伯特利深度：线控底盘领军者 人形机器人未来的中坚力量【国联民生汽车 崔琰团队】 ————————————— 我们发布# 伯特利深度报告，详细探讨： ————————————— 从汽车到机器人 技术沉淀的必然延伸 公司于汽车业务端积累了深厚的经验，具备精密零部件制造、机电液一体化系统设计、传感器设计融合与软件设 计开发、底盘调教等系统方案设计、规模化量产及供应链管理等能力，已完成产业基金、丝杠及电机子公司的布 局，未来基于汽车端深厚技术积淀的必然延伸，有望逐渐成长为人形机器人核心零部件及关节模组、控制模组、 视觉模组等领域的中坚力量。 智能化&电动化齐驱 全球化再进一步 1）伯特利成长为国内汽车制动系统龙头的核心壁垒是什么？ 2）伯特利汽车端业务实现ASP不断增长、收入持续新高的原因是什么？ 3）伯特利从汽车行业拓展至机器人，核心优势在哪里、未来机器人业务如何展望？ 伯特利深度：线控底盘领军者 人形机器人未来的中坚力量【国联民生汽车 崔琰团队】 ————————————— 我们发布# 伯特利深度报告，详细探讨： 1）伯特利成长为国内汽车制动系统龙头的核心壁垒是什么？ 2）伯特利汽车端业务实现ASP不断增长、收入 ...

证券日报网讯1月5日，瑞立科密（001285）在互动平台回答投资者提问时表示，随着商用车领域EBS、 ESC、AEBS等安全系统强装政策向更多车型延伸，有利于加速价值量更高的产品在下游的渗透与推 广；公司紧抓行业发展机遇，积极拓展上下游合作、深耕核心客户资源，对当前业务拓展机会保持积极 乐观；公司已建立完善的产能布局与动态调整机制，当前产能储备充足，能够匹配在手订单需求，为产 品交付提供有效保障。 ...

Group 1 - The core viewpoint of the article highlights that 瑞立科密 (001285.SZ) has successfully developed and mass-produced products such as ESC, EBS, and AEB that meet new regulatory requirements [1] - As a leading player in the commercial vehicle segment, the company is expected to benefit from the incremental market created by regulations, leveraging its technological, customer, and production capacity advantages [1] - The company aims to enhance product value through these developments in response to regulatory changes [1]

Core Insights - 瑞立科密's recent listing on the Shenzhen Stock Exchange marks a significant milestone in its development and strengthens the domestic automotive core component supply chain [1] - The company has achieved the highest market share in key products such as ABS, ESC, and EBS for several consecutive years, breaking the technological monopoly of multinational giants like ZF and Bosch [1][2] - 瑞立科密 has built a strong technological barrier through two decades of development, transitioning from "technology follower" to "industry leader" [2] Technology Development - The company has developed 22 core technologies, including electromechanical coupling dynamic coordination anti-lock control technology and high-safety multi-level heterogeneous redundancy distributed system architecture control technology [2] - 瑞立科密 has achieved 100% independent research and development of core components such as electronic control units (ECU), actuators, and sensors, establishing a fully controllable solution from hardware to software [2] - As of the end of 2024, the company has obtained 459 authorized patents, including 58 invention patents, and has received national recognition for its technological capabilities [2] Market Position - 瑞立科密 has solidified its leading position in the commercial vehicle active safety system sector, with its ABS product output and sales ranking first in the industry for ten consecutive years from 2014 to 2023 [5][6] - The company's market share in the commercial vehicle sector for ABS, ESC, and EBS products reached 24.00%, 23.72%, and 27.92% respectively, showing a year-on-year increase [5][6] - The company has established strong customer relationships with major domestic commercial vehicle manufacturers, which creates high switching costs for clients [6] International Expansion - 瑞立科密 has successfully expanded into international markets, with overseas revenue increasing from 65.74 million to 312 million yuan from 2022 to 2024, accounting for 16.07% of total revenue [8] - The company has diversified its business into the aluminum alloy precision die-casting sector, serving major global automotive supply chains [8] - Financial data indicates strong growth potential, with revenue rising from 1.326 billion to 1.977 billion yuan and net profit increasing from 96.96 million to 269 million yuan from 2022 to 2024 [8] Industry Outlook - The automotive industry's transition to electrification and intelligence presents a golden opportunity, with new regulations mandating the installation of ESC and EBS in commercial vehicles expected to create a market worth approximately 3 billion yuan [9] - The global linear control braking market is projected to reach 57.5 billion yuan by 2026, with a compound annual growth rate of 46%, indicating significant growth potential for the company [9] - With a domestic penetration rate of less than 10% in the ECAS field compared to 80% in Europe and the U.S., 瑞立科密 is well-positioned to benefit from both policy incentives and market demand [9]

Group 1 - The core point of the news is that Electric Broad Media's subsidiary, Dacheng Venture Capital, holds a stake in the newly listed company, Guangzhou Ruili Kemi Automotive Electronics Co., Ltd., which went public on September 30, 2023 [1] - Electric Broad Media holds 4.1288 million shares of Ruili Kemi, accounting for 3.0553% of its total shares before the IPO and 2.2915% after the issuance [1] - The listing of Ruili Kemi is expected to impact Electric Broad Media's net profit by approximately 111 million yuan in the third quarter of 2025, representing 115.51% of the audited net profit attributable to the parent company for the fiscal year 2024 [1] Group 2 - Ruili Kemi is a leading company in the active safety systems for commercial vehicles in China, having transitioned from an industry follower to a technology leader over the past 20 years [2] - The company has achieved the highest market share in core products such as ABS, ESC, and EBS for several consecutive years, promoting the localization and intelligent upgrade of commercial vehicle electronic control systems [2] - Dacheng Venture Capital has been an early investor in Ruili Kemi since 2005, demonstrating a long-term investment philosophy of "investing early, investing small, and investing in technology" [2]

Core Viewpoint - Hunan Electric Broad Media Co., Ltd. announced that its wholly-owned subsidiary, Dacheng Venture Capital, holds shares in Guangzhou Ruili Kemi Automotive Electronics Co., Ltd., which was listed on the Shenzhen Stock Exchange on September 30, with an initial price of 42.28 yuan per share and a first-day opening price of 79.80 yuan, reflecting an increase of 88.74% [1] Group 1 - The total number of shares issued by Ruili Kemi was 45,044,546, raising a total of 1.904 billion yuan [2] - Ruili Kemi is a leading company in the active safety systems for commercial vehicles, having achieved the highest market share in core products such as ABS, ESC, and EBS for several consecutive years [2] - Dacheng Venture Capital has been an early investor in Ruili Kemi since 2005, supporting the company's growth and contributing to the domestic replacement of imported automotive electronic control systems [2] Group 2 - Electric Broad Media expects the impact of Ruili Kemi's listing on its net profit for the third quarter of 2025 to be approximately 111 million yuan, which represents about 115.51% of the audited net profit attributable to the parent company for the fiscal year 2024 [1] - The fair value of the shares held by Electric Broad Media in Ruili Kemi will fluctuate with the stock market, leading to uncertain impacts on the company's performance in 2025 and beyond [1]

Core Viewpoint - The listing of Rui Li Ke Mi is expected to positively impact the net profit of Dianguang Media by approximately 111 million yuan in the third quarter of 2025, which represents about 115.51% of the audited net profit attributable to the parent company for the fiscal year 2024 [1][2]. Group 1: Company Impact - Dianguang Media holds 4.1288 million shares of Rui Li Ke Mi, representing 3.06% of its total share capital before the IPO and 2.29% after the issuance [1]. - The fair value of the shares held by Dianguang Media will fluctuate with the stock market, leading to uncertain impacts on the company's performance in 2025 and beyond [2]. Group 2: Industry Context - Rui Li Ke Mi is a leading company in the active safety systems for commercial vehicles, having over 20 years of industry experience and maintaining the highest market share for core products like ABS, ESC, and EBS [2]. - The company is focused on promoting the localization and technological advancement of commercial vehicle electronic control systems, contributing to the self-sufficiency and intelligent upgrade of China's automotive industry [2]. Group 3: Investment Background - Da Chen Chuang Tou, as an early investor, has supported Rui Li Ke Mi since 2005, demonstrating a long-term investment philosophy of "investing early, investing small, and investing in technology" [2]. - The partnership has facilitated the transition of China's commercial vehicle electronic control systems from reliance on imports to domestic alternatives, supporting technological innovation and industrial advancement [2].

Core Insights - The successful listing of Ruikem (001285) on the Shenzhen Stock Exchange marks a significant milestone for the company, reflecting strong recognition of its technological value and industry position [1][2][3] Company Overview - Ruikem is a leading enterprise in the field of active safety systems for motor vehicles, having focused on automotive electronic braking core technologies for over 20 years [2] - The company has achieved numerous national honors and has taken on important technological research projects, maintaining a leading market share in its core products [2] - Ruikem's active safety products are widely used by major domestic and international automotive manufacturers, showcasing its robust capabilities in promoting the localization and upgrading of automotive active safety technologies [2] Financial Performance - On its first trading day, Ruikem's stock opened with a significant increase of 88.7% and closed up by 49.93%, reaching a price of 63.39 yuan [1][5] Future Plans - The company plans to strategically invest the raised funds to build a research and manufacturing headquarters, upgrade its R&D center, and tackle key technologies such as line control braking and intelligent driving [3] - Ruikem aims to become a benchmark enterprise in the field of automotive intelligent electronic control through digital transformation and continuous innovation in key technologies [3]

Group 1 - The core viewpoint of the article highlights the successful listing of Ruikemai (001285.SZ) on the Shenzhen Stock Exchange, marking a significant milestone in the company's development and a crucial step towards breaking the overseas monopoly in the domestic automotive electronic control system sector [1] - Ruikemai has established itself as a leader in the active safety systems for commercial vehicles after over 20 years of focused development, contributing to the ongoing electrification and intelligent transformation of the automotive industry [1] - The company specializes in the research and production of active safety systems and aluminum alloy precision die-casting components, with key products such as ABS, ESC, and EBS widely used in commercial vehicles, passenger cars, and motorcycles [1] Group 2 - According to the prospectus, Ruikemai's operating revenue is projected to grow from 1.326 billion yuan in 2022 to 1.777 billion yuan in 2023, and further to 1.977 billion yuan in 2024, indicating a continuous expansion of scale [1] - The net profit attributable to the parent company is expected to increase from approximately 96.96 million yuan in 2022 to 269 million yuan in 2024, demonstrating a significant enhancement in profitability [1]

Core Viewpoint - Guangzhou Ruili Kemi Automotive Electronics Co., Ltd. (referred to as "Ruili Kemi") is accelerating its IPO process, showcasing its leadership in the commercial vehicle active safety systems sector after over 20 years of development [1] Company Overview - Ruili Kemi has transformed from a follower to a leader in the commercial vehicle active safety systems market, becoming a benchmark in the domestic automotive active safety field [1] - The company holds 459 authorized patents and has drafted 9 national and industry/group standards, establishing itself as an "invisible champion" [1] Technological Capabilities - Ruili Kemi's technological moat is built on sustained high-intensity R&D investment and deep technical accumulation, with core technologies possessing complete independent intellectual property rights [1] - The company independently controls the electronic control system strategies and complex drive design technologies, owning the source code of its proprietary technologies [1] - Its ECU controllers include software algorithms and control strategies that cover key technologies such as electromechanical coupling braking dynamic frequency anti-lock control [1] Industry Position - As one of the few domestic suppliers covering five core systems: ABS, ESC, EBS, EPB, and ECAS, Ruili Kemi is breaking the foreign monopoly in the active safety sector [1] - The company has received numerous accolades, including the National Science and Technology Progress Award (Second Class) and the National Commercial Science and Technology Progress Award (First Class) [1] Future Outlook - By the end of 2024, Ruili Kemi is expected to hold 58 invention patents, 93 computer software copyrights, and 22 core technologies, indicating strong future growth potential [1] - The company has been recognized as a national-level "specialized, refined, and innovative" small giant enterprise and a national-level manufacturing single champion demonstration enterprise [1]