贝斯特：24半年报点评：H1归母净利同比+11%，出海+丝杠业务持续推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 10.9% year-on-year increase in net profit attributable to shareholders, reaching 144 million yuan in H1 2024, with total revenue of 697 million yuan, up 10% year-on-year [1] - The sales of new energy vehicles maintained high growth, with Q2 2024 revenue increasing by 9% year-on-year [1] - The company is advancing its three-tier business strategy, establishing a base in Thailand to enhance its global layout [1] - The gross margin for H1 2024 was 34.81%, an increase of 1.44 percentage points year-on-year, while the net margin reached 20.63%, up 0.06 percentage points year-on-year [1] Financial Performance Summary - For 2024-2026, the company’s revenue is projected to be 1.56 billion yuan, 1.97 billion yuan, and 2.41 billion yuan respectively, with net profits of 320 million yuan, 400 million yuan, and 500 million yuan [2] - The diluted EPS for 2024-2026 is forecasted to be 0.64 yuan, 0.81 yuan, and 1.01 yuan respectively [2] - The PE ratios based on the projected EPS for 2024-2026 are 22, 17, and 14 times respectively [2] - The company’s revenue growth rates are expected to be 16.3% in 2024, 25.9% in 2025, and 22.6% in 2026 [2]