Core Viewpoint - In the first half of 2025, the company achieved a revenue of 5.048 billion yuan, a year-on-year increase of 31.58%, and a net profit attributable to shareholders of 522 million yuan, up 14.19% year-on-year. The sales volume of smart electronic control products increased by 43.10% year-on-year, while the sales of disc brakes and lightweight brake components also saw significant growth [2][8]. Group 1: Financial Performance - In the second quarter of 2025, the company reported a revenue of 2.5 billion yuan, a year-on-year increase of 20%, but a quarter-on-quarter decrease of 4%. The net profit attributable to shareholders was 252 million yuan, reflecting a year-on-year increase of 1.8% and a quarter-on-quarter decrease of 6.8% [2][8]. - The gross profit margin for Q2 2025 was 19.19%, down 2.24 percentage points year-on-year, while the net profit margin was 9.98%, down 1.78 percentage points year-on-year, attributed to product structure and annual decline transmission effects [3][14]. Group 2: Product Development and Market Position - The company is a leading domestic brake system manufacturer, with a continuous increase in designated projects. As of the first half of 2025, the number of projects under research reached 486, an increase of 8.97% year-on-year, and the number of new designated projects rose by 43.88% [4][22]. - The company has a strong competitive edge in technology, production capacity, and customer resources, benefiting from the automotive industry's shift towards lightweight and intelligent solutions [4][6]. Group 3: R&D and Innovation - The company is one of the few in China with independent intellectual property rights capable of mass-producing electronic parking brake systems, anti-lock braking systems, and electronic stability control systems. It is actively expanding its overseas R&D and production bases in countries like the USA, Mexico, and Morocco [6][28]. - Continuous investment in R&D is evident, with a 19% year-on-year increase in R&D expenses in Q2 2025, reflecting the company's commitment to innovation and product development [3][14]. Group 4: Future Outlook - The lightweight business is expected to grow at a compound annual growth rate of 25% in the coming years, driven by increasing aluminum usage in vehicles and the company's ongoing development of lightweight components [28][34]. - The electronic parking brake (EPB) system is anticipated to be a key driver of short-term performance growth, with the company successfully entering the supply chains of major automotive brands [34][36].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][37]. Core Views - The company achieved a revenue of 5.048 billion yuan in the first half of 2025, representing a year-on-year growth of 31.58%, with a net profit of 522 million yuan, up 14.19% year-on-year. The sales volume of smart electronic control products increased by 43.10% [1][7]. - The company is positioned as a leading domestic brake system manufacturer, with a continuous increase in designated projects. It has advantages in technology, production capacity, and customer resources, benefiting from the automotive industry's shift towards lightweight and intelligent solutions [2][3]. - The company is actively investing in emerging high-growth sectors such as humanoid robots and automotive intelligence through partnerships, while also expanding its overseas research and production bases [3][17]. Financial Performance - The company reported a gross margin of 19.19% in Q2 2025, down 2.24 percentage points year-on-year, and a net profit margin of 9.98%, down 1.78 percentage points year-on-year. The company continues to invest in R&D, with R&D expenses increasing by 19% year-on-year in Q2 [2][14]. - Revenue projections for 2025-2027 are adjusted to 1.36 billion, 1.82 billion, and 2.32 billion yuan respectively, reflecting a downward revision due to increased pricing pressures from OEMs [3][37]. Product and Market Position - The company is one of the few domestic manufacturers with independent intellectual property rights capable of mass-producing electronic parking brake systems and other smart electronic control products, which are essential for the automotive industry's transition to electric and intelligent vehicles [3][26]. - The company has a robust pipeline of projects, with 486 projects under research as of the first half of 2025, an increase of 8.97% year-on-year, and 282 new designated projects, up 43.88% year-on-year [2][3]. Sales and Growth - The sales volume of smart electronic control products reached 2.86 million units in the first half of 2025, a 43.10% increase year-on-year. The company is expected to continue benefiting from the growing demand for lightweight components and electronic control systems in the automotive sector [1][27]. - The company is expanding its market share in the brake system sector, with a projected sales volume of 3.4 million disc brakes in 2024, representing a 22% year-on-year growth [22].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 75.3 CNY, compared to the current stock price of 47.69 CNY [5][8]. Core Insights - The company experienced a temporary pressure on its Q2 2025 performance, with revenue of 2.526 billion CNY, a year-on-year increase of 19.66% but a quarter-on-quarter decrease of 4.25%. The net profit attributable to shareholders was 252 million CNY, up 1.8% year-on-year but down 6.8% quarter-on-quarter [1][2]. - The next-generation braking technology, EMB, has seen regulatory progress that exceeds expectations, positioning the company as a core player in the EMB sector. The new regulations will take effect on January 1, 2026, and the company has successfully developed its first functional EMB prototype [3]. - The company is accelerating its global customer expansion, with ongoing capacity expansion at its Mexico plant [4]. Financial Performance - The company forecasts net profits of 1.52 billion CNY, 2.02 billion CNY, and 2.71 billion CNY for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 19, 14.3, and 10.7 [5][14]. - In Q2 2025, the company reported a gross margin of 19.19%, with a year-on-year decrease of 1.56 percentage points and a quarter-on-quarter increase of 1.22 percentage points. The main business gross margin was 17.24%, reflecting improved profitability despite cost pressures [12]. - The company’s sales volume for smart electronic control in Q2 2025 was 1.4 million sets, a year-on-year increase of 30%, while the sales volume for disc brakes was 870,000 sets, up 22% year-on-year [12]. Capacity and Production - The Mexico plant has achieved a production capacity of 4 million sets for steering knuckles, with plans for further expansion to include 5.5 million sets of aluminum steering knuckles and additional capacities for control arms and EPB [13]. - The company has secured contracts with a North American electric vehicle manufacturer and a German joint venture for lightweight projects, with expected total sales revenues of approximately 1.22 billion USD and 600 million CNY, respectively [13].

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]

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].

Core Insights - The company reported a revenue of 9.937 billion yuan for 2024, representing a year-over-year increase of 32.95%, and a net profit attributable to shareholders of 1.209 billion yuan, up 35.60% year-over-year [1] - The fourth quarter saw a revenue of 3.358 billion yuan, with a year-over-year growth of 41.80% and a quarter-over-quarter increase of 28.80% [1] Revenue and Profit Growth - The rapid growth in revenue is attributed to the quick ramp-up of electric control products, with Q4 sales of smart electric control products increasing by 48% year-over-year and 32% quarter-over-quarter, totaling 1.78 million sets [2] - The company added 40 and 22 new designated projects for EPB/WCBS, respectively, contributing to the revenue growth [2] Margin Improvement - The gross margin for 2024 was reported at 21.14%, with Q4 gross margin at 20.86%, which is expected to improve to approximately 22.2% after adjusting for warranty costs [3] - The net profit margin for 2024 increased by 0.2 percentage points year-over-year to 12.2% [3] Global Expansion - The company’s overseas revenue grew by 25.9% year-over-year to 1.09 billion yuan, with a gross margin of 31.9%, significantly higher than domestic operations [4] - The first phase of the Mexican factory has quickly reached production capacity, and the second phase is expected to support major North American automakers [4] Profit Forecast - The company maintains profit forecasts of 1.51 billion yuan and 1.93 billion yuan for 2025 and 2026, respectively, with an expected net profit of 2.42 billion yuan for 2027 [5] - A target price of 65.49 yuan is set for 2025, based on a PE ratio of 26.3 times [5]

4月22日晚，伯特利公告，2024年业绩创新高，营业收入为99.37亿元，同比增长32.95%；归属于上市公 司股东的净利润（简称"净利润"）为12.09亿元，同比增长35.60%。 长江商报消息 伯特利（603596.SH）业绩稳增长。 长江商报记者注意到，作为国内知名的汽车零部件供应商，伯特利在行业中拥有一定的地位。受益行业 高景气，公司业务规模持续增长，净利润已连增六年增。 伯特利业绩稳健，离不开其对研发的持续投入和高度重视。公司自成立以来，始终坚持自主创新，2020 年至2024年这五年研发费用持续增长，合计高达18.18亿元。 营收净利双增 伯特利主营业务涵盖了汽车制动系统、汽车智能驾驶系统及汽车转向系统业务领域，具备机械制动系统 产品、机械转向系统产品和智能电控系统产品的自主正向开发能力。 在汽车"电动化、智能化、轻量化"的背景下，受益行业高景气，伯特利经营业绩持续攀新高。2024年， 公司实现营业收入99.37亿元，同比增加32.95%；净利润12.09亿元，同比增加35.6%；扣非净利润11.13 亿元，同比增加30.15%。 2024年，伯特利业绩创下历史新高。其中，伯特利的净利润及扣非净利 ...

营收端：轻量化、智能电控量产提速，助力全年营收高增。2024 年公司实现营收99.37 亿（同比 +33.0%），4Q24 公司实现营收33.58 亿（同/环比+41.8%/+28.8%）。1）分业务看，2024 年公司机械制 动/智能电控/机械转向业务营收同比分别+32%/+37%/+16%，盘式制动器/轻量化制动零部件/ 智能电控/ 机械转向产品销量同比分别+19%/+35%/+40%/+24%，盘式制动器/轻量化/EPB/WCBS/EPS/ADAS/机械 转向量产项目分别新增59/44/136/33/9/10/18 项；2）分客户看，2024年主要客户奇瑞/ 吉利/ 长安/ 理想销 量同比分别+37%/+32%/+4%/+33%（国内乘用车批售同比+5.8%）。 利润端：4Q24 调整后毛利率预计环比改善，全年利润率稳健。1）毛利率：因会计准则调整，公司于四 季度将全年保证类质保费用由销售费用计入营业成本。2024 年毛利率21.1%（同比-1.4pct），4Q24 毛 利率20.9%（同/环比-2.2pct/-0.7pct）。追溯调整后2024 年毛利率同比-0.7pct（预计受主机厂年降影 响），4 ...