贝斯特（300580）：24年报+25Q1点评：业绩稳健增长，三梯次业务持续推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in performance, with a 9.58% year-on-year increase in net profit to 289 million yuan for 2024, and a 0.23% increase in Q1 2025 net profit to 69 million yuan, meeting expectations [4][5] - The company achieved a revenue of 1.357 billion yuan in 2024, reflecting a 1.03% year-on-year growth, supported by the robust performance of the automotive industry, particularly in the new energy vehicle sector [5][6] Summary by Sections Business Segments 1. First-tier Business: This includes core components for turbochargers and various precision parts, which serve as the foundation for stable development. The turbocharger business generated 1.058 billion yuan in revenue, with a CAGR of 9.83% from 2022 to 2024, accounting for 77.9% of total revenue [5] 2. Second-tier Business: Focused on new energy vehicle components, this segment saw significant growth with sales revenue of 184 million yuan and a 38.73% increase in sales volume to 9.1077 million units in 2024, benefiting from the overall rise in new energy vehicle production and sales [6] 3. Third-tier Business: This includes areas such as "industrial mother machines," "humanoid robots," and "intelligent connected vehicles." The company has successfully validated its high-precision rolling screw nuts and linear guide products with well-known domestic machine tool manufacturers, achieving small batch orders in 2024 [6] Financial Performance - The company's gross margin reached 34.7% in 2024, a year-on-year increase of 0.24 percentage points, while the net margin was 21.29%, up 0.53 percentage points [7] - Revenue forecasts for 2025-2027 are adjusted to 1.531 billion yuan, 1.751 billion yuan, and 2.015 billion yuan respectively, with net profits projected at 333 million yuan, 385 million yuan, and 451 million yuan [8][10] Valuation Metrics - The projected diluted EPS for 2025-2027 is 0.67 yuan, 0.77 yuan, and 0.90 yuan, with corresponding PE ratios of 41.7, 36.1, and 30.8 [8][10] - The company is positioned as a leading player in precision components, with significant growth potential in the new energy vehicle and industrial sectors, justifying the "Buy" rating [8]