| --- | --- | --- | --- | |--------------------------|-------|-------|-------| | | | | | | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅（ % ） | 2.6 | 0.4 | 27.3 | | 相对涨幅（ % ） | 1.4 | -3.4 | 19.8 | | 资料来源：海通证券研究所 | | | | | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | [Table_FinanceInfo] | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1097 | 1343 | 1748 | 2275 | 2836 | | (+/-)YoY(%) | 3.8% | 22.4% | 30.1% | 30.2% | 24.6% | | 净利润（百万元） | 229 | 264 | ...

Investment Rating - The report assigns a "Buy" rating for Best [6][26]. Core Views - Best has a long-term focus on precision manufacturing, with a three-tiered industrial layout driving steady growth. The company has evolved from its origins in tooling and fixtures to a diversified business model that includes precision components for automotive turbochargers, new energy vehicle parts, and linear rolling functional components [6][18]. - The core business focuses on turbocharger components, deeply binding with leading global clients, which is expected to yield sustained growth. The turbocharger market is characterized by a high concentration, with a CR5 of 80%, and Best is one of the few domestic manufacturers capable of mass production [6][26]. - Best is actively expanding its new energy vehicle parts business through capital and industrial integration, establishing a second growth engine. In 2023, sales revenue from new energy vehicle parts reached 151 million yuan, accounting for 11.22% of total revenue [6][26]. - The strategic layout of linear rolling functional components aims to create a third growth engine, with a market space of approximately 2.741 billion USD in 2022 [6][26]. Summary by Sections 1. Focus on Precision Manufacturing - Best has developed a rich business matrix focusing on precision components, intelligent equipment, and tooling fixtures, with a clear three-tiered strategy [18][34]. - The company has maintained stable revenue growth, with a CAGR of 13.6% from 2013 to 2023, and a net profit CAGR of 15.0% during the same period [6][45]. 2. Core Business: Turbocharger Components - The turbocharger business is the foundation of Best's revenue, with a focus on high-precision components such as impellers and precision bearing parts [20][56]. - The company has established strong relationships with major global clients, which enhances its competitive edge and profitability [6][26]. 3. Second Growth Engine: New Energy Vehicle Parts - Best has made significant investments in new energy vehicle components, with a focus on lightweight structures and high-value precision parts [6][26]. - The company has successfully completed a project to produce 7 million new energy vehicle functional components annually, which is now fully operational [6][63]. 4. Future Growth Point: Linear Rolling Functional Components - Best has established a subsidiary to focus on linear rolling functional components, targeting high-end machine tools and automation industries [6][26]. - The market for these components is expected to grow significantly, with Best's products already entering the sampling phase [6][26]. 5. Profit Forecast and Valuation - The report forecasts revenue growth for Best from 1.594 billion yuan in 2024 to 2.296 billion yuan in 2026, with corresponding net profits expected to rise from 331 million yuan to 515 million yuan [6][24][26]. - The current PE ratio is projected to be 27, 21, and 18 for the years 2024, 2025, and 2026, respectively, with a target market value of 11.3 billion yuan, indicating a potential upside of 24% [6][26].

1、汽车行业需求不及预期。2023 年国内汽车销量达 3009.4 万台，同比增长 12.0%， 其中新能源汽车销量达 949.52 万辆，同比+37.9%，保持较快增长。高基数下，若后续 汽车尤其是新能源销量弹性下降，将对汽车零部件行业需求产生不利影响。 联合研究 | 公司点评 本报告由长江证券股份有限公司及/或其附属机构（以下简称「长江证券」或「本公司」）制作，由长江证券股份有限公司在中 华人民共和国大陆地区发行。长江证券股份有限公司具有中国证监会许可的投资咨询业务资格，经营证券业务许可证编号为： 10060000。本报告署名分析师所持中国证券业协会授予的证券投资咨询执业资格书编号已披露在报告首页的作者姓名旁。 本报告并非针对或意图发送、发布给在当地法律或监管规则下不允许该报告发送、发布的人员。本公司不会因接收人收到本报 告而视其为客户。本报告的信息均来源于公开资料，本公司对这些信息的准确性和完整性不作任何保证，也不保证所包含信息和建 议不发生任何变更。本报告内容的全部或部分均不构成投资建议。本报告所包含的观点、建议并未考虑报告接收人在财务状况、投 资目的、风险偏好等方面的具体情况，报告接收者应当独立评估 ...

Summary of Conference Call Company and Industry - The conference call involves Best Company, discussing its performance and future outlook in the industry [1] Core Points and Arguments - Best Company achieved a notable performance in 2023, indicating strong results for the year [1] - The company’s management, represented by the Secretary Chen, is open to addressing investor concerns and engaging in discussions [1] Other Important Content - The call emphasizes the importance of investor interaction and feedback, suggesting a focus on transparency and communication [1]

[Table_StockNameRptType] 贝斯特（300580） 公司研究/公司点评 23 年报+24Q1 点评：Q1 归母净利同比+29%，多梯次布局持续推进 [Table_CompanyRptType1] 贝斯特（300580） 重要财务指标预测 单位：百万元 1）原材料价格波动风险。2）汽车行业周期波动影响以及行业政策性风 险。3）产品价格下降风险。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------|-------------------------|-------------------------|-----------|-------------|----------------------------------------------|-----------------|-----------------|------------------------|------ ...

注公众号： 贝斯特23年报交流240422兴业原文 2024年04月22日11:04 发言人100:00 陈南也讲到了我们的Q4跟大家稍微也要再再说明一下，可能再解释一下。Q3Q41般是我们续航的一人 全年旺季，在去年2023年Q3是全年的最高点，收入利润都达到了新高。那么Q4表观上涨的比Q3有所下 降，但是其实也是在高位。因为我们的Q3它有一个较大未必非标收入。就是我们的数码，我们的智能 装备和工装这边有一个有一条产线，我们是交付客户并且确认收入的大概有三千多万。这笔收入如果剔 除发，那么只看需求零部件的话，那么Q3Q4基本是基本持平的。也延续了我们下半年是行业一个旺季 这样一个态势。所以这款就是Q3实际收入跟Q3变化应该也是基本是持平的。 发言人1 00:52 股市调研 这是我们的刚讲的季节波动。去年来讲的话，我们整个基本上上半年略低一点，下半年高一点。这个态 势跟我们晚一点的话差不多，但是可能没有晚那么明显。去年的话的确上半年比比我们过去的以往上半 年会更好一点。因为去年好专收入才能增长，需求还比较旺盛。那么公司也在加紧的在布置我们的新的 产能，那就是我们的收入层面。那么从从我们的工作战略规划上也延续我 ...

[Table_Title] 业绩符合预期，汽零稳步向上、加速推进第三梯 次产业进程 | --- | --- | --- | --- | |---------------------|-----------|-------|-------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/04/19 \n 12M | | 贝斯特 | -14.3% | -1.5% | 72.3% | | 沪深 300 | -1.0% | 8.3% | -14.1% | | 市场数据 | | | 2024/04/19 | | 当前价格（元） | | | 25.00 | | 52 周价格区间（元） | | | 15.04-42.50 | | 总市值（百万） | | | 8,489.01 | | 流通市值（百万） | | | 7,983.39 | | 总股本（万股） | | | 33,956.05 | | 流通股本（万股） | | | 31,933.58 | | 日均成交额（百万） | | | 195.11 | | 近一月换手（ | %） | | 2.52 | 《贝斯特(300580 ...

电话：010-85950438 电话：0755-86695353 邮箱：researchsh@gjzq.com.cn 邮箱：researchbj@gjzq.com.cn 邮编：518000 地址：上海浦东新区芳甸路 1088 号 紫竹国际大厦 5 楼 地址：北京市东城区建内大街 26 号 新闻大厦 8 层南侧 地址：深圳市福田区金田路 2028 号皇岗商务中心 18 楼 1806 扫码获取更多服务 公司点评 特别声明： 国金证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 形式的复制、转发、转载、引用、修改、仿制、刊发，或以任何侵犯本公司版权的其他方式使用。经过书面授权的引用、刊发，需注明出处为"国金证券股份有限 公司"，且不得对本报告进行任何有悖原意的删节和修改。 12.00 17.00 22.00 27.00 32.00 37.00 42.00 230421230721231021240121 人民币(元) 成交金额(百万元) 成交金额 贝斯特 沪深300 0 100 200 300 400 500 600 700 | --- | --- | --- | --- | --- | ...

股票代码：300580 股票简称：贝斯特 公告编号：2024-015 无锡贝斯特精机股份有限公司 关于举行 2023 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 无锡贝斯特精机股份有限公司（以下简称"公司"）已于 2024 年 4 月 20 日 在巨潮资讯网上披露了《2023 年年度报告》及《2023 年年度报告摘要》。为便 于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2024 年 04 月 30 日（星期二）15:00-17:00 在"价值在线"（www.ir-online.cn） 举办 2023 年度网上业绩说明会，与投资者进行沟通和交流，广泛听取投资者的 意见和建议。 一、说明会召开的时间、地点和方式 会议召开时间：2024 年 04 月 30 日（星期二）15:00-17:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会议召开时间：2024 年 04 月 30 日（星期二）15:00-17:00 会议召开方式：网络互动方式 会议召开地 ...

Financial Performance - The company reported a significant increase in revenue, reaching 1.2 billion yuan, representing a 15% year-over-year growth[21]. - The company achieved a net profit of 150 million RMB in 2023, which is a 20% increase compared to the previous year[81]. - The company reported a basic earnings per share of ¥0.8297, an increase of 8.98% from ¥0.7613 in the previous year[90]. - The net profit attributable to shareholders was ¥263,507,739.87, up 15.13% from ¥228,869,529.30 in the previous year[90]. - The company reported a total of ¥712,613,608.67 in trading financial assets, which is 20.03% of total assets, up by 1.74% from the beginning of the year[188]. Market Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[21]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[81]. - The company has established a wholly-owned subsidiary in Anhui Province for the development and manufacturing of lightweight components and core parts for hydrogen fuel cell vehicles, with a project area of approximately 110 acres and an expected completion date in mid-2024[137]. Research and Development - Research and development expenses increased by 30%, totaling 150 million yuan, focusing on innovative technologies[21]. - The company has allocated 100 million RMB for R&D in advanced manufacturing technologies for the upcoming fiscal year[81]. - The company invested CNY 74.45 million in R&D in 2023, representing a year-on-year increase of 26.64%[128]. - The number of R&D personnel increased to 201 in 2023, representing a 23.31% increase compared to 163 in 2022[168]. - The company is developing a DCDC converter, a key component for new energy vehicles, with significant improvements in production efficiency and product quality expected[166]. Operational Efficiency - The company is addressing raw material price volatility risks by improving procurement management and supply chain management to minimize cost impacts[11][14]. - The company is implementing new strategies to optimize supply chain efficiency, aiming to reduce costs by 10% in the next fiscal year[81]. - The company reported a decrease in manufacturing costs in the automotive sector, with material costs at 54.97% and labor costs at 11.77% of total revenue[144]. - The company's gross profit margin improved to 40%, up from 35% in the previous year[21]. - The company's gross profit margin for automotive parts was 54.97%, up from 52.44% in 2022, indicating improved cost management[160]. Strategic Initiatives - The company plans to enhance its international competitiveness by investing in overseas factories and expanding its domestic market presence[6]. - The company is focusing on the development of high-precision linear rolling components and has successfully launched its first products in this category[137]. - The company is actively recruiting talent in the new energy vehicle sector to support the development of core components[137]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market reach, with a focus on companies in the automotive sector[81]. - The company has initiated projects for high-precision rolling functional components, aiming to replace imports and enhance domestic manufacturing capabilities[181]. Risks and Challenges - The company is facing risks from international trade environment changes, particularly due to the ongoing Russia-Ukraine conflict and the trend of de-globalization, which may impact its international business operations[6]. - The automotive industry is experiencing cyclical fluctuations, and the company's performance may be affected by macroeconomic conditions and the shift towards new energy vehicles[9]. - The company anticipates a potential annual price decline of 1%-5% for automotive parts, which could negatively affect profitability if cost control does not keep pace[15]. - The company is monitoring exchange rate fluctuations, particularly the USD/CNY rate, to mitigate potential foreign exchange losses[16]. Customer and Market Insights - User data showed a 20% increase in active users, totaling 5 million by the end of the reporting period[21]. - User data indicates a growth in customer base by 25%, reaching a total of 10,000 active users[81]. - The company has established stable partnerships with numerous well-known enterprises in the new energy vehicle sector, including Garrett and Bosch[117]. Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 1.32 billion yuan[21]. - The company has set a performance guidance of 1.5 billion RMB in revenue for 2024, reflecting a growth target of 25%[81]. - New product launches are expected to contribute an additional 200 million yuan in revenue over the next year[21].