贝斯特2024年中报点评：2024H1营收稳健增长，各项业务稳步推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][15]. Core Views - The company reported a revenue of 697 million yuan for the first half of 2024, representing a year-on-year growth of 10.06%, and a net profit attributable to shareholders of 144 million yuan, up 10.86% year-on-year [3][4]. - The company is expanding its production capacity in the new energy vehicle (NEV) parts sector, with a new facility in Anhui province that began operations in May 2024, which is expected to enhance performance as NEV sales continue to grow [5][7]. - The company is also diversifying into new markets, including industrial machinery and robotics, which are anticipated to drive future growth [5][7]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 354 million yuan, a year-on-year increase of 8.97% and a quarter-on-quarter increase of 3.24% [3][4]. - The net profit margin improved by 0.78 percentage points in Q2 2024, attributed to enhanced production efficiency and cost control measures [4]. Business Segments - The automotive parts segment generated 629 million yuan in revenue, accounting for 90.24% of total revenue, with a year-on-year growth of 8.14% [4]. - The intelligent equipment and tooling segment achieved a revenue of 39 million yuan, growing by 32.08% year-on-year, representing 5.60% of total revenue [4]. Future Projections - Revenue projections for 2024-2026 are 1.576 billion yuan, 1.980 billion yuan, and 2.412 billion yuan, with year-on-year growth rates of 17.31%, 25.63%, and 21.84% respectively [7][8]. - Net profit projections for the same period are 314 million yuan, 407 million yuan, and 498 million yuan, with corresponding growth rates of 19.07%, 29.80%, and 22.27% [7][8]. Strategic Initiatives - The company has established a production base in Thailand to enhance its global presence and reduce trade friction, aligning with the Belt and Road Initiative [6]. - The company is focusing on high-precision components for industrial machinery and robotics, which are expected to open new growth avenues [5][7].