Investment Rating - The report maintains a "Buy-A" investment rating for the company [5][8]. Core Views - The company reported strong revenue growth in Q1 2025, with revenue reaching 2.638 billion yuan, a year-on-year increase of 41.83%. The net profit attributable to shareholders was 270 million yuan, up 28.79% year-on-year [1][2]. - The sales volume of the intelligent electronic control segment increased significantly, with 1.46 million units sold in Q1 2025, representing a 58% year-on-year growth. The disc brake sales reached 930,000 units, up 36% year-on-year, while lightweight brake components sold 3.44 million units, a 23% increase year-on-year [2]. - The company is positioned as a core player in the next-generation braking technology, with significant progress in EMB regulations and successful development of initial functional samples [3]. - The company is expanding its global customer base and increasing production capacity at its Mexican facility [4]. Financial Summary - The projected net profits for the company from 2025 to 2027 are estimated at 1.5 billion, 2 billion, and 2.7 billion yuan, respectively, with corresponding PE ratios of 23.5, 17.7, and 13.2 times [5][14]. - The company’s gross margin for Q1 2025 was reported at 17.97%, with a year-on-year decrease of 2.09 percentage points and a quarter-on-quarter decrease of 4.24 percentage points [2]. - The company’s total market capitalization is approximately 36.03 billion yuan, with a current share price of 59.40 yuan and a target price of 75.3 yuan for the next six months [8].
伯特利(603596):2025Q1营收增长强劲,线控制动产品持续放量