Wuxi Best Precision Machinery (SZ:300580) Guoyuan Securities·2024-07-12 08:30Investment Rating - The report maintains an "Accumulate" rating for the company [5][10]. Core Insights - The company has a clear three-tier industrial layout, with the first tier focusing on core components for turbochargers and precision parts, providing a stable foundation for growth. The second tier targets core components for electric, hydrogen fuel, and natural gas vehicles, while the third tier encompasses linear rolling components, including products for industrial machines and humanoid robots, indicating significant growth potential [9][10]. - The company reported a 21.65% year-on-year increase in sales of turbocharger core components, totaling 31.73 million units, with related revenue reaching 1.014 billion yuan, a 15.67% increase. Sales of new energy components also grew by 22.20%, achieving revenue of 151 million yuan, up 64.75% [10]. Financial Data and Valuation - Revenue projections are as follows: 1,097.28 million yuan in 2022, 1,343.25 million yuan in 2023, and expected to reach 1,670.98 million yuan in 2024, reflecting a year-on-year growth of 22.42% and 24.40% respectively [4]. - Net profit attributable to shareholders is projected to be 228.87 million yuan in 2022, 263.51 million yuan in 2023, and 334.14 million yuan in 2024, with corresponding year-on-year growth rates of 16.35% and 26.81% [4]. - The company's price-to-earnings (P/E) ratio is expected to decrease from 31.32 in 2022 to 21.45 in 2024, indicating improving valuation metrics [4][10].