公司于2012 年起开始从事轻量化制动零部件的生产，并通过持续研发投入，形成完备的轻量化零部件产品矩阵，满足客户多样化需求。公司规划年产能为400 万件轻量化零部件产品的墨西哥生产基地于2023 年投产。根据公司可转债说明书，公司计划投资“墨西哥年产720 万件轻量化零部件及200 万件制动钳”项目，将扩大公司于墨西哥当地轻量化及制动汽车零部件的生产能力，形成550 万件铸铝转向节、170 万件控制臂/副车架的年产能，以及100 万件前制动钳及100 万件电子驻车制动钳的汽车制动零部件年产能。Report summary:
Bethel's mechanical braking products have maintained steady growth, and the company continues to invest in the field of electronic control products. The company's mechanical braking products include disc brakes, etc. With the reduction in the cost of disc brakes, economical cars currently on the market have also begun to use disc brakes on the rear wheels, and there is still room for growth in the future; the company's intelligent electronic control products include electronic parking brake systems (EPB), brake anti-lock systems (ABS), electronic stability control systems (ESC), line control systems (WCBS), advanced driver assistance systems (ADAS), electric power steering systems (EPS), etc. The company has accumulated wealth in the field of online control products. Bethel completed the release and mass production of One-Box line control system products in July 2019 and June 2021 respectively, becoming the first domestic supplier of line control systems for large-scale mass production and delivery, filling the gap for similar products in China. The company plans to raise no more than 2.832 billion yuan of capital by issuing convertible bonds. Among them, the fund-raising uses for online control include 0.6 million sets of electromechanical braking (EMB) R&D and industrialization projects, and industrialization projects with an annual output of 1 million sets of wire-controlled chassis braking systems. It is expected that the company will accelerate the deployment of EMB products.
Bethel entered the field of steering systems after acquiring Zhejiang Wanda in 2022. The company's mechanical steering products mainly include mechanical steering columns, steering intermediate shafts, mechanical steering gears, etc. Currently, mechanical steering products are equipped with large and medium-sized automobile manufacturers such as Volkswagen, SAIC-GM-Wuling, JMC, Chery, Geely, etc.; the company independently develops brushless electric power steering systems, which have higher efficiency and faster response speed, and currently has a broad customer base and model application cases; while continuing to promote the development of electronic steering products, the company has also gradually advanced wire-controlled steering systems.
Since 2012, the company has been engaged in the production of lightweight brake parts, and through continuous investment in R&D, it has formed a complete lightweight parts product matrix to meet the diverse needs of customers. The company plans to start production in Mexico in 2023 with an annual production capacity of 4 million lightweight component products. According to the company's convertible bond statement, the company plans to invest in the “Mexico produces 7.2 million lightweight parts per year and 2 million brake calipers” project to expand the company's production capacity for lightweight and brake auto parts in Mexico, forming an annual production capacity of 5.5 million cast aluminum steering joints, 1.7 million control arms/subframes, and an annual production capacity of 1 million front brake calipers and 1 million electronic parking brakes.
Profit forecast and rating: The company's net profit for 2024-2026 is estimated to be 1.184 billion, 1.5 billion, and 1.86 billion, respectively, EPS of 1.95 yuan, 2.47 yuan, and 3.07 yuan, respectively, and PE of 26.66 times, 21.05 times, and 16.97 times, respectively. Give it a “buy” rating.
Risk warning: The market space for disc brakes falls short of expectations; the dynamic penetration rate of line control falls short of expectations.
