Summary of Conference Call Company and Industry - The conference call pertains to the automotive industry, specifically focusing on the company "Best" and its mid-year report for 2024 [1] Core Points and Arguments - The call is hosted by Zhongtai Securities, indicating a formal engagement with clients for investment insights [1] - All participants were initially muted, suggesting a structured approach to the meeting [1] Other Important but Possibly Overlooked Content - The call serves as a platform for discussing the company's performance and future outlook, although specific financial metrics and insights were not provided in the excerpt [1]

[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 贝斯特（300580）公司半年报点评 2024 年 08 月 08 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |----------------------------------------------------------------|-------------| | 股票数据 | | | 08 [ Table_StockInfo 月 07 日收盘价（元） ] | 14.78 | | 52 周股价波动（元） | 12.68-38.50 | | 总股本 / 流通 A 股（百万股） | 499/469 | | 总市值 / 流通市值（百万元） | 7377/6938 | | 相关研究 | | | [Table_ReportInfo] 《 2023&2024Q1 业绩稳健增长，三梯次发展 | | | 战略稳步推进》 2024.04.27 | | | 《 Q3 业绩稳健，工业母机业务稳步推进》 | | | 2023.10.24 | | 市场表现 [Table_QuoteInfo ...

| --- | |-------| | | | | | | 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——贝斯特 2024 年中报业绩点评 业绩符合预期，看好公司丝杠业务放量 贝斯特(300580) 机械制造业[Table_Industry] /可选消费品 | --- | --- | --- | |----------|-------------------------------------|---------------------------| | | | | | | [table_Authors] 徐乔威 ( 分析师 ) | 欧阳蕤 ( 分析师 ) | | | 021-38676779 | 021-38676550 | | | xuqiaowei023970@gtjas.com | ouyangrui029285@gtjas.com | | 登记编号 | S0880521020003 | S0880523120002 | 本报告导读： 丝杆产品在客户层面取得较快进展，部 ...

流通市值（百万） 6,938.08 2024 年 08 月 07 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn 证券分析师： 邱迪 S0350522010002 qiud@ghzq.com.cn 证券分析师： 李铭全 S0350523030001 limq@ghzq.com.cn [Table_Title] 上半年业绩符合预期，盈利水平稳健，加快推进 第三梯次产业应用 ——贝斯特（300580）2024 年中报点评 最近一年走势 事件: 贝斯特 8 月 7 日晚间发布 2024 年中报：2024 上半年，公司实现营收 7.0 亿元，同比增长 10%，归母净利润 1.4 亿元，同比增长 11%，扣非归母 净利润 1.3 亿元，同比增长 35%。单季度看，2024 第二季度实现营收 3.54 亿元，环比增长 3%，归母净利润 0.74 亿元，环比增长 8%，扣非归母净 利润 0.68 亿元，环比增长 2%。 投资要点: 相对沪深 300 表现 2024/08/07 业绩符合我们预期，盈利水平稳健。2024 年上半年，公司营收与利 ...

证券研究报告 | 半年报点评 2024 年 08 月 08 日 贝斯特（300580.SZ） 2024Q2 业绩表现稳健，新能源、工业母机业务快速推进 事件：公司发布 2024 年中报，2024H1 实现营收 6.97 亿元，同比+10.1%， 归母净利润 1.44 亿元，同比+10.9%。 2024Q2 业绩表现稳健，新能源、工业母机业务快速推进。单季度，2024Q2 实现收入 3.54 亿元，同比+9.0%，环比+3.2%，归母净利润 0.74 亿元，同 比-2.2%，环比+7.6%，整体经营稳健。分业务看，截至 2024H1：1）传统 主业（涡轮增压器）稳步发展，市场份额持续提升；2）新能源业务发展迅 速，本部及可转债项目均已全部达产，安徽贝斯特已完成竣工，进入量产爬 坡；3）工业母机业务进入量产阶段，滚珠丝杠、直线导轨已应用于国内知 名机床商部分型号的机床，行星滚柱丝杠完成出样。 毛利率环比微降，费用率整体稳定。1）2024Q2 单季度毛利率 34.2%，同 比-1.8PCT，环比-1.3PCT，预计主要受新项目量产爬坡影响。2）2024Q2 期间费用率合计 12.9%，同比+0.7PCT，环比+0. ...

公司报告| 半年报点评 贝斯特（300580 ) Q2 单季度扣非创历史同期最佳，首次进行年中分红 24H1 营收同比+10.06%，Q2 单季度扣非归母净利润创历史同期最佳 公司 8 月 7 日发布 2024 半年报,2024H1 公司实现营收 6.97 亿元,同比 +10.06%;实现归母净利润 1.44 亿元,同比+10.86%。其中 2024Q2 单季度 实现营收 3.54 亿元,同比+8.97%/环比+3.24%;实现归母净利润 0.74 亿元, 同比-2.18%/环比+7.6%;实现扣非归母净利润 0.68 亿元,同比+10.17%/环 比+1.91%。其中公司的主要业务汽车零部件业务营收 6.29 亿元,同比 +8.14%，毛利率为 32.7%，同比+0.26pct。 24Q2 公司综合毛利率为 34.2%,同比-1.8pcts, 环比-1.3pcts;费用率(销 售、管理、财务）为 8.61%,同比+0.51pct,其中销售费用率为 0.5%,同比 +0.03pct;管理费用率(不含研发 ) 为 8.8%,同比-0.77pct;财务费用率为 -0.7%，同比+1.25pct。研发费用率为 4. ...

Investment Rating - The report maintains a "Recommended" rating for the company with a current price of 14.78 CNY and a target price not specified [1][4]. Core Insights - The company reported a revenue of 697 million CNY for H1 2024, representing a year-on-year increase of 10.06%, and a net profit attributable to shareholders of 144 million CNY, up 10.86% year-on-year [2]. - The company is focusing on a three-tier development strategy to enhance future growth, with stable revenue growth and ongoing cost reduction and efficiency improvement initiatives [2][4]. - The first-tier industry, which includes core components of turbochargers and precision parts, continues to strengthen the company's competitive position [2]. - The second-tier industry, represented by the newly established Anhui Best New Energy Parts Co., Ltd., is aimed at lightweight components for new energy vehicles and has commenced operations [2]. - The third-tier industry, focusing on linear motion components, is expanding its application areas, with products already recognized in the market [2]. Financial Performance Summary - For Q2 2024, the company achieved a revenue of 354 million CNY, a year-on-year increase of 8.97% and a quarter-on-quarter increase of 3.24% [2]. - The gross profit margin for Q2 2024 was 34.18%, showing a decrease of 1.80 percentage points year-on-year [2]. - The company expects revenues of 1.596 billion CNY, 2.039 billion CNY, and 2.421 billion CNY for 2024, 2025, and 2026 respectively, with net profits projected at 338 million CNY, 432 million CNY, and 553 million CNY for the same years [4][5].

来源：公司年报、国金证券研究所 贝斯特 (300580.SZ) 公司点评 证券研究报告 买入(维持评级) 事件 2024 年 8 月 7 日公司发布 24 年中报，1H24 实现营业收入 6.97 亿 元，同比增长 10.06%；实现归母净利润 1.44 亿元，同比增长 10.86%。其中 2Q24 实现营业收入 3.54 亿元，同比增长 8.95%，环 比增长 3.24%；实现归母净利润 0.75 亿元，同比下降 2.23%，环 比增长 7.66%。 点评 汽车零部件整体保持稳健增长，安徽基地投产，新能源汽车零部 件有望加速。1H24 公司汽车零部件业务实现收入 6.29 亿元，同比 增长 8.14%，毛利率 32.7%，同比提升 0.26pcts。根据公司公告信 息，上半年公司主要围绕新能源汽车零部件进行布局的安徽贝斯 特基地已于 24 年 5 月竣工，现正逐步推进产能爬坡，公司的"第 二梯次"新能源汽车零部件业务增长有望加速。 单季度盈利能力有所波动，1H24 整体净利率保持稳定：2Q24 公司 毛利率为 34.18%，同比下降 1.8pcts，环比下降 1.28pcts；净利 率为 21.02%，同比 ...

[Important Notices, Table of Contents and Definitions](index=2&type=section&id=Section%201%20Important%20Notices%2C%20Table%20of%20Contents%20and%20Definitions) [Important Notices](index=2&type=section&id=Important%20Notices) The board ensures the report's accuracy and assumes legal liability, with a profit distribution plan proposed for the period - The company's board of directors has approved the 2024 semi-annual profit distribution plan, proposing a **cash dividend of ¥0.30 (tax included) per 10 shares** based on a total of 499,153,912 shares, with no bonus shares or capitalization of public reserves[2](index=2&type=chunk) [Company Profile and Key Financial Indicators](index=8&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=8&type=section&id=I.%20Company%20Profile) Wuxi Best Precision Machinery Co, Ltd (stock code: 300580) is a company listed on the Shenzhen Stock Exchange [Key Accounting Data and Financial Indicators](index=9&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved revenue of ¥697.35 million and net profit of ¥143.73 million, with significant growth in cash flow from operations | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 697,345,035.52 | 633,605,486.61 | 10.06% | | **Net Profit Attributable to Shareholders (Yuan)** | 143,729,264.70 | 129,645,713.52 | 10.86% | | **Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (Yuan)** | 134,496,882.86 | 99,749,270.44 | 34.83% | | **Net Cash Flow from Operating Activities (Yuan)** | 218,751,274.11 | 145,970,482.96 | 49.86% | | **Basic Earnings Per Share (Yuan/Share)** | 0.2879 | 0.2934 | -1.87% | | **Weighted Average Return on Equity** | 4.89% | 5.88% | -0.99% | | **Total Assets (Yuan)** | 3,524,134,217.81 | 3,557,717,664.04 | -0.94% | | **Net Assets Attributable to Shareholders (Yuan)** | 2,945,658,682.17 | 2,863,057,594.87 | 2.89% | [Non-recurring Profit and Loss Items and Amounts](index=10&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss totaled ¥9.23 million, mainly from fair value changes in financial assets and government subsidies | Item | Amount (Yuan) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -142,463.37 | | Government Grants Recognized in Current Profit or Loss | 1,244,422.69 | | Fair Value Changes and Disposal Gains from Financial Assets/Liabilities | 9,377,795.92 | | Other Non-operating Income and Expenses | 101,110.37 | | Less: Income Tax Effect | 1,348,229.89 | | Less: Effect on Minority Interests (After Tax) | 253.88 | | **Total** | **9,232,381.84** | [Management Discussion and Analysis](index=11&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Principal Business Activities](index=11&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company's business is structured around a "three-tier industry" strategy, expanding into new energy vehicles and robotics - The company's strategy is clearly defined across three industrial tiers: - **First Tier:** Core businesses such as precision parts, intelligent equipment, and tooling fixtures, serving as the company's foundation[35](index=35&type=chunk) - **Second Tier:** New energy vehicle components, focusing on lightweight structural parts, high-value precision parts, and core components for hydrogen/natural gas vehicles[35](index=35&type=chunk) - **Third Tier:** Industrial machines and humanoid robots, with a comprehensive layout of high-precision linear motion components like ball/roller screws and guide rails[35](index=35&type=chunk) - Through its subsidiary "Wuxi Yuhua Precision Machinery Co, Ltd", the company is targeting new sectors like high-end machine tools, automation, humanoid robots, and intelligent vehicles with its linear motion components[36](index=36&type=chunk) - To expand capacity for new energy vehicle parts, the "Anhui Best" subsidiary has commenced operations, while a new subsidiary in Thailand was established in May 2024 to deepen international market presence[37](index=37&type=chunk) [Analysis of Core Business](index=22&type=section&id=III.%20Analysis%20of%20Core%20Business) Revenue grew 10.06% to ¥697.35 million in H1 2024, driven by strong domestic sales growth of 21.86% | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 697,345,035.52 | 633,605,486.61 | 10.06% | | Operating Costs | 454,577,642.77 | 422,183,448.36 | 7.67% | | Financial Expenses | -3,605,989.70 | -188,422.43 | 1,813.78% | | R&D Investment | 27,692,178.37 | 22,697,273.35 | 22.01% | | Net Cash Flow from Operating Activities | 218,751,274.11 | 145,970,482.96 | 49.86% | | Product/Service | Operating Revenue (Yuan) | Operating Costs (Yuan) | Gross Margin | Revenue YoY Change | | :--- | :--- | :--- | :--- | :--- | | Automotive Parts | 629,003,885.63 | 423,298,158.30 | 32.70% | 8.14% | | Region | Operating Revenue (Yuan) | Operating Costs (Yuan) | Gross Margin | Revenue YoY Change | | :--- | :--- | :--- | :--- | :--- | | Domestic | 455,137,961.94 | 299,817,388.22 | 34.13% | 21.86% | | Overseas | 242,207,073.58 | 154,760,254.55 | 36.10% | -6.88% | [Analysis of Assets and Liabilities](index=25&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets remained stable at ¥3.52 billion, with a minor decrease due to the redemption of wealth management products | Asset Item | Closing Balance (Yuan) | % of Total Assets | Opening Balance (Yuan) | % of Total Assets | Change in % | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 233,700,814.46 | 6.63% | 206,480,579.18 | 5.80% | 0.83% | | Accounts Receivable | 458,928,365.34 | 13.02% | 441,495,141.44 | 12.41% | 0.61% | | Inventories | 277,234,406.48 | 7.87% | 290,272,173.25 | 8.16% | -0.29% | | Fixed Assets | 1,201,968,891.99 | 34.11% | 1,220,150,802.52 | 34.30% | -0.19% | | Trading Financial Assets | 651,660,701.11 | 18.49% | 712,613,608.67 | 20.03% | -1.54% | | Item | Book Value at 2024-6-30 (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 15,278,314.03 | Bank acceptance bill margin | | Notes Receivable | 8,009,681.12 | Pledged for issuing bank acceptance bills | | **Total** | **23,287,995.15** | | [Investment Analysis](index=26&type=section&id=VI.%20Investment%20Analysis) Total investment increased by 136.88% to ¥166.90 million, primarily allocated to wealth management products | | Investment in Reporting Period (Yuan) | Investment in Prior Year Period (Yuan) | Change | | :--- | :--- | :--- | :--- | | Total Investment | 166,904,068.39 | 70,458,535.89 | 136.88% | | Type | Entrusted Wealth Management Amount (Million Yuan) | Outstanding Balance (Million Yuan) | Overdue Unrecovered Amount (Million Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | 272.31 | 272.31 | 0 | | Brokerage Wealth Management Products | 552.96 | 361.88 | 0 | | **Total** | **825.27** | **634.18** | **0** | [Risks and Countermeasures](index=29&type=section&id=X.%20Company's%20Risks%20and%20Countermeasures) The company addresses risks from trade, industry cycles, and price volatility through diversification and innovation - **International Trade Environment Risk**: The company's exports are subject to international political and trade environments; **countermeasures** include monitoring policy changes, expanding the domestic market, and establishing overseas production bases (e.g., Thailand) to enhance global competitiveness[71](index=71&type=chunk) - **Automotive Industry Cyclical and Policy Risk**: Business performance is closely tied to macroeconomic conditions and automotive industry policies; **countermeasures** involve aligning with industry trends, developing a three-tier industrial chain, and diversifying into new sectors like industrial machines and humanoid robots[72](index=72&type=chunk) - **Raw Material Price Volatility and Product Price Reduction Risk**: Profits are impacted by raw material price fluctuations and annual price reductions common in the auto parts industry; **countermeasures** include strengthening supply chain management and pursuing continuous cost reduction through R&D and process optimization[73](index=73&type=chunk)[75](index=75&type=chunk) - **Exchange Rate Fluctuation Risk**: With exports primarily settled in USD, the company faces risks from RMB exchange rate volatility; **countermeasures** include expanding the domestic market and utilizing financial instruments to mitigate exchange losses[76](index=76&type=chunk) [Corporate Governance](index=34&type=section&id=Section%204%20Corporate%20Governance) [Profit Distribution and Capitalization of Capital Reserve](index=34&type=section&id=III.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve%20for%20the%20Reporting%20Period) The board proposed a 2024 interim cash dividend of ¥0.3 per 10 shares, totaling approximately ¥14.97 million | Distribution Plan | Details | | :--- | :--- | | Dividend per 10 shares (Yuan) (tax included) | 0.3 | | Share base for distribution plan (shares) | 499,153,912 | | Cash dividend amount (Yuan) (tax included) | 14,974,617.36 | | Distributable profit (Yuan) | 1,223,840,761.93 | [Environmental and Social Responsibility](index=36&type=section&id=Section%205%20Environmental%20and%20Social%20Responsibility) [Environmental Protection](index=36&type=section&id=I.%20Major%20Environmental%20Issues) The company adheres to environmental regulations, achieving "zero" wastewater discharge and earning national "Green Factory" recognition - Adhering to a green development philosophy, the company's Phase V factory incorporates eco-design and advanced technologies such as waste sand and heat recovery, and rooftop solar power to achieve sustainable production[87](index=87&type=chunk)[88](index=88&type=chunk) [Social Responsibility](index=37&type=section&id=II.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting stakeholder rights and has received awards for investor and labor relations - The company maintains excellent investor communication and was awarded the **"2023 Best Practice Award for Investor Relations Management"** by the China Association for Public Companies[89](index=89&type=chunk) - The company prioritizes employee rights and safety, providing comprehensive benefits and training, and was recognized as a **"Wuxi Harmonious Labor Relations Enterprise"**[90](index=90&type=chunk)[91](index=91&type=chunk) [Significant Events](index=39&type=section&id=Section%206%20Significant%20Events) [Significant Matters Concerning Subsidiaries](index=43&type=section&id=XIV.%20Significant%20Matters%20Concerning%20Subsidiaries) The company advanced its global strategy by establishing new subsidiaries in Singapore and Thailand during the reporting period - During the reporting period, the company established a wholly-owned subsidiary in Singapore, **"BYH SCIENCE TECHNOLOGY PTE. LTD."**, with a registered capital of $1 million for import/export and holding activities[111](index=111&type=chunk) - Through its Singapore subsidiary, the company established a sub-subsidiary in Thailand, **"BYH NEW TECHNOLOGY CO.,LTD."**, with a registered capital of 5 million THB for the R&D, manufacturing, and sale of automotive parts[111](index=111&type=chunk) [Changes in Share Capital and Shareholders](index=44&type=section&id=Section%207%20Changes%20in%20Share%20Capital%20and%20Shareholders) [Changes in Share Capital](index=44&type=section&id=I.%20Changes%20in%20Share%20Capital) Total share capital increased to 499,153,912 shares following a capitalization of capital reserves at a rate of 4.7 shares for every 10 shares held | Item | Before Change | Increase/Decrease | After Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 20,224,687 | +9,505,603 | 29,730,290 | | II. Unrestricted Shares | 319,335,798 | +150,087,824 | 469,423,622 | | **III. Total Shares** | **339,560,485** | **+159,593,427** | **499,153,912** | [Number of Shareholders and Shareholdings](index=46&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholdings) As of the period end, the company had 24,069 shareholders, with the controlling shareholder and related parties maintaining a stable ownership structure | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period End | | :--- | :--- | :--- | :--- | | Wuxi Best Investment Co., Ltd. | Domestic Non-State-Owned Legal Entity | 49.80% | 248,599,638 | | Cao Yuhua | Domestic Natural Person | 5.14% | 25,649,662 | | Cao Yi | Domestic Natural Person | 2.80% | 13,990,725 | | Wuxi Xinshi Investment Partnership (LP) | Domestic Non-State-Owned Legal Entity | 2.43% | 12,141,612 | | Xie Sixuan | Domestic Natural Person | 1.40% | 6,995,362 | - **Relationship among controlling shareholders and parties acting in concert**: Wuxi Best Investment Co., Ltd. is 100% controlled by the actual controller, Cao Yuhua; Xie Sixuan is the spouse of Cao Yuhua, and Cao Yi is their daughter, ensuring a stable and concentrated ownership structure[117](index=117&type=chunk) [Financial Report](index=53&type=section&id=Section%2010%20Financial%20Report) [Financial Statements](index=53&type=section&id=II.%20Financial%20Statements) The financial statements show stable total assets of ¥3.52 billion, with year-over-year growth in revenue, net profit, and operating cash flow **Consolidated Balance Sheet Summary (2024-06-30)** | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | **Total Current Assets** | 1,763,487,722.28 | 1,867,319,755.50 | | **Total Non-Current Assets** | 1,760,646,495.53 | 1,690,397,908.54 | | **Total Assets** | **3,524,134,217.81** | **3,557,717,664.04** | | **Total Liabilities** | 568,212,276.23 | 684,562,416.03 | | **Total Equity Attributable to Parent Company** | 2,945,658,682.17 | 2,863,057,594.87 | | **Total Liabilities and Equity** | **3,524,134,217.81** | **3,557,717,664.04** | **Consolidated Income Statement Summary (H1 2024)** | Item | H1 2024 (Yuan) | H1 2023 (Yuan) | | :--- | :--- | :--- | | **I. Total Operating Revenue** | **697,345,035.52** | **633,605,486.61** | | Including: Operating Revenue | 697,345,035.52 | 633,605,486.61 | | **II. Total Operating Costs** | 553,550,938.10 | 511,640,384.33 | | Including: Cost of Goods Sold | 454,577,642.77 | 422,183,448.36 | | R&D Expenses | 27,692,178.37 | 22,697,273.35 | | **III. Operating Profit** | 162,851,263.04 | 149,248,902.67 | | **IV. Total Profit** | 162,952,373.41 | 149,358,431.04 | | **V. Net Profit** | **143,894,870.97** | **130,329,340.63** | | Net Profit Attributable to Parent Company Shareholders | 143,729,264.70 | 129,645,713.52 | **Consolidated Cash Flow Statement Summary (H1 2024)** | Item | H1 2024 (Yuan) | H1 2023 (Yuan) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | **218,751,274.11** | **145,970,482.96** | | **Net Cash Flow from Investing Activities** | -96,057,048.70 | -79,701,884.66 | | **Net Cash Flow from Financing Activities** | -67,912,097.00 | -79,651,585.20 | | **Net Increase in Cash and Cash Equivalents** | 55,371,237.77 | -13,366,751.92 | [Notes to Consolidated Financial Statement Items](index=103&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) Key balance sheet items include ¥233.70 million in cash, ¥490.33 million in accounts receivable, and ¥1.20 billion in fixed assets | Item | Closing Balance (Yuan) | Opening Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 103,720.95 | 198,198.82 | | Bank Deposits | 218,318,779.48 | 162,853,063.84 | | Other Monetary Funds | 15,278,314.03 | 43,429,316.52 | | **Total** | **233,700,814.46** | **206,480,579.18** | | Aging | Closing Book Balance (Yuan) | | :--- | :--- | | Within 1 year | 473,506,261.92 | | 1 to 2 years | 8,299,182.57 | | 2 to 3 years | 1,722,368.83 | | Over 3 years | 6,803,415.43 | | **Total** | **490,331,228.75** | | Item | Book Balance (Yuan) | Inventory Write-down Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 38,785,141.07 | 3,783,841.34 | 35,001,299.73 | | Work in Progress | 125,363,258.12 | 633.26 | 125,362,624.86 | | Finished Goods | 53,937,324.47 | 4,490,545.75 | 49,446,778.72 | | Goods in Transit | 66,504,481.96 | 1,089,026.07 | 65,415,455.89 | | **Total** | **286,598,452.90** | **9,364,046.42** | **277,234,406.48** | [R&D Expenditures](index=136&type=section&id=VIII.%20R&D%20Expenditures) R&D expenditure increased by 22.01% year-over-year to ¥27.69 million, all of which was expensed | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 11,883,639.39 | 10,328,114.21 | | Material Consumption | 6,927,226.89 | 6,258,525.23 | | Depreciation and Amortization | 8,544,952.38 | 5,572,730.73 | | Other Expenses | 336,359.71 | 537,903.18 | | **Total** | **27,692,178.37** | **22,697,273.35** |

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 20.4 CNY, indicating an expected return of over 20% within the next six months [24][101]. Core Insights - The company has a strong competitive advantage in the automotive parts sector, particularly in precision components and turbocharger technology, which are essential for improving fuel efficiency and reducing emissions [14][85]. - The rapid expansion of production capacity in the new energy vehicle (NEV) segment is expected to drive significant revenue growth, with a focus on lightweight and high-value precision components [20][73]. - The company has established a solid customer base, with major clients including Garrett, Cummins, and Bosch, contributing to a stable revenue stream [30][115]. Summary by Sections 1. Precision Processing and Technology Migration - The company has deep expertise in precision processing, which has allowed it to expand into new business areas such as industrial mother machines and humanoid robots [29][125]. - The establishment of subsidiaries like Anhui Best New Energy Vehicle Parts Co., Ltd. aims to enhance its presence in the NEV market [22][73]. 2. Automotive Parts Business - The automotive parts segment accounted for 89.58% of total revenue in 2023, with a gross margin of 34.46%, reflecting the high technical barriers of its main products [35][100]. - The company is actively expanding its production capacity for NEV components, with plans to produce 1.4 million units annually once fully operational [117][73]. 3. Financial Performance - The company reported a revenue of 1.34 billion CNY in 2023, a year-on-year increase of 22.4%, with net profit reaching 263.51 million CNY, up 15.13% [81][69]. - The report forecasts continued growth in revenue and net profit through 2026, driven by the expansion of its NEV component production [101][69]. 4. Market Trends and Opportunities - The shift towards lightweight vehicles is a significant trend in the automotive industry, with reductions in vehicle weight leading to improved energy efficiency and extended driving range for electric vehicles [18][87]. - The company is well-positioned to capitalize on the growing demand for precision components in the robotics sector, particularly as humanoid robots become more prevalent [122][125].