贝斯特：深耕汽车精密零部件，进军直线滚动产业打造成长新曲线-20250220

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% [3][9]. Core Insights - The company specializes in automotive precision components and is a leader in the turbocharger sector, actively expanding into linear rolling components, which is expected to become a new growth curve for the company [3]. - The company has established strong relationships with major clients and has received multiple awards for its product quality, positioning it well in the competitive landscape [3]. - The report highlights the company's strategic shift towards the new energy vehicle sector, which is anticipated to provide new opportunities for growth [3]. Summary by Sections Company Overview - The company has been focused on the turbocharger component industry since 2001, with products that enhance fuel efficiency by up to 20% [3]. - The company has a market capitalization of 133.10 billion RMB and a current stock price of 28.27 RMB [1]. Financial Performance - In the first half of 2024, the automotive components business generated revenue of 640 million RMB, reflecting a year-over-year increase of 8.1% with a gross margin of 32.7% [3]. - The net profit margin for the first three quarters of 2024 improved by 0.7 percentage points, with a gross margin of 34.9% [6]. Future Projections - The company is projected to achieve net profits of 300 million RMB, 340 million RMB, and 430 million RMB for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 13%, 13%, and 27% [6][8]. - The report anticipates a steady increase in the global turbocharger installation rate, expected to rise from 54% in 2022 to 58% by 2025 [3]. Business Expansion - The company is expanding its linear rolling components business, targeting high-end machine tools and humanoid robots, with significant investments in technology and equipment [6]. - A new subsidiary, Wuxi Yuhua Precision Machinery Co., Ltd., was established to focus on high-precision rolling components, which are critical in advanced manufacturing sectors [6].