Bethel Automotive Safety Systems (603596) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 2.61 billion, up 29.66% year-over-year; YTD revenue was RMB 6.58 billion, up 28.85% year-over-year.

• Net profit attributable to shareholders in Q3 was RMB 321 million, up 33.96% year-over-year; YTD net profit was RMB 778 million, up 30.79%.

• Main business income for the first nine months grew 29.43% year-over-year, with strong sales growth in intelligent electronic control, disc brakes, lightweight components, and mechanical steering products.

Financial highlights

• Basic and diluted EPS for Q3 were RMB 0.53, up 32.50% year-over-year; YTD EPS was RMB 1.28, up 24.27%.

• Operating cash flow for the first nine months was RMB 622 million, up 14.71% year-over-year.

• Total assets at quarter-end were RMB 11.36 billion, up 5.74% from year-end 2023; equity attributable to shareholders was RMB 6.21 billion, up 9.30%.

• Non-recurring gains for the first nine months totaled RMB 68.88 million, mainly from government subsidies and other income.

Outlook and guidance

• Company continues to expand both domestic and international markets, with significant increases in new project wins and R&D projects, especially in new energy vehicle components.

• R&D and new product launches remain a focus, with 432 ongoing R&D projects and 301 new project wins YTD, up 65% year-over-year.