伯特利（603596.SH） 汽车零部件 证券研究报告/公司点评报告 2024 年 11 月 01 日 毛利率环比提升，智能电控放量较好 ——伯特利 2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-------------|----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its long-term strategic planning and market positioning [1]. Core Insights - The company's Q3 2024 performance met expectations, with a year-on-year revenue increase of 28.9% to 6.58 billion yuan, accounting for approximately 68% of the annual forecast. The net profit attributable to the parent company rose by 30.8% to 780 million yuan [1]. - The growth in sales was driven by lightweight braking and intelligent electronic control products, with respective year-on-year sales increases of 59.0% and 32.5% [1]. - The company has made significant advancements in intelligent electronic control orders and technology, with a 65% year-on-year increase in new project approvals, particularly in the North American market [1]. Summary by Sections Financial Performance - Q3 2024 revenue reached 2.61 billion yuan, up 29.7% year-on-year and 23.5% quarter-on-quarter. The gross margin was 21.6%, showing a slight decline from the previous year [1]. - For the first three quarters, the company reported a net profit of 780 million yuan, which is 30.8% higher than the same period last year [1]. Product Performance - The company saw substantial growth in its product lines, with intelligent electronic control products and lightweight braking systems leading the way. The number of new mass production projects increased by 19% to 235 [1]. - Key clients such as Chery and Geely contributed to the growth, with Chery's sales up 40% and Geely's up 32% [1]. Strategic Initiatives - The company is expanding its global production capacity, planning to raise up to 2.8 billion yuan through convertible bonds to fund new production lines for various products, including electric brake systems and lightweight components [1]. - The report highlights the company's comprehensive product layout and ongoing R&D efforts as key competitive advantages [1].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported better-than-expected performance in Q3 2024, with revenue reaching 2.607 billion yuan, representing a quarter-on-quarter increase of 29.66% and a year-on-year increase of 23.52%. The net profit attributable to the parent company was 321 million yuan, with a year-on-year increase of 33.96% [2][3] Revenue and Profit Forecast - The company is projected to achieve total revenue of 10.131 billion yuan in 2024, with a year-on-year growth of 36%. The net profit attributable to the parent company is expected to be 1.147 billion yuan, reflecting a year-on-year increase of 29% [5] Customer and Product Performance - Core customer production and sales have improved significantly, contributing to high revenue growth. Notable increases in production for key clients such as Chery, Geely, and Changan were observed, with respective quarter-on-quarter production increases of 13%, 14%, and a decrease of 17% [3] Margin and Cost Management - The gross margin for Q3 2024 was reported at 21.60%, marking a recovery with a quarter-on-quarter increase. The company maintained a stable expense ratio of 8.71% during the same period [4] Order Acquisition and Product Development - The company successfully secured 301 new projects in Q3 2024, with significant additions in various product lines, indicating a robust pipeline for future growth [5]

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company reported a revenue of 6.578 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 28.85%, and a net profit attributable to shareholders of 778 million yuan, up 30.79% year-on-year [1] - The brake business has shown significant growth, contributing to an increase in scale effects, with the gross margin for Q3 2024 rising to 21.56%, a quarter-on-quarter increase of 0.13% [1] - The company has added 105 new designated projects in Q3, a 17% increase from Q2, and plans to raise up to 2.802 billion yuan through convertible bonds to expand production capacity [2] - The company has demonstrated excellent cost control, with a noticeable decrease in expense ratios in Q3, enhancing profitability and risk resistance [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.607 billion yuan, a year-on-year increase of 29.66% and a quarter-on-quarter increase of 23.52% [1] - The gross margin for the first three quarters was 21.29%, with Q3 showing a gross margin of 21.56% [1] - The company expects to achieve revenues of 9.591 billion yuan, 11.753 billion yuan, and 13.993 billion yuan from 2024 to 2026, with net profits of 1.151 billion yuan, 1.458 billion yuan, and 1.819 billion yuan respectively [3] Business Development - The company’s brake business has seen volume growth, with significant increases in sales for various products, including intelligent electronic control and lightweight braking systems [1] - The company is actively expanding its production capacity with several new projects, including a 600,000-unit electronic mechanical brake project and a 1 million-unit line-controlled chassis brake system project [2] Cost Management - The company has effectively managed its expenses, with R&D, sales, and management expense ratios decreasing in Q3 compared to the previous quarter [2]

Investment Rating - The report assigns an "Outperform" rating to Bethel Automotive Safety Systems with a target price of RMB 66.68 [1][4]. Core Insights - Bethel Automotive Safety Systems reported Q3 2024 results with revenue of RMB 2.61 billion, a year-on-year increase of 30% and a quarter-on-quarter increase of 24%. The net profit attributable to shareholders was RMB 320 million, up 34% year-on-year and 30% quarter-on-quarter [2][9]. - The company is focusing on increasing R&D investment to advance new products and technologies, including successful mass production of WCBS1.5 and small batch supply of WCBS2.0 [11][12]. - The expected new capacity will support order releases, with significant developments in lightweight product production and expansion in international markets, including a second phase project in Mexico [3][12]. Financial Performance Summary - For 2024-2026, the revenue forecast is RMB 96 billion, RMB 121 billion, and RMB 149 billion respectively, with net profit attributable to shareholders projected at RMB 11.56 billion, RMB 15.01 billion, and RMB 19.50 billion [4][13]. - The earnings per share (EPS) are expected to be RMB 1.91, RMB 2.48, and RMB 3.22 for the years 2024, 2025, and 2026 respectively [4][13]. - The gross profit margin (GPM) for Q3 2024 was reported at 21.56%, a decrease of 1.05 percentage points year-on-year, while the net profit margin (NPM) was 12.57%, an increase of 0.40 percentage points year-on-year [2][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown robust growth across its business segments, with significant increases in revenue and net profit for Q3 2024. The revenue reached 2.607 billion yuan, representing a year-on-year increase of 29.66% and a quarter-on-quarter increase of 23.52%. The net profit attributable to shareholders was 321 million yuan, up 33.96% year-on-year and 29.51% quarter-on-quarter [1] - The company is experiencing a continuous rise in revenue, driven by lightweight and intelligent electronic control products. The main business revenue for Q3 was 2.542 billion yuan, with a year-on-year growth of 31.41% and a quarter-on-quarter growth of 25.89% [1] - The company has a rich pipeline of projects, with significant new production and project approvals in lightweight brake components and electronic control products [1][3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a cumulative revenue of 6.578 billion yuan, a year-on-year increase of 28.85%. The net profit attributable to shareholders was 778 million yuan, up 30.79% year-on-year [1] - The company’s gross margin for Q3 was 21.56%, showing a year-on-year decrease of 1.05 percentage points but a quarter-on-quarter increase of 0.13 percentage points [1] Business Development - The company has expanded its production capacity significantly, particularly in lightweight components. The new production projects for Q3 included 7 for lightweight brake components and 15 for disc brakes [1] - The company is focusing on enhancing its production capabilities in Mexico and expanding its product offerings in its domestic facilities [1] Client Demand - The company’s major clients include Chery Automobile, General Motors, and Geely, with revenue contributions of 45.33%, 9.26%, and 9.07% respectively in the first half of 2024. Chery's sales have seen substantial growth, with domestic retail and export numbers increasing by 60.49% and 95.27% year-on-year [2] Profit Forecast - The company is expected to achieve net profits of 1.124 billion yuan, 1.547 billion yuan, and 2.047 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 26.1%, 37.6%, and 32.3% [3]

公司报告 | 季报点评 24Q3 业绩同比高增，加大国内外市场开拓力度 24Q3 业绩同比高增，各项产品销量向好 公司发布 2024 年三季报，24 年前三季度公司实现营收 65.78 亿元，同比 +28.85%；归母净利润 7.78 亿元，同比+30.79%；扣非归母净利润 7.09 亿元， 同比+30.85%。从盈利能力看，公司 24 年前三季度毛利率 21.29%，同比 -1.04pct；24 年前三季度净利率 11.99%，同比+0.08pct。24 年前三季度， 公司智能电控产品销量 334.3 万套，同比增 32.53%；盘式制动器销量 227.1 万套，同比增 13.70%；轻量化制动零部件销量 966.1 万件，同比增长 58.99%。 机械转向产品销量 205.9 万套，同比增长 19.86% 24Q3 公司营收 26.07 亿元，同比+29.66%/环比+23.52%；归母净利润达 3.21 亿元，同比+33.96%，环比+29.51%。从盈利能力看，公司 24Q3 毛利率 21.56%，同比-1.05pct/环比+0.13pct；24Q3 净利率 12.57%，同比+0.40pct/ 环 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 2.61 billion yuan for Q3 2024, representing a year-on-year increase of 30% and a quarter-on-quarter increase of 24%. The net profit attributable to shareholders was 320 million yuan, up 34% year-on-year and 30% quarter-on-quarter. The gross margin was 21.56%, down 1.05 percentage points year-on-year but up 0.13 percentage points quarter-on-quarter. The net profit margin was 12.57%, an increase of 0.40 percentage points year-on-year and 0.70 percentage points quarter-on-quarter [5][6] - The company is increasing its R&D investment and steadily advancing new product development and mass production delivery. The WCBS1.5 has successfully achieved mass production in multiple customer projects, and the WCBS2.0 has successfully achieved small batch supply in its first customer project. The electric tailgate is about to enter mass production, and the development of new products such as EMB and suspension is progressing smoothly [5][6] - The company is expected to have new production capacity that will support order releases, with significant capacity expansions planned for lightweight products and EPS production lines [6] Financial Summary - The company’s revenue is projected to reach 9.619 billion yuan in 2024, with net profits of 1.156 billion yuan, and EPS of 1.91 yuan. The revenue is expected to grow to 12.053 billion yuan in 2025 and 14.936 billion yuan in 2026, with net profits of 1.501 billion yuan and 1.950 billion yuan respectively. The EPS is projected to be 2.48 yuan in 2025 and 3.22 yuan in 2026 [7][9] - The gross margin is expected to be 21.9% in 2024, 22.0% in 2025, and 22.4% in 2026, while the net asset return rate is projected to increase from 17.5% in 2024 to 19.4% in 2026 [7][9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 performance exceeded expectations, with revenue and profit showing significant growth. For the first three quarters of 2024, revenue reached 6.578 billion yuan, up 28.9% year-on-year, and net profit attributable to shareholders was 778 million yuan, up 30.8% year-on-year [1] - The company is experiencing rapid growth in various product lines, with notable increases in sales of intelligent electronic control products, disc brakes, lightweight brake components, and mechanical steering products [2] - The company is expanding its production capacity and has successfully launched new projects, including significant contracts with North American and German automotive companies [3] - The company is increasing its R&D investment to advance new product development and delivery, with successful mass production of several new technologies [3] Financial Summary - For Q3 2024, the company reported revenue of 2.607 billion yuan, a year-on-year increase of 29.7% and a quarter-on-quarter increase of 23.5%. The net profit for Q3 was 321 million yuan, up 34% year-on-year and 29.5% quarter-on-quarter [1] - The gross margin for Q3 was 21.6%, a decrease of 1 percentage point year-on-year but an increase of 0.2 percentage points quarter-on-quarter. The net margin was 12.6%, up 0.4 percentage points year-on-year and 0.7 percentage points quarter-on-quarter [2] - The company forecasts EPS for 2024-2026 to be 1.87, 2.34, and 3.01 yuan, respectively, with a projected CAGR for net profit attributable to shareholders of 27% [4]

Investment Rating - The report maintains a "Recommended" rating for the company with a current price of 49.55 yuan [1]. Core Views - The company reported better-than-expected performance for Q3 2024, with revenue reaching 6.578 billion yuan, a year-on-year increase of 28.85%, and a net profit attributable to shareholders of 778 million yuan, up 30.79% year-on-year [2]. - The growth in revenue and profit is attributed to increased sales from key clients such as Chery, Geely, and Changan, as well as strong performance in product sales, particularly in intelligent electric control products and lightweight components [2][4]. - The company is actively expanding its production capacity and product offerings, particularly in the field of line control chassis systems, which positions it well for future growth in the automotive parts market [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 6.578 billion yuan, with Q3 revenue at 2.607 billion yuan, reflecting a year-on-year increase of 29.66% and a quarter-on-quarter increase of 23.52% [2]. - The net profit for the first three quarters was 778 million yuan, with Q3 net profit at 321 million yuan, showing a year-on-year increase of 33.96% [2]. - The gross margin for Q3 2024 was 21.56%, with R&D expenses reaching 141 million yuan, a year-on-year increase of 24.16% [2]. Client and Product Analysis - The top five clients accounted for 46.99% of revenue, with significant sales growth from Chery (32.18% year-on-year), Geely (15.77% year-on-year), and Changan [2]. - Product sales in Q3 included 1.34 million sets of intelligent electric control products (up 33.04% year-on-year), 870,000 sets of disc brakes (up 11.70% year-on-year), and 3.53 million sets of lightweight components (up 55.35% year-on-year) [2]. Strategic Developments - The company is progressing with the integration of Wanda, a major acquisition aimed at enhancing its steering product offerings and expanding its market presence [2][4]. - The report highlights the company's focus on line control chassis systems, with plans to increase production capacity and develop new products to capture market opportunities in the automotive sector [4]. Future Projections - Revenue projections for 2024-2026 are estimated at 9.88 billion yuan, 13.08 billion yuan, and 17.09 billion yuan, respectively, with net profits expected to reach 1.17 billion yuan, 1.57 billion yuan, and 2.07 billion yuan [5][6]. - The company is expected to maintain a competitive edge through its early entry into the line control system market and ongoing expansion of production capabilities [4].