贝斯特：2024Q2业绩表现稳健，新能源、工业母机业务快速推进

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a steady performance in Q2 2024, with revenue of 354 million yuan, a year-on-year increase of 9.0%, and a net profit of 74 million yuan, showing a year-on-year decrease of 2.2% [1]. - The company's revenue for H1 2024 reached 697 million yuan, up 10.1% year-on-year, with a net profit of 144 million yuan, an increase of 10.9% year-on-year [1]. - The traditional main business (turbochargers) is steadily developing, with a continuous increase in market share [1]. - The new energy business is rapidly advancing, with all projects reaching production capacity, and the company has entered the ramp-up phase of mass production [1]. - The industrial mother machine business has entered the mass production stage, with key components being applied in well-known domestic machine tool models [1]. Financial Performance - The gross margin for Q2 2024 was 34.2%, a decrease of 1.8 percentage points year-on-year and 1.3 percentage points quarter-on-quarter [1]. - The total expense ratio for Q2 2024 was 12.9%, an increase of 0.7 percentage points year-on-year and 0.2 percentage points quarter-on-quarter [1]. - The company expects net profits for 2024-2026 to be 310 million, 400 million, and 510 million yuan, respectively, corresponding to P/E ratios of 24, 18, and 15 [1][3]. Business Development - The company has established a subsidiary in Thailand to promote the globalization of its turbocharger and new energy businesses [1]. - The company is strategically positioned in the industrial mother machine sector, with core products already in mass production and sampling, indicating potential for new growth [1]. - The humanoid robot market presents significant opportunities, with expectations for rapid increases in the localization rate of core components [1].