新华财经沈阳9月1日电 （刘舒）作为新中国工业的"摇篮"，辽宁这座老工业基地正焕发新活力——厂 房里，智能机器人穿梭忙碌；生产线旁，工人轻点屏幕就能掌控全局；3米高的机床上，贴着"数字身份 证"…… 近年来，辽宁紧扣"数字辽宁 智造强省"战略，让工业互联网深度融入产业血脉，推动数字经济与实体 经济碰撞出耀眼火花。 一组数据，更是直观展现转型成效：2025年上半年，高技术制造业增加值同比增长9.2%。截至6月底， 累计培育国家级专精特新"小巨人"企业362家，占全国的2.5%；国家级制造业单项冠军企业达38户。 数字设施拔地而起、智能工厂次第花开、未来产业崭露头角，工业互联网正为辽宁老工业基地"强筋健 骨"，书写着牵一"网"而"强"全身的新故事。 为鞍钢股份冷轧厂彩涂分厂尾部喷号机器人。新华网发（受访单位供图） 答好"数智"题 老厂房变"智慧车间" 走进鞍钢股份冷轧厂涂镀分厂彩涂工区，整条生产线现场空无一人，只有各组机器在快速运转，智能涂 料运输机器人闪烁着灯光穿梭其中…… 图 在这里"一键启动""无人作业"成了关键词，机器人配合无人天车，实现作业区域无人作业。 如今，辽宁制造业的"数智基因"越来越浓：规上工业 ...

科德数控(688305)8月29日召开2025年半年度业绩说明会，针对2025年半年度经营成果、财务状况，公 司管理层主要成员与投资者进行沟通交流。 科德数控致力于五轴联动数控机床、高档数控系统及关键功能部件的技术突破、设计创新、精细制造及 标准制定，主营业务为五轴联动数控机床、高档数控系统、关键功能部件以及柔性自动化生产线。公司 拥有完整的人才链、技术链、产业链，是国内唯一一家具备高档数控系统及高端数控机床双研发体系、 并成功将自研自制的国产高端数控机床广泛应用于航空航天、能源、汽车、刀具、精密模具、机械设备 等战略性新兴产业的上市公司。 "公司的核心技术自主可控，构建了'数控系统+关键功能部件+高端五轴机床'的完整技术链，自主完成 GNC系列高档数控系统、伺服驱动、电机、转台、摆头、电主轴及系列化传感器等核心功能部件的研 发制造，自主化率高达85%，公司的五轴联动数控机床实现批量化进口替代。"科德数控在回复投资者 提问时表示，公司不断开拓航天科工领域多家新用户，采购公司五轴联动数控机床用于加工铝合金和钛 合金材质关键部件。截至报告期末，公司系列化五轴联动数控机床产品已在航天科工、航天科技 （000901） ...

丨证券研究报告丨 公司研究丨点评报告丨科德数控（688305.SH） [Table_Title] 科德数控：航空航天优势巩固，民用领域拓展优 势显著 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Summary] 2025H1 公司业绩短期承压，主要系股份支付及业务结构变化影响。一方面，公司摊销 2024 年 限制性股票激励计划的股份支付费用增加。另一方面，公司 25H1 毛利率相对低的产线业务收 入占比上升（25H1 占比 54%），影响整体毛利率表现。但产线毛利率呈持续提升趋势，2025H1 较 2024 年增加 2.15pct。往后看，公司是国内少数具备完善产业链的机床整机企业。当前公司 持续推进产能建设落地，叠加一体化布局有望打开成长空间。 分析师及联系人 [Table_Author] 赵智勇 臧雄 杨文建 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490525070003 SFC：BRP550 SFC：BVO790 1 科德数控（688305.SH） cjzqdt11111 [Tabl ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company reported a revenue of 295 million yuan for the first half of 2025, representing a year-on-year growth of 15.24%, driven by significant demand for automated production line orders [8]. - The net profit attributable to the parent company reached 49 million yuan, with a year-on-year increase of 1.27%, which was lower than revenue growth due to increased share-based payment expenses, employee salaries, and R&D costs [8]. - The gross margin and net margin were 38.67% and 16.64%, respectively, with a decline in gross margin attributed to the high proportion of production line business [8]. - The company has made breakthroughs in the aerospace and military sectors, expanding its user base and gaining recognition from leading industry players [8]. - The demand for five-axis CNC machine tools in the civilian sector has increased, with significant growth in new orders for the company's products [8]. - R&D investment totaled 98 million yuan in the first half of 2025, a year-on-year increase of 27.10%, accounting for 33.34% of revenue [8]. - The company is nearing the completion of its capacity expansion, with new production lines set to start trial operations in 2025 [8]. - The company is positioned as a leader in high-end CNC machine tools, with core components being self-controlled and product margins remaining high [8]. Financial Summary - Total revenue is projected to grow from 605.47 million yuan in 2024 to 1,112.04 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 24.96% [7]. - Net profit attributable to the parent company is expected to increase from 129.89 million yuan in 2024 to 230.38 million yuan in 2027, reflecting a CAGR of 25.53% [7]. - The diluted EPS is forecasted to rise from 0.98 yuan in 2024 to 1.73 yuan in 2027, with corresponding P/E ratios decreasing from 63.84 to 35.99 [7].

证券之星消息，根据市场公开信息及8月25日披露的机构调研信息，长信基金近期对4家上市公司进行了调研，相关名单如下： 1）稳健医疗 （长信基金参与公司业绩说明会&线上调研） 调研纪要：全棉时代第二季度实现13%同比增长，7-8月销售增速回升，坚持四大战略推动业务发展。医疗板块成长空间大，将围绕三大战略展 开，重点提升产品结构和生产效率，推进海外供应链建设。棉柔巾业务增长持续好于大盘，下半年将推出多款新品，加强渠道建设。GRI上半年 受中美关税战影响，但供应链已全面恢复，预计下半年趋势向好。高端敷料、手术室耗材、健康个护业务增速较高，传统敷料业务保持稳定。全 棉时代上半年毛利率提升，下半年将继续优化商品组合和渠道结构，提升利润率。线下门店将聚焦高质量开店，提升同店同比，优化会员服务。 所得税率上升主要因业务结构变化和全棉时代子公司迁址导致。 2）兆易创新 调研纪要：兆易创新在2024年二季度各业务线增长情况良好，NOR Flash高个位数增长，利基型DRAM增长超50%，MCU接近20%，模拟芯片基数 低环比成长较高，传感器芯片增长约10%。预计第三季度环比增长，全年需求上涨，利基型DRAM供应偏紧缺至全年。下半 ...

根据市场公开信息及8月25日披露的机构调研信息，知名私募大朴资产近期对2家上市公司进行了调研，相关名单如下： 1）兆易创新 调研纪要：兆易创新在2024年二季度各业务线增长情况良好，NOR Flash高个位数增长，利基型DRAM增长超50%，MCU接近20%，模拟芯片基数 低环比成长较高，传感器芯片增长约10%。预计第三季度环比增长，全年需求上涨，利基型DRAM供应偏紧缺至全年。下半年利基型DRAM营收 显著增长，合约价格上涨，第三季度继续上涨。公司毛利率整体平稳，未来Flash温和涨价，DRAM毛利率提升，整体毛利率保持稳定。NOR Flash需求端电子产品代码量上升，供应端晶圆制造产能紧张，供给短缺将持续较长时间。看好定制化存储技术在产品性能的优势，未来更多行业 和客户选择该方案，具备先发优势和技术迭代。MCU增长点在工业控制、光储充、白电等高门槛国产化替代方向，新产品收入贡献提升。DDR4 8Gb收入贡献全年有望达DRAM收入三分之一，LPDDR4小容量产品全年收入占比可能提升到两位数。公司研发投入大，市场空间弹性大，目标是 实现与标准接口利基存储可比的营收规模。具备先发优势和与战略供应商的良好关系，确 ...

"公司按照既定的经营目标有序推进产能扩建工作，银川厂区和沈阳厂区均已完成主体建设，进入内部 装修环节，预计下半年陆续投入使用。"科德数控在本次业绩交流会上介绍，目前，航空产业生态处于 初级阶段，大飞机制造在严格质量体系和全球监督下进行，准入和试航有周期过程。公司抢占"准入"先 机，尽早切入该领域，构建稀缺性壁垒。大飞机需求任务重，市场空间大。 2025年6月，公司与沈阳航空产业集团有限公司、中航沈飞（600760）民用飞机有限责任公司三方签订 合作协议，在沈阳共同组建国内首个完全基于国产高端五轴数控机床构建的"大飞机结构件工艺验证中 试基地"。该基地聚焦C919/C929等国产民用大飞机、大型无人机的复杂结构件精密加工，构建若干专 业化验证平台。科德数控对机加工装备和工艺的掌握，可开发特殊装备和工艺，密切与用户进行工艺验 证和配合，切实把握该产业链上游端。该中试基地可有效支撑航空装备从"可用"向"好用"跃升，着力破 解核心部件"从实验室到量产"的转化瓶颈。 科德数控表示，公司的多款高端五轴数控机床均具备成熟的镁合金材料加工能力，如五轴卧式加工中心 KHMC125UT、五轴立式加工中心KMC600/800等系列 ...

Core Viewpoint - The recent financial report of Kede CNC (688305) shows a mixed performance with a revenue increase but declining profit margins and rising accounts receivable [1] Financial Performance - Total revenue for the first half of 2025 reached 295 million yuan, a year-on-year increase of 15.24% [1] - Net profit attributable to shareholders was 49.06 million yuan, up 1.27% year-on-year [1] - In Q2 2025, total revenue was 164 million yuan, a 5.97% increase year-on-year, while net profit decreased by 16.25% to 27.95 million yuan [1] - Gross margin was 38.67%, down 9.19% year-on-year, and net margin was 16.64%, down 11.98% year-on-year [1] - Accounts receivable increased significantly by 63.36% year-on-year, reaching 227 million yuan [1] Key Financial Metrics - Earnings per share (EPS) decreased by 9.18% to 0.46 yuan [1] - Operating cash flow per share increased dramatically by 730.72% to 1.24 yuan [1] - Total expenses (selling, administrative, and financial) amounted to 40.96 million yuan, accounting for 13.9% of revenue, a slight decrease of 0.18% year-on-year [1] Changes in Financial Items - Trading financial assets increased by 66.17% due to higher purchases of structured deposits [3] - Accounts receivable financing surged by 138.02% as the company held more high-rated bank acceptance bills [3] - Contract liabilities rose by 98.5% due to increased sales contract prepayments [3] Business Model and Market Position - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of capital projects [5] - The company has a high degree of autonomy in its core technology, achieving an 85% self-sufficiency rate in key components [6] - The five-axis CNC machine tools produced by the company are widely used in various high-precision industries, indicating strong market demand [6] Investment Insights - Analysts expect the company's performance in 2025 to reach 139 million yuan, with an average EPS forecast of 1.14 yuan [5] - The company’s return on invested capital (ROIC) was 8.51%, indicating average capital returns [4]

Group 1: Revenue and Profit Performance - The company achieved a revenue of 295 million yuan in H1 2025, representing a year-on-year increase of 15.24% [1] - The net profit attributable to shareholders was 49 million yuan, up 1.27% year-on-year, while the net profit excluding non-recurring items was 36 million yuan, down 7.43% year-on-year [1] - In Q2 2025, the company reported a revenue of 164 million yuan, a year-on-year increase of 5.97%, but the net profit attributable to shareholders decreased by 16.25% [1] Group 2: Gross Margin and Expense Management - The gross margin for H1 2025 was 38.67%, down 4.73 percentage points year-on-year, with Q2 2025 gross margin at 37.72%, down 5.62 percentage points year-on-year [2] - The decline in gross margin was attributed to changes in accounting policies and an increase in the proportion of lower-margin automated production line revenue [2] - The company maintained a good control over operating expenses, with a period expense ratio of 20.4%, a decrease of 0.7 percentage points year-on-year [2] Group 3: Workforce and Cash Flow Improvement - As of the end of H1 2025, the proportion of technical personnel in the company increased to 31%, up 6.90% year-on-year, indicating increased market demand [3] - The net cash flow from operating activities improved to 165 million yuan, a significant recovery from a negative cash flow of 20 million yuan, primarily due to increased cash receipts from sales and government R&D funding [3] Group 4: Market Expansion and Product Recognition - The company is steadily expanding its market presence, particularly in the aerospace sector, establishing partnerships with multiple new users and contributing to domestic machine tool breakthroughs [4] - The company has made significant strides in the civil sector, achieving breakthroughs in low-altitude economy and new energy vehicles, with notable order growth for its DeChuang series products [4] - The company’s products, including the new six-axis five-linkage blade processing center, have gained high recognition from both new and existing customers, reflecting the company's strong technical capabilities [4] Group 5: Profit Forecast and Investment Rating - The company has adjusted its net profit forecasts for 2025-2027 to 138 million yuan (previously 170 million yuan), 187 million yuan (previously 215 million yuan), and 243 million yuan (previously 276 million yuan) [4] - The current stock price corresponds to dynamic P/E ratios of 61, 45, and 34 times for the respective years, maintaining an "overweight" rating due to the company's leading position in the five-axis machine tool sector [4]

证券研究报告·公司点评报告·通用设备 科德数控（688305） 2025 年中报点评：营收稳健增长，股份支付 费用影响利润水平 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 452.26 | 605.47 | 691.52 | 894.84 | 1,144.46 | | 同比（%） | 43.37 | 33.88 | 14.21 | 29.40 | 27.89 | | 归母净利润（百万元） | 101.99 | 129.89 | 137.76 | 186.85 | 243.41 | | 同比（%） | 69.01 | 27.37 | 6.05 | 35.64 | 30.27 | | EPS-最新摊薄（元/股） | 0.77 | 0.98 | 1.04 | 1.41 | 1.83 | | P/E（现价&最新摊薄） | 81.98 | 64.37 | 60.69 | 44.75 | 34.35 | [Table_T ...