Investment Rating - The investment rating for the company is "Hold" [4] Core Views - The company's main business shows steady growth, with significant breakthroughs in the screw rod business [4][6] - The first-tier turbocharger business continues to grow steadily, while the second-tier new energy components business remains highly prosperous [6] - The company has established a wholly-owned subsidiary, Yuhua Precision Machinery, to expand into the third-tier (linear motion components) business, which has achieved revenue breakthroughs [6] Financial Performance Summary - For 2024, the company reported operating revenue of 1.357 billion yuan, a year-on-year increase of 1.03%, and a net profit attributable to the parent company of 289 million yuan, up 9.58% year-on-year [6] - The first-tier turbocharger components achieved sales of 32.76 million units, a year-on-year increase of 3.23%, with corresponding sales revenue of 1.058 billion yuan, up 4.28% [6] - The second-tier new energy components achieved sales of 9.1077 million units, a year-on-year increase of 38.73%, with corresponding sales revenue of 184 million yuan, up 21.88% [6] Earnings Forecast - The company is expected to achieve operating revenues of 1.619 billion yuan in 2025, 2.012 billion yuan in 2026, and 2.537 billion yuan in 2027, with year-on-year growth rates of 19.3%, 24.3%, and 26.1% respectively [4][6] - The net profit attributable to the parent company is projected to be 332 million yuan in 2025, 397 million yuan in 2026, and 507 million yuan in 2027, with year-on-year growth rates of 14.9%, 19.5%, and 27.9% respectively [4][6] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 39.8 in 2025, 33.3 in 2026, and 26.0 in 2027 [4][6] - The price-to-book (P/B) ratio is expected to be 4.0 in 2025, 3.6 in 2026, and 3.3 in 2027 [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrated stable operations with synchronized progress across three major business segments [2] - Revenue for 2024 reached 1.36 billion yuan, a year-on-year increase of 1.03%, while net profit attributable to shareholders was 290 million yuan, up 9.6% year-on-year [1][3] - The company is expected to see continued growth in net profit, with projections of 350 million yuan, 400 million yuan, and 460 million yuan for 2025, 2026, and 2027 respectively [3] Business Performance - The company achieved a revenue of 350 million yuan in Q1 2025, reflecting a year-on-year growth of 1.9% [1] - The turbocharger business maintained steady growth with a year-on-year sales increase of 3.2% [2] - The new energy vehicle components segment experienced rapid growth, with sales increasing by 38.7% year-on-year [2] - The linear motion components business is expanding into industrial mother machines, robotics, and intelligent connected vehicles, with successful validation of products by well-known domestic machine tool manufacturers [2] Financial Metrics - The gross margin for Q1 2025 was 34.19%, showing a slight increase of 0.2 percentage points quarter-on-quarter [3] - The total expense ratio was 14.64%, with a year-on-year increase of 1.9 percentage points [3] - The company’s projected earnings per share (EPS) for 2025 is 0.70 yuan, with a price-to-earnings (P/E) ratio of 37.1 [5][3] Market Outlook - The humanoid robot market is expected to grow significantly, with increasing commercialization and domestic substitution trends for core components [3] - The company is well-positioned with ongoing optimization of production processes for planetary roller screws, aiming for mass production [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 26.40 CNY [4]. Core Insights - The company achieved steady revenue growth in 2024, with total revenue of 1.357 billion CNY, a year-on-year increase of 1.03%. The net profit attributable to shareholders was 289 million CNY, up 9.58% year-on-year [2][3]. - The company is focusing on optimizing its processes and reducing costs, which has led to improved profitability. The gross margin for Q4 2024 was 33.96%, showing a slight year-on-year increase [2][3]. - The company is expanding its second-tier industry layout with the establishment of a wholly-owned subsidiary in Anhui, focusing on high-value precision components for the new energy vehicle sector [3][5]. - The company is also advancing its third-tier industry by establishing a subsidiary for high-precision linear motion components, which has already begun to secure small batch orders [6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.357 billion CNY, with a growth rate of 1.0% expected to rise to 1.929 billion CNY in 2025, reflecting a 42.2% increase [8]. - The net profit attributable to shareholders is projected to grow from 289 million CNY in 2024 to 398 million CNY in 2025, representing a 37.9% increase [8]. - The earnings per share (EPS) is expected to increase from 0.58 CNY in 2024 to 0.80 CNY in 2025 [8]. Business Development - The company is enhancing its first-tier industry by optimizing its core components and expanding its market share through innovation and improved product quality [3]. - The establishment of the Anhui subsidiary is aimed at developing lightweight structural components and core parts for hydrogen fuel cell vehicles, which is expected to strengthen the company's position in the new energy sector [3][5]. - The third-tier industry is being developed through the establishment of a subsidiary focused on high-precision components, which has already begun to deliver products to well-known domestic machine tool manufacturers [6]. Future Outlook - Revenue forecasts for 2025-2027 are 1.929 billion CNY, 2.403 billion CNY, and 2.860 billion CNY, respectively, indicating a strong growth trajectory [7][8]. - The company is expected to maintain a competitive edge through continuous innovation and cost optimization, which will enhance its overall market position [3][6].

股票代码：300580 股票简称：贝斯特 公告编号：2025-007 无锡贝斯特精机股份有限公司 关于 2024 年度内部控制自我评价报告的公告 无锡贝斯特精机股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称企业内部控制规范体系），结合无锡贝斯特精机股份有限公司（以 下简称"公司"、"贝斯特"）内部控制制度和评价办法，在内部控制日常监督 和专项监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日） 的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。审计委员会对董事 会建立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。 公司董事会、审计委员会及董事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个 别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由 ...

Core Insights - Best achieved a total revenue of 1.357 billion yuan in 2024, representing a year-on-year growth of 1.03%, while net profit attributable to shareholders reached 289 million yuan, up 9.58% year-on-year [1] - The significant growth in net profit is primarily driven by the performance of the new energy vehicle (NEV) components business, which saw production and sales increase by over 30% year-on-year [4] Revenue and Profit Analysis - The overall revenue growth rate of 1.03% is substantially lower than the 22.42% growth rate in 2023, indicating a slowdown despite the rapid growth in the NEV components sector [4] - The traditional precision components and intelligent equipment sectors have not shown significant growth, necessitating a restructuring of product offerings to enhance competitiveness [4] Business Segment Performance - The NEV components business has emerged as a key growth driver, while the linear motion components business has made progress but has not yet generated substantial revenue [5] - Breakthroughs in high-precision manufacturing, such as the C0-level ball screw pair, highlight the company's technical capabilities, although the self-developed planetary roller screw is still in the sample stage and lacks revenue generation [5] Global Expansion and Financial Health - Best is accelerating its global layout by establishing "Beyonghua New Technology Co., Ltd." in Thailand to expand production capacity and enhance international competitiveness [6] - However, the net cash flow from operating activities decreased by 46.59% year-on-year to 228 million yuan, indicating significant cash flow pressure, while investment cash flow net amount was -86.3152 million yuan, reflecting increased funding needs during expansion [6] Overall Assessment - Best achieved notable net profit growth in 2024, particularly in the NEV components sector, but faces challenges with slowing revenue growth, underperforming traditional business segments, and cash flow pressures [6]

Financial Performance - The company reported a basic earnings per share of 0.1386 yuan for Q1 2025, a slight decrease of 0.07% compared to 0.1387 yuan in Q1 2024 [1] - The net profit remained stable at 0.69 billion yuan for both Q1 2025 and Q1 2024, while the revenue increased by 2.04% to 3.5 billion yuan from 3.43 billion yuan [1] - The return on equity decreased to 2.22% in Q1 2025 from 2.39% in Q1 2024, reflecting a decline of 7.11% [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 29,596.85 million shares, accounting for 62.87% of the circulating shares, with an increase of 965.23 million shares compared to the previous period [2] - Wuxi Best Investment Co., Ltd. remains the largest shareholder with 24,859.96 million shares, representing 52.80% of the total share capital [2] - New entrants to the top ten shareholders include China Merchants Bank Co., Ltd. and CITIC Securities Co., Ltd., while Guo Shou Anbao Fund exited the list [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants, SGP 中国.江苏.无锡 Wuxi. Jiangsu . China 总机：86（510）68798988 Tel：86（510）68798988 传真：86（510）68567788 Fax：86（510）68567788 电子信箱：mail@gztycpa.cn E-mail：mail@gztycpa.cn 审计报告 苏公 W[2025]A365 号 无锡贝斯特精机股份有限公司全体股东： 一、审计意见 关键审计事项是根据我们的职业判断，认为对本期财务报表审计最为重要的事项。这些 事项的应对以对财务报表整体进行审计并形成审计意见为背景，我们不对这些事项单独发表 意见。我们确定下列事项是需要在审计报告中沟通的关键审计事项。 （一）营业收入确认 1、事项描述 贝斯特主要从事汽车零部件及配件、智能装备及工装的生产和销售。如财务报表附注3、 32"确认收入具体方法"和财务报表附注5 、5-34"营业收入及营业成本"所述，2024年度， 贝斯特确认的营业收入为人民币135,704.53万 ...

家市场监督管理总局监 扫描二维码登录 "国 家企业值用信息公示 系统"了解更多登记 "新案、许可、监控信息 001 空 号 32020066620241119003 无锡市太湖新城嘉业财富中心: 登 记 机 关 013年09月18日 日H 额 1195万元整 市场主体应当于每年1月1日至6月30日通过 国家企业信用信息公示系统报送公示年度报告。 资 विस 公证天业会计师事务所(特殊普通合 国家企业信用信息公示系统网址:http://www.gsxt.gov.cn 审查企业会计报表。 资报告，办理企业合 好殊普通合伙企业 活动 统一社会信用 X 营 范 围 称 型 13202 A #K 经 717 1 la 8 in 1978 11 15 t 1 1 t 2017 in page g Barry ted The State real te t the 日 准予执行注册会计师法定业务 케 ra 涂改. 半人民共和国财政 ET IET and Ent 000 计师事务所执业证书》记载事项发生 计师事务所执业证书》是证明持有 per 》不得伪造 部门交回《会计师事务所执业证 lel lg in in 事务所终止或执 ...

无锡贝斯特精机股份有限公司 非经营性资金占用及其他关联资 金往来情况的专项说明 开 钥 6 (510)68798988 6 (510)68567788 : mail(agztycpa.cn Wuxi . Jiangsu . China Tel: 86 (510)68798988 Fax: 86 (510)68567788 E-mail: mail@gztycpa.cn 关于无锡贝斯特精机股份有限公司 非经营性资金占用及其他关联资金往来情况的专项说明 苏公W[2025]E1135号 无锡贝斯特精机股份有限公司全体股东: 我们接受委托,按照中国注册会计师审计准则审计了无锡贝斯特精机股份有限公司 (以下简称贝斯特)财务报表,包括 2024年12月 31 日的合并及母公司资产负债表, 2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权 益变动表以及相关财务报表附注,并于 2025年 4 月 18 日出具了苏公 W[2025]A365 号无 保留意见审计报告 根据中国证券监督管理委员会、中华人民共和国公安部、国务院国有资产监督管理 委员会、中国银行保险监督管理委员会《上市公司监管指引第 8 ...

无锡贝斯特精机股份有限公司 董事会秘书工作制度 无锡贝斯特精机股份有限公司 董事会秘书工作制度 （2025年4月） 第一章 总 则 第一条 为进一步明确公司董事会秘书的职责、权限、规范其行为，充分发 挥董事会秘书的作用，加强对董事会秘书工作的管理与监督，依据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》、《深 圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）、《深圳证 券交易所创业板上市公司规范运作指引》（以下简称"《规范运作指引》）等相 关法律、法规、规范性文件和《无锡贝斯特精机股份有限公司章程》(以下简称 "《公司章程》")的规定，特制定本工作制度。 第二条 公司设董事会秘书 1 名。董事会秘书为公司的高级管理人员，对公 司和董事会负责。 法律、行政法规、部门规章、《上市规则》及《公司章程》等对公司高级管 理人员的有关规定，适用于董事会秘书。董事会秘书是公司与深圳证券交易所（以 下简称"交易所"）之间的指定联络人。 第二章 董事会秘书的任职资格 第三条 公司董事会秘书须具有以下任职资格： 公司董事会秘书应当具备履行职责所必需的财务、管理、法律专业知识，具 有良好 ...