贝斯特(300580)：2025H1业绩稳健 直线驱动器业务持续突破

Core Viewpoint - The company reported steady revenue and profit growth in the first half of 2025, with a focus on expanding its international presence and enhancing operational efficiency through new business developments [1][2]. Financial Performance - In 2025 H1, the company achieved revenue of 716 million yuan, a year-on-year increase of 2.73%, and a net profit attributable to shareholders of 148 million yuan, up 3.30% year-on-year [1]. - For Q2 2025, revenue reached 367 million yuan, reflecting a year-on-year growth of 3.55% and a quarter-on-quarter increase of 4.93%. The net profit for Q2 was 79 million yuan, marking a year-on-year rise of 6.15% and a quarter-on-quarter increase of 13.94% [1]. - The gross profit margin for Q2 2025 was 35.2%, up 1.0 percentage points quarter-on-quarter, while the total expense ratio was 12.0%, down 2.6 percentage points quarter-on-quarter [1]. Business Development - The turbocharger business remains stable, with ongoing cost reduction and efficiency improvement initiatives, alongside the construction of production capacity in Thailand [1]. - The Anhui Best factory has been completed and is now operational, leading to rapid growth in the new energy components business [1]. - New business areas, including industrial mother machines, linear actuators, and intelligent connected vehicles, are being deeply integrated through Yuhua Precision Machinery [1][2]. International Expansion - The company’s Thai subsidiary, Beiyonghua, plans to commence operations in Q4 2025, aiming to leverage Thailand as a hub for Southeast Asia and expand into Australia, New Zealand, and South Asia [2]. - The company is focusing on cultivating and attracting international talent to support its overseas business expansion, ensuring a team well-versed in ASEAN market rules and automotive expertise [2]. Technological Advancements - Yuhua Precision Machinery is addressing challenges in the screw rod industry by developing high-precision machinery and testing equipment, achieving industry-leading precision levels [2]. - The company has successfully applied its ball screw assemblies and linear guide assemblies in well-known machine tool manufacturers, marking a breakthrough in precision standards [2]. Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 350 million yuan, 400 million yuan, and 460 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 41, 35, and 31 times [2].