Bethel (603596): Electronic Control Expert

Bethel (603596): Electronic Control Expert

Deepening of braking, electronic parking contributed to core revenue growth.

Wuhu Bethel was established in June 2004. Since its establishment, it has gradually developed mechanical brake components such as disc brakes, vacuum boosters, cast aluminum steering knuckles, etc. around the entire vehicle 无锡桑拿网 braking system.), Independent development capabilities of electronic control systems such as anti-lock braking system (ABS) and vehicle stability control system (ESC).

The compound growth rates of operating income and net profit attributable to mothers during the five years from 2013 to 2018 were 42.

55% and 49.

30%, the continuous cultivation of new products is the most important reason for the year-on-year increase in operating income.

From 2017 to 2018, electronically controlled products with high bicycle value such as EPB have become the most core source of revenue growth.

The brake system is initially electronically controlled and is the core executive end of the driverless system.

Bethel keeps up with the trend of electronic control of the entire vehicle braking system, and carries out the three major steps of ABS / ESC system (control side), electronic parking EPB (execution side) and wire-by-wire (input side + control side).System technology development and product layout.

At present, ABS / ESC is in a stable and stable stage. The EPB system has benefited from the increase in industry penetration and continued to contribute to the increase in revenue, while wire-controlled products have completed product development.

Raise investment to expand production capacity and continue to develop new customers.

The company issued 40.86 million shares in its IPO in 2018. The proceeds raised after deducting issuance costs5.

Expansion of main products such as EPB, ABS, ESC, and disc brakes with a production capacity of USD 600 million.

From the perspective of customer structure, the top five customers accounted for 93 in 2015.

28% preliminary to 75 in 2018.

11%, of which in 2017 from Geely Automobile, the United States of America Saikedi (mainly supply North American GM and Ford), SAIC GM’s operating income rose significantly, the customer structure is gradually optimized.

Earnings forecasts and investment advice.

We believe that the company’s electronic parking brake system benefits from the electronic control penetration bonus, and lightweight components benefit from the trend of lightweight vehicles, which will contribute to the core performance increase. In the medium and long term, it will give full play to its technological advantages and become a domestic electronic control engine.Leader, deeply involved in the process of driverless.

We expect the EPS for 2019-2021 to be 0.

95 yuan, 1.

00 yuan, 1.

08 yuan, referring to the estimated level of companies in the same industry, giving 20-24 times PE in 2019, corresponding to a reasonable value range of 19.


80 yuan, the first coverage given the “initial market” rating.

risk warning.

The prosperity of the automotive industry has declined; the penetration rate of the electronic parking products industry has fallen short of expectations; the production capacity of the investment projects has fallen short of expectations; new technology research and development and customer development have fallen short of expectations.