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]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company reported a revenue of 1.042 billion yuan for the first three quarters of 2024, representing 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 [1]. - In Q3 2024, the company achieved a revenue of 350 million yuan, with a year-on-year decrease of 7.6% and a quarter-on-quarter decrease of 2.6%. The net profit for the quarter was 80 million yuan, showing a year-on-year increase of 1.0% and a quarter-on-quarter increase of 8.9% [1]. - The company is experiencing a breakthrough in its industrial mother machine business, having signed rolling delivery orders with well-known machine tool manufacturers in Q3 2024 [1]. - The gross margin for Q3 2024 was 35.1%, with a year-on-year decrease of 1.35 percentage points and a quarter-on-quarter increase of 0.95 percentage points, benefiting from the ramp-up of new project capacities [1]. - The company has established a subsidiary in Thailand to expand its overseas capacity and promote the globalization of its turbocharger and new energy businesses, which has officially commenced construction as of Q3 2024 [1]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are estimated to be 310 million yuan, 386 million yuan, and 463 million yuan, respectively, corresponding to P/E ratios of 28, 23, and 19 [2][3]. - The revenue for 2024 is projected to be 1.564 billion yuan, with a year-on-year growth rate of 16.4% [3]. - The latest diluted EPS for 2024 is expected to be 0.62 yuan per share, increasing to 0.93 yuan per share by 2026 [3][11]. - The company’s total market capitalization is approximately 8.81 billion yuan, with a total share count of 499.15 million shares [4].

Investment Rating - The investment rating for the company is maintained at "Accumulate" [1][3] Core Views - The company reported a revenue of 345 million yuan in Q3 2024, a year-on-year decrease of 7.58%, while the net profit attributable to shareholders increased by 0.97% to 81 million yuan [2] - The gross margin for Q3 2024 was 35.15%, showing a quarter-on-quarter increase of 0.97 percentage points, despite a year-on-year decline of 1.34 percentage points [2] - The company is advancing its three-tier development strategy, with production capacity in Anhui continuing to ramp up and new product development and customer acquisition ongoing [2] Financial Performance Summary - For 2024-2026, the company is expected to achieve net profits of 348 million yuan, 458 million yuan, and 560 million yuan, respectively, with corresponding PE ratios of 25.29, 19.25, and 15.74 [3] - The projected revenue growth rates are 27.24% for 2024, 33.83% for 2025, and 24.70% for 2026 [4] - The company’s gross margin is expected to stabilize around 34.9% in 2024, with net profit margins projected at 20.5% [5] Strategic Developments - The company is focusing on enhancing its R&D capabilities, with R&D expenses in Q3 2024 amounting to 14.06 million yuan, a year-on-year increase of 10.67% [2] - The overseas expansion project in Thailand has officially commenced construction, aiming to enhance the company's international growth [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [4][12]. Core Insights - The company achieved a robust growth in net profit for Q3 2024, marking its best quarterly performance in history, with a net profit of 0.81 billion yuan, up 0.97% year-on-year [1]. - For the first three quarters of 2024, the company reported a revenue of 1.042 billion yuan, a year-on-year increase of 3.52%, and a net profit of 2.25 billion yuan, up 7.08% year-on-year [1]. - The company is expanding its production capacity in the electric vehicle parts sector, with its subsidiary in Anhui ramping up production and establishing a new facility in Thailand to enhance international market presence [1][2]. Financial Performance Summary - In Q3 2024, the company's revenue was 3.45 billion yuan, a decrease of 7.58% year-on-year, while the net profit was 0.81 billion yuan, reflecting a year-on-year increase of 0.97% [1]. - The gross margin for Q3 2024 was 35.15%, down 1.34 percentage points year-on-year, while the net margin improved to 23.51%, up 1.68 percentage points year-on-year [1]. - The company forecasts net profits of 3.38 billion yuan, 4.51 billion yuan, and 5.54 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 26, 20, and 16 [2][3]. Industry Position and Developments - The company is focusing on precision components for turbochargers and electric vehicle parts, with significant advancements in its C0-level ball screw assembly technology, securing initial orders from clients [2]. - The company is also enhancing its capabilities in linear motion components for industrial machinery and humanoid robots, indicating a strategic shift towards high-tech applications [2]. - The establishment of the Thailand facility is expected to provide a strong impetus for the company's international growth strategy [1][2].

Investment Rating - The report suggests continued attention to the company, indicating a positive outlook for its long-term growth in the machine tool and humanoid robot industries [1] Core Views - The company's Q3 2024 performance met expectations, with revenue of RMB 3.45 billion, a year-on-year decrease of 7.58%, and net profit attributable to the parent company of RMB 0.81 billion, a year-on-year increase of 0.97% [1] - The company's gross profit margin in Q3 2024 was 35.15%, a year-on-year decrease of 1.34 percentage points, but a quarter-on-quarter increase of 0.97 percentage points [1] - The company's net profit margin in Q3 2024 was 23.51%, a year-on-year increase of 1.68 percentage points and a quarter-on-quarter increase of 2.49 percentage points [1] - The company's R&D expense ratio in Q3 2024 was 4.08%, a year-on-year increase of 0.67 percentage points [1] - The company's non-GAAP net profit attributable to the parent company in Q3 2024 was RMB 0.74 billion, a year-on-year increase of 4.85% and a quarter-on-quarter increase of 9.45% [1] Business Analysis - The company's Q3 2024 revenue was impacted by high automation production line base and fluctuations in commercial vehicle sales, with commercial vehicle sales in Q3 2024 down 14.85% year-on-year [1] - The company's financial expenses decreased in Q3 2024 due to reduced interest on convertible bonds [1] - The company's government subsidies in Q3 2024 were RMB 1.1556 million, significantly lower than the RMB 7.4457 million in Q3 2023 [1] - The company has made breakthroughs in the application of screw guides in machine tools, with the C0-level screw guide, the highest manufacturing level, receiving its first batch of orders [1] - The company has completed the first customer sample delivery of screw guides for the EMB braking system of new energy vehicles [1] - The company is progressing in the development of domestic equipment for key processes of planetary roller screws, preparing for mass supply next year [1] Financial Projections - The company's revenue is projected to be RMB 14.60 billion in 2024, RMB 18.48 billion in 2025, and RMB 23.01 billion in 2026 [1] - The company's net profit attributable to the parent company is projected to be RMB 3.09 billion in 2024, RMB 3.68 billion in 2025, and RMB 4.53 billion in 2026 [1] - The company's revenue growth rate is projected to be 8.70% in 2024, 26.54% in 2025, and 24.56% in 2026 [3] - The company's net profit attributable to the parent company growth rate is projected to be 17.17% in 2024, 19.18% in 2025, and 23.18% in 2026 [3] - The company's ROE is projected to be 10.17% in 2024, 11.26% in 2025, and 12.64% in 2026 [3] - The company's P/E ratio is projected to be 31.85 in 2024, 26.72 in 2025, and 21.70 in 2026 [3]

Investment Rating - Maintain "Recommend" rating with a current price of 17.65 RMB [1] Core Views - The company released its Q3 2024 report, showing revenue of 10.42 billion RMB for the first three quarters of 2024, a year-on-year increase of 3.52%, and net profit attributable to the parent company of 2.25 billion RMB, a year-on-year increase of 7.08% [2] - Q3 2024 revenue was 3.45 billion RMB, a year-on-year decrease of 7.58%, but net profit attributable to the parent company increased by 0.97% year-on-year to 0.81 billion RMB [2] - The company is advancing its three-tier development strategy, with the first tier focusing on core components for turbochargers and precision parts, the second tier on new energy vehicle lightweight structural parts, and the third tier on high-precision ball/roller screw pairs and rolling guide pairs [2][4] - The company's subsidiary, Anhui Best, is accelerating production capacity ramp-up and is actively developing new products and customers in the new energy vehicle sector [2] - The company's subsidiary, Wuxi Yuhua Precision Machinery, is making progress in the industrial machine and humanoid robot sectors, with breakthroughs in high-precision screw pairs and rolling guide pairs [2][4] Financial Performance - Q3 2024 revenue: 3.45 billion RMB, a year-on-year decrease of 7.58% [2] - Q3 2024 net profit attributable to the parent company: 0.81 billion RMB, a year-on-year increase of 0.97% [2] - Q3 2024 gross margin: 34.18%, a year-on-year decrease of 1.80 percentage points [2] - Q3 2024 sales/management/R&D/financial expense ratios: 0.64%/8.46%/4.08%/-0.39%, respectively [2] - Expected revenue for 2024-2026: 14.60/18.42/21.92 billion RMB, with net profit attributable to the parent company of 3.13/3.92/5.07 billion RMB [4] - EPS for 2024-2026: 0.63/0.79/1.02 RMB, with PE ratios of 28/22/17 times [4] Business Development - The company is strengthening its first-tier industry by maintaining existing customer relationships and expanding into new customer segments [2] - Anhui Best is focusing on new energy vehicle lightweight structural parts, high-value precision parts, and hydrogen fuel cell vehicle core components [2] - Wuxi Yuhua Precision Machinery is advancing in the industrial machine, humanoid robot, and new energy vehicle sectors, with significant progress in high-precision screw pairs and rolling guide pairs [2][4] Future Outlook - The company is expected to continue its growth trajectory, with revenue and net profit projected to increase steadily from 2024 to 2026 [4] - The company's focus on new energy vehicles, industrial machines, and humanoid robots is expected to drive future growth [2][4]