贝斯特：业绩表现稳健，丝杠

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 was 144 million CNY, up 10.86% year-on-year [1]. - The automotive parts segment generated 629 million CNY in revenue, a year-on-year increase of 8.14%, while the smart equipment segment saw a significant growth of 32.06%, reaching 39 million CNY [1]. - The company is actively expanding its global footprint, having established a subsidiary in Thailand to enhance overseas production capacity, which is expected to further improve profitability [1]. - The company is also focusing on the development of high-precision ball screws and linear guides, targeting new markets such as industrial mother machines and humanoid robots, indicating a strong growth trajectory [1]. Financial Summary - For H1 2024, the company achieved a gross margin of 34.81%, an increase of 1.44 percentage points year-on-year, and a net margin of 20.63%, up 0.06 percentage points year-on-year [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 306 million CNY, 354 million CNY, and 405 million CNY respectively, indicating a stable growth outlook [1][4]. - The company’s revenue is expected to grow from 1.34 billion CNY in 2023 to 1.95 billion CNY in 2026, with a compound annual growth rate of approximately 12.3% [4][7].