无锡贝斯特精机股份有限公司 监事会关于 2022 年限制性股票激励计划首次授予部分第二个归属期 及预留授予部分首个归属期归属名单的核查意见 无锡贝斯特精机股份有限公司监事会 二〇二四年十二月十四日 （此页无正文，以下为无锡贝斯特精机股份有限公司监事会关于 2022 年限制性 股票激励计划首次授予部分第二个归属期及预留授予部分首个归属期属名单的 核查意见签字页） 《公司章程》规定的任职资格，符合《管理办法》《上市规则》等法律、法规 和规范性文件规定的激励对象条件，符合本激励计划规定的激励对象范围，其 作为公司本激励计划激励对象的主体资格合法、有效。 公司监事会同意公司 2022 年限制性股票激励计划首次授予部分第二个归属 期归属名单，同意为符合归属条件的 105 名激励对象办理 109.4630 万股第二类 限制性股票的归属有关事宜。 （二）监事会关于 2022 年限制性股票激励计划预留授予部分首个归属期归 属名单的核查意见 经核查，公司 2022 年限制性股票激励计划预留授予部分首个归属期的 17 名激励对象符合《公司法》《证券法》等法律、法规和规范性文件以及《公司 章程》规定的任职资格，符合《管理办法》《上 ...

Company Highlights - Best's stock price reached a historical high, increasing by 11.50% to 25.98 yuan, with a trading volume of 33.8866 million shares and a transaction amount of 817 million yuan [1] - The latest total market capitalization of Best in A-shares is 12.968 billion yuan, while the circulating market capitalization is 12.196 billion yuan [1] Industry Overview - The overall automotive industry has seen a slight increase of 0.56%, with 229 stocks rising in price [1] - Among the stocks in the industry, 9 stocks, including Construction Industry and Huapei Power, reached their daily price limit [1] - Conversely, 55 stocks experienced price declines, with Changqing Co., Taide Co., and Zhaofeng Co. leading the declines at 4.59%, 2.83%, and 2.71% respectively [1]

无锡贝斯特精机股份有限公司（以下简称"公司"或"贝斯特"）于 2024 年9月27日披露了《关于特定股东减持计划的预披露公告》（公告编号：2024-029）。 持有公司股份 12,141,612 股（占公司总股本比例 2.43%）的股东无锡市鑫石投 资合伙企业（有限合伙）（以下简称"鑫石投资"）计划在自上述公告披露之日 起十五个交易日后的三个月内以集中竞价交易方式或以大宗交易方式减持本公 司股份合计不超过 7,487,308 股（占公司总股本比例 1.50%）。 公司于近日收到公司股东鑫石投资的《关于减持股份超过 1%的告知函》， 获悉其在 2024 年 11 月 4 日至 2024 年 12 月 2 日期间，通过集中竞价交易的方式 累计减持公司股份 3,390,300 股，占公司总股本比例 0.68%，通过大宗交易方式 减持公司股份 1,697,300 股，占总股本比例 0.34%；合计减持 5,087,600 股，占 总股本比例 1.02%。上述权益变动后，鑫石投资持有公司股份 7,054,012 股，占 总股本比例 1.41%；鑫石投资持有股份比例由原 2.43%降至 1.41%，变动比例达 1.02% ...

Group 1: Company Strategy and Development - The company has established a three-tier industrial development strategy focusing on precision machining, supporting industries, and intelligent equipment [1] - The first tier aims to strengthen existing businesses while expanding into components for extended-range and hybrid vehicles [1] - The second tier targets core components for electric vehicles, hydrogen fuel materials, and natural gas fuel vehicles, facilitating a transition to new energy vehicle components [1] - The third tier leverages existing resources to enter new markets such as "industrial mother machines," "humanoid robots," "automotive transmissions," and "automation industries" [1] Group 2: Competitive Advantages - The company has developed a scalable and intelligent production technology and management system for its automotive parts business [2] - A specialized technical team with extensive industry experience and strong innovation capabilities supports the rolling functional components [2] Group 3: International Expansion - The company plans to steadily advance its international market presence, with a new factory in Thailand currently under construction [3] - The Thai project aims to enhance the company's international development and operational efficiency [3]

证券代码：300580 证券简称：贝斯特 无锡贝斯特精机股份有限公司投资者关系活动记录表 编号：2024-投 009 | --- | --- | --- | --- | --- | |------------------------------|-------|--------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|------------------------------------------| | 投资者关系活 动类别 | | ☑ 特定对象调研 \n□ 媒体采访 □ □ 新闻发布会 □ □ 现场参观 □ 其他 : | □ 分析师会议 \n业绩说明会 路演活动 | | | 参与单位名称 及人员姓名 | | 湘楚资产 李林垚 沣谊投资 合远基金 葛秋石 | 邵喆阳、区伟良、窦金虎 | | | 时 间 | | 2 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [10][11]. Core Insights - The company reported a net profit attributable to shareholders of 81 million yuan for Q3 2024, representing a year-on-year increase of 1.0% and a quarter-on-quarter increase of 8.9% [1]. - The revenue for Q3 2024 was 345 million yuan, down 7.6% year-on-year and 2.6% quarter-on-quarter, primarily due to a decline in sales in the fuel vehicle and heavy truck sectors [1]. - The gross margin for Q3 2024 was 35.1%, a decrease of 1.3 percentage points year-on-year but an increase of 1.0 percentage point quarter-on-quarter [1]. - The company is expected to achieve stable growth through its first-tier products, including turbocharger core components and various precision parts, which are crucial for its transformation and upgrade [1]. - The company has accelerated production capacity in Anhui, focusing on lightweight structural components and high-value precision parts for new energy vehicles, with each category expected to have a higher unit value than previous turbocharger components [1]. - The company has made progress in its linear rolling functional components, securing bulk delivery orders for high-precision screw assemblies and completing initial customer samples for its electric vehicle braking systems [1]. - The investment suggestion indicates that the company is likely to open new growth spaces through its expansion into the new energy vehicle and industrial mother machine markets, with projected net profits of 310 million, 380 million, and 440 million yuan for 2024, 2025, and 2026, respectively [1]. Financial Summary - Total revenue for 2023 is projected at 1,343 million yuan, with expected growth rates of 22.4% in 2023, 14.8% in 2024, 22.9% in 2025, and 17.1% in 2026 [2]. - The net profit attributable to shareholders is forecasted to be 263 million yuan in 2023, with growth rates of 15.1% in 2023, 15.5% in 2024, 23.3% in 2025, and 17.7% in 2026 [2]. - The earnings per share are expected to increase from 0.53 yuan in 2023 to 0.88 yuan in 2026, with corresponding price-to-earnings ratios decreasing from 36 times in 2023 to 22 times in 2026 [2].

Investment Rating - The report maintains a "Buy" rating for the company [2][4][6] Core Views - The company achieved a breakthrough in its screw-related business and saw steady development in component orders [1][4] - Revenue for 2024Q1-3 was RMB 1,042 million, up 3.52% YoY, with net profit attributable to the parent company at RMB 225 million, up 7.08% YoY [2][6] - For 2024Q3, revenue was RMB 345 million, down 7.58% YoY but net profit attributable to the parent company increased by 0.97% YoY to RMB 81 million [2][6] - Gross margin for 2024Q1-3 was 34.92%, up 0.4 pct YoY, while net margin was 21.59%, up 0.6 pct YoY [6] - The company's subsidiary, Anhui Best, is accelerating capacity ramp-up and developing new products to enhance customer stickiness [6] - The screw business achieved a key breakthrough, with potential for future performance elasticity [6] Financial Projections - Revenue for 2024-2026 is projected to be RMB 1,508 million, RMB 1,750 million, and RMB 1,917 million, with YoY growth rates of 12.28%, 16.06%, and 9.53% respectively [2][6] - Net profit attributable to the parent company for 2024-2026 is expected to be RMB 311 million, RMB 354 million, and RMB 383 million, with YoY growth rates of 18.15%, 13.58%, and 8.33% respectively [2][6] - EPS for 2024-2026 is forecasted to be RMB 0.62, RMB 0.71, and RMB 0.77 [6] Business Segments - The first-tier business includes turbocharger core components and intelligent equipment, with efforts to maintain existing customers and expand market share [6] - The second-tier business is undergoing customer certification, with Anhui Best accelerating capacity ramp-up and developing new products [6] - The third-tier screw business achieved a breakthrough, with orders for high-level C0-grade screw pairs and progress in linear actuator components for humanoid robots [6] Valuation Metrics - P/E ratios for 2024-2026 are projected at 27.3x, 24.0x, and 22.2x [7] - P/B ratios for 2024-2026 are expected to be 2.7x, 2.5x, and 2.3x [7] - EV/EBITDA ratios for 2024-2026 are forecasted at 13.5x, 11.8x, and 10.8x [7]

[Table_StockNameRptType] 贝斯特（300580） 公司点评 24 三季报点评：业绩符合预期，C0 级丝杠副实现订单突破 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------|-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

%% %% 丨证券研究报告丨 联合研究丨公司点评丨贝斯特（300580.SZ） [Table_Title] 贝斯特：2024Q3 经营相对稳健，丝杠业务取得 突破 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司发布 2024 年三季度报告， 2024Q3 汽车行业销量总体表现下行，叠加去年 基数较高，公司 24Q3 营收同比有所下滑，但受益净利率提升助力公司净利润实现同环比提升， 总体经营表现稳健。丝杠 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company's revenue is under pressure due to a decline in fuel vehicle sales, but the non-recurring net profit is steadily increasing. In Q3 2024, the company reported a revenue of 345 million yuan, a year-on-year decrease of 7.58%, while the non-recurring net profit was 74 million yuan, an increase of 4.85% year-on-year. This growth is attributed to the second-tier new energy vehicle parts business [2][3]. - The company has secured its first orders for C0-level screw assemblies, with the planetary roller screw expected to be ready for supply in 2025. The company is also progressing in its new energy vehicle components and humanoid robot sectors, with production capacity ramping up [3]. - The company is expected to benefit from the ramp-up of production capacity in Anhui and the construction of its factory in Thailand, which is anticipated to generate overseas orders. The screw business of its subsidiary is expected to achieve large-scale applications in industrial mother machines and humanoid robots, supporting the company's long-term growth trajectory [3]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.042 billion yuan, a year-on-year increase of 3.52%, and a net profit attributable to shareholders of 225 million yuan, up 7.08% year-on-year. The non-recurring net profit for the same period was 209 million yuan, reflecting a year-on-year increase of 22.38% [2][3]. - The company’s revenue forecast for 2024-2026 is adjusted to 327 million yuan, 416 million yuan, and 515 million yuan respectively, with corresponding P/E ratios of 25.9, 20.3, and 16.4 times [3][5]. Market Data - As of October 23, 2024, the company's stock price is 16.94 yuan, with a 52-week price range of 12.35-38.50 yuan. The total market capitalization is approximately 8.46 billion yuan [3]. - The company’s average P/E ratio is lower than that of comparable companies, which is 59.4/42.6/31.7 times [4][6]. Growth Potential - The company is expected to benefit from the high growth rate of downstream sales in the new energy vehicle parts business as production capacity increases. The screw business is anticipated to support the company's third growth curve in the long term [3].