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Chinese maker of automotive brake systems including ABS/ESC electronic braking and lightweight brake calipers.
Chinese maker of automotive brake systems including ABS/ESC electronic braking and lightweight brake calipers.
Wins supply contracts for each new vehicle platform, then ships brakes in step with the carmaker's production, so earnings track the sales of the models it supplies. Calipers and ABS/ESC are sold together, with electronic braking the higher-value line it developed in-house. Customers are mostly Chinese brands.
In one line: A Chinese Continental/Bosch brakes-and-chassis challenger.
Moat: narrow (IP / patents, customer qualification). Developed in-house electronic braking IP to compete with Bosch/Continental on domestic EV programs.
Headquarters: Ningbo, Zhejiang, China · Employees: 6,358
Size Bethel Automotive Safety Systems (603596.SS) is a China Consumer Discretionary company (Auto Parts: OEM) with a market value of $3.70B, the 699th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥27.57 on 6 Nov 2026.
Performance Over six months the shares fell 11.1%, against -13.1% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 21.2% over the last twelve months (peer median +7.3%); the operating margin is 10.5% (peer median 7.2%).
Valuation It trades at 16.0× forward earnings against a peer median of 12.4× (6th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +32%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.4 points above its cost of capital (7.2% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥14.2B | CN¥12.0B | CN¥9.91B | CN¥7.45B | CN¥5.52B |
| Revenue growth | — | +21% | +33% | +35% | — |
| Gross profit | CN¥3.10B | CN¥2.28B | CN¥2.02B | CN¥1.57B | CN¥1.19B |
| EBITDA | n/a | CN¥1.74B | CN¥1.47B | CN¥1.12B | CN¥769M |
| Net income | CN¥1.45B | CN¥1.31B | CN¥1.21B | CN¥891M | CN¥699M |
| Free cash flow | CN¥502M | CN¥186M | CN¥354M | -CN¥320M | CN¥270M |
| Capital expenditure | CN¥686M | CN¥785M | CN¥732M | CN¥1.03B | CN¥608M |
| Total debt | CN¥7.04B | CN¥5.17B | CN¥2.17B | CN¥2.10B | CN¥1.99B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bethel Automotive Safety Systems 603596.SS | $3.70B | -11% | +21% | 10% | 16.0× | 7.0% |
| Bosch BOSCHLTD.NS | $15.8B | +34% | +14% | 12% | 49.7× | 46.8% |
| Continental CON.DE | $15.8B | +2% | -35% | n/a | 12.1× | -0.2% |
| Brembo BRE.MI | $5.62B | -11% | -3% | 7% | 13.7× | 17.3% |
| Hl Mando 204320.KS | $1.13B | -43% | +2% | 3% | 9.6× | -19.9% |
| Zhejiang Asia-Pacific Mechanical & Electronic 002284.SZ | $1.05B | -29% | +10% | 9% | 10.7× | -1.8% |
| Aisin 7259.T | $9.78B | -14% | +6% | 4% | 10.0× | -0.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 603596.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.9% | -6.5% | 6th highest of 21 |
| 6-month return | -11.1% | -13.1% | 10th highest of 21 |
| Distance from 52-week high | -31.3% | -31.2% | 11th highest of 21 |
| Revenue growth (TTM) | +21.2% | +7.3% | 3rd highest of 21 |
| Operating margin | 10.5% | 7.2% | 5th highest of 21 |
| Forward P/E | 16.0× | 12.4× | 6th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 7.0% | 0.0% | 6th most demanding of 19 |
| Growth delivered (Del g) | +31.7% | +8.5% | highest of 18 |
| Hurdle (Req g minus delivered) | -24.8 pp | -8.8 pp | least demanding of 18 |
| ROIC minus cost of capital | +3.4 pp | +1.4 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bethel Automotive Safety Systems 603596.SS | China | $3.70B | -11% | +21% | 10% | 16.0× | 7.0% | +31.7% |
| Garrett Motion GTX | United States | $3.72B | -31% | +7% | 15% | 9.9× | -6.9% | +3.4% |
| Linamar LNR.TO | Canada | $3.63B | -9% | +9% | 9% | 7.1× | -8.4% | +12.0% |
| ZCZL Industrial Technology 0564.HK | Hong Kong | $3.80B | -29% | +9% | 9% | 4.4× | -5.3% | +8.5% |
| Toyoda Gosei 7282.T | Japan | $3.81B | +26% | +13% | 7% | 9.8× | 0.5% | +9.7% |
| Jtekt 6473.T | Japan | $3.82B | -1% | +4% | 5% | 11.4× | 1.2% | +9.1% |
| Aumovio AMV0.DE | Germany | $3.57B | -12% | -6% | -6% | n/a | 10.2% | n/a |
| Inter Cars CAR.WA | Poland | $3.83B | +38% | +12% | 6% | 13.9× | 9.5% | +18.3% |
| Fulin Precision 300432.SZ | China | $3.84B | -47% | +95% | 5% | 20.2× | n/a | n/a |
| Zhejiang Yinlun Machinery 002126.SZ | China | $3.53B | -39% | +28% | 7% | 23.0× | 14.6% | +19.9% |
| CIE Automotive CIE.MC | Spain | $3.46B | -11% | +4% | 14% | 8.5× | -6.7% | +6.5% |
| Sensteed Hi-Tech 000981.SZ | China | $3.36B | -42% | -15% | -39% | n/a | n/a | n/a |
| Anhui Zhongding Sealing Parts 000887.SZ | China | $3.32B | -3% | +9% | 8% | 15.1× | 3.8% | +11.4% |
| Atmus Filtration Technologies ATMU | United States | $4.13B | -9% | +13% | 17% | 16.2× | 8.1% | +7.4% |
| Gentex GNTX | United States | $4.19B | -15% | +8% | 19% | 9.9× | -4.7% | +8.5% |
| Koito Manufacturing 7276.T | Japan | $4.27B | -6% | +6% | 6% | 13.3× | -0.8% | +6.1% |
| Exide Industries EXIDEIND.NS | India | $3.20B | -2% | +13% | 8% | 21.7× | 27.5% | +11.7% |
| NHK Spring 5991.T | Japan | $3.18B | -14% | +3% | 6% | 9.8× | 5.2% | +7.4% |
| Ningbo Joyson Electronic 600699.SS | China | $4.44B | -27% | -6% | 5% | 21.9× | -1.1% | +5.0% |
| Valeo FR.PA | France | $3.00B | -15% | -2% | 4% | 7.3× | -8.2% | +4.9% |
| Changzhou Xingyu Automotive Lighting Systems 601799.SS | China | $2.92B | -45% | +2% | 9% | 13.4× | -0.6% | +15.8% |