贝斯特（300580）：2024年业绩维持增长，丝杠业务稳步推进

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to maintain growth in 2024, with a resilient performance in Q1 2025. The gross margin remains stable, and there is a notable improvement in expense ratios, enhancing profitability [2][6]. - The main business operations are stable, with strong collaborations with leading clients in the turbocharger sector and ongoing expansion into new customer resources. The production capacity for new energy vehicle components is steadily being realized [2][11]. - The company's profitability has improved significantly, with a gross margin of 34.7% in 2024, an increase of 0.24 percentage points year-on-year. The company has implemented cost control measures, leading to a decrease in the expense ratio by 1.92 percentage points [11]. - The third-tier business is expected to gain momentum, with successful validation and application of machine tool screws and guides in the domestic market. The company is also accelerating investment in overseas production capacity to solidify its global development strategy [11]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.357 billion, a year-on-year increase of 1.03%. The net profit attributable to the parent company was 289 million, up 9.58% year-on-year [6]. - For Q1 2025, the company reported revenue of 350 million, a year-on-year increase of 1.89%, and a net profit of 69 million, a slight increase of 0.23% year-on-year [6]. Business Operations - The company’s main products, including turbocharger components, saw revenue of 1.058 billion, a year-on-year increase of 4.3%. Sales of new energy vehicle components reached 910.77 million units, a growth of 38.7% [11]. - The company is actively pursuing new product development and customer acquisition, with the completion of the Anhui Best project in 2024, which will enhance production capacity [11]. Future Outlook - The company is projected to achieve net profits of 347 million and 410 million in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 40x and 34x, maintaining a "Buy" rating [11].