Oriental Securities: Maintains "Buy" rating on Bertelli, with a target price of 54.78 yuan.

The research report of Orient Securities pointed out that Bertli Intelligent Electrical Control business is growing rapidly, and the addition of designated projects will ensure stable profit growth. In 2025, the operating income is expected to reach 12.014 billion yuan, a year-on-year increase of 20.9%; the net profit attributable to the parent company is expected to reach 1.309 billion yuan, a year-on-year increase of 8.3%. The company's gross profit margin is expected to decrease by 1.5 percentage points compared to 2024, mainly due to the ramp-up of production capacity at overseas factories. It is expected that with the release of scale effects and the launch of high-end products, the gross profit margin will stabilize and rise. It is expected that in 2026, the advancement of high-level intelligent driving represented by L3-level intelligent driving and Robotaxi will accelerate. The company's annual production line of 600,000 sets of EMB has been completed construction and has secured multiple mass production projects. In March 2026, there will be small batch deliveries; the technology for wire-controlled steering is under development; the electric control suspension system is expected to be mass-produced within the year. It is expected that in the future, the company's intelligent chassis business centered on wire-controlled braking, wire-controlled steering, and active suspension will become an important growth driver. The company will focus on research and development of planetary roller screws, miniature screws, high-performance brushless motors, and robot joint modules. It is expected that the company will closely cooperate with the industry in the field of robots and continuously expand its product categories. The future robot business is expected to become a new growth curve for the company. The average PE valuation of comparable companies in 2026 is 22 times, with a target price of 54.78 yuan and a maintained "buy" rating.