贝斯特：2024Q3业绩符合预期，工业母机业务迎突破

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].