研报掘金丨民生证券：维持贝斯特“推荐”评级，直线运动部件持续突破

Core Viewpoint - Best's net profit attributable to shareholders for H1 2025 reached 148 million yuan, reflecting a year-on-year increase of 3.30%, with Q2 net profit at 79 million yuan, up 6.15% year-on-year and 13.94% quarter-on-quarter, indicating performance in line with expectations [1] Group 1 - The company is expanding its international market presence by establishing "Beiyonghua New Technology Co., Ltd." in Thailand, in response to the national "Belt and Road" initiative, with operations expected to commence in Q4 2025 [1] - Best is focusing on linear motion components, producing high-precision ball/roller screw assemblies, miniature screws, and high-precision linear guideways, which are already being utilized in well-known domestic machine tool manufacturers [1] - The company has achieved breakthroughs in the manufacturing level of C0 grade ball screw assemblies and has received initial orders from customers, showcasing its capabilities in precision machining [1] Group 2 - Best is leveraging its years of experience in tooling and fixture production to enter new sectors such as new energy components and industrial mother machines, aiming to create secondary and tertiary growth curves [1] - The company maintains a "recommended" rating, reflecting confidence in its ongoing strategic initiatives and market positioning [1]