贝斯特：24年报+25Q1点评：业绩稳健增长，三梯次业务持续推进-20250506

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in performance, with a net profit of 289 million yuan in 2024, representing a year-on-year increase of 9.58%. For Q1 2025, the net profit was 69 million yuan, up 0.23% year-on-year, aligning with expectations [4][5] - The company achieved a revenue of 1.357 billion yuan in 2024, a year-on-year increase of 1.03%, and the revenue for Q1 2025 grew by 1.89% year-on-year, indicating ongoing progress in its three-tier business strategy [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 company's stable foundation. In 2024, 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. The gross margin for the automotive parts segment reached 33.68%, up 0.31 percentage points year-on-year [5] 2. Second Tier Business: Focused on components for electric vehicles, this segment saw significant growth, with sales revenue of 184 million yuan in 2024, a year-on-year increase of 38.73%. The company has successfully launched its subsidiary for electric vehicle components, enhancing its competitive position [6] 3. Third Tier Business: This includes areas such as "industrial mother machines," "humanoid robots," and "smart connected vehicles." The company has achieved successful validation and application of its high-precision rolling screw nuts and linear guide products, with small batch orders being delivered in 2024 [6] Financial Performance - The company's gross margin improved to 34.7% in 2024, up 0.24 percentage points year-on-year, while the net margin reached 21.29%, an increase of 0.53 percentage points [7] - Revenue forecasts for 2025-2027 are adjusted to 1.531 billion, 1.751 billion, and 2.015 billion yuan respectively, with net profits projected at 333 million, 385 million, and 451 million yuan [8][10] - The diluted EPS for 2025-2027 is expected to be 0.67, 0.77, and 0.90 yuan, with corresponding PE ratios of 41.7, 36.1, and 30.8 [8][10]