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]

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 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company [5][8]. Core Views - The company reported strong revenue growth in Q1 2025, with revenue reaching 2.638 billion yuan, a year-on-year increase of 41.83%. The net profit attributable to shareholders was 270 million yuan, up 28.79% year-on-year [1][2]. - The sales volume of the intelligent electronic control segment increased significantly, with 1.46 million units sold in Q1 2025, representing a 58% year-on-year growth. The disc brake sales reached 930,000 units, up 36% year-on-year, while lightweight brake components sold 3.44 million units, a 23% increase year-on-year [2]. - The company is positioned as a core player in the next-generation braking technology, with significant progress in EMB regulations and successful development of initial functional samples [3]. - The company is expanding its global customer base and increasing production capacity at its Mexican facility [4]. Financial Summary - The projected net profits for the company from 2025 to 2027 are estimated at 1.5 billion, 2 billion, and 2.7 billion yuan, respectively, with corresponding PE ratios of 23.5, 17.7, and 13.2 times [5][14]. - The company’s gross margin for Q1 2025 was reported at 17.97%, with a year-on-year decrease of 2.09 percentage points and a quarter-on-quarter decrease of 4.24 percentage points [2]. - The company’s total market capitalization is approximately 36.03 billion yuan, with a current share price of 59.40 yuan and a target price of 75.3 yuan for the next six months [8].

Investment Rating - The report maintains a "Recommended" rating for the company [2][8]. Core Insights - The company has achieved significant growth in its intelligent electronic control business, with a notable increase in revenue and net profit for 2024, driven by core customers' production increases [5][6]. - The integration of chassis systems has shown remarkable progress, with new products and production capacity expected to contribute to a second growth curve for the company [2][5]. - The company has successfully expanded its customer base, adding eight new clients in 2024, which strengthens its growth potential [5][6]. Financial Performance Summary - In 2024, the company reported total revenue of 9.937 billion yuan, a year-on-year increase of 32.95%, and a net profit attributable to shareholders of 1.209 billion yuan, up 35.60% [5][7]. - The revenue breakdown for 2024 shows mechanical braking, intelligent electronic control, and mechanical steering products generating revenues of 4.449 billion yuan, 4.530 billion yuan, and 0.559 billion yuan, respectively [5]. - The company’s gross margin for 2024 was 21.14%, with a slight decrease attributed to the ramp-up of lightweight product capacity [5][10]. Future Projections - The company is projected to achieve revenues of 13.072 billion yuan, 16.581 billion yuan, and 20.350 billion yuan for 2025, 2026, and 2027, respectively [7][8]. - The expected net profit for the same years is 1.540 billion yuan, 1.957 billion yuan, and 2.451 billion yuan, with corresponding EPS of 2.54 yuan, 3.23 yuan, and 4.04 yuan [8][10]. - The report anticipates a gradual decline in revenue growth rates, projecting 31.56% for 2025, 26.84% for 2026, and 22.73% for 2027 [7][10].

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 ...