执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740525010002 Email：wangyue07@zts.com.cn 分析师：刘欣畅 汽车零部件 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 500.54 | | 流通股本(百万股) | 470.81 | | 市价(元) | 28.39 | | 市值(百万元) | 14,210.44 | | 流通市值(百万元) | 13,366.40 | 1、《贝斯特 2024 年报及 2025 年一 季报点评：》2025-04-22 贝斯特（300580.SZ） 证券研究报告/公司点评报告 2025 年 08 月 26 日 报告摘要 事件：公司发布 2025 年半年度报告。2025 年上半年，公司实现营业收入 7.16 亿元， 同比+2.73%；实现归母净利润 1.48 亿元， ...

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 ...

2025 年 08 月 22 日 贝斯特 (300580) ——宇华精机收入提升，机器人、工业母机打开成长方向 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 08 月 21 日 | | | --- | --- | | 收盘价（元） | 28.25 | | 一年内最高/最低（元） | 39.20/12.35 | | 市净率 | 4.5 | | 股息率%（分红/股价） | 0.60 | | 流通 A 股市值（百万元） | 13,300 | | 上证指数/深证成指 3,771.10/11,919.76 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.35 | | 资产负债率% | 15.05 | | 总股本/流通 A 股（百万） | 501/471 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-21 09-21 10-21 11-21 12-21 01-21 02-21 03-21 04-21 05-21 06-21 0 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported stable growth in its 2025H1 performance, with revenue reaching 716 million, a year-on-year increase of 2.73%, and a net profit attributable to shareholders of 148 million, up 3.30% year-on-year [6][12] - The automotive industry demand is improving, which, combined with the release of production capacity for new energy vehicle components, solidifies the company's revenue and performance growth [12] - The company's profitability remained stable in 2025Q2, with a gross profit margin of 35.21%, an increase of 1.03 percentage points year-on-year, and a net profit margin of 21.58%, up 0.56 percentage points year-on-year [12][12] - The company's screw rod business is progressing steadily, with successful batch deliveries of products such as ball screw assemblies and linear guide assemblies [12][12] - The company is accelerating its overseas business expansion, particularly in the construction of its subsidiary in Thailand, aiming to enhance its international competitiveness [12][12] Summary by Sections Financial Performance - In 2025H1, the company achieved revenue of 716 million, a year-on-year increase of 2.73%, and a net profit of 148 million, up 3.30% year-on-year [6][12] - For 2025Q2, revenue was 367 million, reflecting a year-on-year growth of 3.55%, and net profit was 79 million, up 6.15% year-on-year [6][12] Business Development - The screw rod business is advancing, with the company achieving significant technical breakthroughs and securing batch orders from well-known domestic machine tool manufacturers [12][12] - The company is focusing on enhancing its production processes and expanding its product offerings in the new energy vehicle sector [12][12] Market Expansion - The company is actively developing its overseas market, with plans for its Thailand subsidiary to be operational by Q4 2025, aiming to penetrate the Southeast Asian market and beyond [12][12]

Group 1: Investor Relations Activity - The company participated in the "2025 Fujian Listed Companies Investor Online Reception Day" and held the "2024 Annual Performance Briefing" to enhance interaction with investors [2] - The event was conducted online on May 14, 2025, from 15:30 to 17:00 [2] - Company representatives included the Chairman and General Manager, Mr. Lin Zhenghua, and other key executives [2] Group 2: Acquisition of SMS Company - The acquisition of SMS Company involved a complete asset transfer rather than a share transaction, allowing for a thorough integration of SMS's business and assets [3] - This method mitigates potential legal and debt risks, facilitating a quicker integration process [3][5] - The acquisition is expected to optimize the company's financial structure and provide a stable transition for future development [5] Group 3: Localization and Supply Chain Integration - SMS plans to send procurement lists and technical documents to the company, which will form a dedicated team for local supply chain integration [4] - SMS will dispatch 1-2 technical experts to collaborate with the company's existing team for testing and prototype development of localized products [4] Group 4: Production and Market Strategy - The company will evaluate the necessity of expanding production based on order volume and market trends [6] - Any expansion will combine purchased and self-developed equipment, aligned with market positioning [6] - The company aims to leverage SMS's technology to accelerate the development and market penetration of ball screw products [8] Group 5: Regulatory and Operational Risks - The acquisition is subject to approval from relevant government departments, which may introduce uncertainties [9] - The company has disclosed the acquisition progress and risks in its announcements [10] Group 6: Future Orders and Market Expansion - The company anticipates actively integrating SMS's resources to explore new markets, with specific performance data to be disclosed in future announcements [11]

Group 1: Acquisition Overview - Heng Er Da's acquisition of SMS Maschinenbau GmbH involves the complete transfer of all assets and business operations, ensuring a thorough integration without legal or debt risks [3] - The acquisition was executed through a direct asset transfer model rather than a stock transaction, allowing for rapid consolidation of SMS's business and assets [3] Group 2: Product Applications and Client Network - SMS's product range includes high-precision CNC grinding machines for various applications, such as internal and external thread grinding, and gear cutting tools [4][5] - The company has established a global customer network, serving leading firms in tool manufacturing and precision component production [5] Group 3: Strategic Alignment and Management Stability - SMS chose Heng Er Da due to its technological advantages and understanding of grinding processes, which align with SMS's operational needs [6][7] - The existing management structure and workforce of SMS will be retained to ensure stability during the transition [7] Group 4: Localization and Supply Chain Development - Heng Er Da plans to assist SMS in localizing production in China, with a dedicated team to facilitate supply chain integration [8] - SMS aims to send procurement lists and technical documents to Heng Er Da to expedite the localization process [8] Group 5: Future Product Development and Market Strategy - SMS recognizes the importance of the Chinese market and is working on localizing its products to meet regional demands [9] - The company is developing a specialized small screw thread grinding machine, with plans to introduce more targeted products based on market needs [11] Group 6: Brand Continuity and Competitive Landscape - Following the acquisition, SMS will transfer all business assets, including trademarks and patents, to a new company, ensuring brand continuity [12] - Currently, SMS does not face direct competition from companies like Reishauer and Klingelnberg [13] Group 7: Technological Advancements in Screw Products - Since 2006, SMS has focused on developing CNC thread grinding machines, leveraging its technological expertise to enhance product offerings [14] - Heng Er Da plans to accelerate the development and market penetration of screw products, building on its established sales network [14]