Summary of the Conference Call on Bertley Investment Value Company Overview - The conference call focuses on Bertley, a company involved in lightweight automotive components, particularly in the chassis sector, which is expected to be a significant growth driver for the company in the coming years [1][2]. Key Points and Arguments - **Chassis Lightweighting**: Bertley's focus on chassis lightweighting is highlighted as a critical performance growth point. The company has secured an order from a leading North American electric vehicle manufacturer, estimated to generate approximately $32 million annually [1]. - **Market Potential**: The chassis component market is described as a "blue ocean," with most current models still using steel and cast iron. The shift towards aluminum alloy components is driven by the demand for electric vehicle range and intelligent chassis systems [2]. - **Competitive Landscape**: Bertley and Top Group are identified as the strongest players in the chassis structure and functional components market, significantly ahead of domestic competitors. Bertley is expected to achieve over 30% growth due to its developments in Mexico [3]. - **EPB Market**: The Electric Park Brake (EPB) segment has a high penetration rate of over 80%. Bertley has recently secured an order for approximately 100,000 units from a leading European joint venture, marking a strategic breakthrough in the competitive landscape [5][6]. - **Domestic Market Share**: The domestic market for EPB has a low localization rate of about 25%, with Bertley and BYD being the major domestic players. Bertley's market share is estimated at around 15% [5]. - **Future Growth Projections**: The company anticipates a 30% growth rate supported by new orders in lightweighting and EPB. The estimated production for line control systems is projected to reach 1 million units, reflecting a 50% increase [7][8]. Additional Important Insights - **Strategic Significance of Orders**: The recent orders from leading joint ventures are seen as a significant milestone for Bertley, indicating a shift in market dynamics and the company's growing acceptance in the industry [6]. - **Risks**: Potential risks mentioned include slower-than-expected economic growth and significant increases in raw material prices, which could impact profitability [9]. This summary encapsulates the essential insights from the conference call regarding Bertley's investment value and market positioning.

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company reported Q1 2024 revenue of 1.86 billion yuan, a year-on-year increase of 24%, but a quarter-on-quarter decrease of 21.5%. The net profit attributable to the parent company was 210 million yuan, up 21.9% year-on-year but down 29.2% quarter-on-quarter [3]. - The company's gross margin was under pressure in Q1 2024, with a gross margin of 20.8%, down 0.7 percentage points year-on-year and 2.2 percentage points quarter-on-quarter. The net profit margin was 11.3%, down 0.4 percentage points year-on-year and 1.5 percentage points quarter-on-quarter. However, it is expected that gross margins will stabilize and recover as new projects ramp up and capacity utilization improves [3]. - The company is expanding its lightweight production capacity, with the first phase of a project in Mexico producing 4 million lightweight components annually, which commenced production at the end of Q3 2023. The second phase is expected to start production by the end of 2024. Additionally, the company has added 106 new projects in Q1 2024, including a lightweight project for a North American new energy vehicle company, projected to generate approximately 1.22 billion USD in total sales over five years [3]. - The company has accelerated its layout in the automotive steer-by-wire sector, with significant progress in the development of various steering systems. The sales volume of mechanical steering products increased by 54% year-on-year in Q1 2024 [3]. Summary by Sections Financial Performance - Q1 2024 revenue: 1.86 billion yuan, +24% YoY, -21.5% QoQ - Q1 2024 net profit: 210 million yuan, +21.9% YoY, -29.2% QoQ - Q1 2024 gross margin: 20.8%, -0.7pp YoY, -2.2pp QoQ - Q1 2024 net profit margin: 11.3%, -0.4pp YoY, -1.5pp QoQ [3][4]. Growth Projections - Expected EPS for 2024-2026: 2.61, 3.34, 4.21 yuan, with corresponding PE ratios of 22, 17, and 14 times. The CAGR for net profit attributable to the parent company is projected at 26.9% [4][5]. Capacity Expansion - The company is expanding its lightweight production capacity, with significant projects in Mexico and domestic production bases. The first phase in Mexico has commenced production, and the second phase is on track for late 2024 [3]. - New projects include a lightweight project for a North American new energy vehicle company and a platform project for a German joint venture, with significant projected sales [3]. Strategic Developments - The company has made strides in the steer-by-wire sector, with a focus on integrating control systems for various automotive applications. The sales of mechanical steering products have seen substantial growth [3].

[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05月05日 [Table_InvestInfo] 获北美新能源轻量化项目和德系合资 投资评级 优于大市 维持 EPB 项目定点 股票数据 0[4Ta月b3le0_日S收to盘ck价（In元fo）] 57.53 [Table_Summary] 52周股价波动（元） 47.11-97.86 投资要点： 总股本/流通A股（百万股） 433/432 总市值/流通市值（百万元） 24925/24870 相关研究  伯特利发布2024年一季报。2024年一季度实现收入18.6亿元，同比+24%， [《Ta在b研le项_R目e储p备or丰tI富nf，o]新 产品研发稳步推进》 环比-21%；实现归母净利润2.1亿元，同比+22%，环比-29%；净利率11.3%， 同比-0.36pct，环比-1.47pct。 2024.03.28 《发布业绩预增公告，看好国产制动龙头出海 及长期增长潜力》2024.01.23  加大市场开拓力度，积极开发新客户，进一步优化客户结构。2024年一季度 《拟发转 ...

[Table_Page] 季报点评|汽车零部件 证券研究报告 [伯Table_特Title] 利（603596.SH） [公Tab司le_I评nves级t] 买入 当前价格 55.61元 24Q1 业绩表现良好，海外客户持续突破 合理价值 80.81元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30 ⚫ 公司 24 年 Q1 业绩表现良好。根据财报，公司 24Q1 实现营业收入 [相Tab对le_P市icQ场uote表] 现 18.6亿元，同环比分别+24.0%/-21.5%，实现归母净利润2.1亿元，同 环比分别+21.9%/-29.2%，扣非归母净利润 1.9 亿元，同比+18.6%/ 42% 29% -38.8%。分产品来看，公司24Q1智能电控产品/盘式制动器/轻量化制 16% 动零部件/机械转向销量同比分别+27.9%/+12.9%/+52.1%/+54.0%。 4% ⚫ 盈利水平稳定，费用管控优秀。根据财报，公司24年Q1毛利率、归 -9%05/23 07/23 09/23 10/23 12/23 02/24 04/24 母净利率和期间费用率分别 ...

证券研究报告·公司点评报告·汽车零部件 伯特利（603596） 2024 年一季报点评：新业务快速放量，海外 2024 年 05月 01日 客户取得新突破 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 研究助理 孙仁昊 营业总收入（百万元） 5,539 7,474 10,131 14,126 18,788 执业证书：S0600123090002 同比（%） 58.61 34.93 35.55 39.44 33.00 sunrh@dwzq.com.cn 归母净利润（百万元） 698.81 891.50 1,210.04 1,659.63 2,183.78 同比（%） 38.51 27.57 35.73 37.15 31.58 股价走势 EPS-最新摊薄（元/股） 1.61 2.06 2.79 3.83 5.04 伯特利 沪深300 P/E（现价&最新摊薄） 34.48 27.03 19.91 14.52 11. ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 30 日 伯 特利(603596.SH) 证券研究报告 2024Q1 业绩符合预期，出海进展提速 汽车零部件Ⅲ 投资评级 买入-A 事件：4月29日，伯特利发布2024年一季报。24Q1营收18.6亿元，同 维持评级 比+24.05%；归母净利润2.1亿元，同比+21.85%；扣非归母净利润1.91亿 6个月目标价 81.3元 元，同比+18.55%。 股价 (2024-04-29) 55.61元 2024Q1业绩符合预期，智能电控及轻量化业务助力公司高速增长。 分业务板块来看：1）智能电控：24Q1销量92.3万套，同比+28%，主要系 交易数据 公司线控制动产品放量；2）盘式制动器：24Q1销量68.5万套，同比+13%； 总市值(百万元) 24,093.12 3）轻量化制动零部件销量278.5万套，同比+52%，主要系公司墨西哥工厂 流通市值(百万元) 24,040.37 于23Q3开始投产。3）机械转向：销量73.9万套，同比+54%，万达转向被 总股本(百万股) 433.25 公司收购后经营效率大幅提升。24Q1 ...

[Table_Main] 证券研究报告 | 公司点评 伯特利(603596.SH) 2024年04月30日 伯特利（603596.SH）：业绩稳 买入（维持） 所属行业：汽车/汽车零部件 健增长，新增定点项目充裕 当前价格(元)：55.61 证券分析师 投资要点 邓健全 资格编号：S0120523100001 事件：公司发布2024年一季报，2024年第一季度营收为18.60亿元，同比增长  邮箱：dengjq＠tebon.com.cn 24.04%；归母净利润为2.10亿元，同比增长21.85%；扣非后归母净利润为1.92 赵悦媛 亿元，同比增长18.55%。 资格编号：S0120523100002 邮箱：zhaoyy5＠tebon.com.cn 毛利率有所下降，公司积极优化费用。2024 年一季度公司毛利率为 20.75%，同  赵启政 比下降 0.75pct，环比下降 2.34pct；净利率为 11.31%，同比下降 0.36pct，环比 资格编号：S0120523120002 下降 1.47pct。公司积极优化费用，2024 年一季度公司费用率为 8.84%，同比下 邮箱：zhaoqz＠tebon ...

伯特利（603596.SH）系列点评四 全球化再进一步 智能电动齐驱 2024年04月30日 [T able_Author] 分析师：崔琰 执业证号：S0100523110002 邮箱：cuiyan@mszq.com ➢ 事件：公司披露 2024 年一季报：2024Q1 实现营收 18.60 亿元，同比 推荐 维持评级 +24.04%，环比-21.45%；归母净利润2.10亿元，同比+21.85%，环比-29.29%； 当前价格： 55.61元 扣非归母净利润1.92亿元，同比+18.55%，环比-38.66%。 ➢ 收入同比高增 海外订单再进一步。1）收入端：2024Q1营收18.60亿元， 相关研究 同比+24.04%，环比-21.45%，其中智能电控产品销量9.23万套、同比+28%， 1.伯特利（603596.SH）系列点评三：业绩符 盘式制动器销量6.85万套、同比+13%，轻量化制动零部件销量278.49万件、 合预期 智能电动齐驱-2024/03/28 同比+52%，机械转向产品销量73.93万套、同比+54%。2）利润端：2024Q1 2.伯特利（603596.SH）深度报告：线控底盘 归母净 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥1,859,952,289.55, representing a 24.04% increase compared to the same period last year[4] - Net profit attributable to shareholders was ¥209,917,928.44, reflecting a growth of 21.85% year-over-year[4] - The net profit after deducting non-recurring gains and losses was ¥191,730,032.02, an increase of 18.55% compared to the previous year[4] - Basic earnings per share stood at ¥0.48, marking a 15.36% increase from the same quarter last year[5] - The company reported a net profit of ¥3,471,250,682.48 for the first quarter of 2024, compared to ¥3,261,332,754.05 in the previous quarter, reflecting a growth of about 6.43%[24] - Net profit for Q1 2024 was ¥210,341,897.40, representing a 20.2% increase compared to ¥174,929,114.21 in Q1 2023[27] - The company reported a total comprehensive income of ¥233,247,209.06 for Q1 2024, compared to ¥174,007,431.30 in Q1 2023[27] Cash Flow - The net cash flow from operating activities was negative at -¥31,716,538.59, a decline of 76.40% year-over-year[4] - Cash flow from operating activities showed a net outflow of ¥31,716,538.59, an improvement from a net outflow of ¥134,419,898.52 in Q1 2023[29] - Cash inflow from operating activities totaled ¥1,872,872,047.70, compared to ¥1,485,106,891.40 in the previous year[29] - The net cash inflow from investment activities was -122,183,379.06, a decrease from 77,972,860.06 in the previous year[30] - The total cash inflow from financing activities was 50,000,000.00, compared to 13,924,420.04 in the previous year[30] - The net cash flow from financing activities increased to 46,481,514.60 from 13,686,698.04 year-over-year[30] - The cash outflow from investment activities totaled 335,196,995.28, compared to 243,850,483.24 in the previous year[30] - The cash inflow from investment activities was 213,013,616.22, a decrease from 321,823,343.30 year-over-year[30] - The cash outflow for purchasing goods and services was ¥1,594,693,518.19, an increase from ¥1,334,521,249.08 in Q1 2023[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥10,946,519,045.75, up 1.86% from the end of the previous year[5] - Current assets totaled ¥7,784,034,042.58, up from ¥7,718,389,569.16, indicating an increase of about 0.85%[22] - Total liabilities decreased to ¥4,654,935,577.88 from ¥4,692,941,737.41, a reduction of about 0.81%[24] - The company's equity attributable to shareholders rose to ¥5,914,463,963.80, up from ¥5,677,110,911.48, indicating an increase of approximately 4.18%[24] Research and Development - The company is focusing on new product development, with numerous projects in the pipeline across various product categories, including advanced driver assistance systems[18] - The company has 82 projects under research for wire-controlled braking systems, with 63 related to new energy vehicles, and 18 projects for electric power steering systems, with 12 related to new energy vehicles[17] - There are currently 208 projects under research for disc brakes, with 66 related to new energy vehicles; 49 projects for lightweight products, with 28 related to new energy vehicles; and 64 projects for electronic parking brake systems, with 56 related to new energy vehicles[15][17] - Research and development expenses for Q1 2024 were ¥110,913,997.79, compared to ¥93,015,033.69 in Q1 2023[26] Market and Sales - The company's main business revenue for Q1 2024 was RMB 181.72 million, representing a year-on-year growth of 25.53%[13] - Sales volume of smart electronic control products reached 922,734 units, up 28% year-on-year; disc brake sales were 685,138 units, up 13% year-on-year; lightweight brake components sales were 2,784,935 units, up 52% year-on-year; mechanical steering products sales were 739,270 units, up 54% year-on-year[13] - The company secured 106 new designated projects in Q1 2024, including a lightweight project for a North American new energy vehicle company, expected to generate total sales of approximately USD 122 million over 5 years, with a peak annual revenue of about USD 31.46 million[14] - The company also obtained a platform project for an EPB system from a German joint venture, with projected total sales of approximately RMB 600 million over 8 years, and a peak annual revenue of about RMB 96 million[14] - The company is actively optimizing its customer structure while solidifying existing clients, indicating a strategic focus on market expansion[14] Shareholder Information - The total number of shareholders at the end of the reporting period was 22,930, with the largest shareholder holding 18.23% of the shares[11] Other Financial Metrics - The weighted average return on equity decreased by 0.39 percentage points to 3.62%[5] - Government subsidies recognized in the current period amounted to ¥21,588,580.00, contributing positively to the financial results[6] - Deferred income increased to ¥181,651,693.15 from ¥150,820,886.33, indicating a growth of approximately 20.49%[24] - Cash and cash equivalents decreased to ¥2,171,552,811.28 from ¥2,339,544,198.63, a decline of approximately 7.2%[22] - The cash and cash equivalents at the end of the period were 2,062,730,275.08, down from 2,120,064,836.98 in the previous year[30] - The cash outflow for the purchase of fixed assets and intangible assets was 125,996,995.28, down from 240,550,483.24 in the previous year[30] - The company did not apply new accounting standards for the first quarter of 2024[31]

证券代码：603596 证券简称：伯特利 公告编号：2024-040 芜湖伯特利汽车安全系统股份有限公司 截至本公告日，募集资金的存储专户具体使用和注销情况如下： 1 | 芜湖伯特利汽车安全系统股份有限公 | 中国光大银行股份有限公司 芜湖分行营业部 | 79430188000423850 | 已注销 | | --- | --- | --- | --- | | 芜湖伯特利汽车安全系统股份有限公 | 兴业银行股份有限公司安徽 自贸试验区芜湖片区支行 | 498040100100188347 | 正常使用 | | 芜湖伯特利汽车安全系统股份有限公 | 芜湖扬子农村商业银行股份 | 20000201204766600000154 | 正常使用 | | | 有限公司公园大道支行 | | | | 芜湖伯特利材料科技有限公司 | 上海浦东发展银行股份有限 | 80030078801900000791 | 正常使用 | | | 公司芜湖分行 | | | | 芜湖伯特利电子控制系统有限公司 | 中国银行股份有限公司芜湖 | 187262927859 | 已注销 | | | 分行 | | | | WBTL DE SALTILL ...