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 ...

Investment Rating - The report maintains a "Buy" investment rating for the company Best [1][3] Core Insights - Best achieved a revenue of 697 million yuan in H1 2024, representing a year-on-year growth of 10.06%, and a net profit attributable to shareholders of 144 million yuan, with a year-on-year increase of 10.86% [1] - The company is implementing a three-tier industrial development strategy, focusing on enhancing its existing turbocharger components business, transitioning to electric vehicle components, and expanding into linear motion components for robotics [1] - The company is also making strides in its screw rod business, with high-precision products gaining market recognition [1] Summary by Sections Financial Performance - In H1 2024, Best's revenue was 697 million yuan, with a 10.06% increase year-on-year, and a net profit of 144 million yuan, up 10.86% year-on-year [1] - The gross margin improved to 34.81%, an increase of 1.44 percentage points year-on-year [1] - For Q2 2024, the company reported a revenue of 354 million yuan, an 8.97% year-on-year increase, and a net profit of 74 million yuan, a decrease of 2.18% year-on-year [1] Business Strategy - Best's three-tier strategy includes: 1. Strengthening its core turbocharger components business while expanding into range-extended and hybrid vehicle components 2. Transitioning to electric vehicle components, with a new facility in Anhui expected to ramp up production in the second half of the year 3. Developing linear motion components through its subsidiary Yuhua Precision Machinery, targeting new markets such as industrial mother machines and humanoid robots [1] Future Projections - Revenue projections for 2024-2026 are 1.667 billion yuan, 2.048 billion yuan, and 2.473 billion yuan, respectively, with corresponding EPS of 0.63 yuan, 0.81 yuan, and 1.05 yuan [3][5] - The current stock price corresponds to a PE ratio of 22.1, 17.1, and 13.3 for the years 2024, 2025, and 2026, respectively [3]

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. ...