Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - The report highlights that high-level intelligent driving is accelerating the penetration of steer-by-wire (SBW) systems, which are expected to replace traditional mechanical chassis. The steer-by-wire technology is currently in the product introduction phase and is anticipated to enter mass production in 2025. The market for steer-by-wire is projected to reach 68.3 billion yuan by 2030, with a CAGR of 7.9% from 2023 to 2030 [3][9]. Summary by Sections Introduction - The demand for automotive intelligence is driving the continuous upgrade of intelligent driving systems, with L2 and above levels expected to penetrate over 50% of the market. The steer-by-wire system, currently with a penetration rate of less than 1%, has significant growth potential [6][25]. Trends - The transition from mechanical steering to electric steering and now to steer-by-wire is evident. The electric power steering (EPS) market is nearing saturation, with a penetration rate close to 100%. The steer-by-wire system is expected to become a key component in L3 and above autonomous driving, with a projected domestic penetration rate of 30% by 2030 [7][49]. Market Structure - The EPS market is primarily dominated by foreign companies, with the top five players holding significant market shares. Domestic companies are expected to catch up in the steer-by-wire market, with some already achieving mass production [8][9]. Investment Recommendations - The report suggests that the steer-by-wire system is on the verge of mass production, presenting substantial growth opportunities for domestic companies. It recommends companies like Top Group and Berteli, which are making significant progress in this area [9][11].

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]

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]

Market Overview - The Shanghai Composite Index has stabilized above 3400 points, indicating a potential recovery in market confidence [1] Rare Earth Permanent Magnet Sector - The rare earth permanent magnet sector has seen significant gains, with companies like Beikong Technology and Zhongke Magnetic Materials hitting their upper limits [3] - Recent policy signals include stricter regulations on rare earth mining and new innovation policies in Shenzhen, alongside a surge in demand from the electric vehicle and wind power sectors [3] - The National Development and Reform Commission has set a target for new energy vehicle sales to exceed 10 million units by 2025, which will drive demand for rare earth permanent magnet materials [3] - Emerging sectors such as humanoid robots and low-altitude economy are expected to bring tenfold demand growth in the long term [3] Automotive Parts Sector - Companies like Quanfeng Automotive and Disengli have also seen significant stock price increases due to dual drivers from policy and market [3] - The recent "old-for-new" policy has led to over 5 million vehicles receiving subsidies in May alone, with the penetration rate of new energy vehicles surpassing 38% [3] - Domestic companies are accelerating the replacement of imports due to cost and efficiency advantages, positioning leaders like Zhongding Holdings and Yatai Holdings as potential core players in the global supply chain [3] Financial Sector - The financial sector has shown strong performance, with companies like Nanhua Futures and Xinda Securities reaching their upper limits [4] - This growth is attributed to a combination of policy measures, including reserve requirement ratio cuts and increased insurance capital entering the market [4] - Financial stocks are characterized by high elasticity but also significant volatility, making them suitable for medium to long-term investment strategies [4] CRO Sector - The CRO sector has faced challenges, with companies like Lianhua Technology nearing their lower limits [4] - The difficulties stem from industry cycles and structural changes, including financing challenges for domestic biotech firms and increased competition leading to price wars [4] - The decline in gross margins for leading companies like Tigermed, dropping below 38%, indicates a tough environment [4] - However, this situation may present opportunities for market share growth for surviving companies post-industry consolidation [4]

Core Insights - The automotive industry in China is experiencing rapid growth, with production and sales exceeding 10 million units for the first time in the first four months of the year [2] - The transition from traditional to new energy vehicles is reshaping the automotive landscape, with various regions focusing on developing their unique strengths to create competitive clusters in smart and connected new energy vehicles [3][4] Industry Trends - The automotive production landscape is changing, with traditional automotive hubs losing their advantages while new cities emerge as leaders in the new energy vehicle sector [4] - Data from the National Bureau of Statistics indicates a shift in the top five provinces for automotive production from Guangdong, Shanghai, Jilin, Hubei, and Chongqing in 2017 to Guangdong, Anhui, Chongqing, Jiangsu, and Shandong by 2024 [4] - The rapid growth of new energy vehicles has led to significant production increases in provinces like Guangdong, Shandong, Anhui, Jiangsu, and Zhejiang, while traditional fuel vehicle production has declined in some regions [4] Regional Developments - Chongqing has proactively developed a world-class smart connected new energy vehicle industry cluster, aiming for over 10% of national production by 2025 [5] - Hefei has emerged as a new player in the automotive industry, with its new energy vehicle production skyrocketing from 3.40 million units in 2017 to over 137.61 million units by 2024, capturing 10.5% of the national total [5] Challenges and Issues - The slow transition of traditional automotive provinces is negatively impacting local economies, leading to declining revenues and potential business failures [6] - There are increasing instances of disruptive behaviors that hinder industry transformation, including blind investments by local governments and local protectionism that restricts market access for non-local enterprises [9][10] Policy Responses - The government has recognized the need to address local protectionism and has implemented measures to promote a unified national market for new energy vehicles [11] - Recent regulations aim to curb blind investments and ensure fair competition in the automotive sector, with a focus on optimizing the development environment [11][12] Future Outlook - The upcoming "15th Five-Year Plan" period is expected to see a shift in the growth rate of new energy vehicle production from rapid to steady growth, with significant technological advancements anticipated [12][13] - Local governments are encouraged to adopt innovative strategies tailored to their unique circumstances, avoiding a one-size-fits-all approach to automotive industry development [13]

Group 1 - The automotive steering system is gradually transitioning from EPS to steer-by-wire technology, which offers better responsiveness, enhanced autonomous driving capabilities, and improved emergency steering safety [1] - The steer-by-wire system is essential for L3+ autonomous driving, with significant advancements since its first mass production application in the 2013 Infiniti Q50 [1] - The company is experiencing a recovery in its main business profitability and is building a comprehensive steer-by-wire chassis product portfolio, integrating trends such as electrification, automation, and software-defined vehicles [1] Group 2 - The company's net profit margin has significantly improved, with a projected net profit of $61.72 million in 2024, a 68.1% increase from $36.74 million in 2023 [2] - The company secured project orders totaling $6 billion in 2024, with 31% from new business, including multiple steer-by-wire orders, showcasing its strong competitiveness [2] - The company plans to strategically expand into the steer-by-wire chassis field with the release of rear-wheel steering (RWS) and electronic mechanical brake (EMB) systems in the first half of 2025, further enhancing future growth potential [2] Group 3 - The company is forecasted to achieve revenues of $4.469 billion, $4.772 billion, and $5.068 billion from FY2025 to FY2027, with year-on-year growth rates of 4.5%, 6.8%, and 6.2% respectively [2] - The projected net profit for the same period is $121 million, $162 million, and $186 million, reflecting growth rates of 96.2%, 34.1%, and 14.4% respectively [2] - Given the rapid profit growth phase, the company has a target price of HKD 7.61 per share, indicating a 24% upside potential from the current price, with a corresponding FY2025E PE of approximately 19 times [2]

车展的流量效应褪去，汽车本身重新成为主角。 "今年车展的流量不如往年"。4 月 23 日，2025 上海车展首个媒体日结束后，有部分行业人士、媒体 同行们表达了类似的观点。回顾过去一年的国内 A 级车展，往往是首日即爆满，车企高管走到哪，人 群就簇拥在哪。 事实上，今年上海车展真正的流量高峰在公众日。这个五一假期，车展和外滩一样成为了上海的一张 新名片。这场首次延长至五一假期的汽车盛会，累计吸引了超百万人前来观看。 如果参考历史更悠久的汽车展览会，产品展示和技术交流才是它们存在的意义。像慕尼黑车展，将展 区分为免费向公众开放的城市展厅，以及面向行业人士的室内展馆；还有像巴黎车展，更是把展馆作 为一个公众性的活动，学校老师还会组织学生们去车展现场参观。 这一届上海车展，悄然成为了中国汽车行业的一次转折点：车企和公众的关注焦点，从过去的营销造 势，转向了产品技术实力与用户价值。车展终于回到正轨，聚焦汽车的本质。 流量光环褪去，造车回归本质 2017 年，国内有接近 300 家造车新势力。在那一年的上海车展上，他们悉数登场，争奇斗艳。对于这 些新的汽车品牌，用户认知度是一大短板。除了通过放大声量来扩大品牌影响力之外 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, driven by multiple product lines and a robust pipeline of new energy projects [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 2.638 billion yuan, representing a year-on-year increase of 41.83% [1] - The net profit attributable to shareholders was 270 million yuan, up 28.79% year-on-year [1] - The net profit after deducting non-recurring items was 266 million yuan, reflecting a growth of 38.61% [1] - Main business revenue reached 2.595 billion yuan, with a year-on-year growth of 42.78% [1] Product Line Growth - The company's smart electric control products saw a sales increase of 58.43% year-on-year, becoming the main driver of overall growth [1] - Disc brakes and lightweight braking components experienced year-on-year growth of 36.14% and 23.45%, respectively [1] - The synergy among multiple product lines supported the rapid increase in overall revenue [1] New Energy Project Pipeline - As of Q1 2025, the company had a total of 498 projects under research, new production, and new designated projects, marking a year-on-year increase of 6.41%, 11.76%, and 13.21% respectively [1] - Among these, 393 projects are related to new energy vehicles, aligning with trends in electrification and intelligence, providing ample reserves for future project releases [1] Customer Structure and Market Expansion - The company has served a total of 50 automotive manufacturer clients and is actively optimizing its customer structure [2] - New clients added in 2024 include Ford North America and GAC Toyota [2] - The company’s overseas business is progressing steadily, with exports to the U.S. reaching 339 million yuan, primarily through bases in China and Mexico [2] - The establishment of a stable supply capability from the Mexico factory marks a significant step in the company's international strategy [2] Profit Forecast - The company is expected to achieve revenues of 12.7 billion yuan, 16.1 billion yuan, and 20.1 billion yuan in 2025, 2026, and 2027 respectively [2] - The projected net profits attributable to shareholders for the same years are 1.56 billion yuan, 2.01 billion yuan, and 2.44 billion yuan [2] - The company is anticipated to experience rapid growth in revenue and net profit, particularly in the fields of online control chassis and robotics [2]

Core Viewpoint - The company reported strong revenue growth in Q1 2025, but profitability faced pressure due to various factors, including increased production and new project launches [1] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 2.638 billion yuan, representing a year-on-year increase of 41.8% but a quarter-on-quarter decrease of 21.5% [1] - The net profit attributable to shareholders was 270 million yuan, up 28.8% year-on-year but down 37.3% quarter-on-quarter [1] - The gross margin for Q1 2025 was 17.97%, a decrease of 2.8 percentage points year-on-year and 2.9 percentage points quarter-on-quarter [1] Group 2: Product Sales and Growth - Major clients saw significant sales growth, with Chery up 17.9% year-on-year but down 27.1% quarter-on-quarter, Geely up 48% year-on-year and 2.5% quarter-on-quarter, and Changan up 1.9% year-on-year but down 9.5% quarter-on-quarter [1] - Sales of intelligent electronic control products reached 1.462 million units, a year-on-year increase of 58.4% [1] - Sales of disc brakes were 933,000 units, up 36.1% year-on-year, while lightweight brake components sold 3.438 million units, up 23.5% year-on-year [1] Group 3: Technological Advancements and Capacity Expansion - The company completed the manufacturing of B samples for its electronic mechanical brake system (EMB) and launched several new platforms, including WCBS1.5 and GEEA3.0 [2] - The company is expanding its lightweight component production capacity, with a planned annual capacity of 4 million units at its new facility in Mexico, which began operations in 2023 [2] - The Mexican production base is expected to enhance service levels for North American clients and foster deeper customer relationships [2] Group 4: New Market Opportunities - The company reported a 23.8% year-on-year increase in sales of mechanical steering products, with a net profit margin of 6.7%, reflecting significant integration effects [3] - Development of integrated control systems for automotive chassis, including line control braking and steering, is progressing well [3] - The company is actively promoting its L2 and L2+ level ADAS products and engaging in R&D for high-precision mapping and intelligent algorithms [3] Group 5: Earnings Forecast - The company forecasts EPS of 2.49, 3.27, and 4.18 yuan for 2025-2027, corresponding to PE ratios of 24, 18, and 14 times, with a projected CAGR of 28% for net profit attributable to shareholders [3]