伯特利：打造一体式底盘域控系统：做强X向，做大Y+Z向

Investment Rating - Buy/Maintain rating for Bethel (603596) with a target price of 37.20 [1] Core Views - Bethel is focusing on building an integrated chassis domain control system, strengthening the X-axis and expanding the Y+Z-axis [1][3] - The company's new generation of brake-by-wire systems, including WCBS2.0 and EMB, is accelerating industrialization [4] - Bethel is transitioning from electric control to wire control in steering systems and is laying out ADAS domain controllers, high-precision maps, and intelligent algorithms [4] - The company has a strong order book with 196 new project awards in H1 2024, a 35% YoY increase [3] Financial Performance - H1 2024 revenue reached 3.971 billion yuan, up 28.32% YoY, with net profit attributable to shareholders of 457 million yuan, up 28.65% YoY [2] - Q2 2024 revenue was 2.111 billion yuan, up 32.35% YoY and 13.49% QoQ, with net profit attributable to shareholders of 248 million yuan, up 35.04% YoY and 17.92% QoQ [2] - Gross margin in H1 2024 was 21.1%, down 1.03 pct YoY, while net margin was 11.52%, up 0.03 pct YoY [2] - R&D expenses in H1 2024 were 243 million yuan, up 26.20% YoY [3] Product and Market Performance - Smart electric control product sales reached 1.998 million units in H1 2024, up 32.04% YoY [3] - Disc brake sales were 1.398 million units, up 14.99% YoY [3] - Lightweight brake component sales reached 6.13 million units, up 61.17% YoY [3] - Mechanical steering product sales were 1.328 million units, up 21.34% YoY [3] Future Projections - Revenue for 2024-2026 is projected to be 9.894 billion yuan, 12.603 billion yuan, and 15.726 billion yuan, with YoY growth rates of 32.38%, 27.38%, and 24.78% respectively [5] - Net profit attributable to shareholders for 2024-2026 is projected to be 1.181 billion yuan, 1.630 billion yuan, and 1.931 billion yuan, with YoY growth rates of 32.53%, 37.99%, and 18.42% respectively [5] - The company's PE ratio for 2024-2026 is expected to be 17x, 13x, and 11x [5] Capacity Expansion - Bethel is expanding its domestic lightweight production base to meet the demand for vehicle lightweighting [3] - The company is adding 300,000 units/year capacity for EPS and EPS-ECU production lines [3] - The Mexico Phase II project is progressing smoothly [3]