贝斯特：24Q2业绩符合预期，工业母机打开第三成长曲线

Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Insights - The company reported a revenue of 697 million yuan for the first half of 2024, representing a year-on-year increase of 10.06%, and a net profit attributable to shareholders of 144 million yuan, up 10.86% year-on-year [2][4]. - In Q2 2024, the company achieved a revenue of 354 million yuan, which is an increase of 8.97% year-on-year and 3.24% quarter-on-quarter. However, the net profit attributable to shareholders decreased by 2.18% year-on-year to 74 million yuan, despite a quarter-on-quarter increase of 7.58% [2][4]. - The growth in revenue and profit is attributed to the increased production of turbocharged and new energy products, as well as a rise in demand from downstream customers [5]. Financial Performance Summary - For the first half of 2024, the automotive production and sales reached 13.89 million and 14.04 million units, respectively, with year-on-year growth of 4.9% and 6.1% [2][5]. - The revenue from automotive parts and tooling business was 629 million yuan and 39 million yuan, reflecting year-on-year growth of 8.14% and 32.06%, respectively [5]. - The gross profit margin for Q2 2024 decreased by 1.8 percentage points to 34.18%, primarily due to a higher proportion of lower-margin new energy products [2][5]. Strategic Developments - The company is actively expanding into the "third tier" industries, including industrial mother machines and humanoid robots, and is focusing on high-precision rolling components [2][5]. - The company has received market recognition for its products, such as ball screw pairs and linear guide pairs, which are now used in models from well-known domestic machine tool manufacturers [5]. - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 308 million, 392 million, and 502 million yuan, respectively [3][5].