贝斯特：深耕精密加工积跬步、布局丝杠业务行千里

Investment Rating - The report assigns an "Accumulate" rating for the company, with a target price of 34.8 CNY over the next six months [6][9]. Core Insights - The company has established a clear three-tier business layout based on precision machining, focusing on turbocharger components, new energy vehicle parts, and linear motion components, demonstrating robust operational quality [1][19]. - The company has strong cash flow from sales and operations, indicating high revenue quality and stable business performance [1][30]. - The turbocharger component business is expected to continue as a cornerstone for the company, with projected revenues of 1.114 billion, 1.239 billion, and 1.371 billion CNY from 2024 to 2026 [2][40]. - The new energy vehicle parts business is anticipated to grow significantly, with expected revenues of 250 million, 340 million, and 450 million CNY from 2024 to 2026 [3]. - The screw rod business is also expected to see growth, with projected revenues of 5 million, 80 million, and 180 million CNY from 2024 to 2026 [4]. Summary by Sections 1. Business Overview - The company was founded in 1997 and has leveraged precision machining technology to enter the turbocharger component manufacturing sector, later expanding into new energy vehicle parts and linear motion components [1][19]. - The company has a stable shareholding structure, with the actual controller holding 55.7% of shares, and has implemented effective employee stock ownership and incentive mechanisms [25][27]. 2. Turbocharger Component Business - The turbocharger industry is mature and concentrated, benefiting leading companies. The company has established deep ties with Tier 1 suppliers like Garrett and Cummins, ensuring a stable revenue stream [2][40]. - The company’s turbocharger component revenues are projected to grow at rates of 9.83%, 11.23%, and 10.68% from 2024 to 2026 [40]. 3. New Energy Vehicle Parts Business - The company has focused on lightweight structural components and precision parts for new energy vehicles since 2018, benefiting from the trend towards vehicle lightweighting [3][41]. - The expected revenue growth for this segment is significant, with projections of 250 million, 340 million, and 450 million CNY from 2024 to 2026 [3]. 4. Screw Rod Business - The screw rod market is expanding, with the company establishing a subsidiary to produce high-precision screw rods and linear guides, targeting various industries including robotics and machine tools [4][60]. - Revenue projections for the screw rod business are 5 million, 80 million, and 180 million CNY from 2024 to 2026 [4].