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]

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 104,226.23 million yuan, an increase of 3.52% year-on-year [1] - The net profit attributable to shareholders of the listed company reached 22,481.70 million yuan, up 7.08% year-on-year [1] - The net profit excluding non-recurring gains and losses was 20,879.51 million yuan, reflecting a year-on-year increase of 22.38% [1] Group 2: Business Development - The company's three-tier development strategy is being implemented steadily, with significant progress in new business development [1] - The Anhui Best production capacity is accelerating, with ongoing product development and new customer acquisition [2] - The company has successfully laid the foundation for its overseas operations in Thailand, which is now under construction [2] Group 3: Turbocharger Business - The turbocharger business is expected to maintain stable growth, with sales revenue of 1.014 billion yuan in 2023, representing a year-on-year increase of 15.67% [2] - The company has achieved comprehensive business coverage with major clients in the turbocharger industry, leveraging its strong reputation and quality customer resources [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]

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 report maintains a "Buy" rating for the company [5][7]. Core Views - The company reported a relatively stable operation in Q3 2024, despite a decline in overall automotive sales, with revenue showing a year-on-year decrease due to high base effects from the previous year. However, the improvement in net profit margin helped achieve a sequential increase in net profit [3][4]. - The company's screw rod business has made significant breakthroughs, including signing bulk delivery orders with well-known machine tool manufacturers and optimizing production processes for planetary roller screw technology [4][5]. - The company is steadily advancing its three core business areas, which are expected to provide ongoing development momentum [3][5]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 1.042 billion, a year-on-year increase of 3.52%. The net profit attributable to the parent company was 225 million, up 7.08% year-on-year, while the net profit excluding non-recurring items was 209 million, an increase of 22.38% year-on-year. For Q3 2024, revenue was 345 million, down 7.58% year-on-year, with a net profit of 81 million, up 0.97% year-on-year [3][4]. Business Development - The company is actively developing its turbocharger components business, which continues to increase market share. The precision structural components for new energy vehicles are also progressing, with production capacity ramping up in Anhui. The company is working on customer factory certification and expanding its international presence with a new facility in Thailand [3][4][5]. Profitability - The company's gross margin for the first three quarters of 2024 was 34.92%, an increase of 0.39 percentage points year-on-year, while the net margin was 21.59%, up 0.56 percentage points year-on-year. The company effectively managed its operating expenses, with a total expense ratio of 12.82%, down 0.25 percentage points year-on-year [4][5].

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 ...