②全球竞逐固态电池制高点，2026设备定点关键期+2027量产定型！三大投资主线全景透视； ③海外巨头提价60%引爆行情，存储芯片景气周期持续验证； 第一财经资讯2026-01-07 17:18:37 【今日速览】 ①锁定2025-2026关键期！2030年市场规模剑指115亿！EMB成智能网联汽车"必选项"，产业链迎来爆发 前夜，核心产业链标的全面梳理； ④英伟达加码自动驾驶布局，产业链迎来价值重估。 ...

浙商证券研报指出，伯特利L3持续催化、EMB量产在即，人形机器人业务齐头并进。目前公司EMB已 经获得多家客户定点，如2025年10月31日公司披露其已获得国内某大型车企项目定点，为旗下纯电中大 型豪华轿车全系提供完整EMB解决方案。目前公司EMB产线已调试完成，预计25年年底小批量交付， 26H1正式量产。此外，公司预计26年将启动机器人丝杠和电机的开发工作，26年中旬可实现量产。维 持"买入"评级。 ...

智通财经APP获悉，浙商证券发布研报称，2026年汽车国补政策落地，注重增质提效。相较于2025年政 策，2026年国补政策变化主要在于补贴方式改变，此前国补为定额补贴，2026年改为按新车价格比例补 贴，并设置封顶金额。随L3商业化逐渐落地，核心增量零部件渗透率提高空间广阔，如EMB作为线控 制动的终端解决方案，更契合L3及以上自动驾驶对响应速度与控制精度的严苛要求，市场空间有望快 速提升。 浙商证券主要观点如下： 国补政策：2026年汽车国补政策落地，注重增质提效 (1)变化：补贴方式改为按车价比例补贴，全国执行统一标准。相较于2025年政策，2026年国补政策变 化主要在于补贴方式改变，此前国补为定额补贴，2026年改为按新车价格比例补贴，并设置封顶金额。 此外汽车报废更新、汽车置换更新在全国范围执行统一补贴标准，不再因地区差异出现明显补贴差。 (2)新能车：报废更新补贴新车价格12%;置换更新补贴新车价格8%。①报废更新：补贴新车价格的 12%，最高不超过2万元;相比2025年政策，车价<16.67万元时补贴相对变少，≥16.67万元时不变(同为2 万元)。②置换更新：补贴新车价格的8%，最高不超过1 ...

[Table_Summary] 前三季度业绩稳健增长，Q3 环比修复强劲。2025Q1-Q3 公司实现营业收 入 83.6 亿元，同比+27.0%，实现归母净利润 8.9 亿元，同比+14.6%。前 三季度毛利率 19.3%，同比-2.0pct，归母净利率 10.7%，同比-1.2pct。单 季度看，25Q3 业绩环比大幅改善。公司 Q3 实现营业收入 31.9 亿元，同 环比分别+22.5%/+26.4%；实现归母净利润 3.7 亿元，同环比分别 +15.2%/+46.5%。盈利能力方面，虽然降价压力仍然存在，但是公司凭借 收入规模增长和 WCBS 等高毛利产品占比提升，毛利率环比持续改善， 25Q3 实现毛利率 20.5%，环比+1.4pct，预计 25Q4 毛利率将会持续改善。 [Table_Title] 证券研究报告 / 公司动态报告 智能电控产品在手订单充足，前瞻布局 EMB 和机器人 智能电控产品快速放量，产品结构持续优化。智能电控产品是公司业绩 增长的核心驱动力，前三季度智能电控产品销量 473.3 万套，同比 +41.6%，远超机械制动产品和机械转向产品。2024 年公司机械制动/智能 电控/ ...

格隆汇12月17日丨伯特利(603596.SH)在互动平台表示，公司EMB的产线已经调试完成，今年年底将小 批量交付，预计明年上半年正式量产。EMB的核心优势在于：1、相比传统制动系统，EMB响应速度更 快，全冗余功能架构，安全性更高，适应更高阶的智能驾驶系统。2、EMB能和底盘域控深度整合，符 合汽车电子化、集成化的发展趋势。随着汽车向更高阶智能驾驶发展，EMB产品将会成为制动安全冗 余的主流方案，也将是公司未来的主要增长点之一。 ...

格隆汇12月17日丨伯特利(603596.SH)在投资者互动平台表示，目前EMB已经获得多家客户的定点项 目，预计明年上半年开始陆续实现量产。 ...

人民财讯12月17日电，伯特利（603596）12月17日在互动平台表示，目前EMB已经获得多家客户的定 点项目，预计明年上半年开始陆续实现量产。 ...

Core Viewpoint - The company is currently not involved in robotics-related business but is actively advancing research on ball screws and brushless motors, which are used in its products like electronic control brakes (EMB) [2] Group 1: Company Development - The company has received inquiries regarding the research progress of ball screws and brushless motors [2] - The company is focusing on the development of its existing products that utilize ball screws and brushless motors [2] - Future plans regarding the robotics sector will be disclosed in accordance with regulatory requirements if they arise [2]

Summary of Boteli's Conference Call Company Overview - **Company**: Boteli - **Industry**: Automotive components, specifically focusing on intelligent electronic control products and braking systems Key Financial Performance - **Net Profit**: - Q1-Q3 2025: CNY 889 million, up 14.6% YoY [2][3] - Q3 2025: CNY 369 million, up 15.2% YoY, and up 46.5% QoQ [2][3] - **Revenue**: - Q1-Q3 2025: CNY 8.357 billion, up 27% YoY [3] - Q3 2025: CNY 3.193 billion, up 22.5% YoY, and up 26.4% QoQ [3] - **Gross Margin**: - Q1-Q3 2025: 19.32%, down 1.9 percentage points YoY [3] - Q3 2025: 20.6%, down 1 percentage point YoY but up 1.4 percentage points QoQ [3] Product Performance - **Intelligent Electronic Control Products**: - Revenue: CNY 4 billion, up 37.2% YoY [2][4] - **Disc Brakes**: - Revenue: CNY 2.1 billion, up 29% YoY [2][4] - **New Projects**: - 417 new projects added, up 38% YoY, with expected annualized revenue exceeding CNY 8 billion [2][4] Capacity Expansion - **New Production Lines**: - Two new WBS control lines and additional production lines for electronic control braking and air suspension are expected to be delivered by year-end [2][7] - **International Expansion**: - New factory planned in Morocco for EPP and electronic control products [2][8] Market Performance - **Overseas Revenue**: - Exceeded CNY 1 billion in Q1-Q3 2025, up 33% YoY [2][8] - Q3 revenue from the Mexico factory reached CNY 200 million, up 28% QoQ [2][8] - **North American Market**: - Actively promoting products like EBB, OneBox, and EMB, with significant orders received [3][14] Future Outlook - **Growth in Robotics**: - A CNY 200 million fund established for humanoid robots and low-altitude economy sectors, aiming for key component development and mass production in 3-4 years [2][10] - **Sales Projections**: - Anticipated 40% growth in OneBox sales next year, with a target of 100,000 units for EMB [3][19][20] Strategic Initiatives - **R&D Investment**: - R&D expenses reached CNY 444 million, up 15.6% YoY, accounting for 5.3% of total revenue [6] - **Intellectual Property**: - Actively applying for domestic and international patents for strategic products [6] Additional Insights - **Customer Base**: - Significant growth in market share with key clients like Chery (40% market share) and Geely (97% growth) [4] - **Challenges**: - Net profit growth lagging behind revenue growth due to customer compensation and reduced government subsidies [3][4] Conclusion - **Overall Performance**: - Despite pricing pressures, Boteli has achieved stable growth and is optimistic about future sales, particularly in the robotics sector and overseas markets [24][25]

Core Viewpoint - The company reported strong Q3 results with revenue of 3.193 billion yuan, a year-over-year increase of 22.48% and a quarter-over-quarter increase of 26.43%, along with a net profit of 369 million yuan, reflecting a year-over-year increase of 15.15% and a quarter-over-quarter increase of 46.50%, surpassing previous expectations due to reduced pricing pressure and the release of scale effects [1][2]. Revenue Growth - Q3 revenue increased by 22.5% year-over-year and 26.4% quarter-over-quarter to 3.193 billion yuan, driven by rapid growth in sales from core clients such as Geely and Chery [2]. - Sales of intelligent electronic control, disc brakes, and lightweight products grew by 39%, 25%, and 10% year-over-year, and by 34%, 26%, and 24% quarter-over-quarter, respectively [2]. - The company secured a record number of new orders for WCBS and ADAS, with 29 and 14 new projects, respectively, indicating strong future growth potential in the intelligent electronic control business [2]. Profitability Improvement - Q3 gross margin decreased slightly by 0.38 percentage points year-over-year and increased by 1.36 percentage points quarter-over-quarter to 20.55%, attributed to reduced pricing pressure from core clients [3]. - The sales expense ratio increased by 0.13 percentage points quarter-over-quarter to 0.45%, while the management expense ratio decreased by 0.24 percentage points to 2.56% [3]. - The net profit margin for Q3 was 11.56%, reflecting a quarter-over-quarter increase of 1.58 percentage points [3]. Product Development and Growth Opportunities - The company is making progress in developing new products in the intelligent chassis sector, including WCBS, EMB, and intelligent suspension systems, which are expected to meet future L3 autonomous driving demands [4]. - The establishment of a joint venture with Zhejiang Jianzhuang Transmission aims to develop and produce ball screws and other components for humanoid robots, creating a new growth avenue [4]. Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at 1.445 billion, 1.857 billion, and 2.351 billion yuan, respectively, with a compound annual growth rate of 24.83% [5]. - The target price is set at 72.83 yuan based on a 23.8x PE ratio for 2026, slightly adjusted from the previous target of 73.3 yuan [5].