贝斯特：业绩表现稳健，丝杠+出海拓展成长曲线

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.76 CNY per share, compared to the current price of 13.72 CNY [2]. Core Views - The company demonstrated stable performance with a revenue of 697 million CNY in H1 2024, reflecting a year-on-year increase of 10.06%. The net profit attributable to shareholders reached 144 million CNY, up 10.86% year-on-year [1]. - The automotive parts segment generated 629 million CNY in revenue, growing by 8.14% year-on-year, while the intelligent equipment segment saw a significant increase of 32.06%, reaching 39 million CNY [1]. - The company’s gross margin improved to 34.81%, an increase of 1.44 percentage points year-on-year, and the net margin was 20.63%, up by 0.06 percentage points [1]. - The traditional turbocharger business continues to grow steadily, and the company is actively pursuing opportunities in the lightweight components for new energy vehicles [1]. - The establishment of a wholly-owned subsidiary focused on new energy vehicle components is expected to enhance the company's production capacity starting in H2 2024 [1]. - The company is expanding its overseas production capacity in Thailand, which is anticipated to further enhance profitability [1]. - The report forecasts net profits for 2024-2026 to be 306 million CNY, 354 million CNY, and 405 million CNY, respectively, with a stable growth outlook [1]. Financial Summary - For H1 2024, the company reported a revenue of 697 million CNY, with a year-on-year growth of 10.06% [1]. - The net profit attributable to shareholders for H1 2024 was 144 million CNY, reflecting a year-on-year increase of 10.86% [1]. - The company’s gross margin for H1 2024 was 34.81%, and the net margin was 20.63% [1]. - The projected revenues for 2024, 2025, and 2026 are 1,537 million CNY, 1,731 million CNY, and 1,945 million CNY, respectively, with growth rates of 14.4%, 12.6%, and 12.3% [4].