贝斯特：Q3净利率同环比提升，重点业务突破可期

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]