贝斯特（300580）：贝斯特：2025Q3经营稳健，海外产能拓展+丝杠业务稳步推进

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a steady operation in Q3 2025, with revenue and net profit both showing quarter-on-quarter increases, achieving record highs for a single quarter. The overall business performance is stable, benefiting from a relatively favorable automotive industry this year [2][6]. - For the first three quarters of 2025, the company achieved revenue of 1.121 billion, a year-on-year increase of 7.52%, and a net profit attributable to the parent company of 236 million, up 5.06%. In Q3 2025 alone, revenue reached 404 million, a year-on-year increase of 17.20%, with net profit at 88 million, up 8.20% [6][2]. - The company continues to enhance its market share in core components for turbocharging and is expanding its production scale for new energy vehicle components, laying a solid foundation for stable growth [2][6]. - The company's ball screw business is progressing steadily, with a comprehensive layout in linear motion components. This year, the company has delivered batch orders for machine tool ball screws and is optimizing production processes for humanoid ball screws [2][6]. - The company is advancing the construction of its subsidiary in Thailand to enhance overseas production capacity and improve its international competitiveness, targeting the Southeast Asian market and beyond [2][6]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a gross profit margin of 34.37%, a decrease of 0.78 percentage points year-on-year, and a net profit margin of 21.72%, down 1.78 percentage points year-on-year. The increase in revenue was accompanied by an improvement in the expense ratio [2][6]. - The company’s net profit for 2025 is projected to be 326 million and 390 million for 2026, corresponding to price-to-earnings ratios of 38x and 31x, respectively [2][6]. Business Development - The company is focusing on high-end machine tools, automation, humanoid robots, and intelligent connected vehicles in its ball screw business. It has developed high-precision equipment to enhance processing accuracy [2][6]. - The company’s products have been applied in well-known domestic machine tool models and have secured batch delivery orders [2][6]. Market Outlook - The domestic automotive sales reached 24.363 million units in the first nine months of 2025, a year-on-year increase of 12.90%, with new energy vehicle sales at 11.2276 million units, up 34.95% [2][6].