贝斯特：精密机加工隐形冠军，直线滚动功能部件打开成长空间

Investment Rating - The report provides a positive investment rating for the company, indicating strong growth potential in the precision machining sector, particularly in linear motion components [2]. Core Insights - The company, Best, has established itself as a hidden champion in precision machining, focusing on high-quality components and intelligent equipment, with a strategic layout across three industrial tiers [5][7]. - In 2023, the company achieved a revenue of 1.343 billion yuan, representing a year-on-year growth of 22.42%, with automotive parts contributing 1.203 billion yuan, a 19.5% increase [5]. - The report highlights the company's robust growth trajectory, with a five-year compound annual growth rate (CAGR) of 12.52% in revenue and 10.66% in net profit margin from 2018 to 2023 [22][27]. Summary by Sections 1. Company Overview - Best was founded in 1997 and has focused on the research, production, and sales of precision components and intelligent equipment, expanding into high-end aerospace manufacturing and industrial automation [5][6]. 2. Three-Tier Industrial Strategy - The company’s business is divided into three main segments: 1. Existing precision components and intelligent equipment [7]. 2. New energy vehicle components, focusing on lightweight structural parts and high-value precision components [13]. 3. Linear motion components, targeting high-precision ball and roller screw pairs and guides [17][18]. 3. Financial Performance - The company maintains a high profitability level, with gross margins above 30% and net margins around 20%, benefiting from strong precision machining capabilities [27][33]. - The financial expenses have decreased, with a financial expense ratio dropping from 0.41% in 2023 to -0.47% in Q1-Q3 2024, attributed to the redemption of convertible bonds [27]. 4. Customer Base and Market Position - The company has established long-term relationships with major clients in the automotive sector, with the top five customers accounting for 78.81% of revenue in 2023 [40]. - Best is actively expanding its international presence, including investments in Thailand to enhance production capacity and competitiveness [68]. 5. Growth in New Energy Vehicle Components - The new energy vehicle segment has seen rapid revenue growth, with a 64.7% year-on-year increase in 2023, supported by the establishment of a new factory in Anhui [13][76]. 6. Linear Motion Components Market - The report emphasizes the broad application of linear motion components, with a focus on domestic substitution opportunities as the market evolves [4][88]. - The global market for ball screws is projected to reach 13.6 billion yuan in 2023, with a CAGR of 6.1% expected until 2030 [88].