[Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 伯特利(603596)公司点评报告 2024 年 11 月 04 日 [Table_Title]业绩快速提升，智能加速突破 ——伯特利（603596.SH）2024 年三季度报告点评 [Table_Invest]增持|维持 [Table_Summary] 事件： 2024 年 10 月 30 日，公司发布 2024 年第三季度报告：2024 年前三季度公 司实现营业收入 65.78 亿元，同比增长 28.85%；实现归母净利 7.78 亿元， 同比增长 30.79%；扣非后归母净利润 7.09 亿元，同比增长 30.85%。 投资要点： 业务快速增长，盈利能力稳步修复 2024Q3 单季度公司营业收入 26.07 亿元，同/环比分别增长 29.66%/ 23.52%；归母净利润 3.21 亿元，同环比分别增长 33.96%/29.51%；相比 三季度 SW 汽车行业三季度同比收入利润均呈负增长的行业整体状态，增 长成绩优异。盈利能力方面，公司 Q3 单季度毛利率/净利率分别为 21.56%/ 12.57%，均为今年以来持续修复，较 ...

证券代码：603596 证券简称：伯特利 公告编号：2024-091 芜湖伯特利汽车安全系统股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/1 | | --- | --- | | 回购方案实施期限 | 2024/1/31~2025/1/30 | | 预计回购金额 | 5,784.1960 万元~11,568.3919 万元 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 120.00 万股 | | 累计已回购股数占总股本比例 | 0.1978% | | 累计已回购金额 | 5,200.5964 万元 | | 实际回购价格区间 | 32.65 元/股~55.72 元/股 | 一、 回购股份的基本情况 公司于 2024 年 1 月 31 日召开的第三届董事会第二十六次会议审议通过了《关 于公司以集中竞价交易方式回购股份的议案》, 同意公司以自有或符合法律法规规 定的自筹资金通过集中竞价 ...

2024年11月03日 证券研究报告 非金融公司|公司点评|伯特利（603596） 伯特利 2024 年三季报点评： 产能爬坡加速，业绩稳健增长 请务必阅读报告末页的重要声明 glzqdatemark1 证券研究报告 |报告要点 2024 年 10 月 29 日，伯特利公布 2024 年三季报。2024 年 Q3 伯特利实现收入 26.1 亿元，同 比增长 29.7%，实现归母净利润 3.21 亿元，同比增长 34.0%，扣非后归母净利润 2.87 亿元， 同比增长 33.0%。我们预计公司 2024-2026 年营业收入分别为 99.6/130.2/165.9 亿元，同比 增速分别为 33.3%/30.6%/27.5%，归母净利润分别为 11.8/15.8/20.5 亿元，同比增速分别为 32.1%/34.2%/30.0%，EPS 分别为 1.94/2.61/3.38 元/股。鉴于公司线控底盘升级清晰，产能 释放节奏明确，产能爬坡兑现能力增强，维持"买入"评级。 |分析师及联系人 高登 SAC：S0590523110004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatema ...

场 智能电控产品持续增长，积极布局海外市 核心观点 ⚫ 业绩符合预期。公司前三季度营业收入 65.78 亿元，同比增长 28.9%；归母净利润 7.78 亿元，同比增长 30.8%；扣非归母净利润 7.09 亿元，同比增长 30.9%。3 季度 营业收入 26.07 亿元，同比增长 29.7%，环比增长 23.5%；归母净利润 3.21 亿元， 同比增长 34.0%，环比增长 29.5%；扣非归母净利润 2.87 亿元，同比增长 33.0%， 环比增长 25.0%。 ⚫ 毛利率环比改善。前三季度毛利率 21.3%，同比减少 1.0 个百分点；3 季度毛利率 21.6%，同比减少 1.0 个百分点，环比增长 0.1 个百分点。前三季度期间费用率 8.8%，同比减少 0.3 个百分点，其中销售/管理/研发费用率分别同比减少 0.1/0.1/0.2 个百分点，主要系公司收入规模增加摊薄费率。财务费用率同比减少 0.1 个百分点， 主要系当期可转债利息确认减少所致。前三季度经营活动现金流净额 6.22 亿元，同 比增长 14.7%，主要系回款增加所致。 ⚫ 新老产品并驱放量，持续获取新项目。3 季度公司智能电控产品销 ...

伯特利（603596.SH） 汽车零部件 证券研究报告/公司点评报告 2024 年 11 月 01 日 毛利率环比提升，智能电控放量较好 ——伯特利 2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-------------|----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its long-term strategic planning and market positioning [1]. Core Insights - The company's Q3 2024 performance met expectations, with a year-on-year revenue increase of 28.9% to 6.58 billion yuan, accounting for approximately 68% of the annual forecast. The net profit attributable to the parent company rose by 30.8% to 780 million yuan [1]. - The growth in sales was driven by lightweight braking and intelligent electronic control products, with respective year-on-year sales increases of 59.0% and 32.5% [1]. - The company has made significant advancements in intelligent electronic control orders and technology, with a 65% year-on-year increase in new project approvals, particularly in the North American market [1]. Summary by Sections Financial Performance - Q3 2024 revenue reached 2.61 billion yuan, up 29.7% year-on-year and 23.5% quarter-on-quarter. The gross margin was 21.6%, showing a slight decline from the previous year [1]. - For the first three quarters, the company reported a net profit of 780 million yuan, which is 30.8% higher than the same period last year [1]. Product Performance - The company saw substantial growth in its product lines, with intelligent electronic control products and lightweight braking systems leading the way. The number of new mass production projects increased by 19% to 235 [1]. - Key clients such as Chery and Geely contributed to the growth, with Chery's sales up 40% and Geely's up 32% [1]. Strategic Initiatives - The company is expanding its global production capacity, planning to raise up to 2.8 billion yuan through convertible bonds to fund new production lines for various products, including electric brake systems and lightweight components [1]. - The report highlights the company's comprehensive product layout and ongoing R&D efforts as key competitive advantages [1].

证券研究报告·公司点评报告·汽车零部件 伯特利（603596） 2024 年三季报点评：订单开拓顺利，业绩兑 现超预期 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5539 | 7474 | 10131 | 12918 | 15500 | | 同比（ % ） | 58.61 | 34.93 | 35.55 | 27.51 | 19.99 | | 归母净利润（百万元） | 698.81 | 891.50 | 1,147.28 | 1,460.47 | 1,816.16 | | 同比（ % ） | 38.51 | 27.57 | 28.69 | 27.30 | 24.35 | | EPS- 最新摊薄（元 / 股） ...

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company reported a revenue of 6.578 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 28.85%, and a net profit attributable to shareholders of 778 million yuan, up 30.79% year-on-year [1] - The brake business has shown significant growth, contributing to an increase in scale effects, with the gross margin for Q3 2024 rising to 21.56%, a quarter-on-quarter increase of 0.13% [1] - The company has added 105 new designated projects in Q3, a 17% increase from Q2, and plans to raise up to 2.802 billion yuan through convertible bonds to expand production capacity [2] - The company has demonstrated excellent cost control, with a noticeable decrease in expense ratios in Q3, enhancing profitability and risk resistance [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.607 billion yuan, a year-on-year increase of 29.66% and a quarter-on-quarter increase of 23.52% [1] - The gross margin for the first three quarters was 21.29%, with Q3 showing a gross margin of 21.56% [1] - The company expects to achieve revenues of 9.591 billion yuan, 11.753 billion yuan, and 13.993 billion yuan from 2024 to 2026, with net profits of 1.151 billion yuan, 1.458 billion yuan, and 1.819 billion yuan respectively [3] Business Development - The company’s brake business has seen volume growth, with significant increases in sales for various products, including intelligent electronic control and lightweight braking systems [1] - The company is actively expanding its production capacity with several new projects, including a 600,000-unit electronic mechanical brake project and a 1 million-unit line-controlled chassis brake system project [2] Cost Management - The company has effectively managed its expenses, with R&D, sales, and management expense ratios decreasing in Q3 compared to the previous quarter [2]

备注：净利润为归属母公司所有者的净利润 603596 CH Bethel Automotive Safety Sys tems Rating: OUTPERFORM Target Price: Rmb66.68 Kai Wang k.wang@htisec.com Oscar Wang sy.wang@htisec.com 公司研究/汽车与零配件/汽车零配件 伯特利（603596）公司季报点评 证券研究报告 2024-10-31 智能电控和轻量化制动部件销量增长强 劲 投资要点: · 伯特利发布 2024三季度业绩;发布 2024三季度业绩:2024年第三季度实现 营业收入 26.1 亿元，同比+30%，环比+24%；实现归母净利润 3.2 亿元，同比 +34%,环比+30%;毛利率 21.56%,同比-1.05pcts,环比+0.13pcts;净利率 12.57%，同比+0.40pcts，环比+0.70pcts。 · 分产品情况:2024 第三季度,智能电控产品销量 135 万套,同比+33%,环比 +25%; 盘式制动器销量 87 万套,同比+12%，环比+23%;轻量化制动零部件 销量 353 万套,同 ...

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