贝斯特：2024年三季报点评：新能源产能加速爬坡，丝杠类业务实现订单突破

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [10][11]. Core Insights - The company reported a net profit attributable to shareholders of 81 million yuan for Q3 2024, representing a year-on-year increase of 1.0% and a quarter-on-quarter increase of 8.9% [1]. - The revenue for Q3 2024 was 345 million yuan, down 7.6% year-on-year and 2.6% quarter-on-quarter, primarily due to a decline in sales in the fuel vehicle and heavy truck sectors [1]. - The gross margin for Q3 2024 was 35.1%, a decrease of 1.3 percentage points year-on-year but an increase of 1.0 percentage point quarter-on-quarter [1]. - The company is expected to achieve stable growth through its first-tier products, including turbocharger core components and various precision parts, which are crucial for its transformation and upgrade [1]. - The company has accelerated production capacity in Anhui, focusing on lightweight structural components and high-value precision parts for new energy vehicles, with each category expected to have a higher unit value than previous turbocharger components [1]. - The company has made progress in its linear rolling functional components, securing bulk delivery orders for high-precision screw assemblies and completing initial customer samples for its electric vehicle braking systems [1]. - The investment suggestion indicates that the company is likely to open new growth spaces through its expansion into the new energy vehicle and industrial mother machine markets, with projected net profits of 310 million, 380 million, and 440 million yuan for 2024, 2025, and 2026, respectively [1]. Financial Summary - Total revenue for 2023 is projected at 1,343 million yuan, with expected growth rates of 22.4% in 2023, 14.8% in 2024, 22.9% in 2025, and 17.1% in 2026 [2]. - The net profit attributable to shareholders is forecasted to be 263 million yuan in 2023, with growth rates of 15.1% in 2023, 15.5% in 2024, 23.3% in 2025, and 17.7% in 2026 [2]. - The earnings per share are expected to increase from 0.53 yuan in 2023 to 0.88 yuan in 2026, with corresponding price-to-earnings ratios decreasing from 36 times in 2023 to 22 times in 2026 [2].