伯特利：智能电控产品持续放量，业绩超预期-20250425

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment indicates a positive outlook based on performance metrics and growth potential. Core Insights - The company reported a revenue of 9.94 billion yuan in 2024, representing a year-on-year growth of 32.95%, with a net profit of 1.21 billion yuan, up 35.6% year-on-year. In Q4 alone, revenue reached 3.36 billion yuan, marking a 41.8% increase year-on-year and a 28.8% increase quarter-on-quarter [2][3] - The company has expanded its market presence by adding 8 new clients in 2024, including notable names in the North American market, and has secured 416 new projects, which is a 30.4% increase from the previous year. The annualized revenue from these new projects is projected to be 6.54 billion yuan [3] - The company has maintained a gross margin of 21.1% for 2024, slightly down by 1.4 percentage points year-on-year, while the net profit margin improved to 12.2%, up by 0.24 percentage points year-on-year [3] - The company has significantly increased its research and development efforts, with smart electronic control product sales reaching 5.21 million units, a 40% increase year-on-year. Other product categories also showed strong growth, including disc brakes and lightweight brake components [3] - The company is pursuing a global development strategy, with a production base in Mexico that began operations in 2023 and is undergoing capacity expansion to meet overseas demand [3] Financial Summary - The total revenue for 2023 was 7.47 billion yuan, with projections of 9.94 billion yuan for 2024, 12.83 billion yuan for 2025, and continuing growth through 2027 [5] - The net profit attributable to the parent company for 2023 was 891 million yuan, expected to rise to 1.21 billion yuan in 2024 and further to 1.57 billion yuan in 2025 [5] - The company's gross margin is projected to stabilize around 21.3% to 21.7% from 2025 to 2027, while the return on equity (ROE) is expected to increase from 18.4% in 2024 to 29.6% by 2027 [5][6]