贝斯特：24Q3业绩符合预期，明年具备滚柱丝杠批量供货能力

Investment Rating - The report suggests continued attention to the company, indicating a positive outlook for its long-term growth in the machine tool and humanoid robot industries [1] Core Views - The company's Q3 2024 performance met expectations, with revenue of RMB 3.45 billion, a year-on-year decrease of 7.58%, and net profit attributable to the parent company of RMB 0.81 billion, a year-on-year increase of 0.97% [1] - The company's gross profit margin in Q3 2024 was 35.15%, a year-on-year decrease of 1.34 percentage points, but a quarter-on-quarter increase of 0.97 percentage points [1] - The company's net profit margin in Q3 2024 was 23.51%, a year-on-year increase of 1.68 percentage points and a quarter-on-quarter increase of 2.49 percentage points [1] - The company's R&D expense ratio in Q3 2024 was 4.08%, a year-on-year increase of 0.67 percentage points [1] - The company's non-GAAP net profit attributable to the parent company in Q3 2024 was RMB 0.74 billion, a year-on-year increase of 4.85% and a quarter-on-quarter increase of 9.45% [1] Business Analysis - The company's Q3 2024 revenue was impacted by high automation production line base and fluctuations in commercial vehicle sales, with commercial vehicle sales in Q3 2024 down 14.85% year-on-year [1] - The company's financial expenses decreased in Q3 2024 due to reduced interest on convertible bonds [1] - The company's government subsidies in Q3 2024 were RMB 1.1556 million, significantly lower than the RMB 7.4457 million in Q3 2023 [1] - The company has made breakthroughs in the application of screw guides in machine tools, with the C0-level screw guide, the highest manufacturing level, receiving its first batch of orders [1] - The company has completed the first customer sample delivery of screw guides for the EMB braking system of new energy vehicles [1] - The company is progressing in the development of domestic equipment for key processes of planetary roller screws, preparing for mass supply next year [1] Financial Projections - The company's revenue is projected to be RMB 14.60 billion in 2024, RMB 18.48 billion in 2025, and RMB 23.01 billion in 2026 [1] - The company's net profit attributable to the parent company is projected to be RMB 3.09 billion in 2024, RMB 3.68 billion in 2025, and RMB 4.53 billion in 2026 [1] - The company's revenue growth rate is projected to be 8.70% in 2024, 26.54% in 2025, and 24.56% in 2026 [3] - The company's net profit attributable to the parent company growth rate is projected to be 17.17% in 2024, 19.18% in 2025, and 23.18% in 2026 [3] - The company's ROE is projected to be 10.17% in 2024, 11.26% in 2025, and 12.64% in 2026 [3] - The company's P/E ratio is projected to be 31.85 in 2024, 26.72 in 2025, and 21.70 in 2026 [3]