贝斯特：系列点评二：工业母机订单突破 机器人丝杠量产在即

Investment Rating - Maintain "Recommend" rating with a current price of 17.65 RMB [1] Core Views - The company released its Q3 2024 report, showing revenue of 10.42 billion RMB for the first three quarters of 2024, a year-on-year increase of 3.52%, and net profit attributable to the parent company of 2.25 billion RMB, a year-on-year increase of 7.08% [2] - Q3 2024 revenue was 3.45 billion RMB, a year-on-year decrease of 7.58%, but net profit attributable to the parent company increased by 0.97% year-on-year to 0.81 billion RMB [2] - The company is advancing its three-tier development strategy, with the first tier focusing on core components for turbochargers and precision parts, the second tier on new energy vehicle lightweight structural parts, and the third tier on high-precision ball/roller screw pairs and rolling guide pairs [2][4] - The company's subsidiary, Anhui Best, is accelerating production capacity ramp-up and is actively developing new products and customers in the new energy vehicle sector [2] - The company's subsidiary, Wuxi Yuhua Precision Machinery, is making progress in the industrial machine and humanoid robot sectors, with breakthroughs in high-precision screw pairs and rolling guide pairs [2][4] Financial Performance - Q3 2024 revenue: 3.45 billion RMB, a year-on-year decrease of 7.58% [2] - Q3 2024 net profit attributable to the parent company: 0.81 billion RMB, a year-on-year increase of 0.97% [2] - Q3 2024 gross margin: 34.18%, a year-on-year decrease of 1.80 percentage points [2] - Q3 2024 sales/management/R&D/financial expense ratios: 0.64%/8.46%/4.08%/-0.39%, respectively [2] - Expected revenue for 2024-2026: 14.60/18.42/21.92 billion RMB, with net profit attributable to the parent company of 3.13/3.92/5.07 billion RMB [4] - EPS for 2024-2026: 0.63/0.79/1.02 RMB, with PE ratios of 28/22/17 times [4] Business Development - The company is strengthening its first-tier industry by maintaining existing customer relationships and expanding into new customer segments [2] - Anhui Best is focusing on new energy vehicle lightweight structural parts, high-value precision parts, and hydrogen fuel cell vehicle core components [2] - Wuxi Yuhua Precision Machinery is advancing in the industrial machine, humanoid robot, and new energy vehicle sectors, with significant progress in high-precision screw pairs and rolling guide pairs [2][4] Future Outlook - The company is expected to continue its growth trajectory, with revenue and net profit projected to increase steadily from 2024 to 2026 [4] - The company's focus on new energy vehicles, industrial machines, and humanoid robots is expected to drive future growth [2][4]