贝斯特：毛利率环比增长，三梯次战略有序推进

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]