Core Viewpoint - The company is issuing convertible bonds with a credit rating of AA, indicating a stable outlook, while highlighting the importance of understanding associated risks in the automotive industry and market dynamics [1][2]. Group 1: Industry and Market Risks - The automotive parts industry is closely tied to the automotive manufacturing sector, which is cyclical and influenced by macroeconomic conditions. In 2023, China's automotive production and sales reached 30.16 million and 30.09 million units, respectively, marking year-on-year growth of 11.6% and 12.0% [2]. - The automotive parts market is experiencing intensified competition, with both international giants and domestic suppliers vying for market share. The shift from price competition to technology and brand competition is notable [2][3]. Group 2: Operational and Financial Risks - The company has a high customer concentration, with the top five customers accounting for 75.34% of revenue in the latest reporting period. This reliance on major clients poses risks if their demand decreases due to market pressures [3]. - The company has significant related-party transactions, particularly with Chery Automobile, which accounted for 44.44% of revenue. While these relationships are stable, any adverse changes could impact profitability [3]. - The company's gross margin has been declining, with rates of 20.45%, 19.50%, and 18.81% over the reporting periods. Increased competition and downward pressure on vehicle prices could further affect margins [4]. Group 3: Fundraising and Investment Risks - The company is raising funds for projects related to mechanical braking and intelligent electronic control products. Successful implementation is contingent on market conditions and customer demand [5][6]. - The company faces risks related to the international trade environment, particularly for its investment project in Mexico, which could be affected by changes in trade policies and market conditions in North America [7]. Group 4: Dividend Distribution Policy - The company has a stable profit distribution policy, prioritizing cash dividends, with a minimum of 10% of distributable profits to be paid out annually. The policy emphasizes reasonable returns to investors while ensuring sustainable development [8][9].

证券研究报告 | 公司动态点评 2025 年 05 月 08 日 伯特利（603596.SH） 1Q25 营收维持高增长，盈利能力短期承压 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 7,474 | 9,937 | 12,989 | 16,527 | 21,085 | | 增长率 yoy（%） | 34.9 | 33.0 | 30.7 | 27.2 | 27.6 | | 归母净利润（百万元） | 891 | 1,209 | 1,523 | 1,925 | 2,520 | | 增长率 yoy（%） | 27.6 | 35.6 | 26.0 | 26.4 | 30.9 | | ROE（%） | 15.0 | 17.6 | 18.8 | 19.4 | 20.6 | | EPS 最新摊薄（元） | 1.47 | 1.99 | 2.51 | 3.17 | 4.16 | | P/E（倍） | 39.7 | 29.3 | 23.2 | 18.4 | 14.0 | | ...

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 ...

2025 年 04 月 30 日 公司点评 买入/维持 伯特利(603596) 目标价: 昨收盘:59.40 智驾平权时代：做强 X 向，做大 Y+Z 向 ◼ 走势比较 (30%) (10%) 10% 30% 50% 70% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 ◼ 股票数据 | 总股本/流通(亿股) | 6.07/6.06 | | --- | --- | | 总市值/流通(亿元) | 360.27/360.14 | | 12 个月内最高/最低价 | 67.4/31.75 | | (元) | | 相关研究报告 <<打造一体式底盘域控系统：做强 X 向，做大 Y+Z 向>>--2024-09-03 <<伯特利 2023 年报点评：智能电控 龙头，产能扩张驱动高速成长>>-- 2024-03-31 证券分析师：刘虹辰 电话：010-88321818 E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 事件：公司发布 2024 年报&2025 年一季报，2024 年营业收入 99.37 亿元， 同比+32.95%；归母 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is progressing smoothly in new business initiatives, aiming to become a supplier of intelligent chassis systems [1] - In 2024, the company expects revenue of 9.937 billion yuan, a year-on-year increase of 33%, and a net profit of 1.209 billion yuan, a year-on-year increase of 36% [3] - For Q1 2025, the company reported revenue of 2.6 billion yuan, a year-on-year increase of 42%, and a net profit of 270 million yuan, a year-on-year increase of 29% [1] Financial Performance - The company's revenue for 2024 is projected at 12.619 billion yuan, with a year-on-year growth of 28%, and a net profit of 1.556 billion yuan, with a year-on-year growth of 28.7% [4] - The gross profit margin for Q1 2025 is reported at 18.0%, down 2.8 percentage points year-on-year [2] - The company has a strong order backlog and is expanding its product lines, including electric control steering systems and air suspension systems [3] Market Demand and Expansion - The domestic demand for new energy vehicles in Q1 2025 reached 3.075 million units, a year-on-year increase of 47% [1] - The company is expanding its overseas presence with R&D and production bases in the US and Mexico, which is expected to support future growth [1][2] - The company has successfully developed and validated several new products, including the WCBS 2.0B platform and electric control steering products [3] Profitability Forecast - The company forecasts net profits of 1.556 billion yuan in 2025, 2.0 billion yuan in 2026, and 2.58 billion yuan in 2027, with corresponding P/E ratios of 23, 18, and 14 times [3][4]

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]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.50 CNY, based on a projected PE ratio of 27 times for 2025 [3][6]. Core Insights - The company is experiencing significant growth in its smart electric control products, with new customer acquisitions contributing to this expansion [2]. - The financial performance for 2024 aligns with expectations, showing a revenue of 99.37 billion CNY, a year-on-year increase of 33.0%, and a net profit of 12.09 billion CNY, up 35.6% [9]. - The company is actively expanding its production capacity and exploring new markets, including intelligent driving and humanoid robotics [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 130.11 billion CNY, 159.62 billion CNY, and 196.98 billion CNY, respectively, with growth rates of 30.9%, 22.7%, and 23.4% [5]. - The net profit for the same period is forecasted to be 15.18 billion CNY, 18.63 billion CNY, and 22.98 billion CNY, reflecting growth rates of 25.6%, 22.8%, and 23.3% [3][5]. - The company’s gross margin is expected to stabilize around 22.0% to 22.5% from 2025 to 2027 [5]. Customer and Market Expansion - The company has successfully added eight new clients, including notable names in the North American market, bringing the total client count to 50 [9]. - The company is focusing on enhancing its product offerings and has a robust pipeline of projects, with 430 projects under research and 309 new projects entering mass production [9]. Production Capacity and Future Plans - The company plans to increase its production capacity significantly, including 100,000 sets per year for floating calipers and 150,000 sets for EPB calipers by 2025 [9]. - The company is also exploring mergers and acquisitions in the intelligent chassis and driving sectors to create business synergies [9].