--- title: "From Braking to Steer-by-Wire, WBTL Seizes the New Battlefield of Intelligent Chassis" type: "News" locale: "en" url: "https://longbridge.com/en/news/287987008.md" description: "WBTL Automotive Safety Systems Co., Ltd. recently submitted a listing application to the Hong Kong Stock Exchange, attempting to enter the automotive supply chain competition through intelligent chassis and electronic brake control technology. The company's revenue continues to grow, and it is expected that by 2025, its revenue share in China's electronic parking brake and electronic brake control markets will reach 14.2% and 8.6%, respectively. With the development of new energy vehicles and intelligent driving, the demand for chassis control is rapidly increasing, and it is expected that revenue will grow from 7.196 billion yuan to 11.711 billion yuan from 2023 to 2025, with a compound annual growth rate of 27.6%" datetime: "2026-05-29T00:31:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287987008.md) - [en](https://longbridge.com/en/news/287987008.md) - [zh-HK](https://longbridge.com/zh-HK/news/287987008.md) generator: "portal-rs" --- # From Braking to Steer-by-Wire, WBTL Seizes the New Battlefield of Intelligent Chassis *The competition in China's new energy vehicle market is extending from intelligent driving to chassis systems. Bertli, which started with brake components, is attempting to enter the next round of automotive supply chain competition through intelligent chassis, steering integration, and robotics concepts.* #### **Key Points:** - Bertli recently officially submitted its listing application to the Hong Kong Stock Exchange, with revenue continuing to grow in recent years, and intelligent electronic control business becoming the largest source of income. - Chery Automobile has long been its largest customer. Li Shida As competition in China's new energy vehicles shifts from batteries and intelligent driving to chassis control, the previously less market-focused braking and steering systems are becoming the core of the next round of automotive supply chain battles. **Wuhu Bertli Automotive Safety Systems Co., Ltd.** (603596.SH), which is already listed in Shanghai, recently submitted its **listing application** to the Hong Kong Stock Exchange, with China International Capital Corporation serving as the sole sponsor. This company, which started with automotive brake components, is now attempting to penetrate a market long dominated by overseas giants such as **Bosch**, **Continental AG** (CON.DE), and **ZF** through intelligent chassis and wire-controlled braking technology. The company's chairman, Yuan Yongbin, previously worked on brake system research and development at the American automotive parts giant TRW before returning to China to start a business, founding Bertli in Wuhu, Anhui in 2004. The company initially entered the market with traditional braking products and gradually shifted towards intelligent chassis fields such as electronic parking brake systems (EPB), wire-controlled braking, and electronic mechanical braking systems (EMB) with the development of new energy vehicles and intelligence. The application documents cite third-party data indicating that Bertli's revenue share in China's electronic parking brake system and wire-controlled braking market will rank first among Chinese brand suppliers by 2025, at 14.2% and 8.6%, respectively. The company's core products include EPB, wire-controlled braking systems (WCBS), EMB, and steering-related products, with wire-controlled braking systems being an important execution component of intelligent driving, while EMB is one of the core technologies for the next generation of intelligent chassis. With the popularization of advanced driver assistance systems, automotive chassis are no longer just mechanical structures but control systems responsible for executing intelligent driving system commands. The increasing demands for chassis control from new energy vehicles and intelligent driving models are also driving rapid growth in the demand for wire-controlled braking, electronic steering, and chassis domain controllers. From 2023 to 2025, the company's revenue is expected to increase from 7.196 billion yuan (1.059 billion USD) to 11.711 billion yuan, with a compound annual growth rate of 27.6%; during the same period, net profit is expected to rise from 911 million yuan to 1.321 billion yuan. Revenue from intelligent electronic control products is projected to grow from 3.277 billion yuan to 5.826 billion yuan, with its proportion increasing from 45.5% to 49.7%, surpassing mechanical braking to become the company's largest source of income. Behind the growth, the pressure on the automotive supply chain has not disappeared. Bertli's overall gross margin is expected to decline from 19.1% to 17.6% from 2023 to 2025, with the gross margin of mechanical braking products dropping from 20.3% to 15.4%, indicating continued pressure on profitability. In terms of cash flow, the net cash flow from operating activities is expected to decrease from 1.058 billion yuan in 2024 to 867 million yuan in 2025 During the same period, accounts receivable, notes, and inventory continued to increase, reflecting the company's need to endure longer payment terms and higher inventory pressure during its expansion process. #### **Deep Binding with Chery** It is worth noting that **Chery Automobile** (9973.HK) has long been Bertley's largest customer, with the former indirectly holding about 14.56% of Bertley's shares. In 2024, revenue from the Chery system accounted for 45.1%, down from 39% last year. Bertley's performance growth in recent years has largely benefited from the rapid growth of Chery's new energy vehicles and export business, which also means the company has little pricing power. The deep binding between Bertley and Chery has raised market concerns about related party transaction management. Mainland media pointed out that the company's director and secretary Chen Zhongxi has received multiple verbal warnings and regulatory attention from the Shanghai Stock Exchange due to disclosure issues related to the company's transactions with the Chery system. In addition, Bertley is currently expanding its smart chassis layout through acquisitions. The company plans to acquire a 50.97% stake in YuBei Steering for 1.121 billion yuan to enhance its steering system capabilities and further establish an integrated smart chassis platform for braking and steering. Mainland media noted that if the steering system layout is completed, the per-vehicle matching value is expected to increase from less than 2,000 yuan in the past to a range of 3,500 to 5,000 yuan, further enhancing per-vehicle revenue and overall profitability. Besides automotive chassis, Bertley has also begun to layout embodied robots. The application documents mentioned that the company has applied the technologies accumulated in the research and manufacturing of automotive smart chassis systems to the core components of robots. Due to the commonalities in motor, actuator, and motion control technology between robot joint control and automotive chassis control, the market has begun to associate Bertley with the robotics concept. The Hong Kong stock market has traditionally been more conservative in valuing automotive parts companies compared to the A-share market. Companies like **Minth Group** (0425.HK), **Nexteer** (1316.HK), and **Fuyao Glass** (3606.HK) have valuations between 14 times to 16 times, while Bertley's A-share currently has a price-to-earnings ratio of about 24 times, which will inevitably face some valuation discount pressure after listing in Hong Kong. Especially since Hong Kong investors tend to focus more on cash flow, profit quality, and capital expenditure efficiency rather than purely revenue growth. Bertley possesses the imaginative potential brought by the upgrade of China's smart chassis and robotics concept, but the company also faces issues such as declining gross margins, customer concentration, weak cash flow, and heavy asset expansion. Whether Bertley can truly transition from a traditional brake parts supplier to a smart chassis platform enterprise will determine its valuation space in the Hong Kong stock market ### Related Stocks - [603596.CN](https://longbridge.com/en/quote/603596.CN.md) - [03908.HK](https://longbridge.com/en/quote/03908.HK.md) - [601995.CN](https://longbridge.com/en/quote/601995.CN.md) - [CON.DE](https://longbridge.com/en/quote/CON.DE.md) - [09973.HK](https://longbridge.com/en/quote/09973.HK.md) - [00425.HK](https://longbridge.com/en/quote/00425.HK.md) - [01316.HK](https://longbridge.com/en/quote/01316.HK.md) - [03606.HK](https://longbridge.com/en/quote/03606.HK.md) - [600660.CN](https://longbridge.com/en/quote/600660.CN.md) - [CTTAY.US](https://longbridge.com/en/quote/CTTAY.US.md) ## Related News & Research - [09:15 ETSEC's Proposed E-Delivery Rule Signals a New Era in Customer Communications](https://longbridge.com/en/news/296361991.md) - [CSG wins HSW chassis orders worth over EUR 150 million for Polish tactical vehicles](https://longbridge.com/en/news/295771658.md) - [This compact Glorious mechanical keyboard is just $35](https://longbridge.com/en/news/296139241.md) - [Knorr-Bremse showcases intelligent train systems at InnoTrans 2026](https://longbridge.com/en/news/296326468.md) - [12:15 ETInventHelp Inventor Develops Improved Stoma Wafer (OCC-1842)](https://longbridge.com/en/news/295824399.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**