业绩符合预期，智能电控&海外驱动 伯特利(603596.SH)/汽车 证券研究报告/公司点评 2024 年 8 月 31 日 [Table_Title] 评级：买入（维持） 市场价格：37.2 元 [Table_Industry] 分析师：何俊艺 执业证书编号：S0740523020004 分析师：刘欣畅 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|---------|-------|-------|--------|--------| | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 5,539 | 7,474 | 9,674 | 11,796 | 14,001 | | 增长率 yoy% | 59% | 35% | 29% | 22% | 19% | | ...

2024 年 9 月 4 日 公司研究 1H24 业绩符合预期，线控制动放量驱动业绩稳健增长 ——伯特利（603596.SH）2024 年半年报业绩点评 要点 1H24 业绩符合预期：1H24 营业收入同比+28.3%至 39.7 亿元（约占我们原先 全年预测的 41%），毛利率同比-1.0pcts 至 21.1%，销管研费用率同比-0.4pcts 至 9.7%，归母净利润同比+28.7%至 4.6 亿元（vs. 约占我们原先全年预测的 41%）；其中，2Q24 公司营收同比+32.4%/环比+13.5%至 21.1 亿元，毛利率 同比-1.3pcts/环比+0.7pcts 至 21.4%，销管研费用率同比-0.6pcts/环比 +0.4pcts 至 9.9%，归母净利润同比+35.0%/环比+17.9%至 2.5 亿元。 轻量化制动销量快速增长，线控制动/转向业务盈利显著提升：分产品看，1H24 公司智能电控/盘式制动器/轻量化制动/机械转向产品销量分别同比增长 32.0%/15.0%/61.2%/21.3%，轻量化制动销量快速增长主要得益于公司核心客 户奇瑞销量提升（1H24 奇瑞销量同比+48%至 11 ...

证券研究报告 非金融公司|公司点评|伯特利（603596） 伯特利 2024 年中报点评： 产能爬坡加速，毛利率稳步向上 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 2024 年 8 月 29 日，伯特利公布 2024 年中报。2024 年上半年伯特利实现收入 39.7 亿元，同 比增长 28.3%，实现归母净利润 4.57 亿元，同比增长 28.7%，扣非后归母净利润 4.22 亿元， 同比增长 29.4%。2024Q2 实现收入 21.1 亿元，同比增长 32.4%，实现归母净利润 2.48 亿元， 同比增长 35.0%。 |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 2023/9 2024/1 2024/5 2024/9 非金融公司|公司点评 glzqdatemark2 2024年09月04日 伯特利(603596) 伯特利 2024 年中报点评： 产能爬坡加速，毛利率稳步向上 | --- | --- | --- | |-------|--------------------|--- ...

伯特利（603596.SH） 2Q24 毛利率超预期，线控制动&转向业务盈利大幅改善 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|--------|--------| | | | | | | | | | | 财务指标 | | 2022A | 2023A | | 2024E | 2025E | 2026E | | 营业收入（百万元） | | 5,539 | 7,474 | | 9,756 | 12,342 | 15,589 | | 增长率 yoy （ % ） | | 58.6 | 34.9 | | 30.5 | 26.5 | 26.3 | | 归母净利润（百万元） | | 699 | 891 | | 1,151 | 1,462 | 1,893 | | 增长率 yoy （ % ） | | 38.5 | 27.6 | | 29.1 | 27.0 | 29.5 | | ROE （ % ） | | 15.3 | 15.0 | | 16.8 ...

[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）公司半年报点评 2024 年 09 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | |---------------------------------------------------------|-------------|-------| | 股票数据 | | | | 09 [ Table_StockInfo 月 03 日收盘价（元） ] | 37.93 | | | 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） | 23006/22959 | | | 相关研究 | | | | [Table_ReportInfo] 《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》 | | | | 2024.03.28 | | | ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨伯特利（603596.SH） [Table_Title] 伯特利中报点评：轻量化、智能电控产品持续快 速增长，公司业绩表现优异 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 伯特利（603596.SH） cjzqdt11111 相关研究 [Table_Title 伯特利中报点评：轻量化、智能电控产品持续快 2] 速增长，公司业绩表现优异 [Table_Summary2] 事件描述 公司 2024Q2 实现营收 21.1 亿元，同比增长 32.4%；归母净利润 2.5 亿元，同比增长 35.0%。 事件评论 受益于轻量化、智能电控等新项目放量及下游客户销量增长，公司收入较好增长。2024Q2 公司主要客户产销表现较好，Q2 乘用车批发销量 629.2 万辆，同比+4.6%，环比+10.7%； 吉利销量 48.0 万辆， ...

Investment Rating - Buy/Maintain rating for Bethel (603596) with a target price of 37.20 [1] Core Views - Bethel is focusing on building an integrated chassis domain control system, strengthening the X-axis and expanding the Y+Z-axis [1][3] - The company's new generation of brake-by-wire systems, including WCBS2.0 and EMB, is accelerating industrialization [4] - Bethel is transitioning from electric control to wire control in steering systems and is laying out ADAS domain controllers, high-precision maps, and intelligent algorithms [4] - The company has a strong order book with 196 new project awards in H1 2024, a 35% YoY increase [3] Financial Performance - H1 2024 revenue reached 3.971 billion yuan, up 28.32% YoY, with net profit attributable to shareholders of 457 million yuan, up 28.65% YoY [2] - Q2 2024 revenue was 2.111 billion yuan, up 32.35% YoY and 13.49% QoQ, with net profit attributable to shareholders of 248 million yuan, up 35.04% YoY and 17.92% QoQ [2] - Gross margin in H1 2024 was 21.1%, down 1.03 pct YoY, while net margin was 11.52%, up 0.03 pct YoY [2] - R&D expenses in H1 2024 were 243 million yuan, up 26.20% YoY [3] Product and Market Performance - Smart electric control product sales reached 1.998 million units in H1 2024, up 32.04% YoY [3] - Disc brake sales were 1.398 million units, up 14.99% YoY [3] - Lightweight brake component sales reached 6.13 million units, up 61.17% YoY [3] - Mechanical steering product sales were 1.328 million units, up 21.34% YoY [3] Future Projections - Revenue for 2024-2026 is projected to be 9.894 billion yuan, 12.603 billion yuan, and 15.726 billion yuan, with YoY growth rates of 32.38%, 27.38%, and 24.78% respectively [5] - Net profit attributable to shareholders for 2024-2026 is projected to be 1.181 billion yuan, 1.630 billion yuan, and 1.931 billion yuan, with YoY growth rates of 32.53%, 37.99%, and 18.42% respectively [5] - The company's PE ratio for 2024-2026 is expected to be 17x, 13x, and 11x [5] Capacity Expansion - Bethel is expanding its domestic lightweight production base to meet the demand for vehicle lightweighting [3] - The company is adding 300,000 units/year capacity for EPS and EPS-ECU production lines [3] - The Mexico Phase II project is progressing smoothly [3]

Investment Rating - The report maintains a "Buy" rating for Berteli (603596.SH) with a target price of 45.43 CNY, indicating a potential upside from the current price of 37.20 CNY over the next six months [4]. Core Insights - Berteli's H1 2024 revenue reached 3.971 billion CNY, a year-on-year increase of 28.32%, while net profit attributable to shareholders was 457 million CNY, up 28.65% year-on-year [2]. - The company has seen significant growth in its smart electric control products and lightweight brake components, with sales increasing by 32.04% and 61.17% respectively [2]. - The company is expanding its market presence both domestically and internationally, with 196 new project approvals in H1 2024, a 35% increase from the previous year [2]. Summary by Sections Financial Performance - In H1 2024, Berteli achieved a gross margin of 21.43% and a net margin of 11.87%, showing improvement from Q1 [2]. - The company forecasts net profits of 1.152 billion CNY, 1.422 billion CNY, and 1.715 billion CNY for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.90 CNY, 2.34 CNY, and 2.83 CNY [3][4]. Business Development - The company is actively pursuing new business opportunities, with successful mass production of WCBS 1.5 and initial supply of WCBS 2.0 to clients [2]. - Berteli is also expanding its production capacity, including a new annual capacity of 300,000 units for EPS and EPS-ECU production lines [2]. Market Position - Berteli's strategy includes optimizing its customer structure and increasing the number of new clients, which has led to a robust order book [2]. - The company is well-positioned in the automotive electronics and control components sector, with key subsidiaries showing improved profitability [2].

证券代码：603596 证券简称：伯特利 公告编号：2024-070 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交易方式回购部分公司股票，并将该回购股份用于后期 公司管理层和核心骨干员工实施股权激励或员工持股计划。回购股票价格的上限为 90.43 元/股（含），回购股票数量为不低于 120 万股（含）且不超过 180 万股（含）， 占公司截至 2024 年 1 月 31 日已发行总股本的 0.28%-0.42%。公司将根据回购方案 实施期间股票市场价格的变化情况，结合公司经营状况进行回购。回购股票的实施 期限为自董事会审议通过本次回购股份方案之日起不超过 12 个月。具体内容详见 公司 2024 年 2 月 1 日刊登在上海证券交易所网站（www.sse.com.cn）及《中国证券 报》上的《伯特利关于以集中竞价交易方式回购公司股份方案的公告》（公告编号： 2024-015）。 公司于 2024 年 5 月 20 日实施 2023 年度利润分 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing revenue growth, with significant increases in product sales and market expansion efforts [1][2] - The company is focusing on lightweight and electric control products, which are expected to ramp up production [1][3] - The company has successfully launched new projects and increased its customer base, with a notable rise in new project approvals [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 39.71 billion yuan, a year-on-year increase of 28.65% [1] - The net profit attributable to the parent company for Q2 2024 was approximately 2.48 billion yuan, reflecting a year-on-year growth of 35.04% [1] - The company expects to achieve net profits of 11.24 billion yuan, 15.48 billion yuan, and 20.48 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 26.1%, 37.7%, and 32.3% [3] Market Expansion and Product Development - The company has actively expanded its market presence, with a significant increase in sales volumes across various product lines [1][2] - New project approvals have increased by 35% year-on-year, with a total of 196 new projects [1][2] - The company is advancing its lightweight product initiatives, including the establishment of new production bases and projects in Mexico [2] Future Outlook - The company is well-positioned to benefit from the growing demand for lightweight automotive components and electric control systems [2][3] - The projected P/E ratios for 2024, 2025, and 2026 are 20.07, 14.58, and 11.02 respectively, indicating a favorable valuation outlook [3][6]