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There is a clear inflow of leveraged funds and northbound funds.

Author | North of the Equator

Editor | Xiaobai

Recent highlights:

1. Obtained the North American new energy lightweight project and the German joint venture EPB project;

2. The company's stock has increased by 15% in the past five trading days.

Company profile and performance

Bethel's main business is automotive braking systems, intelligent driving systems and steering systems. Its main products are disc brakes, lightweight brake components, intelligent electronic control products, etc.

In the current context of automobile intelligence, the brake-by-wire system, as the core module of the "perception, decision-making, and execution" links, is the basis for realizing high-level intelligent driving. According to agency forecasts, the penetration rate of brake-by-wire technology in my country is expected to reach 30% in 2026, and the market size is expected to grow to 20.1 billion yuan, with a compound growth rate of 49.6% from 2022 to 2026; the global brake-by-wire market size is expected to reach 55.2 billion yuan, with a compound growth rate of 47.1%.

According to data released by the Ministry of Industry and Information Technology, as of November 2023, Bethel's brake-by-wire products ranked second with a domestic retail share of 12.9%.

(Data source: Ministry of Industry and Information Technology, Charting: Market Capitalization APP)

The company currently has a wide range of customers, including international and joint venture customers: General Motors, SAIC GM, Changan Ford, Volvo, Jiangling Ford, Jiangling Renault, Dongfeng Nissan, Stellantis, Mahindra, Ford Motor, TATA, Rebuild, etc.

Domestic customers: Chery, Geely, Changan, SAIC, BAIC Group, Dongfeng Group, GAC Group, JAC, Great Wall, BYD, FAW Hongqi, Ideal, NIO, Xpeng, Seres, Changan Deep Blue, Changan Kaicheng, Leapmotor, etc.

In 2023, the company achieved operating revenue of 7.47 billion yuan, a year-on-year increase of 34.9%; net profit attributable to shareholders of the parent company was 890 million yuan, a year-on-year increase of 27.6%; and non-net profit was 860 million yuan, a year-on-year increase of 45.4%.

In the first quarter of 2024, the company's revenue was 1.86 billion yuan, a year-on-year increase of 24%; net profit attributable to the parent company was 210 million yuan, a year-on-year increase of 22%. Among them, the sales volume of intelligent electronic control products was 922,000 sets, a year-on-year increase of 28%; the sales volume of disc brakes was 685,000 sets, a year-on-year increase of 13%; the sales volume of lightweight brake parts was 2.785 million pieces, a year-on-year increase of 52%. The sales volume of mechanical steering products was 739,000 sets, a year-on-year increase of 54%.

(Data source: Choice Financial Terminal, Charting: Market Capitalization APP)

The company has sufficient orders on hand, with a total of 106 new designated projects in the first quarter of 2024. It has also been designated for a lightweight project of a North American new energy vehicle company. According to the customer's dimension, the total sales revenue is expected to be approximately US$120 million within the 5-year life cycle of the project, and the maximum annual sales revenue is expected to be approximately US$31.46 million. At the same time, it has also been designated for an EPB project of a platform project of a German joint venture car company. According to the customer's dimension, the total sales revenue is expected to be approximately RMB 600 million within the 8-year life cycle of the project, and the maximum annual sales revenue is expected to be approximately RMB 96 million.

Concepts involved

1. Unmanned driving: The company's main business is automobile braking system, automobile intelligent driving system and automobile steering system business areas.

2. Huawei Auto: The company's intelligent driving products include ADAS, WCBS, and EPB products. Currently, the designated projects for the Huawei brand include brakes, EPB, and WCBS. The main models include Wenjie and Zhijie.

3. Low-altitude economy: The company has already started cooperation with flying car companies.

4. BYD concept: BYD is the customer of the company's disk, EPB and other products.

5. Changan Automobile concept: The company's main customers in the field of new energy vehicles include independent customers: Geely Auto, Chery Auto, Changan Automobile, GAC, BAIC, SAIC, Dongfeng Liuzhou Motor, JAC Motors, FAW Hongqi, Jiangling Motors, Xiaopeng Motors, and WM Motors; international and joint venture customers: General Motors, Volvo, PSA, Mahindra, SAIC-GM, Changan Ford, Dongfeng Nissan, Jiangling Ford, and GAC Mitsubishi, etc.

Event Catalysis

Recently, Baidu's Carrot Run has become popular, coupled with the good news that Shanghai will orderly open up the scope of application of new urban intelligent connected vehicles, intelligent driving has become a hot topic. Bethel is an automotive parts manufacturer mainly engaged in the research and development, manufacturing and sales of automotive braking systems, intelligent driving systems and steering systems, and is expected to benefit.

Market behavior(I) Investor Q&A

Recently, the company stated on the Shanghai Stock Exchange e-interaction that its current designated projects for the Huawei brand include brakes, EPB, and WCBS, and its main vehicle models include Wenjie and Zhijie.

The Mexican plant is currently progressing smoothly in increasing production and is expected to reach its designed capacity by the end of the third quarter of 2024.

(II) Investor holdings

At the end of the first quarter, the top ten shareholders of circulating shares held 230 million shares, accounting for 53.7% of the circulating shares, including several public funds.

(Data source: Choice Financial Terminal, Charting: Market Capitalization APP)

In the first quarter, the number of Bethel shareholders increased significantly, corresponding to a decrease in the average number of shares held by each household.

(Data source: Choice Financial Terminal, Charting: Market Capitalization APP)

Bethel's financing activity has increased significantly recently, and the financing balance has also increased. On July 12, it financed purchases of 33.764 million yuan, accounting for 12.2% of the purchase amount on that day.

(Data source: Choice Financial Terminal, Charting: Market Capitalization APP)

On May 17, a large amount of "northbound funds" flowed into Bethel, and the number of shares held by the Shanghai-Hong Kong Stock Connect increased and has remained at a high level to date.

(Data source: Choice Financial Terminal, Charting: Market Capitalization APP)

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