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伯特利2024年三季报点评:毛利率环比改善,但海外仍承压
中泰证券· 2024-11-03 03:01
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 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-------------|----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
伯特利:2024年三季报业绩点评:3Q24业绩符合预期,智能电控订单+技术持续突破
光大证券· 2024-11-02 02:39
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].
伯特利:2024年三季报点评:订单开拓顺利,业绩兑现超预期
东吴证券· 2024-10-31 21:00
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) ...
伯特利:2024年三季报业绩点评:制动业务放量明显,Q3毛利率环比再增长
中国银河· 2024-10-31 06:43
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]
伯特利(603596):公司季报点评:智能电控和轻量化制动部件销量增长强劲
海通国际· 2024-10-31 06:05
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 ...
伯特利:2024Q3各业务蓬勃发展,线控制动量产提速
华安证券· 2024-10-31 04:30
[Table_StockNameRptType] 伯特利(603596) 公司点评 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
伯特利:24Q3业绩同比高增,加大国内外市场开拓力度
天风证券· 2024-10-31 03:43
公司报告 | 季报点评 24Q3 业绩同比高增,加大国内外市场开拓力度 24Q3 业绩同比高增,各项产品销量向好 公司发布 2024 年三季报,24 年前三季度公司实现营收 65.78 亿元,同比 +28.85%;归母净利润 7.78 亿元,同比+30.79%;扣非归母净利润 7.09 亿元, 同比+30.85%。从盈利能力看,公司 24 年前三季度毛利率 21.29%,同比 -1.04pct;24 年前三季度净利率 11.99%,同比+0.08pct。24 年前三季度, 公司智能电控产品销量 334.3 万套,同比增 32.53%;盘式制动器销量 227.1 万套,同比增 13.70%;轻量化制动零部件销量 966.1 万件,同比增长 58.99%。 机械转向产品销量 205.9 万套,同比增长 19.86% 24Q3 公司营收 26.07 亿元,同比+29.66%/环比+23.52%;归母净利润达 3.21 亿元,同比+33.96%,环比+29.51%。从盈利能力看,公司 24Q3 毛利率 21.56%,同比-1.05pct/环比+0.13pct;24Q3 净利率 12.57%,同比+0.40pct/ 环 ...
伯特利:公司季报点评:智能电控和轻量化制动部件销量增长强劲
海通证券· 2024-10-31 01:13
[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 伯特利(603596)公司季报点评 2024 年 10 月 31 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |----------------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 30 日收盘价(元) ] | 49.55 | | 52 周股价波动(元) | 31.75-83.55 | | 总股本 / 流通 A 股(百万股) | 607/605 | | 总市值 / 流通市值(百万元) | 30054/29993 | | 相关研究 | | | [Table_ReportInfo] 《 EMB 等新产品研发继续推进,加快产能布 | | | 局》 2024.09.03 《获北美新能源轻量化项目和德系合资 | EPB | | 项目定点》 2024.05.05 | | | 《在研项目储备丰富,新产品研发稳步推进》 | | | ...
伯特利:2024年三季报点评:Q3业绩超预期,营收利润均显著增长
西南证券· 2024-10-31 00:34
Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 performance exceeded expectations, with revenue and profit showing significant growth. For the first three quarters of 2024, revenue reached 6.578 billion yuan, up 28.9% year-on-year, and net profit attributable to shareholders was 778 million yuan, up 30.8% year-on-year [1] - The company is experiencing rapid growth in various product lines, with notable increases in sales of intelligent electronic control products, disc brakes, lightweight brake components, and mechanical steering products [2] - The company is expanding its production capacity and has successfully launched new projects, including significant contracts with North American and German automotive companies [3] - The company is increasing its R&D investment to advance new product development and delivery, with successful mass production of several new technologies [3] Financial Summary - For Q3 2024, the company reported revenue of 2.607 billion yuan, a year-on-year increase of 29.7% and a quarter-on-quarter increase of 23.5%. The net profit for Q3 was 321 million yuan, up 34% year-on-year and 29.5% quarter-on-quarter [1] - The gross margin for Q3 was 21.6%, a decrease of 1 percentage point year-on-year but an increase of 0.2 percentage points quarter-on-quarter. The net margin was 12.6%, up 0.4 percentage points year-on-year and 0.7 percentage points quarter-on-quarter [2] - The company forecasts EPS for 2024-2026 to be 1.87, 2.34, and 3.01 yuan, respectively, with a projected CAGR for net profit attributable to shareholders of 27% [4]
伯特利:系列点评六:2024Q3业绩超预期 智能电动齐驱
民生证券· 2024-10-30 12:30
伯特利(603596.SH)系列点评六 推荐 维持评级 当前价格: 49.55 元 2024Q3 业绩超预期 智能电动齐驱 2024 年 10 月 30 日 [Table_Author] 分析师:崔琰 分析师:白如 执业证号:S0100523110002 执业证号:S0100524080008 邮箱:cuiyan@mszq.com 邮箱:bairu@mszq.com ➢ 事件:公司披露 2024 年三季报:2024 年前三季度实现营收 65.78 亿元, 同比+28.85%;归母净利润 7.78 亿元,同比+30.79%;扣非归母净利润 7.09 亿 元,同比+30.85%。 ➢ 2024Q3 业绩超预期 线控、转向业务净利率高增。根据公司公告,2024 年 前三季度实现营收 65.78 亿元,同比+28.85%,其中 2024Q3 公司营收 26.07 亿元,同比+29.66%、环比+23.52%。公司 2024 年前三季度实现归母净利润 7.78 亿元,同比+30.79%,其中 2024Q3 公司归母净利润 3.21 亿元,同比 +33.96%、环比+29.53%;2024 年前三季度实现扣非归母净利润 ...