Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported a revenue of 3.97 billion yuan for the first half of 2024, representing a year-on-year increase of 28.3%, with a net profit of 457 million yuan, also up by 28.7%, aligning with expectations [2]. - The gross margin for the first half of 2024 was 21.1%, a decrease of 1 percentage point year-on-year, while the net profit margin was 11.6%, down by 0.1 percentage points [2]. - In Q2 2024, the company achieved a revenue of 2.11 billion yuan, a year-on-year increase of 32.4% and a quarter-on-quarter increase of 13.5%, with a net profit of 248 million yuan, up 35% year-on-year and 17.9% quarter-on-quarter [2]. - The company continues to expand its production capacity and has made significant progress in new product development and delivery [2]. Summary by Sections Revenue and Profitability - The company achieved a revenue of 39.7 billion yuan in H1 2024, with a net profit of 4.57 billion yuan, both showing strong growth compared to the previous year [2]. - The gross margin improved slightly in Q2 2024 to 21.4%, while the net profit margin also saw a slight increase [2]. Product Sales - Sales of various products showed robust growth, with smart electronic control products sold reaching 1.998 million units, up 32% year-on-year, and lightweight brake components sold reaching 6.13 million units, up 61% year-on-year [2]. Capacity Expansion - The company is actively expanding its production capacity, with ongoing projects in Mexico and domestic lightweight production bases [2]. - In H1 2024, the company secured 196 new projects, a 35% increase year-on-year, including significant contracts with North American and German automotive companies [2]. Research and Development - The company has increased its R&D investment and is making steady progress in the development and mass production of new products, including the WCBS1.5 and WCBS2.0 systems [2]. Earnings Forecast - The expected EPS for 2024-2026 is projected to be 1.82, 2.22, and 2.66 yuan, respectively, with a corresponding PE ratio of 20, 17, and 14 times [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported a revenue of 3.97 billion yuan for the first half of 2024, representing a year-on-year increase of 28.3%, with a net profit of 457 million yuan, also up by 28.7%, aligning with expectations [2]. - The gross margin for the first half of 2024 was 21.1%, a decrease of 1 percentage point year-on-year, while the net profit margin was 11.6%, down by 0.1 percentage points [2]. - In Q2 2024, the company achieved a revenue of 2.11 billion yuan, a year-on-year increase of 32.4% and a quarter-on-quarter increase of 13.5%, with a net profit of 248 million yuan, up 35% year-on-year and 17.9% quarter-on-quarter [2]. - The company continues to expand its production capacity, with significant projects underway in Mexico and domestic facilities, including a new annual capacity of 300,000 EPS units and 300,000 EPS-ECU units [2]. - The company has successfully launched new products, including WCBS1.5 and WCBS2.0, and is progressing towards mass production of electric tailgates and new suspension products [2]. Summary by Sections Financial Performance - The company expects EPS for 2024-2026 to be 1.82, 2.22, and 2.66 yuan, respectively, with corresponding PE ratios of 20, 17, and 14 times, indicating a compound annual growth rate (CAGR) of 21.8% for net profit attributable to shareholders [3][4]. Business Growth - The company has seen robust growth across various product lines, with smart electronic control products sales increasing by 32% year-on-year, disc brake sales up by 15%, lightweight brake components up by 61%, and mechanical steering products up by 21% [2]. - The company added 196 new designated projects in the first half of 2024, a 35% increase year-on-year, including significant contracts with North American and German automotive companies [2]. Research and Development - The company has increased its R&D investment and is steadily advancing new product and technology development, with successful mass production of several new products [2].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [5][14]. Core Views - The company achieved significant year-on-year growth in H1 2024, with revenue reaching 3.971 billion yuan, up 28.32%, and net profit attributable to shareholders at 457 million yuan, up 28.65% [1]. - The company continues to enhance its research and development efforts, successfully launching new products such as WCBS1.5 and WCBS2.0, and is set to mass-produce electric tailgates [2]. - The company is accelerating capacity expansion and global operations, with new production lines and facilities being established to meet the growing demand for lightweight automotive components [3]. Financial Performance - In H1 2024, the company reported a gross margin of 21.11%, a slight decrease of 1.03 percentage points year-on-year, while the net margin was 11.60%, down 0.14 percentage points [1]. - The company’s revenue for Q2 2024 was 2.111 billion yuan, reflecting a year-on-year increase of 32.35% and a quarter-on-quarter increase of 13.49% [1]. - The projected net profit for 2024-2026 is estimated at 1.218 billion yuan, 1.459 billion yuan, and 1.913 billion yuan, respectively, with corresponding P/E ratios of 19, 15, and 12 times [4][5]. Product Performance - Sales of intelligent electronic control products reached 1,997,738 units in H1 2024, a year-on-year increase of 32.04% [1]. - The lightweight brake components saw a significant sales increase of 61.17%, totaling 6,129,602 units sold [1]. Capacity Expansion - The company is expanding its production capacity to meet the demand for lightweight automotive components, with new production lines for EPS and EPS-ECU being added [3]. - A convertible bond issuance of up to 2.832 billion yuan is planned to fund the production of various automotive components, including EMB and EPB systems [3].

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥3,970,887,255.26, representing a 28.32% increase compared to ¥3,094,442,710.48 in the same period last year[17]. - Net profit attributable to shareholders was ¥457,448,671.50, up 28.65% from ¥355,570,769.87 year-on-year[17]. - The net profit after deducting non-recurring gains and losses was ¥421,721,710.67, reflecting a 29.40% increase from ¥325,904,147.47 in the previous year[17]. - The net cash flow from operating activities was ¥392,458,732.05, a significant increase of 148.04% compared to ¥158,225,698.06 in the same period last year[17]. - Basic earnings per share for the first half of 2024 were ¥0.75, up 19.05% from ¥0.63 in the same period last year[18]. - The company's operating profit for the first half of 2024 was approximately ¥330.12 million, an increase of 20.4% compared to ¥273.95 million in the same period of 2023[115]. - Net profit for the first half of 2024 reached ¥292.79 million, up from ¥244.49 million in the first half of 2023, reflecting a growth of 19.7%[116]. - The total comprehensive income for the first half of 2024 was ¥292.79 million, compared to ¥245.83 million in the first half of 2023, representing an increase of 19.0%[116]. Revenue and Sales Growth - In the first half of 2024, the company's main business revenue reached RMB 3,836.28 million, representing a year-on-year growth of 28.15%[28]. - The sales volume of intelligent electronic control products was 1,997,738 sets, an increase of 32.04% year-on-year[28]. - The sales volume of disc brakes was 1,397,998 sets, showing a year-on-year growth of 14.99%[28]. - The sales volume of lightweight brake components reached 6,129,602 pieces, with a significant year-on-year increase of 61.17%[28]. - The sales volume of mechanical steering products was 1,327,995 sets, reflecting a year-on-year growth of 21.34%[28]. - The company's total revenue from sales of goods and services reached ¥4.49 billion, compared to ¥3.33 billion in the first half of 2023, marking an increase of 34.8%[117]. Assets and Liabilities - The total assets at the end of the reporting period were ¥10,729,308,849.22, a slight decrease of 0.16% from ¥10,746,748,183.98 at the end of the previous year[17]. - The net assets attributable to shareholders increased by 4.51% to ¥5,933,180,505.89 from ¥5,677,110,911.48 at the end of the previous year[17]. - The company's total liabilities decreased to CNY 1,500,000,000.00 at the end of the reporting period[130]. - The total current liabilities decreased to CNY 3,921,166,731.08 from CNY 4,232,949,310.00, a reduction of about 7.35%[106]. - The company's long-term borrowings remained stable at CNY 59,390,000.00, unchanged from the previous period[106]. Research and Development - The company holds a total of 402 valid patents, including 89 invention patents, demonstrating strong innovation capabilities[22]. - The company is actively developing new lightweight products, with 53 projects under research, including 51 for new energy vehicles[36]. - The company has 167 projects under research for electronic parking brake systems (EPB), with 70 for new energy vehicles[37]. - Research and development expenses rose by 26.20% to CNY 243,140.47 million, reflecting increased investment in R&D[44]. Market and Industry Insights - In the first half of 2024, China's passenger car production and sales were 11.886 million and 11.979 million units, respectively, with year-on-year growth of 5.4% and 6.3%[26]. - China's new energy vehicle production and sales reached 4.929 million and 4.944 million units, respectively, with year-on-year growth of 30.1% and 32%[26]. - The automotive parts manufacturing industry in China achieved a revenue of RMB 4.41 trillion in 2023, with a year-on-year growth of approximately 5.1%[27]. Risks and Challenges - There were no major risks identified that could materially impact the company's operations during the reporting period[5]. - The company faces risks related to industry fluctuations, as its business is closely tied to the automotive sector, which is sensitive to economic cycles[51]. - Customer concentration risk is significant, with major clients including Chery, General Motors, and Geely, which could impact profitability if order volumes decrease[52]. - The company faces significant risks from fluctuations in raw material prices, particularly for steel, pig iron, and aluminum, which constitute a large portion of its production costs[53]. Environmental and Social Responsibility - The company has been recognized as a key pollutant discharger, with its subsidiary generating aluminum ash as a primary pollutant[64]. - The company has established waste gas and wastewater treatment systems to ensure compliance with environmental standards[65]. - The company actively implemented various measures to reduce carbon emissions, including the construction of solar photovoltaic power generation projects to increase green electricity usage[71]. Shareholder Information - The total number of shares is 433,667,529, with 432,009,029 shares being tradable[89]. - The company plans to distribute cash dividends while increasing capital reserves by 4 shares for every 10 shares held[90]. - The largest shareholder, YUAN,YONGBIN, holds 110,604,340 shares, representing 18.24% of the total shares[94]. - The company plans to release 29,400 restricted shares from the 2019 stock incentive plan on January 4, 2024[97]. Financial Reporting and Compliance - The company has not reported any changes in accounting policies or prior period error corrections, ensuring consistency in financial reporting[138]. - The company's financial statements comply with the requirements of the enterprise accounting standards, reflecting its financial position and operating results accurately[148]. - The company has established important accounting policies and estimates in accordance with enterprise accounting standards, ensuring consistency in financial reporting[147].

芜湖伯特利汽车安全系统股份有限公司 独立董事提名人声明与承诺 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定; (三)中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定; (四)中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 (离)休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定; 独立董事提名人声明与承诺 提名人芜湖伯特利汽车安全系统股份有限公司董事会,现提名李开国先生为 芜湖伯特利汽车安全系统股份有限公司第四届董事会独立董事候选人,并已充分 了解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失信等 不良记录等情况。被提名人已同意出任芜湖伯特利汽车安全系统股份有限公司第 四届董事会独立董事候选人(参见该独立董事候选人声明)。提名人认为，被提 名人具备独立董事任职资格,与芜湖伯特利汽车安全系统股份有限公司之间不存 在任何影响其独立性的关系,具体声明并承诺如下: 一、被提名人具备 ...

证券代码：603596 证券简称：伯特利 公告编号：2024-060 芜湖伯特利汽车安全系统股份有限公司 关于 2024 年半年度募集资金存放与实际使用情况 的专项报告 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个别及连带 责任。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资 金管理和使用的监管要求》和上海证券交易所《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指南第 1 号——公 告格式》等相关规定，将芜湖伯特利汽车安全系统股份有限公司（以下简称本公司 或公司）2024 年半年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额及资金到账时间 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准芜湖伯特 利汽车安全系统股份有限公司公开发行可转换公司债券的批复》（证监许可 [2020]3389 号）核准，同意公司向社会公开发行面值总额人民币 90,200 万元可转换 公司债券（以下简称"可转债"），期限 6 年。2021 ...

芜湖伯特利汽车安全系统股份有限公司 独立董事候选人声明与承诺 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定； 独立董事候选人声明与承诺 本人马黎珺，已充分了解并同意由提名人芜湖伯特利汽车安全系统股份有限 公司董事会提名为芜湖伯特利汽车安全系统股份有限公司第四届董事会独立董 事候选人。本人公开声明，本人具备独立董事任职资格，保证不存在任何影响本 人担任芜湖伯特利汽车安全系统股份有限公司独立董事独立性的关系，具体声明 并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有 5 年以上法律、经济、会计、财务 ...

芜湖伯特利汽车安全系统股份有限公司 独立董事提名人声明与承诺 独立董事提名人声明与承诺 (五) 中共中央组织部《关于进一步规范党政领导干部在企业兼职(任职) 问题的意见》的相关规定; (六)中共中央纪委、教育部、监察部《关于加强高等学校反腐倡廉建设的 i 意见》的相关规定; 提名人芜湖伯特利汽车安全系统股份有限公司董事会,现提名马黎珺女士为 芜湖伯特利汽车安全系统股份有限公司第四届董事会独立董事候选人,并已充分 了解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失信等 不良记录等情况。被提名人已同意出任芜湖伯特利汽车安全系统股份有限公司第 四届董事会独立董事候选人(参见该独立董事候选人声明)。提名人认为,被提 名人具备独立董事任职资格,与芜湖伯特利汽车安全系统股份有限公司之间不存 在任何影响其独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行政法规、规 章及其他规范性文件,具有 5年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、被提名人任职资格符合下列法律、 ...

证券代码：603596 证券简称：伯特利 公告编号：2024-065 芜湖伯特利汽车安全系统股份有限公司 关于董事会、监事会换届选举的公告 本公司监事会及全体监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个别及连带 责任。 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）第三届董事会、监 事会任期即将届满，为保证公司法人治理结构的完整和公司生产经营的正常进行， 根据《公司法》《公司章程》等法律法规的相关规定，公司开展董事会、监事会换届 选举工作。具体情况说明如下： 一、董事会换届选举情况 公司于 2024 年 8 月 29 日召开第三届董事会第二十九次会议，审议通过了《关 于公司董事会换届并选举公司第四届董事会非独立董事的议案》和《关于公司董事 会换届并选举公司第四届董事会独立董事的议案》，并提请公司 2024 年第二次临时 股东大会审议。 为践行公司"全球化"发展战略，满足公司日益丰富的海外布局对经营管理水 平提出的更高要求，进一步加强公司管理团队中国际化力量以保障公司平稳发展和 有效决策，经公司董事会提名委员会对董事候选人任职资格的审查，公司董 ...

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个别及 连带责任。 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召开了第三届董事会第二十九次会议，审议通过了《关于调整董事会董事 津贴的议案》。现将具体情况公告如下： 证券代码：603596 证券简称：伯特利 公告编号：2024-064 芜湖伯特利汽车安全系统股份有限公司 关于调整董事会董事津贴的公告 同时，为激励外部非独立董事积极参与公司管理与决策，认真履行各项职责， 体现风险报酬对等原则，根据《公司章程》等相关制度，结合公司实际情况，公 司拟参照独立董事的上述津贴标准，为董事会成员中未在公司任职且未在公司领 取薪酬的非独立董事发放津贴，即津贴标准为每人每年 15 万元人民币（税前）， 调整后的津贴经公司股东大会审议通过后自 2024 年度按此标准开始执行。 本次调整董事会董事津贴符合公司的实际经营情况，符合公司长远发展的 需要。决策程序符合《公司法》、《公司章程》等有关规定，不存在损害公司及股 东利益的情形。该事项尚需公司股东大会审议通过后生效 ...