贝斯特：24三季报点评：业绩符合预期，C0级丝杠副实现订单突破

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1-Q3 2024 revenue reached 1.042 billion yuan, a year-on-year increase of 3.5%, with a net profit attributable to shareholders of 225 million yuan, up 7.08% year-on-year [1] - In Q3 2024, the company experienced a revenue decline of 7.6% year-on-year, primarily due to pressures in the automotive parts business, influenced by a significant drop in traditional fuel vehicle sales [1] - The company has seen a continuous improvement in net profit margin, with Q1-Q3 2024 net profit margin at 21.6%, an increase of 0.56 percentage points year-on-year [1] - The company is actively enhancing its R&D capabilities, with R&D expenses increasing by 18% year-on-year, reaching 42 million yuan, and a R&D expense ratio of 4% [1] - The company has made significant progress in its strategic business layout, particularly in the fields of new energy vehicle components and industrial mother machines, with successful breakthroughs in orders for C0 grade ball screw assemblies [1] Financial Performance Summary - For the years 2024-2026, the company is projected to achieve revenues of 1.523 billion, 1.889 billion, and 2.283 billion yuan respectively, with net profits of 310 million, 389 million, and 480 million yuan [2] - The projected diluted EPS for 2024-2026 is 0.62, 0.78, and 0.96 yuan, with corresponding PE ratios of 28, 22, and 18 times [2] - The gross margin is expected to improve from 35.0% in 2024 to 36.0% in 2026, indicating a positive trend in profitability [2] - The company’s total assets are projected to grow from 4.067 billion yuan in 2024 to 5.068 billion yuan in 2026, reflecting a strong growth trajectory [4]