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].

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 ...