On November 10, Bethel stated in the performance briefing that the current WCBS and ADAS yield rates have reached the goals set by the company. At present, the second production line of WCBS has been put into production, and the third production line will be put into production in November. By the end of 2022, it will have an annual production capacity of 1.08 million sets. In the first half of 2023, three new production lines will be put into production. Has a production capacity of more than 2.1 million sets. In addition, the development of WCBS2.0 is progressing smoothly at present. It is expected that the development will be completed in the first half of next year and the WCBS2.0 production line will be constructed. Mass production is expected in the first half of 2024. The Mexican plant will be put into operation in the first half of 2023. The first phase of the Mexico project is expected to start mass production in the first half of 2023. The planning of the second phase of the project has been determined. Construction is expected to start in the first half of 2023. Twice, the second-phase project products will involve lightweight, EPB, disc brakes, etc.
Bethel announced that in the first three quarters of 2022, the company achieved operating income of 3,684,132,500 yuan, a year-on-year increase of 58.23%; net profit attributable to owners of the parent company was 478,120,300 yuan, a year-on-year increase of 29.7%. At the end of the reporting period, the company’s total assets were 8,011,088,600 yuan, an increase of 28.14% over the beginning of the period, and the owner’s equity attributable to the parent company was 3,941,319,400 yuan, an increase of 12.75% over the beginning of the period. The company’s revenue growth in the single quarter of Q3 was due to the rapid growth of customer demand, and the company’s new incremental production projects were large and growing.
In terms of R&D expenses, the company’s Q3 R&D expenses slightly decreased compared to Q2 due to the rapid growth of new fixed-point projects, the development of new intelligent driving brake-by-wire, ADAS projects, and the rapid growth of R&D personnel, so in recent years, the company’s R&D Costs are increasing rapidly. The slight decrease in Q3 R&D expenses is only a short-term situation and is affected by short-term factors; in terms of prepayments, the company’s Q3 prepayment increase was mainly due to the large production capacity expansion, which resulted in a large investment in engineering construction projects and the need for partial prepayment for chip procurement; gross In terms of interest rate, the gross profit margin of Wanda’s steering products is currently low, but as the company’s core components of steering products are self-made, the gross profit margin of steering products will be greatly increased.
In terms of WCBS, the company’s second WCBS production line has been put into production, and the third production line will be put into production in November. By the end of 2022, it will have an annual production capacity of 1.08 million sets. In the first half of 2023, three new production lines will be put into production. , and will have a production capacity of more than 2.1 million sets immediately. In addition, the development of WCBS2.0 is progressing smoothly at present. It is expected that the development will be completed in the first half of next year and the WCBS2.0 production line will be constructed. Mass production is expected in the first half of 2024. In addition, the valve body processing line and solenoid valve line in WCBS1.0 and WCBS2.0 can be shared; in terms of EMB, the company’s EPB and WCBS currently mainly serve domestic market customers. Recently, EPB has obtained the project designation of international market customers. At the same time, the company has formulated product development plans for EMB and steering-by-wire, which are currently being implemented.
Regarding the production and expansion of overseas factories, the company stated that the Mexican factory will be put into operation in the first half of 2023, and the first phase of the Mexican project is expected to start mass production in the first half of 2023. In terms of construction, the scale of the second phase of the project will be twice that of the first phase of the project, and the products of the second phase of the project will involve lightweight, EPB, disc brakes, etc. The follow-up of the project construction in Europe will be determined according to the development and increment of the European market.
In terms of overseas customer expansion, the company’s new designated lightweight product projects have achieved rapid growth in foreign markets. On the basis of General Motors, PSA, Mahindra, and Volvo, Ford, Stellantis, FCA, and Arrival have been added. One of the customer’s 7 According to the customer dimension, the total sales revenue of each lightweight project is expected to be about 950 million US dollars during the life cycle, and the expected maximum annual sales revenue is about 180 million US dollars.
On the other hand, the company’s electric tailgate has no mass production project yet, and it is expected that there will be mass production of the project in the first quarter of next year. At present, 4 projects of ADAS products have been mass-produced. At present, the company’s products have advantages in cost and function, and customers have high recognition of the company’s products. In addition, the Q3 unit price of electronic control products decreased slightly compared with H1, mainly due to the impact of structural changes in the supplied products.