[Table_ 相关研究： DocReport] 贝斯特（300580.SZ）:沧海 拾贝，开辟新局 2023-09-02 [联系人： Table_Contacts]蒲明琪 021-38003807 pumingqi@gf.com.cn [Table_Title] 贝斯特（300580.SZ） 业绩表现稳健，丝杠+出海拓展成长曲线 [Table_Summary] 核心观点： 业绩表现稳健。公司发布半年报，24H1 实现营业收入 6.97 亿元，同 比+10.06%；实现归母净利润 1.44 亿元，同比+10.86%。分业务看， 汽车零部件收入为 6.29 亿元，同比+8.14%；智能装备收入为 0.39 亿 元，同比+32.06%。其中，24Q2 实现营收 3.54 亿元，同比+8.97%， 环比+3.24%；归母净利润 0.74 亿元，同比-2.18%，环比+7.58%。 24H1 盈利能力稳中有升，毛利率净利率同比增长。24H1 公司毛利率 34.81%，同比增长 1.44pct；净利率 20.63%，同比增长 0.06pct。 涡轮增压零部件稳增夯实营收基本盘，第二梯次产业布局加速推进。 公司传统主营业 ...

[Table_Stock] 贝斯特（300580） 证 券 研 究 报 告 [Table_Author] 分析师: 刘阳东 Tel: 021-53686144 E-mail: liuyangdong@shzq.com SAC 编号: S0870523070002 分析师: 吴婷婷 Tel: 021-53686158 E-mail: wutingting@shzq.com SAC 编号: S0870523080001 [Table_BaseInfo] 基本数据 最新收盘价（元） 13.61 12mth A 股价格区间（元） 12.90-37.45 总股本（百万股） 499.15 无限售 A 股/总股本 94.04% 流通市值（亿元） 63.89 公 司 点 评 -21% -10% 0% 11% 21% 32% 42% 53% 63% 08/23 10/23 01/24 03/24 05/24 08/24 贝斯特 沪深300 分析与判断 [Table_QuotePic] 最近一年股票与沪深 300 比较 2024H1 营收稳健增长，各项业务稳步推 进 ——贝斯特 2024 年中报点评 [Table_Rating] ...

[Table_ 相关研究： DocReport] 贝斯特（300580.SZ）:沧海 拾贝，开辟新局 2023-09-02 [联系人： Table_Contacts]蒲明琪 021-38003807 pumingqi@gf.com.cn [Table_Title] 贝斯特（300580.SZ） 业绩表现稳健，丝杠+出海拓展成长曲线 [Table_Summary] 核心观点： 业绩表现稳健。公司发布半年报，24H1 实现营业收入 6.97 亿元，同 比+10.06%；实现归母净利润 1.44 亿元，同比+10.86%。分业务看， 汽车零部件收入为 6.29 亿元，同比+8.14%；智能装备收入为 0.39 亿 元，同比+32.06%。其中，24Q2 实现营收 3.54 亿元，同比+8.97%， 环比+3.24%；归母净利润 0.74 亿元，同比-2.18%，环比+7.58%。 24H1 盈利能力稳中有升，毛利率净利率同比增长。24H1 公司毛利率 34.81%，同比增长 1.44pct；净利率 20.63%，同比增长 0.06pct。 涡轮增压零部件稳增夯实营收基本盘，第二梯次产业布局加速推进。 公司传统主营业 ...

[Table_StockNameRptType] 贝斯特（300580） 公司点评 24 半年报点评：H1 归母净利同比+11%，出海+丝杠业务持续推进 | --- | --- | --- | |--------------------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Insights - The company reported a revenue of 697 million yuan for the first half of 2024, representing a year-on-year increase of 10.06%, and a net profit attributable to shareholders of 144 million yuan, up 10.86% year-on-year [2][4]. - In Q2 2024, the company achieved a revenue of 354 million yuan, which is an increase of 8.97% year-on-year and 3.24% quarter-on-quarter. However, the net profit attributable to shareholders decreased by 2.18% year-on-year to 74 million yuan, despite a quarter-on-quarter increase of 7.58% [2][4]. - The growth in revenue and profit is attributed to the increased production of turbocharged and new energy products, as well as a rise in demand from downstream customers [5]. Financial Performance Summary - For the first half of 2024, the automotive production and sales reached 13.89 million and 14.04 million units, respectively, with year-on-year growth of 4.9% and 6.1% [2][5]. - The revenue from automotive parts and tooling business was 629 million yuan and 39 million yuan, reflecting year-on-year growth of 8.14% and 32.06%, respectively [5]. - The gross profit margin for Q2 2024 decreased by 1.8 percentage points to 34.18%, primarily due to a higher proportion of lower-margin new energy products [2][5]. Strategic Developments - The company is actively expanding into the "third tier" industries, including industrial mother machines and humanoid robots, and is focusing on high-precision rolling components [2][5]. - The company has received market recognition for its products, such as ball screw pairs and linear guide pairs, which are now used in models from well-known domestic machine tool manufacturers [5]. - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 308 million, 392 million, and 502 million yuan, respectively [3][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3][4]. Core Insights - The company reported stable growth in Q2 2024, with revenue reaching 354 million yuan, a year-on-year increase of 9.0%, and a net profit of 74 million yuan, reflecting a year-on-year growth of 7.6% [3][4]. - The company achieved a total revenue of 697 million yuan in H1 2024, up 10.1% year-on-year, and a net profit of 144 million yuan, up 10.9% year-on-year [3][4]. - The company is focusing on expanding its production capacity and global presence, with significant investments in overseas production bases, particularly in Thailand [4]. Financial Performance - In H1 2024, the company generated revenue of 697 million yuan, with the automotive parts segment contributing 629 million yuan, a growth of 8.14% year-on-year [4]. - The overall gross margin for H1 2024 was 34.8%, an increase of 1.4 percentage points year-on-year, while the net profit margin was 20.6%, a slight increase of 0.1 percentage points [4]. - The company expects to achieve net profits of 331 million yuan, 431 million yuan, and 515 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of 25.5%, 30.4%, and 19.3% [5]. Strategic Development - The company is actively pursuing a three-tier growth strategy, focusing on traditional turbocharger components, expanding into new energy vehicle parts, and developing linear motion components [4]. - The establishment of subsidiaries and acquisitions, such as Suzhou Hebes and Anhui Best New Energy, are part of the company's strategy to enhance its capabilities in the new energy sector [4]. - The company has successfully developed high-precision linear motion components, which are gaining market recognition and are expected to contribute to future growth [4].

买入(维持) 所属行业:汽车/汽车零部件 当前价格(元): 13.94 证券分析师 邓健全 资格编号：S0120523100001 郎箱: dengjq@tebon.com.cn 赵悦援 资格编号：S0120523100002 邮箱： zhaoyy5@tebon.com.cn 赵启政 资格编号：S0120523120002 郎箱: zhaoqz@tebon.com.cn 研究助理 秦梓月 郎 箱： qinzy@tebon.com.cn 市场表现 贝斯特 69% 51% 34% 17% ()% -17% -34% | --- | --- | --- | --- | |--------------------------------|--------------|--------------------|-------| | 2023-08 \n沪深 300对比 | 2023-12 \n1M | 2024-04 \n2M | 3M | | 绝对涨幅(%) | | 2.20 -18.75 -23.90 | | | 相对漆幅(%) | | 3.93 -12.28 -15.99 | | | 資料来源：德邦研究所，聚源数 ...

[Table_Main] 证券研究报告 | 公司点评 贝斯特(300580.SZ) 2024 年 08 月 09 日 买入（维持） 所属行业：汽车/汽车零部件 当前价格(元)：13.94 证券分析师 邓健全 资格编号：S0120523100001 邮箱：dengjq＠tebon.com.cn 赵悦媛 资格编号：S0120523100002 邮箱：zhaoyy5＠tebon.com.cn 赵启政 资格编号：S0120523120002 邮箱：zhaoqz＠tebon.com.cn 研究助理 秦梓月 邮箱：qinzy＠tebon.com.cn 市场表现 -34% -17% 0% 17% 34% 51% 69% 贝斯特 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|--------| | 2023-08 \n沪深 300 对比 | 2023-12 \n1M | 2024-04 \n2M | 3M | | 绝对涨幅 (%) | 2.20 | -18.75 | -23.9 ...

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大家好欢迎参加装备其次汽车贝斯特2024年中报一级解读电话会议目前所有参会者均处于静音状态下面开始播报名字声明声明播放完毕后主持人可直接发言谢谢本次电话会议服务于中泰证券正式签约客户为非公开 交流活动未经中泰证券授权请勿对外传播本次会议的内容包括但不限于视频音频文字记录内容等信息感谢您的理解与配合中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任 好的 各位投资者大家上午好 我是中泰提升首席侯俊逸今天我和我的同事汪岳 然后跟大家一起主持贝斯特的中报业绩说明会今天我们也非常荣幸的邀请到了公司的董秘诚总 跟大家一起探讨分析 呃 然后呃 应该说在就是中报姓名的中报板块来看的话 其实市场的预期应该是比较比较低的 呃 因为呃 如果大家看一局看同看同比数据来看 呃 看同比数据来看的话 其实呃呃 就是去年的这个 呃 56月份的基数是是比较高的 因为去年的从基数来看的话是一到四滴然后呃四月份开始时间正常 然后5678都是比较高的呃 所以然后今年的话其实是二三四五六滴 尤其是三四五六滴呃 所以就是说基数决定了 ...