开源证券发布研报称，制动系统龙头伯特利（603596）(603596.SH)拟收购豫北转向50.97%股权实现控 股。豫北转向为转向系统领先企业，2025年收入31.8亿元，客户覆盖主流车企。此次收购将完善伯特利 底盘横纵垂布局，形成客户、产品及供应链协同。随着自动驾驶普及，线控转向迎来历史机遇，有望持 续受益。持续看好自动驾驶推动下底盘领域玩家。 开源证券主要观点如下： 伯特利公告拟收购豫北转向50.97%股权实现控股 公司2月25日公告拟以自有资金，从豫北转向股东峻鸿实业、合肥华芯、合肥产投收购豫北转向50.97% 股权，收购完成后伯特利将成为豫北转向的控股股东，此外新航机电、东峻工贸、新乡聚贤、杭州华 芯、卫保川将分别持有豫北转向22.7%、13.6%、7.2%、3.6%、1.8%股份。交易完成后，豫北转向的7人 董事会中将有4名由伯特利提名。本次交易标的估值不超过22亿元，交易价款不超过11.2亿元，具体价 格尚需确定，且交易仍需取得反垄断等相关部门审核。 本次收购有望完善伯特利大底盘领域布局，形成客户、产品、供应链协同 伯特利是制动系统本土领军，产品广泛覆盖制动卡钳、电子驻车制动系统、线控制动系统等 ...

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 | ...

Group 1 - The core viewpoint of the article highlights the increasing demand for large engine generator sets as backup power sources for data centers, driven by overseas tech giants investing in self-owned power plants to ensure stable computing power supply [1] - The company is deeply integrated into the supply chain of internal combustion engine power generation and backup supply, benefiting from structural opportunities in the industry [1] Group 2 - The company has established a dual reserve of technical and production capacity, with five production lines for large crankshafts and two additional lines expected to be operational by the end of the year, aiming for an annual production capacity of 30,000 large crankshafts [2] - In the connecting rod sector, the company operates nine dedicated production lines and is building two more, with an expected annual production capacity of 700,000 connecting rods by the end of the year [2] - By 2027, the market size for the company's large crankshaft and connecting rod business is projected to exceed 1.5 billion yuan, with average unit prices and profit levels significantly higher than traditional categories [2] Group 3 - The company is actively building a global production capacity system, with the establishment of a factory in Thailand serving as a strategic hub to address geopolitical fluctuations and provide localized support to customers in Southeast Asia, North America, and Africa [3] - By 2027, overseas revenue is expected to account for 30% of total revenue, with engine and generator set supporting businesses being the main growth drivers [3] - The company is expanding its product portfolio with high value-added products, including lightweight crankshafts and connecting rods, electric steering systems, air suspension, electric drive axles, and aluminum lightweight components [3] Group 4 - Revenue forecasts for the company indicate expected revenues of 3.93 billion, 4.57 billion, and 5.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 390 million, 490 million, and 600 million yuan [3]

Core Viewpoint - The company Zhejiang Konghui Automotive Technology Co., Ltd. (Konghui Technology) is preparing for its A-share IPO, marking a significant milestone for the founders, 90-year-old Guo Konghui and his son Guo Chuan [1] Group 1: Company Overview - Konghui Technology's core product is air suspension systems for vehicles [2] - The company has successfully reduced the price of air suspension systems, making them accessible for mid-range vehicles, previously a feature exclusive to luxury cars [4] - The latest valuation of Konghui Technology is 6.7 billion yuan, with notable investors including Lei Jun [5] Group 2: Historical Context and Development - Air suspension technology has been around since 1901 but was not widely adopted due to high costs and reliability issues [6] - Guo Konghui has been involved in air suspension research since 1956, focusing on automotive chassis technology [6][7] - Konghui Technology was established in 2018, focusing on air suspension in a market previously dominated by foreign brands [11] Group 3: Market Position and Achievements - Konghui Technology has delivered over 1 million sets of air suspension systems and has maintained the largest market share in China for two consecutive years [11] - The company has partnered with various domestic automakers, including Lantu and Li Auto, to supply air suspension systems [13] - Konghui Technology holds a 40% market share in the domestic air spring market, supplying over 20 automotive companies [13] Group 4: Competitive Landscape and Challenges - The company has successfully broken the monopoly of foreign giants in the air suspension market by developing over 100 core patents and offering competitive pricing [19][20] - The price of their air suspension systems has been reduced from 15,000-20,000 yuan to 5,000 yuan, significantly impacting market dynamics [20] - Despite the rise of domestic automotive brands, challenges remain in high-end automotive components, which are still largely controlled by foreign manufacturers [23]

Investment Rating - The report initiates coverage with a "Buy" rating and a target price of 9.68 CNY [2][5][11]. Core Views - The company maintains a leading position in the crankshaft and connecting rod market for commercial vehicle engines, with a strong customer base including major manufacturers like Weichai Power and Cummins. The expansion into data center generator components is expected to be a core growth driver [11][13]. - Revenue projections for 2025, 2026, and 2027 are estimated at 38.72 billion CNY, 43.51 billion CNY, and 48.09 billion CNY, respectively, with year-on-year growth rates of 7%, 12%, and 11% [13][18]. - The company has established five large crankshaft production lines and is building two more, aiming for an annual production capacity of 30,000 large crankshafts by the end of 2026 [11][12]. Financial Summary - Total revenue for 2023 is projected at 4,006 million CNY, with a forecasted decline of 9.7% in 2024, followed by growth in subsequent years [4]. - Net profit attributable to shareholders is expected to be 391 million CNY in 2023, with a significant increase of 92% year-on-year [4]. - Earnings per share (EPS) are projected to be 0.34 CNY in 2023, increasing to 0.51 CNY by 2027 [4][18]. Business Segment Forecast - Crankshaft revenue is expected to reach 24.56 billion CNY in 2025, with a growth rate of 9% [13]. - Connecting rod revenue is projected at 9.62 billion CNY in 2025, with an 11% growth rate [14]. - Air suspension revenue is forecasted to remain stable at 2.75 billion CNY from 2025 to 2027 [14]. Valuation - The company is valued using a price-to-earnings (PE) ratio of 22 times for 2026, based on comparable companies, leading to a target price of 9.68 CNY [18][20].

Investment Rating - The report initiates coverage with a "Buy" rating and a target price of 9.68 CNY [2][5][11]. Core Insights - The company maintains a leading position in the crankshaft and connecting rod market for commercial vehicle engines, with a strong customer base including major manufacturers like Weichai Power and Cummins. The expansion into data center generator components is expected to be a core growth driver [11][13]. - Revenue projections for 2025, 2026, and 2027 are estimated at 38.72 billion CNY, 43.51 billion CNY, and 48.09 billion CNY, respectively, with year-on-year growth rates of 7%, 12%, and 11% [13][18]. - The company has established five large crankshaft production lines and is constructing two additional top-tier lines, expected to be operational by the end of 2026, which will significantly enhance production capacity [11][12]. Financial Summary - Total revenue for 2023 is projected at 4,006 million CNY, with a forecasted decline of 9.7% in 2024, followed by growth in subsequent years [4]. - Net profit attributable to shareholders is expected to be 391 million CNY in 2023, with a significant increase of 92% year-on-year, followed by a decrease in 2024 and a recovery in the following years [4][18]. - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.36 CNY, 0.44 CNY, and 0.51 CNY, reflecting growth rates of 22.8%, 23.8%, and 15.4%, respectively [4][18]. Business Segment Forecast - Crankshaft revenue is expected to reach 24.56 billion CNY, 28.05 billion CNY, and 31.30 billion CNY in 2025, 2026, and 2027, with corresponding gross profits of 6.14 billion CNY, 7.29 billion CNY, and 8.30 billion CNY [13][14]. - Connecting rod revenue is projected at 9.62 billion CNY, 11.13 billion CNY, and 12.63 billion CNY for the same years, with gross profits of 2.21 billion CNY, 2.67 billion CNY, and 3.09 billion CNY [14]. - The air suspension segment is expected to maintain stable revenue of 2.75 billion CNY annually, while other segments are projected to decline significantly [14][15]. Valuation - The company is valued using a price-to-earnings (PE) ratio of 22 times for 2026, based on comparable companies, leading to a target price of 9.68 CNY [11][18].

Core Viewpoint - Tianrun Industrial is positioned to capitalize on the booming demand for large engine generator sets driven by the explosive growth of self-supplied power sources in North America, leveraging its extensive experience and technological expertise in engine components [1][2]. Group 1: Market Dynamics - The self-supplied power market is experiencing rigid demand due to the dual challenges of high energy consumption from AI computing and aging North American power grid infrastructure, leading to a golden period for large engine generator sets [2]. - The global data center generator set market is projected to double from $6 billion in 2023 to $12 billion by 2030, indicating a sustained increase in industry prosperity [2]. - Major foreign brands like Cummins and Caterpillar have order backlogs extending to 2028, creating significant opportunities for domestic manufacturers to fill the supply chain gaps [2]. Group 2: Production Capacity and Technology - Tianrun Industrial has established five large crankshaft production lines and is building two more, aiming for an annual production capacity of 30,000 large crankshafts by the end of the year [3]. - The company has nine production lines for large connecting rods, with plans to reach an annual capacity of 700,000 units by October 2026 [3]. - A new forging line is being developed, expected to be the largest and most technologically advanced globally, with an investment of nearly 300 million yuan [3][4]. Group 3: Global Expansion and Client Relationships - The establishment of a factory in Thailand enhances the company's global reach, allowing it to serve clients in high-demand regions like Southeast Asia, North America, and Africa while mitigating geopolitical risks [6]. - The company has successfully entered the supply chains of international firms such as Liebherr and MWM, which dominate the global generator set market [6]. Group 4: Strategic Initiatives and Future Outlook - The company is committed to upgrading its traditional business while simultaneously expanding into emerging sectors like electric steering and air suspension, creating a dual-path strategy to mitigate industry cyclicality [8]. - The electric steering system, developed in partnership with a South Korean firm, is expected to achieve significant market penetration by 2026, complementing the engine component business [8]. - The air suspension business is anticipated to unlock a potential market space of 30 billion to 40 billion yuan as new emission standards are implemented [9]. - The acquisition of a company specializing in aluminum alloy products will enhance the company's material supply capabilities, expanding its customer base across the automotive industry [10].

Core Viewpoint - Tianrun Industrial is positioned to capitalize on the booming demand for large engine generator sets driven by the explosive growth of self-supplied power sources in North America, leveraging its extensive experience and technological expertise in core engine components [1][2]. Group 1: Market Dynamics - The self-supplied power market is experiencing rigid demand due to the dual challenges of high energy consumption from AI computing and aging North American power grid infrastructure, leading to a golden period for large engine generator sets [2]. - The global data center generator set market is projected to double from $6 billion in 2023 to $12 billion by 2030, indicating a sustained increase in industry prosperity [2]. - Major foreign brands like Cummins and Caterpillar have order backlogs extending to 2028, creating significant opportunities for domestic manufacturers to fill the supply chain gaps [2]. Group 2: Production Capacity and Technological Advancements - Tianrun Industrial has established five large crankshaft production lines, with two additional top-tier lines under construction, expected to be operational by the end of the year, achieving an annual production capacity of 30,000 large crankshafts [3]. - The company is investing nearly 300 million yuan to introduce advanced forging equipment, including the world's largest 1250KJ impact hammer production line, set to be completed by 2026 [3][4]. - The new production line for impact hammers will achieve precision control within 0.005 mm, matching international standards for high-power diesel generator sets [4]. Group 3: Global Expansion and Client Relationships - Tianrun Industrial's global client base, built over decades, includes partnerships with leading manufacturers such as Weichai, Yuchai, Caterpillar, and Cummins, providing a solid foundation for entering the generator set supply chain [5]. - The establishment of a factory in Thailand allows the company to mitigate geopolitical risks and trade barriers while serving high-demand regions like Southeast Asia, North America, and Africa [6]. - The company aims to increase its overseas revenue share from 20% to 30% by 2027, with engine and generator set businesses driving this growth [6]. Group 4: Strategic Business Development - The company is focusing on upgrading its traditional business while simultaneously expanding into emerging sectors such as electric commercial vehicles, air suspension, electric drive axles, and aluminum lightweighting [8]. - The electric steering system, developed in partnership with a South Korean firm, is expected to enter the domestic market and achieve significant growth by 2026 [8]. - The air suspension business is projected to tap into a potential market space of 30 billion to 40 billion yuan as new emission standards are implemented [9]. Group 5: Future Outlook - The aluminum lightweighting business is set to enhance the company's product offerings, with plans to acquire a 100% stake in a company specializing in aluminum die-casting, expanding its customer base across the automotive industry [10]. - Tianrun Industrial is committed to maintaining a market-oriented approach and enhancing its core competitiveness through continuous investment in both traditional and emerging business sectors [10].

Core Viewpoint - The article highlights the robust growth potential of Tianrun Industrial in the engine generator set industry, driven by the increasing demand for backup power sources in North America due to the rise of AI computing and aging electrical infrastructure [1][2]. Industry Overview - The global data center generator set market is projected to double from $6 billion in 2023 to $12 billion by 2030, indicating a sustained increase in industry prosperity [2]. - The demand for large engine generator sets is experiencing explosive growth as major tech companies invest in self-sufficient power plants to ensure stable computing power output [2]. Company Strategy - Tianrun Industrial is focusing on upgrading its traditional engine component business while expanding into emerging markets, aiming to enhance its global competitiveness and establish itself as a leading, respected, and sustainable automotive parts group [1][5]. - The company plans to increase its overseas revenue share from 20% to 30% by 2027, with engine and generator set businesses being the main drivers of this growth [5]. Production Capacity and Technological Advancements - Tianrun Industrial has established five large crankshaft production lines and is building two more, aiming for an annual production capacity of 30,000 large crankshafts by the end of the year [3]. - The company is investing nearly 300 million yuan to introduce advanced equipment for forging, with plans to build the world's largest 1250KJ forging line by 2026 [3][4]. Global Market Positioning - The establishment of a factory in Thailand is a strategic move to mitigate geopolitical risks and trade barriers, allowing the company to serve clients in high-demand regions like Southeast Asia, North America, and Africa [4]. - Tianrun Industrial has successfully entered the supply chains of major international companies, enhancing its global market presence [4]. Emerging Business Segments - The company is diversifying into electric steering systems, air suspension, electric drive axles, and aluminum lightweight products, creating a dual-path layout of fuel and new energy to counteract industry cyclicality [6][7]. - The electric steering system, developed in partnership with a South Korean firm, is expected to achieve significant market penetration by 2026 [7]. Future Outlook - Tianrun Industrial aims to enhance its core competitiveness through a market-oriented approach and a focus on customer needs, aspiring to become a world-class supplier of power components and automotive core systems [9].

Investment Rating - The report maintains a "Buy" rating for the company Berteli (603596) with a target price based on the last closing price of 54.85 [1][10]. Core Insights - The report highlights that 2026 will be the year of commercialization for L3 autonomous driving, with Berteli positioned as a core supplier through its "XYZ + Intelligent Driving Assistance" intelligent chassis solution [4][10]. - Berteli's human-shaped robot screw and motor business is expected to create a second growth curve, leveraging its expertise in electric drive and precision transmission technologies [6][10]. Summary by Sections Company Overview - Berteli focuses on its main business, integrating products such as electronic mechanical brakes (EMB), redundant line control braking systems (WCBS 2.0H), and electric power steering (DP-EPS) [5][10]. - The company has secured a second EMB project with a major domestic automaker, enhancing its position in the market [5][10]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 125 billion, 156 billion, and 201 billion respectively, with corresponding net profits of 14.5 billion, 18.9 billion, and 24.9 billion [10][11]. - The report anticipates a revenue growth rate of 32.95% in 2024, followed by 25.45% in 2025, and 25.39% in 2026 [11]. Market Position - Berteli is recognized as a leader in the intelligent chassis market, with significant market share in the auxiliary intelligent driving front-view integrated machine segment [5][10]. - The company has achieved over 20 million units in cumulative production for its electronic parking brake (EPB) system, solidifying its leadership in the domestic line control market [7][10]. Strategic Initiatives - Berteli is expanding its global production capacity, with projects in Mexico and Germany aimed at enhancing its market reach [9][10]. - The company is focusing on domestic substitution of core components, reducing reliance on foreign key chips [9][10].