股票代码：300580 股票简称：贝斯特 公告编号：2024-035 无锡贝斯特精机股份有限公司 关于作废处理 2022 年限制性股票激励计划首次及预留授予部分 已授予尚未归属的限制性股票的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 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 12 月 13 日召开了第四届董事会第十三次会议以及第四届监事会第十一次会议， 分别审议通过了《关于作废处理 2022 年限制性股票激励计划首次及预留授予部 分已授予尚未归属的限制性股票的议案》，董事会认为由于 4 名激励对象因个人 原因已离职，不具备激励对象资格；31 名激励对象因本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个人层面绩效考核原因不能完全归属 或不得归属；因本次归属的限制性股票涉及零碎股时，采取不进位原则，有 7 股 零碎股作废处理；综合上述原因，董事会同意对 21.9697 万股已授予但尚未归属 的限制性股票由公司作废处理，现将有关情况公告如下： 一、2022 年限制性股票激励计划已履行的相关审批程序 1、202 ...

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]

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].