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].

[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 贝斯特（300580）公司季报点评 Kai Wang k.wang@htisec.com Oscar Wang sy.wang@htisec.com [Table_InvestInfo] 首次覆盖: 2024Q3 盈利能力环比显著提 升，直线运动部件业务稳步推进 [Table_Summary] 投资要点： 公司发布 2024 年三季报，前三季度业绩稳中有升。2024 年前三季度公司实 现营收 10.42 亿元，同比+3.52%，归母净利润 2.25 亿元，同比+7.08%，毛利 率为 34.92%，同比+0.39pct，净利率为 21.59%，同比+0.56pct，公司 2024 年 前三季度营收和净利润均稳中有升，盈利能力持续提升。 2024Q3 公司业绩表现稳健，盈利能力环比显著提升。分单季度看，2024Q3 公司实现营收 3.45 亿元，同比-7.58%，环比-2.63%，归母净利润 0.81 亿元， 同比+0.97%，环比+8.86%，公司 24Q3 营收和净利润表现稳健；毛利率为 35.15%，同比-1.34pct， ...

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 ...

[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 贝斯特（300580）公司季报点评 2024 年 10 月 24 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |---------------------------------------------------------------------------------------| | 股票数据 | | 10 [ Table_StockInfo 月 23 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《 2024H1 业绩稳健增长，直线运动部件业务 加速推进》 2024.08.08 | | 《 2023&2024Q1 业绩稳健增长，三梯次发展 战略稳步推进》 2024.04.27 | | 《 Q3 业绩稳健，工业母机业务稳步推进》 | | 2023.10.24 市场表现 | [Table_QuoteInfo] -23.56% -7 ...