股票代码：300580 股票简称：贝斯特 公告编号：2024-028 无锡贝斯特精机股份有限公司 2024 年半年度权益分派实施公告 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。 一、股东大会及董事会审议通过 2024 年半年度权益分派方案等情况 1、无锡贝斯特精机股份有限公司（以下简称"公司"）于 2024 年 5 月 17 日 召开的 2023 年度股东大会审议通过了《关于提请股东大会授权董事会决定 2024 年中期现金分红的议案》。公司董事会于 2024 年 8 月 7 日召开第四届董事会第 十一次会议，审议通过了《关于公司 2024 年中期现金分红方案的议案》，具体 分配方案为：以总股本 499,153,912 股为基数，向全体股东每 10 股派发现金红 利人民币 0.30 元（含税）；不进行资本公积金转增股本,不送红股。若公司总股 本由于可转债转股、股份回购、股权激励行权、再融资新增股份上市等原因发生 变动的，公司将按照"每股派发现金分红比例不变"的原则，即保持每 10 股派发 现金红利 0.30 元（含税）不变，相应调整现金红利总额。 2、自公司 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 697 million yuan for the first half of 2024, representing a year-on-year growth of 10.06%, and a net profit attributable to shareholders of 144 million yuan, up 10.86% year-on-year [1] - In Q2 2024, the company achieved a revenue of 354 million yuan, with a year-on-year growth of 8.97%, while the net profit attributable to shareholders decreased by 2.18% year-on-year [1] - The company's gross margin slightly decreased due to product structure adjustments, with a Q2 gross margin of 34.18%, down 1.80 percentage points year-on-year [1] - The company is optimizing its product structure and expanding production capacity, with plans for overseas expansion, including a factory in Thailand established in May 2024 [1] - The company is focusing on high-precision ball screw assemblies as a new growth area, leveraging its technology in tooling and intelligent equipment [1] - The investment recommendation anticipates revenue growth from 1.56 billion yuan in 2024 to 2.51 billion yuan in 2026, with corresponding net profits of 310 million yuan and 524 million yuan respectively [1] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 697 million yuan and a net profit of 144 million yuan, with significant growth in the non-recurring net profit [1][2] - The revenue for 2023 was 1.34 billion yuan, with projections of 1.56 billion yuan for 2024, 1.93 billion yuan for 2025, and 2.51 billion yuan for 2026 [2] Business Segments - The automotive parts business generated 629 million yuan in revenue for the first half of 2024, growing by 8.14% year-on-year, while the intelligent equipment and tooling business saw a revenue increase of 32.06% [1] - The company is enhancing its product structure by focusing on core components like turbochargers and expanding its product offerings through acquisitions and new subsidiaries [1] Future Outlook - The company is expected to maintain steady growth in its turbocharger business while successfully transitioning to new energy products [1] - The anticipated revenue and profit growth from 2024 to 2026 indicates a positive outlook for the company's financial performance [1][2]

Financial Performance - In the first half of 2024, the company achieved operating revenue of 69,734.50 million yuan, an increase of 10.06% year-on-year [1] - The net profit attributable to shareholders was 14,372.93 million yuan, up by 10.86% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 13,449.69 million yuan, reflecting a significant increase of 34.83% [1] Business Development - The first-tier industry maintained stable high-quality growth by expanding market share and developing new customer relationships [2] - The second-tier industry, through the subsidiary Anhui Best New Energy Vehicle Parts Co., Ltd., commenced operations in May 2024, focusing on enhancing production capacity and optimizing product structure [2] - The third-tier industry aims to leverage existing resources and technological advantages to expand into new markets, including linear motion components and collaborations with various industry players [2] Competitive Advantages - The company has developed core competitive advantages over its 20+ years of operation, including precision processing, casting support, and intelligent equipment [2] - Additional advantages include customer resource advantages, technological R&D strengths, green intelligent manufacturing capabilities, product diversification, quality, regional advantages, management efficiency, and talent [2]

Investment Rating - The investment rating for the company is "Buy" [7][10]. Core Views - The report indicates that the company's automotive parts business is experiencing stable growth, supported by the increasing demand for both fuel and new energy vehicles. The company is expected to become a competitive supplier of planetary roller screws for humanoid robots, benefiting from its entry into the high-end humanoid robot supply chain [7][10]. - The report highlights that the company's revenue, gross profit, EBIT, and net profit for Q2 2024 were RMB 354 million, RMB 121 million, RMB 64 million, and RMB 74 million respectively, showing year-on-year growth of 9%, 4%, 1%, and a decline of 2% in net profit [2][6]. - The report notes a slowdown in the growth rate of the automotive parts business, with a year-on-year increase of 8% in the first half of 2024 compared to 20% in 2023. The decline is attributed to seasonal factors and a slowdown in the downstream market [2][3]. Financial Overview - Q2 2024 financials: Revenue of RMB 354 million (+9% YoY), Gross Profit of RMB 121 million (+4% YoY), EBIT of RMB 64 million (-8% YoY), and Net Profit of RMB 74 million (-2% YoY) [2][6]. - The gross profit margin for Q2 2024 was 34%, a decrease of 2 percentage points year-on-year, while the net profit margin was 21%, down 2 percentage points year-on-year [2][6]. - The company expects to achieve approximately RMB 10 million in sales from its machine tool components by the end of the year, with positive progress in commercializing ball screws and linear guide products [3][5]. Market Outlook - The management anticipates a recovery in the growth rate of the automotive parts business in the second half of 2024, with turbocharger component revenue expected to grow by over 10% year-on-year [2][3]. - The company is expanding its production capacity, with plans for a factory in Anhui to begin mass production in Q4 2024 and a new facility in Thailand expected to start construction in the second half of 2024 [2][3]. - The report projects that the company will capture 5% of the global market share in high-end humanoid robot planetary roller screws by 2024, increasing to 15% by 2025 and contributing 8% to incremental revenue by 2027 [7][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][15]. Core Views - The company reported a revenue of 697 million yuan for the first half of 2024, representing a year-on-year growth of 10.06%, and a net profit attributable to shareholders of 144 million yuan, up 10.86% year-on-year [3][4]. - The company is expanding its production capacity in the new energy vehicle (NEV) parts sector, with a new facility in Anhui province that began operations in May 2024, which is expected to enhance performance as NEV sales continue to grow [5][7]. - The company is also diversifying into new markets, including industrial machinery and robotics, which are anticipated to drive future growth [5][7]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 354 million yuan, a year-on-year increase of 8.97% and a quarter-on-quarter increase of 3.24% [3][4]. - The net profit margin improved by 0.78 percentage points in Q2 2024, attributed to enhanced production efficiency and cost control measures [4]. Business Segments - The automotive parts segment generated 629 million yuan in revenue, accounting for 90.24% of total revenue, with a year-on-year growth of 8.14% [4]. - The intelligent equipment and tooling segment achieved a revenue of 39 million yuan, growing by 32.08% year-on-year, representing 5.60% of total revenue [4]. Future Projections - Revenue projections for 2024-2026 are 1.576 billion yuan, 1.980 billion yuan, and 2.412 billion yuan, with year-on-year growth rates of 17.31%, 25.63%, and 21.84% respectively [7][8]. - Net profit projections for the same period are 314 million yuan, 407 million yuan, and 498 million yuan, with corresponding growth rates of 19.07%, 29.80%, and 22.27% [7][8]. Strategic Initiatives - The company has established a production base in Thailand to enhance its global presence and reduce trade friction, aligning with the Belt and Road Initiative [6]. - The company is focusing on high-precision components for industrial machinery and robotics, which are expected to open new growth avenues [5][7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.76 CNY per share, compared to the current price of 13.72 CNY [2]. Core Views - The company demonstrated stable performance with a revenue of 697 million CNY in H1 2024, reflecting a year-on-year increase of 10.06%. The net profit attributable to shareholders was 144 million CNY, up 10.86% year-on-year [1]. - The automotive parts segment generated 629 million CNY in revenue, a year-on-year increase of 8.14%, while the smart equipment segment saw a significant growth of 32.06%, reaching 39 million CNY [1]. - The company is actively expanding its global footprint, having established a subsidiary in Thailand to enhance overseas production capacity, which is expected to further improve profitability [1]. - The company is also focusing on the development of high-precision ball screws and linear guides, targeting new markets such as industrial mother machines and humanoid robots, indicating a strong growth trajectory [1]. Financial Summary - For H1 2024, the company achieved a gross margin of 34.81%, an increase of 1.44 percentage points year-on-year, and a net margin of 20.63%, up 0.06 percentage points year-on-year [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 306 million CNY, 354 million CNY, and 405 million CNY respectively, indicating a stable growth outlook [1][4]. - The company’s revenue is expected to grow from 1.34 billion CNY in 2023 to 1.95 billion CNY in 2026, with a compound annual growth rate of approximately 12.3% [4][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][15]. Core Views - The company reported a revenue of 697 million yuan for the first half of 2024, representing a year-on-year growth of 10.06%, and a net profit attributable to shareholders of 144 million yuan, up 10.86% year-on-year [3][4]. - The company is expanding its production capacity in the new energy vehicle (NEV) parts sector, with a new facility in Anhui province that began operations in May 2024, which is expected to enhance performance as NEV sales continue to grow [5][7]. - The company is also investing in international expansion, having established a production base in Thailand to enhance its global competitiveness and reduce trade friction [6][7]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 354 million yuan, a year-on-year increase of 8.97% and a quarter-on-quarter increase of 3.24%. The net profit for the same quarter was 74 million yuan, a decrease of 2.18% year-on-year [3][4]. - The company’s automotive parts business generated 629 million yuan in revenue, accounting for 90.24% of total revenue, while the intelligent equipment and tooling segment achieved 39 million yuan, growing by 32.08% [4]. Future Projections - Revenue projections for 2024-2026 are 1.576 billion yuan, 1.980 billion yuan, and 2.412 billion yuan, respectively, with year-on-year growth rates of 17.31%, 25.63%, and 21.84% [7][8]. - Net profit projections for the same period are 314 million yuan, 407 million yuan, and 498 million yuan, with corresponding growth rates of 19.07%, 29.80%, and 22.27% [7][8]. Business Expansion - The company is focusing on high-precision components for various applications, including industrial machinery and robotics, which are expected to open new growth avenues [5][7]. - The establishment of the Anhui facility and the investment in Thailand are part of the company's strategy to deepen its market presence and enhance production capabilities in response to growing demand in the NEV sector [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.76 CNY per share, compared to the current price of 13.72 CNY [2]. Core Views - The company demonstrated stable performance with a revenue of 697 million CNY in H1 2024, reflecting a year-on-year increase of 10.06%. The net profit attributable to shareholders reached 144 million CNY, up 10.86% year-on-year [1]. - The automotive parts segment generated 629 million CNY in revenue, growing by 8.14% year-on-year, while the intelligent equipment segment saw a significant increase of 32.06%, reaching 39 million CNY [1]. - The company’s gross margin improved to 34.81%, an increase of 1.44 percentage points year-on-year, and the net margin was 20.63%, up by 0.06 percentage points [1]. - The traditional turbocharger business continues to grow steadily, and the company is actively pursuing opportunities in the lightweight components for new energy vehicles [1]. - The establishment of a wholly-owned subsidiary focused on new energy vehicle components is expected to enhance the company's production capacity starting in H2 2024 [1]. - The company is expanding its overseas production capacity in Thailand, which is anticipated to further enhance profitability [1]. - The report forecasts net profits for 2024-2026 to be 306 million CNY, 354 million CNY, and 405 million CNY, respectively, with a stable growth outlook [1]. Financial Summary - For H1 2024, the company reported a revenue of 697 million CNY, with a year-on-year growth of 10.06% [1]. - The net profit attributable to shareholders for H1 2024 was 144 million CNY, reflecting a year-on-year increase of 10.86% [1]. - The company’s gross margin for H1 2024 was 34.81%, and the net margin was 20.63% [1]. - The projected revenues for 2024, 2025, and 2026 are 1,537 million CNY, 1,731 million CNY, and 1,945 million CNY, respectively, with growth rates of 14.4%, 12.6%, and 12.3% [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 10.9% year-on-year increase in net profit attributable to shareholders, reaching 144 million yuan in H1 2024, with total revenue of 697 million yuan, up 10% year-on-year [1] - The sales of new energy vehicles maintained high growth, with Q2 2024 revenue increasing by 9% year-on-year [1] - The company is advancing its three-tier business strategy, establishing a base in Thailand to enhance its global layout [1] - The gross margin for H1 2024 was 34.81%, an increase of 1.44 percentage points year-on-year, while the net margin reached 20.63%, up 0.06 percentage points year-on-year [1] Financial Performance Summary - For 2024-2026, the company’s revenue is projected to be 1.56 billion yuan, 1.97 billion yuan, and 2.41 billion yuan respectively, with net profits of 320 million yuan, 400 million yuan, and 500 million yuan [2] - The diluted EPS for 2024-2026 is forecasted to be 0.64 yuan, 0.81 yuan, and 1.01 yuan respectively [2] - The PE ratios based on the projected EPS for 2024-2026 are 22, 17, and 14 times respectively [2] - The company’s revenue growth rates are expected to be 16.3% in 2024, 25.9% in 2025, and 22.6% in 2026 [2]

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].