贝斯特：丝杠类业务实现突破，零部件订单稳步发展

Investment Rating - The report maintains a "Buy" rating for the company [2][4][6] Core Views - The company achieved a breakthrough in its screw-related business and saw steady development in component orders [1][4] - Revenue for 2024Q1-3 was RMB 1,042 million, up 3.52% YoY, with net profit attributable to the parent company at RMB 225 million, up 7.08% YoY [2][6] - For 2024Q3, revenue was RMB 345 million, down 7.58% YoY but net profit attributable to the parent company increased by 0.97% YoY to RMB 81 million [2][6] - Gross margin for 2024Q1-3 was 34.92%, up 0.4 pct YoY, while net margin was 21.59%, up 0.6 pct YoY [6] - The company's subsidiary, Anhui Best, is accelerating capacity ramp-up and developing new products to enhance customer stickiness [6] - The screw business achieved a key breakthrough, with potential for future performance elasticity [6] Financial Projections - Revenue for 2024-2026 is projected to be RMB 1,508 million, RMB 1,750 million, and RMB 1,917 million, with YoY growth rates of 12.28%, 16.06%, and 9.53% respectively [2][6] - Net profit attributable to the parent company for 2024-2026 is expected to be RMB 311 million, RMB 354 million, and RMB 383 million, with YoY growth rates of 18.15%, 13.58%, and 8.33% respectively [2][6] - EPS for 2024-2026 is forecasted to be RMB 0.62, RMB 0.71, and RMB 0.77 [6] Business Segments - The first-tier business includes turbocharger core components and intelligent equipment, with efforts to maintain existing customers and expand market share [6] - The second-tier business is undergoing customer certification, with Anhui Best accelerating capacity ramp-up and developing new products [6] - The third-tier screw business achieved a breakthrough, with orders for high-level C0-grade screw pairs and progress in linear actuator components for humanoid robots [6] Valuation Metrics - P/E ratios for 2024-2026 are projected at 27.3x, 24.0x, and 22.2x [7] - P/B ratios for 2024-2026 are expected to be 2.7x, 2.5x, and 2.3x [7] - EV/EBITDA ratios for 2024-2026 are forecasted at 13.5x, 11.8x, and 10.8x [7]