贝斯特：公司季报点评：2024Q3盈利能力环比显著提升，直线运动部件业务稳步推进

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]