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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1-Q3 2024 revenue reached 1.042 billion yuan, a year-on-year increase of 3.5%, with a net profit attributable to shareholders of 225 million yuan, up 7.08% year-on-year [1] - In Q3 2024, the company experienced a revenue decline of 7.6% year-on-year, primarily due to pressures in the automotive parts business, influenced by a significant drop in traditional fuel vehicle sales [1] - The company has seen a continuous improvement in net profit margin, with Q1-Q3 2024 net profit margin at 21.6%, an increase of 0.56 percentage points year-on-year [1] - The company is actively enhancing its R&D capabilities, with R&D expenses increasing by 18% year-on-year, reaching 42 million yuan, and a R&D expense ratio of 4% [1] - The company has made significant progress in its strategic business layout, particularly in the fields of new energy vehicle components and industrial mother machines, with successful breakthroughs in orders for C0 grade ball screw assemblies [1] Financial Performance Summary - For the years 2024-2026, the company is projected to achieve revenues of 1.523 billion, 1.889 billion, and 2.283 billion yuan respectively, with net profits of 310 million, 389 million, and 480 million yuan [2] - The projected diluted EPS for 2024-2026 is 0.62, 0.78, and 0.96 yuan, with corresponding PE ratios of 28, 22, and 18 times [2] - The gross margin is expected to improve from 35.0% in 2024 to 36.0% in 2026, indicating a positive trend in profitability [2] - The company’s total assets are projected to grow from 4.067 billion yuan in 2024 to 5.068 billion yuan in 2026, reflecting a strong growth trajectory [4]

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].

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [2][10]. Core Views - The company reported stable growth in its Q3 2024 results, with revenue of RMB 1.04 billion for the first three quarters, representing a year-on-year increase of 3.52%. The net profit attributable to shareholders was RMB 225 million, up 7.08% year-on-year. The gross profit margin (GPM) was 34.92%, an increase of 0.39 percentage points year-on-year, while the net profit margin (NPM) was 21.59%, up 0.56 percentage points year-on-year [2][10]. - In Q3 2024, the company achieved revenue of RMB 345 million, a decrease of 7.58% year-on-year and 2.63% quarter-on-quarter. The net profit for the quarter was RMB 81 million, reflecting a year-on-year increase of 0.97% and a quarter-on-quarter increase of 8.86%. The GPM for Q3 was 35.15%, down 1.34 percentage points year-on-year but up 0.97 percentage points quarter-on-quarter, while the NPM was 23.51%, up 1.99 percentage points year-on-year and 2.48 percentage points quarter-on-quarter [2][10]. - The company is advancing its three-tier development strategy, with significant progress in its C0-grade ball screw assembly and ongoing capacity ramp-up in Wuxi Best Precision Machinery. The Thailand project has commenced construction, enhancing the company's international growth prospects [2][10]. Financial Summary - The company forecasts net profits of RMB 314 million, RMB 418 million, and RMB 535 million for 2024, 2025, and 2026 respectively, with earnings per share (EPS) projected at RMB 0.63, RMB 0.84, and RMB 1.07 [2][10]. - Revenue is expected to grow from RMB 1.34 billion in 2023 to RMB 2.53 billion in 2026, with a compound annual growth rate (CAGR) of 26.3% [3][4]. - The gross profit margin is projected to remain stable around 34.4% to 34.7% over the forecast period [3][4]. Business Development - The company is focusing on high-end aviation equipment manufacturing and industrial automation, with key products including precision components for turbochargers and automation systems for aircraft manufacturing [6][10]. - The company has successfully developed new products and expanded its customer base, with notable achievements in the industrial machine tool sector and humanoid robotics [2][10].

以下贝斯特的基本面的情况贝斯特也是最新发布了三级报我们认为公司在几个高端制造领域包括丝杠在各类的包括工业母机汽车以及人型机器人上的应用仍然在顺利的推进并且有持续的进展 同时公司的基本盘包括它的涡轮增压系统的零部件以及新能源车的零部件也在不断的势力推进因此我们对公司继续保持关注首先说一下公司的三级报的情况前三季度公司的营收是大约10.4个亿 同比增长了3.5% 规模净利润是2.25亿 同比增长了大约7.1% 扣非是2.1个亿 同比增长了22%其中单三季度公司的营收是3.45亿 同比下降了7.6% 环比下降了2.6% 规模性利润是0.81亿 同比是增长了1% 环比是增长了9%扣非是0.74亿 同比增长了5%左右 环比增长了9.5%左右我们看到三季度虽然说它的营收略有下降但是盈利能力还是维持在了一个非常不错的水平 其中定量而看的话单三季度的这个客户非的RE是2.5%左右基本上在过去的一年维持在了一个相对比较高的水平环比还略有增长销售的毛利率是35.2%左右也是一贯的 维持在2020年以来的同样的一个水平销售性利润更是达到了23.5%左右更是近年的一个相对的高位那么同时放到汽车零部件中横向比较的话也是非常的不错 公司 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported steady growth in its performance for the first three quarters of 2024, achieving 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 [4][5] - The gross margin for the first three quarters was 34.92%, an increase of 0.39 percentage points year-on-year, while the net profit margin was 21.59%, up 0.56 percentage points year-on-year [4] - In Q3 2024, the company achieved revenue of 345 million yuan, a year-on-year decrease of 7.58% and a quarter-on-quarter decrease of 2.63%, with a net profit of 81 million yuan, a year-on-year increase of 0.97% and a quarter-on-quarter increase of 8.86% [4][5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 1.042 billion yuan and a net profit of 225 million yuan, indicating stable growth [4] - The Q3 2024 results showed a revenue of 345 million yuan and a net profit of 81 million yuan, reflecting a solid performance despite slight declines in revenue [4][5] Strategic Development - The company is advancing its three-tier development strategy, with production capacity in Anhui continuing to ramp up and new product development ongoing [5] - The company has secured bulk rolling delivery orders in the industrial mother machine sector and achieved breakthroughs in high-precision components [5] - The overseas project in Thailand has commenced construction, aiming to enhance the company's international development [5] Profit Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2024-2026 is 314 million yuan, 418 million yuan, and 535 million yuan respectively, with corresponding EPS of 0.63 yuan, 0.84 yuan, and 1.07 yuan [6][9] - The company is assigned a reasonable valuation range of 16.8 to 20.16 yuan based on a PE ratio of 20-24 times for 2025, maintaining the "Outperform the Market" rating [5][6]

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating an expected outperformance relative to the benchmark index by more than 15% [3] Core Views - The company's three-tier business strategy is clear and well-executed, with turbocharger components benefiting from the increasing penetration of hybrid vehicles and close cooperation with leading customers [3] - The new energy vehicle component business is positioned for import substitution, with the Anhui Best facility expected to gradually enter the performance realization phase starting in 2025 [3] - The company has comprehensive layout of screw products in key downstream sectors such as machine tools, humanoid robots, and automobiles, demonstrating long-term growth potential [3] - The establishment of a factory in Thailand supports the globalization strategy and provides a foundation for the continued growth of the first and second-tier businesses [3] Financial Performance - Q3 2024 net profit margin reached 23.51%, up 1.68 percentage points year-on-year and 2.49 percentage points quarter-on-quarter, mainly due to increased investment net income and asset impairment reversal [3] - Q3 2024 gross margin was 35.15%, down 1.34 percentage points year-on-year but up 0.97 percentage points quarter-on-quarter [3] - Q3 2024 operating expense ratio remained stable at 12.79%, with management expense ratio at 8.46% and R&D expense ratio at 4.08% [3] - The company achieved revenue of 1.042 billion yuan in the first three quarters of 2024, a year-on-year increase of 3.52%, with net profit attributable to shareholders of 225 million yuan, up 7.08% year-on-year [2] Business Development - In industrial machine tools, the company successfully applied high-precision screw pairs and guide rail pairs in domestic well-known machine tool manufacturers in Q2 2024, and signed batch rolling delivery orders in Q3, with breakthroughs in C0-level screw pairs [1] - For humanoid robots, the company has continuously optimized planetary roller screw processes and improved mass production process layout, with key process equipment development progressing smoothly [1] - In new energy vehicles, the company completed the first customer sample delivery of EMB brake system ball screw pairs [1] - The company established BYH NEW TECHNOLOGY CO LTD in Thailand to accelerate global layout and mitigate the impact of international trade friction [1] Financial Projections - The company is expected to achieve net profit attributable to shareholders of 307 million yuan, 371 million yuan, and 476 million yuan in 2024-2026, representing year-on-year growth of 16.7%, 20.5%, and 28.4% respectively [3] - EPS is projected to be 0.62 yuan, 0.74 yuan, and 0.95 yuan for 2024-2026, with PE ratios of 27.5, 22.8, and 17.8 times based on the closing price on October 23, 2024 [3] - Revenue is forecasted to grow from 1.49 billion yuan in 2024 to 2.139 billion yuan in 2026, with gross margin expected to increase from 34.4% to 37.6% over the same period [5] - ROE is projected to improve from 10.0% in 2024 to 13.0% in 2026, while net profit margin is expected to increase from 20.6% to 22.2% [5]

股 票 研 究 证 券 研 究 报 告 ——贝斯特 2024 年三季报业绩点评 业绩基本符合预期，关注公司丝杠产品放量节奏 贝斯特(300580) 机械制造业[Table_Industry] /可选消费品 | --- | --- | --- | |----------|-------------------------------------|---------------------------| | | | | | | [table_Authors] 肖群稀 ( 分析师 ) | 欧阳蕤 ( 分析师 ) | | | 0755-23976830 | 021-38676550 | | | xiaoqunxi027589@gtjas.com | ouyangrui029285@gtjas.com | | 登记编号 | S0880522120001 | S0880523120002 | 本报告导读： 公司 2024 年前三季度业绩基本符合预期，后续关注丝杠业务进展情况。 投资要点： [Table_Summary] 投资建议：考虑到行业竞争加剧以及经济环境提振仍需时间，下调 2024-2026 年公司 EPS 至 0 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" based on the analysis of the Q3 performance and future growth potential [5][6]. Core Insights - The company reported a revenue of 1.042 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 225 million yuan, up 7.1% year-on-year [5][6]. - In Q3 2024, the company achieved a revenue of 345 million yuan, with a quarter-on-quarter decline of 7.6% and a year-on-year increase of 1.0% in net profit, indicating strong profit performance despite slight revenue pressure [5][6]. - The gross margin increased to 35.1% in Q3, with a net margin of 23.5%, showing improved profitability [5][6]. - The company is expanding its product offerings in the automotive sector, particularly in new energy vehicle components, which is expected to become a significant growth driver [5][6]. - The establishment of overseas production facilities, including a new base in Thailand, is aimed at enhancing global supply capabilities and preparing for future export growth [5][6]. - The company has made strategic advancements in its third industry orders, particularly in high-precision components for industrial machinery and robotics, which are anticipated to contribute to future revenue growth [5][6]. Financial Summary - For 2024, the company is projected to achieve a total revenue of 1.541 billion yuan, with a year-on-year growth rate of 14.7% [6]. - The net profit forecast for 2024 is 303 million yuan, reflecting a growth rate of 14.9% [6]. - The earnings per share (EPS) is expected to be 0.61 yuan for 2024, with a projected price-to-earnings (PE) ratio of 29 times [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's performance in the first three quarters of 2024 shows a steady increase in revenue and profit, aligning with expectations. Revenue reached 1.04 billion yuan, a year-on-year increase of 3.5%, while net profit attributable to shareholders was 220 million yuan, up 7.1% year-on-year. The non-recurring net profit was 210 million yuan, reflecting a significant year-on-year growth of 22.4% [3] - The company is strengthening its traditional core business while solidifying its layout in the new energy vehicle (NEV) sector. The first-tier industries include turbocharger core components and precision parts, while the second-tier focuses on NEV components, with production capacity ramping up and new product development ongoing [3][4] - The company is expanding its third-tier industrial applications, successfully introducing screw products into various scenarios, including industrial mother machines and humanoid robots. The company has signed bulk delivery orders with well-known machine tool manufacturers [3][4] Financial Performance Summary - For Q3 2024, the company reported revenue of 340 million yuan, a quarter-on-quarter decrease of 2.6% and a year-on-year decrease of 7.6%. The net profit attributable to shareholders was 80 million yuan, with a quarter-on-quarter increase of 8.9% and a year-on-year increase of 1.0% [3] - The gross profit margin for Q3 was 35.1%, up 1.0 percentage points quarter-on-quarter but down 1.3 percentage points year-on-year. The net profit margin was 23.5%, reflecting a quarter-on-quarter increase of 2.5 percentage points and a year-on-year increase of 1.7 percentage points [3] - The company’s total market capitalization is approximately 8.81 billion yuan, with a circulating market capitalization of about 8.29 billion yuan [3] Earnings Forecast - The company is expected to achieve revenues of 1.44 billion yuan, 1.73 billion yuan, and 2.13 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is projected to be 320 million yuan, 370 million yuan, and 450 million yuan for the same years [6][8]