Core Viewpoint - Best's net profit attributable to shareholders for H1 2025 reached 148 million yuan, reflecting a year-on-year increase of 3.30%, with Q2 net profit at 79 million yuan, up 6.15% year-on-year and 13.94% quarter-on-quarter, indicating performance in line with expectations [1] Group 1 - The company is expanding its international market presence by establishing "Beiyonghua New Technology Co., Ltd." in Thailand, in response to the national "Belt and Road" initiative, with operations expected to commence in Q4 2025 [1] - Best is focusing on linear motion components, producing high-precision ball/roller screw assemblies, miniature screws, and high-precision linear guideways, which are already being utilized in well-known domestic machine tool manufacturers [1] - The company has achieved breakthroughs in the manufacturing level of C0 grade ball screw assemblies and has received initial orders from customers, showcasing its capabilities in precision machining [1] Group 2 - Best is leveraging its years of experience in tooling and fixture production to enter new sectors such as new energy components and industrial mother machines, aiming to create secondary and tertiary growth curves [1] - The company maintains a "recommended" rating, reflecting confidence in its ongoing strategic initiatives and market positioning [1]

Core Viewpoint - The company reported steady revenue growth and profit increase in the first half of 2025, indicating effective cost reduction and efficiency improvement strategies [2][3]. Revenue and Profit Performance - In H1 2025, the company achieved revenue of 716 million yuan, a year-on-year increase of 2.73%, and a net profit attributable to shareholders of 148 million yuan, up 3.30% year-on-year [2]. - For Q2 2025, revenue reached 367 million yuan, reflecting a year-on-year growth of 3.55% and a quarter-on-quarter increase of 4.93% [3]. - The net profit attributable to shareholders for Q2 2025 was 79 million yuan, showing a year-on-year increase of 6.15% and a quarter-on-quarter rise of 13.94% [3]. Cost Management and Efficiency - The gross profit margin for Q2 2025 was 35.21%, an increase of 1.03 percentage points year-on-year and 1.02 percentage points quarter-on-quarter [3]. - The company has been implementing refined internal management practices, leading to a downward trend in overall expense ratios, despite an increase in financial expense ratio due to foreign exchange gains and losses [3]. Capacity Expansion and New Projects - The company established a wholly-owned subsidiary, Anhui Best, in June 2022, focusing on lightweight components for new energy vehicles and other high-value precision parts, with production capacity gradually being released [4]. - A new facility, Beiyonghua New Technology Co., Ltd., is set to open in Thailand in Q4 2025, further expanding the company's international market presence [4]. Product Development and Market Expansion - The company is comprehensively developing linear motion components, including high-precision ball screw assemblies and linear guideways, with successful applications in well-known domestic machine tool manufacturers [5]. - The company has achieved breakthroughs in manufacturing standards and has received initial orders for its high-level products, indicating strong market demand [5]. Investment Outlook - The company is positioned to benefit from its deep engagement in precision processing and is expected to see revenue growth from 1.614 billion yuan in 2025 to 2.110 billion yuan in 2027, with net profits projected to increase correspondingly [6][8]. - Earnings per share (EPS) are forecasted to rise from 0.68 yuan in 2025 to 0.90 yuan in 2027, with a corresponding price-to-earnings (PE) ratio decreasing from 39 to 29 [6][8].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [7][12]. Core Insights - The company reported a revenue of 716 million yuan for H1 2025, reflecting a year-on-year growth of 2.73%. The net profit attributable to shareholders was 148 million yuan, up 3.30% year-on-year [1]. - The company is focusing on cost reduction and efficiency improvement, with Q2 2025 revenue reaching 367 million yuan, a year-on-year increase of 3.55% and a quarter-on-quarter increase of 4.93% [2]. - The gross profit margin for Q2 2025 was 35.21%, showing an increase of 1.03 percentage points year-on-year [2]. - The company is expanding its production capacity with the establishment of a wholly-owned subsidiary in Anhui and a new facility in Thailand expected to commence operations in Q4 2025 [3]. - The company is diversifying its product offerings in linear motion components, achieving significant breakthroughs in high-precision products and securing orders from well-known domestic machine tool manufacturers [4]. Financial Summary - Revenue projections for 2025-2027 are 1.614 billion yuan, 1.878 billion yuan, and 2.110 billion yuan, respectively, with corresponding net profits of 340 million yuan, 395 million yuan, and 451 million yuan [4][6]. - The earnings per share (EPS) are forecasted to be 0.68 yuan, 0.79 yuan, and 0.90 yuan for 2025, 2026, and 2027, respectively [4][6]. - The price-to-earnings (PE) ratios are projected to be 40, 34, and 30 for the years 2025, 2026, and 2027, respectively [4][6].

01 事件概述 公司披露 2024 年年度报告和 2025 年第一季度报告： 1 ） 2024 年度实现营收 13.57 亿元，同比 +1.03% ；归母净利润 2.89 亿元，同比 +9.58% ；扣非归母净利润 2.63 亿元，同比 +8.11% ； 2 ） 2024Q4 营收 3.15 亿元，同比 -6.43% ，环比 -8.74% ；归母净利润 0.64 亿元，同比 +19.37% ，环比 -21.16% ；扣非归母净利润 0.54 亿元，同比 -25.53% ，环比 -27.42% ； 3 ） 2025Q1 营收 3.50 亿元，同比 +1.89% ，环比 +11.06% ；归母净利润 0.69 亿元，同比 +0.23% ，环比 +8.55% ；扣非归母 净利润 0.65 亿元，同比 -1.87% ，环比 +21.22% 。 02 分析判断 ► 2024 年业绩稳步增长 25Q1 营收 & 盈利加速向上 1 ）收入端： 受益于我国持续向好的经济运行环境以及行业革命与产业转型的大趋势，公司充分把握发展机遇，营收实现稳步增长。 2024 年度实现营收 13.57 亿元，同比 +1.03% ，其中汽车零部 ...