Bethel Automotive Safety Systems (603596) H2 2024 earnings summary

Executive summary

• Revenue reached ¥9.94 billion, up 32.95% year-over-year; net profit attributable to shareholders was ¥1.21 billion, up 35.6% year-over-year.

• Total assets increased 18.98% to ¥12.79 billion; net assets attributable to shareholders rose 15.48% to ¥6.56 billion.

• Cash dividend of ¥0.35 per share proposed, totaling ¥211.65 million, representing 17.51% of net profit.

• Major investments included equity in Ningbo Qianzhan Engine and Changan Kaicheng, and a new plant in Morocco.

Financial highlights

• Operating income: ¥9.94 billion, up 32.95% year-over-year.

• Net profit attributable to shareholders: ¥1.21 billion, up 35.6% year-over-year.

• Operating cash flow: ¥1.06 billion, up 55.93% year-over-year.

• Basic and diluted EPS: ¥1.99, up 30.07% year-over-year.

• Gross margin for auto parts: 18.81%, down 0.69 percentage points year-over-year.

Outlook and guidance

• Plans to expand production capacity for key products, including EPB calipers, WCBS, ADAS, and EMB systems in 2025.

• Continued focus on R&D for next-generation brake-by-wire, lightweight, and intelligent driving systems.

• Strategic international expansion, including further investment in Mexico and a new plant in Morocco.