以精密制造为核心，梯级发展紧随产业潮流

Investment Rating - The report assigns a "Buy" rating for Best [6][26]. Core Views - Best has a long-term focus on precision manufacturing, with a three-tiered industrial layout driving steady growth. The company has evolved from its origins in tooling and fixtures to a diversified business model that includes precision components for automotive turbochargers, new energy vehicle parts, and linear rolling functional components [6][18]. - The core business focuses on turbocharger components, deeply binding with leading global clients, which is expected to yield sustained growth. The turbocharger market is characterized by a high concentration, with a CR5 of 80%, and Best is one of the few domestic manufacturers capable of mass production [6][26]. - Best is actively expanding its new energy vehicle parts business through capital and industrial integration, establishing a second growth engine. In 2023, sales revenue from new energy vehicle parts reached 151 million yuan, accounting for 11.22% of total revenue [6][26]. - The strategic layout of linear rolling functional components aims to create a third growth engine, with a market space of approximately 2.741 billion USD in 2022 [6][26]. Summary by Sections 1. Focus on Precision Manufacturing - Best has developed a rich business matrix focusing on precision components, intelligent equipment, and tooling fixtures, with a clear three-tiered strategy [18][34]. - The company has maintained stable revenue growth, with a CAGR of 13.6% from 2013 to 2023, and a net profit CAGR of 15.0% during the same period [6][45]. 2. Core Business: Turbocharger Components - The turbocharger business is the foundation of Best's revenue, with a focus on high-precision components such as impellers and precision bearing parts [20][56]. - The company has established strong relationships with major global clients, which enhances its competitive edge and profitability [6][26]. 3. Second Growth Engine: New Energy Vehicle Parts - Best has made significant investments in new energy vehicle components, with a focus on lightweight structures and high-value precision parts [6][26]. - The company has successfully completed a project to produce 7 million new energy vehicle functional components annually, which is now fully operational [6][63]. 4. Future Growth Point: Linear Rolling Functional Components - Best has established a subsidiary to focus on linear rolling functional components, targeting high-end machine tools and automation industries [6][26]. - The market for these components is expected to grow significantly, with Best's products already entering the sampling phase [6][26]. 5. Profit Forecast and Valuation - The report forecasts revenue growth for Best from 1.594 billion yuan in 2024 to 2.296 billion yuan in 2026, with corresponding net profits expected to rise from 331 million yuan to 515 million yuan [6][24][26]. - The current PE ratio is projected to be 27, 21, and 18 for the years 2024, 2025, and 2026, respectively, with a target market value of 11.3 billion yuan, indicating a potential upside of 24% [6][26].