Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to maintain growth in 2024, with a resilient performance in Q1 2025. The gross margin remains stable, and there is a notable improvement in expense ratios, enhancing profitability [2][6]. - The main business operations are stable, with strong collaborations with leading clients in the turbocharger sector and ongoing expansion into new customer resources. The production capacity for new energy vehicle components is steadily being realized [2][11]. - The company's profitability has improved significantly, with a gross margin of 34.7% in 2024, an increase of 0.24 percentage points year-on-year. The company has implemented cost control measures, leading to a decrease in the expense ratio by 1.92 percentage points [11]. - The third-tier business is expected to gain momentum, with successful validation and application of machine tool screws and guides in the domestic market. The company is also accelerating investment in overseas production capacity to solidify its global development strategy [11]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.357 billion, a year-on-year increase of 1.03%. The net profit attributable to the parent company was 289 million, up 9.58% year-on-year [6]. - For Q1 2025, the company reported revenue of 350 million, a year-on-year increase of 1.89%, and a net profit of 69 million, a slight increase of 0.23% year-on-year [6]. Business Operations - The company’s main products, including turbocharger components, saw revenue of 1.058 billion, a year-on-year increase of 4.3%. Sales of new energy vehicle components reached 910.77 million units, a growth of 38.7% [11]. - The company is actively pursuing new product development and customer acquisition, with the completion of the Anhui Best project in 2024, which will enhance production capacity [11]. Future Outlook - The company is projected to achieve net profits of 347 million and 410 million in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 40x and 34x, maintaining a "Buy" rating [11].

Core Insights - The automotive industry experienced stable revenue growth in Q1 2025, with a year-on-year increase of 6.8%, while total profit decreased by 8.9% to 946.5 billion yuan [11][12] - The report highlights that leading companies in the automotive sector, particularly those with efficient management, have shown better-than-average performance in terms of net profit and operating cash flow [3][8] - The anticipated release of new models and the impact of local consumption promotion policies are expected to support a gradual recovery in automotive company performance in Q2 2025 [3][12] Revenue and Profit Analysis - In 2024, the automotive industry generated a total revenue of 10.65 trillion yuan, reflecting a 5.4% year-on-year growth, while total profit fell by 9.1% to 462.26 billion yuan [11][12] - The Q1 2025 revenue for the automotive industry was 2.40 trillion yuan, with a profit total of 946.5 billion yuan, indicating a continued decline in profitability [11][12] Profitability Comparison - The profitability of passenger vehicle companies showed significant differentiation in Q1 2025, with some companies like BYD and Seres maintaining strong growth, while others like GAC Group and JAC Motors faced challenges [17][18] - In 2024, the overall profit margin for the automotive industry was 12.4%, down 0.9 percentage points year-on-year, and further decreased to 12.1% in Q1 2025 [12][27] Inventory Management - Inventory levels in the automotive sector showed improvement for bus and parts companies, while passenger vehicle companies faced slight increases in turnover pressure [8][12] - By the end of Q1 2025, the inventory of the automotive industry accounted for 20.9% of current assets, a 1.2 percentage point increase year-on-year [8][12] Cash Flow Analysis - The overall cash flow in the automotive industry faced pressure, with the net cash flow from operating activities for the vehicle sector turning negative at -22.19 billion yuan in Q1 2025 [8][12] - The cash flow for parts companies showed a decline, with a total of 123.05 billion yuan in Q1 2025, down 1.4% year-on-year [8][12] Investment Recommendations - The report suggests focusing on leading automotive companies and those involved in the Huawei and Xiaomi supply chains, as well as companies in the humanoid robot and intelligent driving sectors [3][8] - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, and several parts manufacturers such as New Spring Co., Silver Wheel Co., and Top Group [3][8]

Core Insights - The first Embodied Intelligent Robot Sports Games held in Wuxi showcased over 150 robots from more than 100 research teams and companies, highlighting China's advancements in humanoid robotics [1] - Wuxi aims to gather 200 companies in the embodied intelligent robot industry and create 300 application scenarios within three years, targeting a 30 billion yuan industry scale [1] Group 1: Technological Innovations - The event featured various innovative robots, including a humanoid basketball robot and a calligraphy robot, demonstrating Wuxi's capabilities in robotics technology [2] - From 2015 to 2024, Wuxi filed 572 patents related to humanoid robotics, with a 57% authorization rate, leading the province in this area [2] - Wuxi has made significant breakthroughs in key technologies for humanoid robots, including servo systems and sensors, with local companies developing internationally competitive products [2] Group 2: Collaborative Efforts - The establishment of the Xigang-Hu Robotics Institute in Wuxi aims to develop advanced control systems for humanoid robots, with over 100 team members and more than 50 patents filed [3] - Strategic collaborations were formed during the event to build innovation centers and application demonstration bases for humanoid robots [3] Group 3: Industry Development - Wuxi's automotive industry, valued over 200 billion yuan, provides a strong foundation for transitioning to the humanoid robotics sector [4] - Companies like Tianqi Automation are focusing on humanoid robotics as a strategic direction, establishing partnerships to enhance their market presence [4] Group 4: Supply Chain and Component Development - Local companies are forming alliances to create a complete supply chain for core components of humanoid robots, with firms like Best and Huaguang entering the market [5] - The development of a core component industry alliance is underway, facilitating collaboration from research to market [5] Group 5: Infrastructure and Application Scenarios - Wuxi is developing specialized industrial parks for humanoid robotics, with the Wuxi (Huishan) Humanoid Robot Industrial Park set to open soon [6] - The park will focus on manufacturing and attract resources across the industry chain, with several projects already signed for collaboration [6] Group 6: Market Applications - Humanoid robots are being integrated into various sectors, including logistics and manufacturing, with significant projects underway with companies like BYD and Dongfeng Liuzhou [7] - The application of humanoid robots is expanding from industrial settings to everyday life, including elder care and education, indicating a growing market potential [8] - The event resulted in multiple procurement intentions for humanoid robots across different sectors, reflecting a broadening application landscape [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in performance, with a net profit of 289 million yuan in 2024, representing a year-on-year increase of 9.58%. For Q1 2025, the net profit was 69 million yuan, up 0.23% year-on-year, aligning with expectations [4][5] - The company achieved a revenue of 1.357 billion yuan in 2024, a year-on-year increase of 1.03%, and the revenue for Q1 2025 grew by 1.89% year-on-year, indicating ongoing progress in its three-tier business strategy [5][6] Summary by Sections Business Segments 1. **First Tier Business**: This includes core components for turbochargers and various precision parts, which serve as the company's stable foundation. In 2024, the turbocharger business generated 1.058 billion yuan in revenue, with a CAGR of 9.83% from 2022 to 2024, accounting for 77.9% of total revenue. The gross margin for the automotive parts segment reached 33.68%, up 0.31 percentage points year-on-year [5] 2. **Second Tier Business**: Focused on components for electric vehicles, this segment saw significant growth, with sales revenue of 184 million yuan in 2024, a year-on-year increase of 38.73%. The company has successfully launched its subsidiary for electric vehicle components, enhancing its competitive position [6] 3. **Third Tier Business**: This includes areas such as "industrial mother machines," "humanoid robots," and "smart connected vehicles." The company has achieved successful validation and application of its high-precision rolling screw nuts and linear guide products, with small batch orders being delivered in 2024 [6] Financial Performance - The company's gross margin improved to 34.7% in 2024, up 0.24 percentage points year-on-year, while the net margin reached 21.29%, an increase of 0.53 percentage points [7] - Revenue forecasts for 2025-2027 are adjusted to 1.531 billion, 1.751 billion, and 2.015 billion yuan respectively, with net profits projected at 333 million, 385 million, and 451 million yuan [8][10] - The diluted EPS for 2025-2027 is expected to be 0.67, 0.77, and 0.90 yuan, with corresponding PE ratios of 41.7, 36.1, and 30.8 [8][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in performance, with a 9.58% year-on-year increase in net profit to 289 million yuan for 2024, and a 0.23% increase in Q1 2025 net profit to 69 million yuan, meeting expectations [4][5] - The company achieved a revenue of 1.357 billion yuan in 2024, reflecting a 1.03% year-on-year growth, supported by the robust performance of the automotive industry, particularly in the new energy vehicle sector [5][6] Summary by Sections Business Segments 1. **First-tier Business**: This includes core components for turbochargers and various precision parts, which serve as the foundation for stable development. The turbocharger business generated 1.058 billion yuan in revenue, with a CAGR of 9.83% from 2022 to 2024, accounting for 77.9% of total revenue [5] 2. **Second-tier Business**: Focused on new energy vehicle components, this segment saw significant growth with sales revenue of 184 million yuan and a 38.73% increase in sales volume to 9.1077 million units in 2024, benefiting from the overall rise in new energy vehicle production and sales [6] 3. **Third-tier Business**: This includes areas such as "industrial mother machines," "humanoid robots," and "intelligent connected vehicles." The company has successfully validated its high-precision rolling screw nuts and linear guide products with well-known domestic machine tool manufacturers, achieving small batch orders in 2024 [6] Financial Performance - The company's gross margin reached 34.7% in 2024, a year-on-year increase of 0.24 percentage points, while the net margin was 21.29%, up 0.53 percentage points [7] - Revenue forecasts for 2025-2027 are adjusted to 1.531 billion yuan, 1.751 billion yuan, and 2.015 billion yuan respectively, with net profits projected at 333 million yuan, 385 million yuan, and 451 million yuan [8][10] Valuation Metrics - The projected diluted EPS for 2025-2027 is 0.67 yuan, 0.77 yuan, and 0.90 yuan, with corresponding PE ratios of 41.7, 36.1, and 30.8 [8][10] - The company is positioned as a leading player in precision components, with significant growth potential in the new energy vehicle and industrial sectors, justifying the "Buy" rating [8]

Business Strategy and Development - The company focuses on three-tiered industry development, emphasizing precision machining, casting, and intelligent equipment as core competitive advantages [1][4][8] - Plans to enhance the third-tier industry, including high-precision linear motion components, by increasing resource investment and ensuring successful market penetration [1][4][8] - The company aims to expand its international presence, particularly in Southeast Asia, by establishing a manufacturing base in Thailand [3][4][8] Financial Performance - In 2024, the company achieved a revenue of CNY 135,704.53 million, a year-on-year increase of 1.03%, and a net profit of CNY 28,874.97 million, up 9.58% [5] - For Q1 2025, revenue reached CNY 34,959.21 million, reflecting a 1.89% increase, while net profit was CNY 6,939.86 million, a slight rise of 0.23% [5] Research and Development - The company prioritizes technological innovation and transformation of scientific achievements, with plans for increased R&D investment and collaboration with academic institutions [2][4] - New product development focuses on intelligent manufacturing technologies, including AI-driven solutions for defect detection and automated processing systems [5][6] Market Position and Competition - The company has established long-term partnerships with major automotive manufacturers, enhancing its market position in precision components and new energy vehicle parts [7][8] - In the competitive landscape of new energy vehicle components, the company leverages its sales network and product development to maintain a competitive edge [2][7] Industry Trends and Adaptation - The company is adapting to the rapid transformation of the automotive industry, particularly in the context of the "new four modernizations" (electrification, connectivity, automation, and sharing) [4][8] - It aims to mitigate risks associated with industry cycles by diversifying its business areas while strengthening existing operations [7][8]

Group 1 - The company reported a total revenue of 1.357 billion yuan for 2024, representing a year-on-year growth of 1.03%, and a net profit attributable to shareholders of 289 million yuan, up 9.58% year-on-year [1] - In Q1 2025, the company achieved total revenue of 350 million yuan, with a year-on-year increase of 1.89%, and a net profit attributable to shareholders of 69 million yuan, growing 0.23% year-on-year [1] - The gross profit margin improved year-on-year, with a gross profit margin of 33.68% for 2024, an increase of 0.31 percentage points, while the domestic gross profit margin was 33.80%, up 0.66 percentage points [1] Group 2 - The company is accelerating investment in Thailand, establishing a new facility to expand existing capacity and enhance international competitiveness [2] - The establishment of "Beiyonghua New Technology Co., Ltd." in Thailand is a key part of the company's overseas capacity layout, with construction currently underway [2] - The company’s subsidiary, Yuhua Precision Machinery, is making significant progress in the fields of new energy vehicles and humanoid robots, with successful initial customer samples for the EMB braking system ball screw assembly [2] Group 3 - The company is expected to achieve net profits attributable to shareholders of 381 million yuan, 496 million yuan, and 601 million yuan for the years 2025 to 2027, respectively [3] - Corresponding P/E ratios are projected to be 35.43, 27.24, and 22.47 for the years 2025 to 2027 [4]

Investment Rating - The investment rating for the company is "Hold" [4] Core Views - The company's main business shows steady growth, with significant breakthroughs in the screw rod business [4][6] - The first-tier turbocharger business continues to grow steadily, while the second-tier new energy components business remains highly prosperous [6] - The company has established a wholly-owned subsidiary, Yuhua Precision Machinery, to expand into the third-tier (linear motion components) business, which has achieved revenue breakthroughs [6] Financial Performance Summary - For 2024, the company reported operating revenue of 1.357 billion yuan, a year-on-year increase of 1.03%, and a net profit attributable to the parent company of 289 million yuan, up 9.58% year-on-year [6] - The first-tier turbocharger components achieved sales of 32.76 million units, a year-on-year increase of 3.23%, with corresponding sales revenue of 1.058 billion yuan, up 4.28% [6] - The second-tier new energy components achieved sales of 9.1077 million units, a year-on-year increase of 38.73%, with corresponding sales revenue of 184 million yuan, up 21.88% [6] Earnings Forecast - The company is expected to achieve operating revenues of 1.619 billion yuan in 2025, 2.012 billion yuan in 2026, and 2.537 billion yuan in 2027, with year-on-year growth rates of 19.3%, 24.3%, and 26.1% respectively [4][6] - The net profit attributable to the parent company is projected to be 332 million yuan in 2025, 397 million yuan in 2026, and 507 million yuan in 2027, with year-on-year growth rates of 14.9%, 19.5%, and 27.9% respectively [4][6] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 39.8 in 2025, 33.3 in 2026, and 26.0 in 2027 [4][6] - The price-to-book (P/B) ratio is expected to be 4.0 in 2025, 3.6 in 2026, and 3.3 in 2027 [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrated stable operations with synchronized progress across three major business segments [2] - Revenue for 2024 reached 1.36 billion yuan, a year-on-year increase of 1.03%, while net profit attributable to shareholders was 290 million yuan, up 9.6% year-on-year [1][3] - The company is expected to see continued growth in net profit, with projections of 350 million yuan, 400 million yuan, and 460 million yuan for 2025, 2026, and 2027 respectively [3] Business Performance - The company achieved a revenue of 350 million yuan in Q1 2025, reflecting a year-on-year growth of 1.9% [1] - The turbocharger business maintained steady growth with a year-on-year sales increase of 3.2% [2] - The new energy vehicle components segment experienced rapid growth, with sales increasing by 38.7% year-on-year [2] - The linear motion components business is expanding into industrial mother machines, robotics, and intelligent connected vehicles, with successful validation of products by well-known domestic machine tool manufacturers [2] Financial Metrics - The gross margin for Q1 2025 was 34.19%, showing a slight increase of 0.2 percentage points quarter-on-quarter [3] - The total expense ratio was 14.64%, with a year-on-year increase of 1.9 percentage points [3] - The company’s projected earnings per share (EPS) for 2025 is 0.70 yuan, with a price-to-earnings (P/E) ratio of 37.1 [5][3] Market Outlook - The humanoid robot market is expected to grow significantly, with increasing commercialization and domestic substitution trends for core components [3] - The company is well-positioned with ongoing optimization of production processes for planetary roller screws, aiming for mass production [3]

► 涡轮增压器零部件：持续深耕内功深厚 奠定业绩牢固基石 乘用车排放标准不断趋严，有望推动涡轮增压器渗透率持续提升；插电混动销量快速增长，打开涡轮增压器增量市场空间，涡轮增压器市场规模有望稳健增长。涡轮增压器市 场集中度高，主要由外资垄断，全球 CR4 超过 90% 。公司与下游头部客户深度绑定，为未来业绩发展提供强有力支撑。预计公司涡轮增压器零部件业务将保持平稳增长， 2024-2026 年营业收入分别为 11.2/12.2/13.3 亿元，同比增速分别为 10%/9.5%/9% 。 摘要 ► 涡轮增压器零部件行业领军者 三梯次布局蓄力未来成长 贝斯特深耕精密零部件制造领域，持续拓展业务边界，现已形成"原有业务 + 新能源汽车零部件 + 直线滚动功能部件"三梯次产业战略布局。公司营收规模持续增长，归母净利 润加速向上，盈利能力优秀。 2019-2023 年，公司营业收入 CAGR 为 10.9% 。 2024Q1-Q3 ，公司实现营业收入 10.4 亿元，同比增长 3.5% ；归母净利润 2.2 亿元，同比增长 7.1% 。 ► 新能源汽车零部件：内生外延双轮驱动 打造全新增长引擎 近年来新能源汽车销量高速 ...