's revenue for 2024 is projected at 12.619 billion yuan, with a year-on-year growth of 28%, and a net profit of 1.556 billion yuan, with a year-on-year growth of 28.7% [4] - The gross profit margin for Q1 2025 is reported at 18.0%, down 2.8 percentage points year-on-year [2] - The company has a strong order backlog and is expanding its product lines, including electric control steering systems and air suspension systems [3] Market Demand and Expansion - The domestic demand for new energy vehicles in Q1 2025 reached 3.075 million units, a year-on-year increase of 47% [1] - The company is expanding its overseas presence with R&D and production bases in the US and Mexico, which is expected to support future growth [1][2] - The company has successfully developed and validated several new products, including the WCBS 2.0B platform and electric control steering products [3] Profitability Forecast - The company forecasts net profits of 1.556 billion yuan in 2025, 2.0 billion yuan in 2026, and 2.58 billion yuan in 2027, with corresponding P/E ratios of 23, 18, and 14 times [3][4]

24 年公司墨西哥一期工厂快速达产，海外营收同比+25.9%至10.9 亿元，毛利率达31.9%，较国内业务高 14.7pct。25 年公司墨西哥二期工厂也将落地投产，有望配套通用、福特、北美新能源客户等头部车企 实现快速爬坡，释放盈利。此外公司将在摩洛哥建设新工厂，有望加大对欧洲客户的供应配套机会。公 司对美出口主要采用FCA 贸易方式，且墨西哥工厂的轻量化产品已符合美墨加协定，关税风险较小。 盈利预测 我们基本维持公司25-26 年归母净利润15.1/19.3 亿元，并预计27 年归母净利润为24.2 亿元。基于可比公 司估值均值，给予公司25 年26.3 倍 PE估值，对应目标价为65.49 元（前值56.03 元，对应25E 22.5x PE）。 风险提示：下游客户整车产销不及预期，短期内新产品盈利能力不及预期。 伯特利发布年报，2024 年实现营收99.37 亿元（yoy+32.95%），归母净利12.09 亿元（yoy+35.60%）， 扣非净利11.13 亿元（yoy+30.15%），超过Wind 一致预期（11.7 亿元）。其中Q4 实现营收33.58 亿元 （yoy+41.80%，qoq+2 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.50 CNY, based on a projected PE ratio of 27 times for 2025 [3][6]. Core Insights - The company is experiencing significant growth in its smart electric control products, with new customer acquisitions contributing to this expansion [2]. - The financial performance for 2024 aligns with expectations, showing a revenue of 99.37 billion CNY, a year-on-year increase of 33.0%, and a net profit of 12.09 billion CNY, up 35.6% [9]. - The company is actively expanding its production capacity and exploring new markets, including intelligent driving and humanoid robotics [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 130.11 billion CNY, 159.62 billion CNY, and 196.98 billion CNY, respectively, with growth rates of 30.9%, 22.7%, and 23.4% [5]. - The net profit for the same period is forecasted to be 15.18 billion CNY, 18.63 billion CNY, and 22.98 billion CNY, reflecting growth rates of 25.6%, 22.8%, and 23.3% [3][5]. - The company’s gross margin is expected to stabilize around 22.0% to 22.5% from 2025 to 2027 [5]. Customer and Market Expansion - The company has successfully added eight new clients, including notable names in the North American market, bringing the total client count to 50 [9]. - The company is focusing on enhancing its product offerings and has a robust pipeline of projects, with 430 projects under research and 309 new projects entering mass production [9]. Production Capacity and Future Plans - The company plans to increase its production capacity significantly, including 100,000 sets per year for floating calipers and 150,000 sets for EPB calipers by 2025 [9]. - The company is also exploring mergers and acquisitions in the intelligent chassis and driving sectors to create business synergies [9].

据IPO早知道消息，智能底盘系统方案商「利氪科技」携最新智能底盘闪耀亮相2025上海车展， 以"让底盘思考，让智驾进化"为核心理念，推出全新版本IHB-LK®（One-box）线控制动系统及智能 底盘2.0核心产品,助力车企在智能化和电动化浪潮中实现品牌跨越。 本届车展上，利氪科技首发多版本 IHB-LK® （One-box）线控制动方案，可适配主机厂不同需求。 系统升级了全新软件架构，其中IHB-LK® GEN3.0可适配全地形等一系列特色功能，目前该功能已 完成全部测试验收，将于2025年中在国内头部车企搭载车型实现量产。 让底盘思考，让智驾进化。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 同时利氪科技积极响应主机厂自主可控的迫切需求，持续投入国产化方案研发，全栈自研 -100%国 产化线控制动IHB-LK® GEN4.0（One-box）方案也将于今年四季度实现量产。 此外 ，面向 即将进入的 智能 底盘 2.0 时代 ， 利氪科技 重磅 发布了 EMB 、线控转向等全新产 品， 系统 各项性能和参数 都具有领先 优势。至此，利氪科技成为了 业内暨率先 开 ...