贝斯特首次覆盖报告：精密零部件龙头，切入丝杠赛道塑造第二成长曲线

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 35.03 yuan, compared to the current price of 28.32 yuan [5][21][32]. Core Insights - The company is focused on precision component manufacturing and is expanding its business into new areas, particularly in the automotive and automation sectors [14][41]. - The automotive parts business, which includes components for both fuel and electric vehicles, accounted for 89.6% of the company's revenue in 2023, with turbocharger components being a significant contributor [15][41]. - The company is entering the linear rolling functional components market, which includes high-precision ball screw assemblies and linear guideways, with successful product validation already achieved [14][26]. Financial Forecast - The company is expected to achieve revenues of 16.99 billion yuan in 2024, 21.49 billion yuan in 2025, and 26.64 billion yuan in 2026, with growth rates of 26%, 26%, and 24% respectively [27]. - Net profit is projected to reach 3.36 billion yuan in 2024, 4.27 billion yuan in 2025, and 5.45 billion yuan in 2026, with growth rates of 28%, 27%, and 28% respectively [27]. - The gross margin for the automotive parts business is expected to remain above 35%, while the gross margin for tooling fixtures is showing an upward trend, reaching 35.6% in 2023 [41]. Business Segments - The company has three main business segments: automotive parts, tooling fixtures, and linear guide products, with the latter expected to see significant revenue growth due to successful product launches [9][26]. - The linear guide product segment is projected to generate revenues of 0.65 billion yuan in 2024, 2 billion yuan in 2025, and 3.5 billion yuan in 2026, with growth rates of 207.7% and 75% in 2025 and 2026 respectively [26][27]. Market Position - The company is positioned as a leader in precision component manufacturing, with a focus on high-end applications in the automotive and robotics sectors [14][41]. - The report highlights the potential for domestic replacement in the high-end screw market, which is currently dominated by foreign brands, indicating a significant growth opportunity for the company [14][26].