Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for potential price appreciation [3][8]. Core Insights - The company is a leading innovative enterprise in the domestic high-end CNC machine tool sector, with a dual R&D system for high-end CNC systems and five-axis CNC machine tools, benefiting from the rapid growth of industries such as aerospace and new energy vehicles [3]. - The company has achieved significant revenue and profit growth, with a CAGR of 34.9% from 2017 to 2024, and a net profit CAGR of 51.6% during the same period [3]. - The domestic high-end manufacturing upgrade and equipment renewal are driving the growth of the five-axis CNC machine tool industry, with increasing demand from the aviation sector [3][5]. - The company has successfully achieved domestic substitution for high-end machine tools, with a self-sufficiency rate of 85% for five-axis CNC machine tools [5]. - The company maintains a gross margin of 42%, significantly higher than the industry average of 25.4%, due to its focus on high-end products and self-developed core components [5]. Summary by Sections Company Overview - The company specializes in high-end CNC machine tools, with a product matrix that includes various types of machining centers and specialized processing centers [3]. - The company has a market capitalization of 77.92 billion yuan and a current share price of 76.62 yuan, with a target price set at 90 yuan [1]. Financial Performance - Revenue is projected to grow from 605 million yuan in 2024 to 1,006 million yuan in 2026, with net profit expected to increase from 130 million yuan in 2024 to 218 million yuan in 2026 [7][9]. - The company’s earnings per share (EPS) is forecasted to rise from 1.28 yuan in 2024 to 2.15 yuan in 2026, reflecting strong growth potential [7]. Market Position - The company is positioned to benefit from the increasing demand for high-end CNC machine tools in the domestic market, particularly in the aerospace sector, which is expected to see significant growth in the coming years [3][5]. - The company has a robust order book, with new orders increasing by 24% year-over-year in 2024, indicating strong market demand [5].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [3][8]. Core Insights - The company is a leading innovative enterprise in the domestic high-end CNC machine tool sector, with a dual R&D system for high-end CNC systems and five-axis CNC machine tools, benefiting from the rapid growth of industries such as aerospace and new energy vehicles [3]. - The company has achieved significant revenue and profit growth, with a CAGR of 34.9% from 2017 to 2024, and a net profit CAGR of 51.6% during the same period [3]. - The domestic high-end manufacturing upgrade and equipment renewal are driving the growth of the five-axis CNC machine tool industry, with increasing demand from the aviation sector [3][5]. - The company has successfully achieved domestic substitution for high-end machine tools, with a self-sufficiency rate of 85% for five-axis CNC machine tools [5]. - The company's gross margin remains high at 42%, significantly above the industry average of 25.4% [5]. - The company has a robust order book, with new orders increasing by 24% year-on-year in 2024, and plans to expand production capacity to meet demand [5]. Financial Summary - The company’s revenue is projected to grow from RMB 605 million in 2024 to RMB 1,006 million in 2026, with net profit expected to increase from RMB 130 million to RMB 218 million during the same period [7]. - The earnings per share (EPS) is forecasted to rise from RMB 1.28 in 2024 to RMB 2.15 in 2026, reflecting a strong growth trajectory [7]. - The price-to-earnings (P/E) ratio is expected to decrease from 59.79 in 2024 to 35.68 in 2026, indicating potential value appreciation [7].

中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为科德 数控股份有限公司（以下简称"科德数控"或"公司"）首次公开发行股票并在 科创板上市、2022 年以简易程序向特定对象发行股票并上市、2023 年度向特定 对象发行股票并上市的保荐机构，根据《中华人民共和国公司法》《中华人民共 和国证券法》《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上 市规则》以及《科创板上市公司持续监管办法（试行）》等法律法规，对公司增 加 2024 年度日常关联交易预计事项进行了核查，核查情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司 2024 年 4 月 23 日召开的第三届董事会第十一次会议、第三届监事会 第十次会议以及 2024 年 5 月 15 日召开的 2023 年年度股东大会，分别审议通 过了《关于公司 2024 年度日常关联交易预计的议案》，对 2024 年度公司日常性 关联交易预计情况进行了审议，关联董事、关联监事、关联股东均已回避表决。 中信证券股份有限公司 2025 年 3 月 4 日，公司召开第三届董事会独立董事专门会议 2025 年第一 次会议，全体独立董 ...

证券代码：688305 证券简称：科德数控 公告编号：2025-004 科德数控股份有限公司 关于增加公司 2024 年度日常关联交易预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 科德数控股份有限公司（以下简称"公司"）本次增加 2024 年度日常关 联交易预计事项在董事会审议权限范围内，无需提交股东大会审议。 日常关联交易对上市公司的影响：本次增加日常关联交易预计事项系因 公司于 2024 年签订合同金额为人民币 22,384.00 万元（含税）的产线销售合同， 所加工产品均为航空关键零件（具体内容详见公司于 2024 年 7 月 12 日在上海证 券交易所网站（www.sse.com.cn）披露的《科德数控股份有限公司关于签订日常 经营重大合同的公告》（公告编号：2024-039））。公司在遵循公平、公正、公 允的市场化定价原则，且不存在损害公司及全体股东尤其是中小股东利益的前提 下，为保障该合同顺利高效并按时履约，增加自动化产线配套零部件相关的必要 关联交易。公司主营业务收入、利润来源不 ...

证券代码：688305 证券简称：科德数控 公告编号：2025-003 科德数控股份有限公司 第三届监事会第十五次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 科德数控股份有限公司监事会 2025 年 3 月 5 日 经与会监事投票表决，会议审议并通过了《关于增加公司 2024 年度日常关 联交易预计的议案》。 经审议，监事会认为，公司本次增加 2024 年度预计发生的日常关联交易系 公司业务发展需要，交易价格由双方参照市场价格协商确定，遵循平等自愿的原 则，不存在损害公司及全体股东尤其是中小股东利益的情形，不存在影响公司独 立性或因上述关联交易而对关联方形成重大依赖的情形，决策程序符合相关法律 法规及《公司章程》的有关规定。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《科 德数控股份有限公司关于增加公司 2024 年度日常关联交易预计的公告》（公告 编号：2025-004）。 表决结果：同意 2 票；反对 0 票；弃权 0 票，关联监事王建军先生 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Insights - The company reported a significant increase in new orders and revenue growth, driven by a diverse product sales strategy and the introduction of flexible automation production lines [8]. - The company received substantial government subsidies totaling 69.09 million yuan, which significantly boosted its profitability [8]. - The company is focusing on expanding its production capacity, with ongoing projects expected to alleviate production bottlenecks and support future revenue growth [8]. Financial Performance Summary - For 2023, the total revenue was 452.26 million yuan, with a year-on-year growth rate of 43.37%. The net profit attributable to the parent company was 101.99 million yuan, reflecting a 69.01% increase [7]. - The forecast for 2024 estimates total revenue of 605.47 million yuan, a 33.88% increase, and a net profit of 130.45 million yuan, a 27.91% increase [7]. - The earnings per share (EPS) for 2024 is projected to be 1.28 yuan, with a price-to-earnings (P/E) ratio of 58.70 [7]. Order and Production Capacity - The company experienced a 24% year-on-year increase in new orders, with a significant portion coming from the aerospace and military sectors [8]. - The production capacity expansion is progressing steadily, with new production lines expected to start trial operations in early 2025 [8]. Valuation and Profitability - The company maintains a high gross margin for its machine products, with profitability expected to improve as production capacity increases [8]. - The projected net profit for 2024-2026 is adjusted to 130 million, 180 million, and 242 million yuan respectively, with corresponding EPS of 1.28, 1.76, and 2.37 yuan [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Insights - The company reported a significant increase in new orders and revenue growth, driven by a diverse product sales strategy and the introduction of flexible automation production lines [8]. - The company received substantial government subsidies totaling 69.09 million yuan, which significantly boosted its profitability [8]. - The company is focusing on expanding its production capacity, with ongoing projects expected to alleviate production bottlenecks and support future revenue growth [8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 605.47 million yuan, a year-on-year increase of 33.88%, and a net profit of 130.45 million yuan, up 27.91% [8]. - The company’s diluted EPS for 2024 is projected at 1.28 yuan, with a P/E ratio of 58.70 [7][8]. Order Growth - New orders increased by approximately 24% year-on-year, with the majority coming from complete machine sales, which accounted for about 65% of the new orders [8]. - The aerospace and military sectors contributed significantly, with new orders in aerospace growing by about 10% [8]. Capacity Expansion - The company is making steady progress in its capacity expansion projects, with new production lines expected to start trial operations in early 2025 [8]. - The expansion is anticipated to release production capacity and support the fulfillment of existing orders, driving future growth [8].

Core Viewpoint - The company is advancing the development and application iteration of intelligent CNC systems based on domestic CPU chips through collaboration with various academic and technological institutions, focusing on local deployment of AI models for enhanced functionalities [1] Group 1: Collaboration and Partnerships - The company has partnered with Longxin Technology Co., Ltd., and teams from Tsinghua University and Beihang University to enhance its CNC systems [1] - The collaboration aims to leverage expertise in AI and technology to improve the company's product offerings [1] Group 2: Technological Advancements - The company is conducting application validation work on several AI models, including iFlytek Spark and DeepSeek, to enhance features such as intelligent interaction, predictive maintenance, and fault analysis [1] - The focus is on optimizing processing technology and building a technical support library to improve the overall efficiency of CNC systems [1]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's performance for 2024 is expected to show significant growth, with revenue projected at 605.11 million yuan, a year-on-year increase of 33.80%, and net profit attributable to shareholders expected to reach 130.45 million yuan, up 27.91% year-on-year. This growth is attributed to a rapid increase in sales orders and an accelerated diversification of products, including new sales orders for flexible automation production lines [2][5] - The company has actively participated in national government projects, receiving a total of 69.09 million yuan in government subsidies, with approximately 36% of the expected net profit for 2024 coming from these subsidies [3] - A stock incentive plan for 2024 has been introduced, demonstrating the company's confidence in long-term development. The plan aims to incentivize key personnel and is linked to specific revenue and profit growth targets for 2025 and 2026 [4] Financial Summary - The company's total revenue and net profit forecasts for 2024-2026 have been adjusted upwards, with net profit estimates of 1.30 billion yuan for 2024, 1.78 billion yuan for 2025, and 2.59 billion yuan for 2026. The corresponding price-to-earnings ratios are projected to be 52, 38, and 26 times, respectively [5] - By the end of 2024, the company's total assets are expected to reach 2.249 billion yuan, a 49.95% increase from the beginning of the year, while equity attributable to shareholders is projected to grow by 61.13% to 1.827 billion yuan [2]

Financial Performance - In 2024, the company achieved total operating revenue of RMB 605,474,164.58, representing a year-on-year increase of 33.88%[6] - The net profit attributable to the parent company was RMB 130,446,662.98, reflecting a year-on-year growth of 27.91%[6] - The net profit attributable to the parent company after deducting non-recurring gains and losses was RMB 105,281,231.88, up 36.75% compared to the previous year[6] - The earnings per share increased by 20.50% to RMB 1.3189[4] Assets and Equity - The company's total assets at the end of the reporting period reached RMB 2,248,803,207.73, a 49.95% increase from the beginning of the year[7] - The equity attributable to the parent company increased by 61.13% to RMB 1,826,683,909.28[7] - The total share capital rose by 9.72% to RMB 102,235,906.00[7] Return on Investment - The weighted average return on net assets decreased by 1.15 percentage points to 8.27%[4] Business Development - The company diversified its product sales, adding flexible automation production line orders in 2024, contributing to revenue growth[6] - The company received RMB 600 million from a private placement, enhancing its financial position and total assets[7]