贝斯特（300580）：系列点评五：25Q3业绩符合预期，国际市场布局持续深化

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 25.92 yuan on October 21, 2025 [7]. Core Insights - The company reported a revenue of 1.121 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 7.52%. The net profit attributable to shareholders was 236 million yuan, up 5.06% year-on-year [1][2]. - The third quarter of 2025 saw a revenue of 404 million yuan, reflecting a year-on-year growth of 17.20% and a quarter-on-quarter increase of 10.20%. The net profit for the same period was 88 million yuan, up 8.20% year-on-year [1][2]. - The company is deepening its international market presence with the opening of its first phase of the Thailand factory, which will enhance its global production capacity and supply chain optimization [3]. - The company is expanding its product offerings in linear motion components, achieving significant breakthroughs in high-precision ball screw pairs and linear guide pairs, with ongoing development in key manufacturing processes [4]. Summary by Sections Financial Performance - For Q3 2025, the gross profit margin was 34.37%, a decrease of 0.78 percentage points year-on-year, while the net profit margin was 21.70%, down 1.81 percentage points year-on-year [2]. - The company expects revenues of 1.614 billion, 1.878 billion, and 2.110 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 340 million, 393 million, and 450 million yuan for the same years [6][10]. International Expansion - The Thailand factory's first phase has officially opened, with the second phase under construction, which will add an annual production capacity of 8,000 tons of various intermediate shell castings [3]. Product Development - The company has fully laid out its linear motion components, with products already being delivered to well-known domestic machine tool manufacturers. The self-developed planetary roller screw has also been successfully sampled [4]. Investment Outlook - The company is positioned to leverage its expertise in precision machining to enter new markets such as new energy components and industrial mother machines, aiming for sustained growth [4].