伯特利：三季度净利润同比增长34%，毛利率环比攀升

Investment Rating - The report maintains an "Outperform" rating for Bethel Automotive (603596 SH) [1][17] Core Views - Bethel Automotive is a leading domestic brake system manufacturer with strong technological capabilities and customer resources [2] - The company is well-positioned to benefit from the automotive industry's trends towards lightweight and intelligent development [2] - Bethel's intelligent electric control products are expected to drive significant revenue growth [17] Financial Performance Revenue and Profit - Q3 2024 revenue reached 2 607 billion yuan, up 30% YoY and 24% QoQ [1] - Q3 2024 net profit attributable to parent company was 321 million yuan, up 34% YoY and 30% QoQ [1] - For the first three quarters of 2024, revenue was 6 578 billion yuan, up 29% YoY, and net profit was 778 million yuan, up 31% YoY [1] Product Sales - Lightweight brake parts sales grew 59% YoY in the first three quarters of 2024 [1] - Intelligent electric control product sales reached 3 3434 million units, up 32 53% YoY [1] - Disc brake sales increased 13 70% YoY to 2 2715 million units [1] Operational Highlights R&D and Projects - R&D expenses increased 24% YoY in Q3 2024 [2] - The company had 432 R&D projects in the first three quarters of 2024, up 12% YoY [2] - 235 new mass production projects were added, up 19% YoY [2] - 301 new designated projects were secured, up 65% YoY [2] Production Capacity - The company expanded production capacity with new lightweight production bases and EPS production lines [3] - The Mexico Phase II project is progressing smoothly [3] Industry Position - Bethel is one of the few domestic companies with independent intellectual property rights for intelligent electric control products [3] - The company is positioning itself as a global chassis supplier with overseas R&D and production bases [3] Future Outlook - The report maintains profit forecasts for 2024 2025 and 2026 with net profits of 1 15 billion, 1 5 billion, and 1 95 billion yuan respectively [17] - The company's lightweight and intelligent electric control products are expected to drive future growth [17]