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]

证券研究报告 人形机器人大规模量产在即，关注 核心环节投资机会 行业评级：看好 2025年4月27日 | 分析师 | 邱世梁 | 分析师 | 刘巍 | | --- | --- | --- | --- | | 邮箱 | qiushiliang@stocke.com.cn | 邮箱 | liuwei03@stocke.com.cn | | 证书编号 | S1230520050001 | 证书编号 | S1230524040001 | | 分析师 | 白浪 | 研究助理 | 张逸辰 | | 邮箱 | bailang@stocke.com.cn | 邮箱 | zhangyichen@stocke.com.cn | | 证书编号 | S1230525010003 | | | 投资摘要 ➢ 人形机器人核心环节投资机遇和设备规模梳理： 2 ✓ 丝杠：一种将电机端旋转运动转化为直线运动的机械部件。行星滚柱丝杠根据其运动关系的不同可分为标准式行星滚柱丝杠、反向式行星滚柱丝杠。其中反向式中螺母作为主动 件，适合更紧凑的应用场景，如人形机器人。 ✓ 精度、承载能力和使用寿命决定了行星滚柱丝杠产品的性能优劣；国内和海外厂商的差距主要 ...

行 业 及 产 业 机械设备/ 自动化设备 行 业 研 究 / 行 业 点 评 相关研究 - 证 券 研 究 报 告 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 研究支持 胡书捷 A0230524070007 husj@swsresearch.com 苏萌 A0230524080011 sumeng@swsresearch.com 朱傅哲 A0230524080008 zhufz@swsresearch.com 联系人 何佳霖 (8621)23297818× hejl@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 04 月 25 日 行星滚柱丝杠：人形机器人产业化 的关键 看好 ——机器人行业点评 投资观点： ⚫ 风险提示：技术发展存在不确定性；行业竞争加剧等。 表 1：机 ...

行 业 及 产 业 机械设备 2025 年 04 月 24 日 从实验室到竞技运动，迈向产业化 行 业 研 究 / 行 业 点 评 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 联系人 胡书捷 (8621)23297818× husj@swsresearch.com 本期投资提示： 1）硬件关节：稳定性、刚性、抗冲击能力都很重要，实际上大部分问题都是硬件相关， 硬件短板将影响整体表现，需要逐一针对性解决； 2）运动控制算法：机器人面临上下坡、转弯、坑洼、井盖等复杂地形条件，对运控算法 的稳定性和抗干扰提出极高要求，否则会出现不平衡和摔跤问题； 3）自主导航和具身大脑：大部分采用遥控、无线通讯导航方式，而自主导航对路径跟 踪、环境适应、传感融合和智能决策提出挑战，是未来要重点突破的方向； 4）其他方面包括散热设计、电池续航、实时通讯等问题。竞技比赛相当于一次压力测 试，对机器人性能进行系统性考验，团队 ...

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]

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% 。 ► 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% 。 ► 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 ...

► 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 ...

01 事件概述 公司披露 2024 年年度报告和 2025 年第一季度报告： 1 ） 2024 年度实现营收 13.57 亿元，同比 +1.03% ；归母净利润 2.89 亿元，同比 +9.58% ；扣非归母净利润 2.63 亿元，同比 +8.11% ； 2 ） 2024Q4 营收 3.15 亿元，同比 -6.43% ，环比 -8.74% ；归母净利润 0.64 亿元，同比 +19.37% ，环比 -21.16% ；扣非归母净利润 0.54 亿元，同比 -25.53% ，环比 -27.42% ； 3 ） 2025Q1 营收 3.50 亿元，同比 +1.89% ，环比 +11.06% ；归母净利润 0.69 亿元，同比 +0.23% ，环比 +8.55% ；扣非归母 净利润 0.65 亿元，同比 -1.87% ，环比 +21.22% 。 02 分析判断 ► 2024 年业绩稳步增长 25Q1 营收 & 盈利加速向上 1 ）收入端： 受益于我国持续向好的经济运行环境以及行业革命与产业转型的大趋势，公司充分把握发展机遇，营收实现稳步增长。 2024 年度实现营收 13.57 亿元，同比 +1.03% ，其中汽车零部 ...