伯特利（603596.SH）系列点评十三 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 2 月 26 日收盘价） 2026 年 02 月 26 日 | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 53.50 元 | 拟收购豫北转向控股权 智能电动齐驱 glmszqdatemark [Table_Author] 分析师 崔琰 风险提示：客户销量不及预期；原材料上涨；收购进展不及预期；关税风险等。 | 执业证书： S0590525110023 | | | --- | --- | | 邮箱： | cuiyan@glms.com.cn | | 分析师 | 白如 | | 执业证书： S0590525110025 | | | 邮箱： | bairu@glms.com.cn | [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 9,937 | 12,345 | 15,140 | 18,760 | ...

伯特利（603596.SH）系列点评十三 拟收购豫北转向控股权 智能电动齐驱 glmszqdatemark 风险提示：客户销量不及预期；原材料上涨；收购进展不及预期；关税风险等。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 9,937 | 12,345 | 15,140 | 18,760 | | 增长率（%） | 33.0 | 24.2 | 22.6 | 23.9 | | 归属母公司股东净利润（百万元） | 1,209 | 1,319 | 1,612 | 2,005 | | 增长率（%） | 35.6 | 9.1 | 22.2 | 24.3 | | 每股收益（元） | 1.99 | 2.17 | 2.66 | 3.31 | | PE | 27 | 25 | 20 | 16 | | PB | 4.9 | 4.1 | 3.5 | 2.9 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 2 月 26 日收盘 ...

经济观察网合兴股份（605005）近期股东完成减持计划，同时三季度财务数据显示营收增长但净利润下 滑，股价与资金流向出现短期背离，公司业务受汽车零部件板块及机器人概念影响。 股价与资金表现2025年11月至12月期间，合兴股份主力资金呈现波动，如11月14日净流入379.4万元， 但12月22日净流出806.9万元，资金流向与股价走势出现短期背离。公司股价在2025年整体上涨 22.36%，但近期的波动受汽车零部件板块整体表现及机器人概念热度影响。 行业政策现状合兴股份主营业务为汽车电子和消费电子，所属概念包括线控底盘、智能座舱等。券商分 析指出，2026年机器人领域或迎来实质性突破，可能对汽车零部件板块产生结构性影响。但公司未在近 期公告中披露具体的新业务进展或产品量产计划。 以上内容基于公开资料整理，不构成投资建议。 股东减持根据公告，合兴股份股东合兴集团及相关一致行动人已完成减持计划，累计减持公司股份占总 股本的2.79%。此前的2025年12月1日，合兴集团也曾减持173.4万股，占公司总股本的0.4324%。股东减 持可能影响市场情绪和股权结构。 业绩经营情况公司2025年第三季度报告显示，营业总收 ...

Summary of Bertli's Conference Call Company Overview - Bertli is a significant player in the Electromechanical Brake (EMB) product market, particularly in areas where traditional giants like Bosch do not hold absolute advantages, indicating potential for substantial market share expansion [2][4]. Core Insights and Arguments - EMB technology allows for direct mechanical control via electricity, achieving response times as fast as 50 milliseconds, which is superior to mainstream Electronic Hydraulic Brake (EHB) systems. This technology effectively shortens braking distances, enhances safety, and supports advanced autonomous driving features [2][4]. - The Ideal L9 model, priced at approximately 550,000 yuan, is one of the first mass-produced vehicles to utilize Bertli's EMB technology, marking a significant breakthrough for the company in this field [2][4]. - By 2030, EMB is expected to capture 10% of the passenger vehicle market, providing Bertli with considerable market opportunities to offset limitations in the domestic market share of its One Box products [2][5]. - Bertli has made progress in lightweight solutions in collaboration with overseas clients, with limited impact from rising aluminum prices. The company has also achieved system designations in online control steering and air suspension, which are expected to contribute to revenue growth [2][5]. - Despite high penetration rates for products like One Box and EPP, the domestic production rate is only 40%, indicating ample room for domestic substitution and growth potential for Bertli [2][5]. Financial Outlook - The compound annual growth rate (CAGR) for Bertli's performance is projected to approach 25% over the next two years. The current valuation is approximately 20 times earnings (including convertible bonds), which is considered low, maintaining a positive outlook for the company [3][5]. - Risks to this outlook include potential economic growth falling short of expectations and significant increases in raw material prices [3][5].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][16]. Core Insights - The new Li Auto L9 Livis is leading a new phase in steer-by-wire chassis technology, which is expected to drive upgrades in related component manufacturers [2][15]. - The report highlights a significant growth in demand for AIDC power generation equipment and recommends Weichai Power for its diversified layout in diesel, gas generator sets, and SOFC [16]. - The report notes that liquid cooling is a promising area for automotive components, recommending Silver Wheel Holdings for its comprehensive efforts in digital power [16]. - The export of passenger vehicles to Europe is anticipated to grow rapidly under carbon reduction policies, with recommendations for XPeng Motors and SAIC Motor [16]. - The intelligent driving supply chain is expected to benefit from advancements in L3 testing, with recommendations for Nexperia and China Automotive Research [16]. - The humanoid robot sector is highlighted, recommending Delta Electronics and Ningbo Huaxiang based on long-term strategic capabilities [16]. Industry Performance Overview - In the week of January 30 to February 6, 2026, the automotive index remained flat, while the new energy vehicle index increased by 2% [2][7]. - Over the past month, the automotive index decreased by 1%, and the new energy vehicle index fell by 2% [8][9]. - The report indicates that the automotive sector has shown mixed performance, with some stocks like Kailong High-Tech and Weichai Power seeing significant gains, while others like Tianpu and Suoling experienced declines [10][12]. Sales Data - For the period of January 1-18, 2026, retail sales of passenger vehicles in China totaled 679,000 units, a year-on-year decrease of 28% [14]. - The new energy vehicle market saw retail sales of 312,000 units during the same period, reflecting a 16% year-on-year decline [14]. Recommendations for Key Companies - The report recommends several companies based on their market positions and growth potential: - Weichai Power [18] - Silver Wheel Holdings [18] - XPeng Motors [18] - SAIC Motor [18] - Nexperia [18] - Delta Electronics [18] - Ningbo Huaxiang [18]

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | 本报告导读： 近一周，申万汽车指数相对持平，新能源整车指数上涨 2%，汽车零部件指数相对持 平，商用车指数相对持平。全新理想 L9 Livis 引领线控底盘新阶段。 投资要点： [Table_Invest] 评级： 增持 [Table_Report] 相关报告 股票研究 /[Table_Date] 2026.02.08 全新理想 L9 Livis 引领线控底盘新阶段 [Table_Industry] 汽车 汽车行业周报（2026/1/30-2026/2/6） 汽车《AI 应用重要阵地，Robotaxi 还看中国》 2026.02.04 汽车《特斯拉加速 AI 转型，将发布第三代人形 机器人 Optimus》2026. ...

Group 1 - The core product is the Xiaopeng GX (G01), which will be available in both extended-range and pure electric versions, targeting the high-end large SUV market [1][5] - The vehicle features a six-seat layout and is built on the new SEPA 3.0 architecture, with a design that includes a minimalist front, split headlight design, and a prominent grille for energy efficiency [1][3] - The dimensions of the Xiaopeng GX are 5265mm in length, 1999mm in width, and 1800mm in height, with a wheelbase of 3115mm, indicating a full-size SUV presence [1][3] Group 2 - The extended-range version is powered by a 1.5T engine with a maximum power of 150 horsepower, while the dual-motor system in the pure electric version can output up to 585 horsepower [5] - The vehicle is equipped with an 800V platform and features advanced technologies such as line control steering and rear-wheel steering, with a potential for L4 autonomous driving capabilities [5][8] - The Xiaopeng GX is expected to be priced above 300,000 yuan, entering a highly competitive segment with established players like Li Auto and Aito [7][8] Group 3 - The design includes a range of color options and a two-tone body, with high-end features such as hidden door handles and panoramic sunroofs to enhance its premium positioning [3][5] - The market for large SUVs in China is crowded, with various brands competing in the price range from 200,000 to 1,000,000 yuan, making differentiation crucial for Xiaopeng [7][8] - The success of the Xiaopeng GX will depend on its ability to offer tangible features and experiences that justify its high-end positioning in a competitive market [8]

Group 1 - The core viewpoint of the news is that Top Group's stock has experienced a decline in price and trading activity, with significant net outflows of capital and a decrease in shareholder numbers [1][2]. - As of January 29, Top Group's stock price was 72.74 yuan per share, down 2.02%, with a total market capitalization of 126.41 billion yuan [1]. - The company has seen a year-to-date stock price decline of 5.75%, with a 11.23% drop over the last five trading days [1]. Group 2 - For the period from January to September 2025, Top Group reported a revenue of 20.93 billion yuan, representing a year-on-year growth of 8.14%, while the net profit attributable to shareholders decreased by 11.97% to 1.97 billion yuan [2]. - The company has distributed a total of 3.575 billion yuan in dividends since its A-share listing, with 2.059 billion yuan distributed over the last three years [3]. - As of September 30, 2025, the number of shareholders increased by 30.02% to 143,700, while the average circulating shares per person decreased by 23.09% to 12,092 shares [2].

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 57.70 CNY per share [2]. Core Insights - The company is a leader in the field of line-controlled chassis systems and is positioned to become a key player in humanoid robotics, benefiting from its deep technical expertise and expanding product offerings [8][12]. - The company has established a comprehensive product layout in intelligent chassis systems, including braking, steering, suspension, control, and structural components, and is transitioning its customer base from traditional automotive brands to new energy vehicle manufacturers and global platforms [9][21]. - The company is leveraging its technological capabilities to expand into humanoid robotics, with a focus on core components such as mechanical parts, electronic components, software, and system integration, which are essential for the development of humanoid robots [13][18]. Summary by Sections 1. Line-Controlled Chassis Leader - The company has a well-established position in the intelligent chassis system market, with a complete product layout across braking, steering, suspension, and control systems [21]. - The customer base has evolved from traditional brands like Chery and Geely to include new energy vehicle manufacturers and global automotive platforms [29]. - The company has a robust international presence with manufacturing bases in China, Mexico, and Morocco, enhancing its global supply chain and customer reach [45][48]. 2. Technical Capability Building - The company has consistently increased its R&D investment, with a focus on developing advanced technologies in electric control systems and intelligent driving [61][62]. - The R&D team has grown significantly, with a focus on integrating hardware and software capabilities to enhance product offerings [66]. - The company has established a comprehensive product matrix that includes lightweight components, electric control systems, and line-controlled chassis solutions [70]. 3. Transition from Automotive to Robotics - The company is positioned to leverage its automotive experience to enter the humanoid robotics market, focusing on precision manufacturing and system integration capabilities [12][18]. - The global demand for humanoid robots is expected to grow significantly, with major technology companies investing in this space [8][12]. - The company has already initiated the establishment of subsidiaries focused on robotics components, indicating a strategic shift towards this emerging market [13][18].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 57.70 CNY per share [2]. Core Insights - The company is positioned as a leader in the line-controlled chassis sector and is expected to play a significant role in the future of humanoid robotics. It has established a comprehensive product layout in braking systems, steering, suspension, control, and structural components, transitioning from traditional mechanical systems to intelligent electric control systems [8][9]. - The company is benefiting from the ongoing trends of electrification and automation in the automotive industry, with a strong focus on global expansion and technological innovation [12][16]. Summary by Sections 1. Line-Controlled Chassis Leadership - The company has developed a robust capability in intelligent chassis systems, with a complete product layout in braking, steering, suspension, and control systems. It has established partnerships with major automotive brands, including both domestic and international clients [21][29]. - The company has made significant advancements in electric control systems, becoming a leader in the domestic market for electronic parking brakes (EPB) and expanding into active suspension systems [24][35]. 2. Technical Capability Building - The company has a strong focus on R&D, with continuous investment leading to a significant increase in its technical capabilities. It has established multiple R&D centers globally, enhancing its innovation capacity [61][66]. - The company has developed a comprehensive product matrix, including lightweight components, electric control systems, and line-controlled chassis, which positions it well for future growth [70]. 3. Transition from Automotive to Robotics - The company is leveraging its extensive experience in the automotive sector to expand into the humanoid robotics market. It has already established subsidiaries focused on key components such as motors and actuators, which are essential for robotics [13][18]. - The global market for humanoid robots is expected to grow significantly, with the company poised to become a key player in this emerging field due to its technological expertise and established supply chain [12][18]. 4. Financial Performance and Forecast - The company is projected to achieve revenues of 12.88 billion CNY in 2025, with a compound annual growth rate (CAGR) of 29.6% from 2024 to 2027. Net profit is expected to reach 1.51 billion CNY in 2025, reflecting a strong growth trajectory [2][52]. - The financial metrics indicate a healthy growth outlook, with improvements in gross margins expected as new products scale up and operational efficiencies are realized [55][58].