国元证券研报指出，伯特利2025H1实现归母净利5.22亿元，同比增长14.19%；扣非后归母净利润5.09亿元，同比增长20.74%。在收入稳定增长基础上，公司持续开拓新客户、新项目，进一步优化客户结构，目前公司累积客户有51家。从产品方向看，公司核心产品继续保持良好拿单强度：盘式制动器方面，新增定点项目56项，其中新能源车型32项，项目数量较去年同期增长69.70%；电子驻车制动系统（EPB）方面，新增定点项目109项，其中新能源车型59项，项目数量较去年同期增长65.15%；线控制动系统（WCBS）方面，新增定点项目51项，其中新能源车型39项，项目数量较去年同期增长54.55%。截止上半年，公司新增30万套/年电动助力转向（DP-EPS）产能，年产60万套EMB产线和年产20万套空气悬架和EDC产线已经投入建设。考虑到公司底盘域主要产品不断发力，新项目和新定点不断开拓，海外和新产品持续落地，地盘域全域解决方案发展策略稳步向前。基于当前股价对应PE20.35\16.42\13.74倍，基于公司前期下跌较多，上调至“买入”评级。
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