贝斯特：2024Q3经营相对稳健，丝杠业务取得突破

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company reported a relatively stable operation in Q3 2024, despite a decline in overall automotive sales, with revenue showing a year-on-year decrease due to high base effects from the previous year. However, the improvement in net profit margin helped achieve a sequential increase in net profit [3][4]. - The company's screw rod business has made significant breakthroughs, including signing bulk delivery orders with well-known machine tool manufacturers and optimizing production processes for planetary roller screw technology [4][5]. - The company is steadily advancing its three core business areas, which are expected to provide ongoing development momentum [3][5]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 1.042 billion, a year-on-year increase of 3.52%. The net profit attributable to the parent company was 225 million, up 7.08% year-on-year, while the net profit excluding non-recurring items was 209 million, an increase of 22.38% year-on-year. For Q3 2024, revenue was 345 million, down 7.58% year-on-year, with a net profit of 81 million, up 0.97% year-on-year [3][4]. Business Development - The company is actively developing its turbocharger components business, which continues to increase market share. The precision structural components for new energy vehicles are also progressing, with production capacity ramping up in Anhui. The company is working on customer factory certification and expanding its international presence with a new facility in Thailand [3][4][5]. Profitability - The company's gross margin for the first three quarters of 2024 was 34.92%, an increase of 0.39 percentage points year-on-year, while the net margin was 21.59%, up 0.56 percentage points year-on-year. The company effectively managed its operating expenses, with a total expense ratio of 12.82%, down 0.25 percentage points year-on-year [4][5].