贝斯特：公司简评报告：产品结构持续优化，产能扩张业绩稳定增长

Investment Rating - The investment rating for the company is "Buy" [1] 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 [1] - In Q2 2024, the company achieved a revenue of 354 million yuan, with a year-on-year growth of 8.97%, while the net profit attributable to shareholders decreased by 2.18% year-on-year [1] - The company's gross margin slightly decreased due to product structure adjustments, with a Q2 gross margin of 34.18%, down 1.80 percentage points year-on-year [1] - The company is optimizing its product structure and expanding production capacity, with plans for overseas expansion, including a factory in Thailand established in May 2024 [1] - The company is focusing on high-precision ball screw assemblies as a new growth area, leveraging its technology in tooling and intelligent equipment [1] - The investment recommendation anticipates revenue growth from 1.56 billion yuan in 2024 to 2.51 billion yuan in 2026, with corresponding net profits of 310 million yuan and 524 million yuan respectively [1] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 697 million yuan and a net profit of 144 million yuan, with significant growth in the non-recurring net profit [1][2] - The revenue for 2023 was 1.34 billion yuan, with projections of 1.56 billion yuan for 2024, 1.93 billion yuan for 2025, and 2.51 billion yuan for 2026 [2] Business Segments - The automotive parts business generated 629 million yuan in revenue for the first half of 2024, growing by 8.14% year-on-year, while the intelligent equipment and tooling business saw a revenue increase of 32.06% [1] - The company is enhancing its product structure by focusing on core components like turbochargers and expanding its product offerings through acquisitions and new subsidiaries [1] Future Outlook - The company is expected to maintain steady growth in its turbocharger business while successfully transitioning to new energy products [1] - The anticipated revenue and profit growth from 2024 to 2026 indicates a positive outlook for the company's financial performance [1][2]