贝斯特：公司事件点评报告：三梯次布局协同发展，丝杠业务加速落地

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]