声 明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明其对申请文件及所披露信息 的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或者对投资者的收益 作出实质性判断或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发行人自行负责。投资者自主 判断发行人的投资价值，自主作出投资决策，自行承担证券依法发行后因发行人经营与收益变化或者证 券价格变动引致的投资风险。 重大事项提示 投资者在评价公司本次发行的可转换公司债券时，应特别关注下列重大事项： 一、关于公司本次发行的可转换公司债券的信用评级 本次可转换公司债券经中证鹏元资信评估股份有限公司评级，根据中证鹏元资信评估股份有限公司出具 的《芜湖伯特利汽车安全系统股份有限公司向不特定对象发行可转换公司债券信用评级报告》（中鹏信 评【2024】第Z【623】号04），本次可转债信用等级为AA，伯特利主体信用等级为AA，评级展望稳 定。 本次发行的可转债上市后，在债券存续期内，中证鹏元资信评估股份有限公司将根据监管部门规定出具 定期跟踪评级报告。 二、与发行人相关的风险 ...

证券代码：001266 证券简称：宏英智能 上海宏英智能科技股份有限公司 投资者关系活动记录表 编号：2025-001 | | □分析师会议 | | □特定对象调研 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 ☑业绩说明会 | | | | | | | | | | 类别 | □新闻发布会 □路演活动 | | | | | | | | | | | □现场参观 | | | | | | | | | | | □其他 （请文字说明其他活动内容） | | | | | | | | | | 参与单位名称及 | 通过上海上市公司协会、上证所信息网络有限公司共同主办的 年上海辖区上市公司年报集体业绩说明会" | " 2025 | | | | | | | | | 人员姓名 | （https://roadshow.sseinfo.com/）参与业绩说明会活动的 | | | | | | | | | | | 网上投资者 | | | | | | | | | | 时间 | 2025 5 月 15 日（星 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.50 CNY, based on a 27x PE valuation for comparable companies in 2025 [2][5]. Core Insights - The company reported a significant revenue increase of 41.8% year-on-year in Q1, with total revenue reaching 2.638 billion CNY and a net profit of 270 million CNY, reflecting a 28.8% increase [9]. - The company is expanding its customer base, having added eight new clients in North America, including Ford and Changan Mazda, which is expected to drive future growth [9]. - The company is focusing on new technology and product development, aiming to enhance its competitive edge and increase the value per vehicle through innovations in electric control systems and lightweight components [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 13.011 billion CNY, 15.962 billion CNY, and 19.698 billion CNY, respectively, with year-on-year growth rates of 30.9%, 22.7%, and 23.4% [4][11]. - The net profit attributable to the parent company is forecasted to be 1.518 billion CNY in 2025, 1.863 billion CNY in 2026, and 2.298 billion CNY in 2027, with growth rates of 25.6%, 22.8%, and 23.3% [4][11]. - The company's gross margin is expected to stabilize around 22.0% to 22.5% from 2025 to 2027, while the net margin is projected to remain at 11.7% [4][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.50 CNY, based on a 27x PE valuation for comparable companies in 2025 [2][5]. Core Insights - The company reported a significant revenue increase of 41.8% year-on-year in Q1, with total revenue reaching 2.638 billion CNY and a net profit of 270 million CNY, reflecting a 28.8% increase [9]. - The company is expanding its customer base, having added eight new clients in North America, including Ford and Changan Mazda, which is expected to drive future growth [9]. - The company is focusing on new technology and product development, aiming to enhance its competitive edge and increase the value per vehicle through innovations in electric control systems and lightweight components [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 13.011 billion CNY, 15.962 billion CNY, and 19.698 billion CNY, respectively, with year-on-year growth rates of 30.9%, 22.7%, and 23.4% [4][11]. - The net profit attributable to the parent company is forecasted to be 1.518 billion CNY in 2025, 1.863 billion CNY in 2026, and 2.298 billion CNY in 2027, with growth rates of 25.6%, 22.8%, and 23.3% [4][11]. - The company's gross margin is expected to stabilize around 22.0% to 22.5% from 2025 to 2027, while the net margin is projected to remain at 11.7% [4][11].

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]

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 ...

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 ...

伯特利系列 车中旭霞 公司深度报告： 《伯特利（603596.SH）：电控制动和轻量化业务迎来收获期》-2021-11-22 公司点评报告 ： 《 伯特利系列二十-一季报点评：一季度收入同比增长42%，公司底盘新产品研发加速》 - 20250501 《 伯特利系列十九-三季报点评： 三季度净利润同比增长34%，毛利率环比攀升 》 - 20241104 《伯特利系列十八：二季度净利润同比增长35%，轻量化、线控制动等快速放量》-20240905 《伯特利系列十七：一季度营收同比增长24%，海外定点持续开拓》-20240507 《伯特利系列十六-年报点评：2023年营收同比增长35%，技术推进夯实长期竞争力》-20240402 《伯特利：2023年三季报点评：单三季度归母净利润同比增长21%，新项目、新客户有序拓 展》-20231030 《伯特利（603596.SH）：2023年中报点评：智能电控销量同比增长78%，2023年第二季度毛利率 环比提升》-2023-08-31 《伯特利（603596.SH）：2023年一季报点评：智能电控产品持续增收，一季度营收同比增长 48%》-2023-05-01 《伯特利（6 ...

线控底盘布局加速，新领域增长潜力大：（1）24 年公司机械转向产品销量288.65万套，同比+23.8%， 万达净利率6.7%，同比+2.3pp，整合成效显著；DP-EPS、R-EPS 转向系统、线控转向系统的研发工作 顺利推进中。（2）在汽车线控底盘的方向上，结合客户项目的具体需求，分步开展线控制动、线控转 向、主动悬架等集成控制的开发工作，已完成空气悬架完成B 样开发验证，底盘系统布局加速。（3） 智能驾驶领域，公司积极推广已有的L2 及L2+级别ADAS 产品的商业化，并在行泊一体化域控制器、 高精地图、智能算法等方面展开研发。 盈利预测与投资建议。预计公司2025-2027 年EPS 分别为2.49/3.27/4.18 元，对应PE 为24/18/14 倍，归母 净利润CAGR 为28%，维持"买入"评级。 风险提示：竞争加剧的风险；新产品推广不及预期的风险；海外市场风险等。 事件：公司发布2025年一季报，25Q1实现营收26.38亿元，同比+41.8%，环比-21.5%；归母净利润2.7亿 元，同比+28.8%，环比-37.3%。 Q1营收增长亮眼，盈利能力有所承压：25Q1 公司主要客户销量实现 ...

宏英智能（001266）日前披露2024年财报显示，公司在2024年实现营业收入7.79亿元，同比增长 94.56%；实现归母净利润1737.51万元，同比增长280.17%；经营活动产生的现金流量净额为7478.46万 元，同比增长1894.97%。此外，公司拟向全体股东每10股派发现金红利3元(含税)。 资料显示，宏英智能2022年上市前专注于智能电控产品与智能电控总成的研发、生产和销售，主要为各 种移动机械与专用车辆提供电气控制系统产品及解决方案；在上市后，公司积极拓展新能源业务。 具体而言，新能源业务是宏英智能战略布局的核心板块，涵盖了储能、光伏、风电、充电桩等多个领 域。在储能领域，公司研发并推广了高效、稳定的储能系统，能够实现能量的高效存储与释放，为电网 的调峰调频、可再生能源的消纳以及能源的接入提供强有力的技术支持；为网侧构网型、跟网型储能、 用户侧光储充、浸没式储能以及家庭储能提供一站式解决方案。 宏英智能表示，在新能源业务方面，目前公司已构建涵盖"风、光、储、车、充、换、算"的综合能源解 决方案，形成独具特色的"源网荷储"生态体系。其中，储能产品覆盖工商业、电网侧及户用场景需求； 充换电项目 ...