证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 贝斯特（300580.SZ） 2025H1 业绩稳健，直线驱动器业务持续突破 事件：公司发布 2025 年半年度报告，2025H1 实现营收 7.16 亿元，同比 +2.73%；归母净利润 1.48 亿元，同比+3.30%；其中 2025Q2 实现营收 3.67 亿元，同比+3.55%，环比+4.93%；归母净利润 0.79 亿元，同比 +6.15%，环比+13.94%。 盈利能力维持稳健，各项业务稳步推进。公司 2025Q2 实现毛利率 35.2%， 环比+1.0PCT；期间费用率合计 12.0%，环比-2.6PCT，销售/管理/研发/ 财务费用率分别为 0.5%/7.7%/3.7%/0.2% ，环比 +0.04/-1.6/- 1.5/+0.4PCT，其中财务费用率略有提升，预计主要受汇兑损益影响。业 务方面，截至 2025H1 公司涡轮增压器业务维持稳健，持续推进降本增效 与泰国产能建设；安徽贝斯特竣工投产，新能源零部件业务产能快速增长； 工业母机、直线驱动器、智能网联汽车等新业务依托宇华精机实现深度布 局。 泰国工 ...

Group 1: Diplomatic Developments - Chinese Foreign Minister Wang Yi's visit to India from August 18 to 20 aims to discuss military withdrawal and trade cooperation amidst ongoing border tensions [1][7] - The 24th meeting on border issues signifies a potential shift in communication mechanisms, focusing on establishing regular dialogue and reducing friction through verifiable agreements [2][11] Group 2: Economic Implications - China is taking concrete actions to restore trade confidence, such as approving 183 Brazilian coffee companies for export to China and enhancing trade facilitation measures with India [3][10] - India's response to U.S. tariffs includes a political mobilization against the 50% tariffs imposed on various sectors, indicating a strategic shift in its economic stance [5][7] Group 3: Trade Dynamics - The U.S. tariffs on India, particularly the 50% increase affecting textiles, jewelry, and automotive parts, are expected to severely impact profit margins and lead to a decline in investment plans among Indian enterprises [5][10] - The focus on cooperation in low-sensitivity sectors like renewable energy components and IT services is seen as a way to mitigate the impact of U.S. tariffs and enhance bilateral trade efficiency [3][8] Group 4: Strategic Considerations - India's cooperation with China is viewed as a means to create strategic redundancy and shift some risks away from reliance on the U.S., while China seeks to stabilize relations to alleviate uncertainties [7][8] - The ongoing diplomatic negotiations are crucial for both countries, as they navigate the complexities of trade and security in a changing global economic landscape [11]

Core Viewpoint - Shenzhen Fuhai Precision Manufacturing Co., Ltd. (Fuhai) is at a critical juncture as it seeks to transform from a traditional fuel vehicle supplier to a player in the new energy sector, with its IPO application accepted by the Beijing Stock Exchange [1][2] Group 1: Company Overview - Fuhai, established for 20 years, plans to allocate 81.5% of its IPO proceeds (approximately 269 million yuan) to smart production lines targeting the demand for new energy components from leading automakers like Tesla and BYD [1] - Currently, revenue from the new energy business accounts for less than 3% of total revenue, while the chassis component segment has shown resilience, increasing its revenue share from 39% in 2021 to 50% in 2024, with a stable gross margin of 24.65% [1] Group 2: Financial Challenges - The company faces significant financial strain, with cash reserves of only 88.91 million yuan and short-term loans amounting to 244 million yuan, compounded by a buyback agreement with investors if the company does not go public by the end of 2025 [2] - Concerns about governance arise from a history of concealing equity holding relationships and frequent changes in financial leadership, raising doubts about the company's internal control systems [2] Group 3: Market Position and Risks - Fuhai's R&D investment is only 3.51% of revenue, below the industry average of 5.2%, and the IPO fundraising plan excludes upgrading the R&D center, indicating weak technical reserves [2] - The company has produced 12% more new energy electric drive components than it has sold, raising questions about its ability to absorb new capacity in a market dominated by giants like Bosch and CATL [2] - The challenges faced by Fuhai reflect a broader paradox for traditional automotive supply chain companies, which must navigate the decline of the fuel vehicle market while facing barriers in technology iteration, customer certification, and capital investment in the new energy sector [2]

Core Viewpoint - The performance of Fulin Precision (300432) meets market expectations, driven by dual engines of iron-lithium and robotics, with a target price adjustment to 31.5 yuan and a "buy" rating [1] Group 1: Financial Performance - In 2024, the company expects revenue of 8.47 billion yuan, a year-on-year increase of 47%, and a net profit of 400 million yuan, up 173.1% year-on-year, with a gross margin of 12.4%, an increase of 6.9 percentage points [1] - In Q4 2024, revenue is projected at 2.59 billion yuan, with a quarter-on-quarter increase of 63.5% and a year-on-year increase of 13.1%, while net profit is expected to be 90 million yuan, down 161.2% quarter-on-quarter and 51.9% year-on-year [1] - For Q1 2025, revenue is anticipated to be 2.7 billion yuan, reflecting a quarter-on-quarter increase of 80.3% and a year-on-year increase of 4.2%, with a net profit of 120 million yuan, up 211.9% quarter-on-quarter and 43.7% year-on-year [1] Group 2: Iron-Lithium Business - In 2024, iron-lithium shipments are expected to reach 126,000 tons, a year-on-year increase of nearly 179%, with Q4 shipments at 44,000 tons, a quarter-on-quarter increase of 26% [2] - For Q1 2025, shipments are projected to be nearly 50,000 tons, a year-on-year increase of 170%, with a target of 250,000 tons for the year, doubling the previous year's output [2] - The company anticipates a recovery in net profit per ton of iron-lithium to 200 yuan in 2025, driven by cost reductions from self-supplied materials [2] Group 3: Automotive Parts Business - In 2024, the automotive parts business is expected to generate revenue of 3.6 billion yuan, a year-on-year increase of 23%, with new energy components contributing 1.1 billion yuan, up 99% [3] - The gross margin for the automotive parts business is projected at 23.7%, contributing 860 million yuan in gross profit [3] - For Q1 2025, the automotive parts business is expected to contribute a net profit of 80 million yuan, with a stable growth forecast for the year [3] Group 4: Cost Control and Capital Expenditure - In 2024, operating expenses are projected at 620 million yuan, a year-on-year increase of 15.3%, with an expense ratio of 7.3% [4] - Capital expenditure for 2024 is expected to be 810 million yuan, down 32.3%, while Q1 2025 capital expenditure is projected at 300 million yuan, a significant quarter-on-quarter increase [4] - The company reported operating cash flow of 580 million yuan in 2024, an increase of 88.6% year-on-year [4] Group 5: Investment Recommendations - The company has revised its net profit expectations for 2025-2026 to 960 million and 1.54 billion yuan, respectively, with a new forecast for 2027 at 2.04 billion yuan, reflecting significant growth [4] - The target price is set at 31.5 yuan, with a PE ratio of 25x for 2026 [4] - Recent ratings show 7 buy ratings and 1 hold rating from 8 institutions, with an average target price of 27.12 yuan [5]