证券研究报告 2025年7月9日 行业：机械 增持 （维持） 主要观点 风险提示：全球和国内经济环境不及预期、产业政策不及预期、市场竞争加剧的风险、原材料价格剧烈波动、技术发展不及预期、国际贸易摩 擦和争端加剧等。 2 价值守正，成长出奇 ——机械行业下半年投资策略 分析师：刘阳东 SAC编号：S0870523070002 分析师：王亚琪 SAC编号：S0870523060007 ◼ 工程机械：行业周期景气复苏，看好内外需共振下企业盈利改善。国内市场，工程机械行业筑底向好趋势有望持续；出口市场，受益于东 南亚、非洲、中东等新兴市场景气持续，工程机械出口规模持续提升，国产厂家全球市占率仍有提升空间。工程机械板块或受益于国内外 需求共振，工程机械企业盈利水平有望持续提升。 ◼ 半导体设备：国产核心设备有望加速验证，自主可控趋势明确。终端需求发展叠加大陆晶圆厂产能扩张，为国内半导体设备产业的扩张和 升级提供机遇，据SEMI预测，2025-2027年中国300mm晶圆厂设备投资预计超过1000亿美元。同时，在半导体产业逆全球化趋势背景下， 国内半导体产业链自主可控势不可挡，随着下游晶圆厂扩产以及国产设备验证进程持续推 ...

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The June PMI for the machinery industry has rebounded to 49.7%, indicating a recovery in general equipment and engineering machinery sectors [4][6] - Despite a decline in domestic engineering machinery operations, exports are experiencing rapid growth, with a year-on-year increase of 8.8% in May [5][6] - The overall demand for machinery equipment is expected to improve in the second half of the year due to easing US-China trade tensions and supportive fiscal and monetary policies [6] Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 19.5% and an absolute return of 35.6% [3] General Equipment - The production index and new orders index have increased to 51.0% and 50.2%, respectively, indicating expansion [4] - The overall manufacturing sector is showing resilience, with a continuous recovery in PMI for May and June [4] Engineering Machinery - The average working hours for major engineering machinery products in June were 77.2 hours, down 9.1% year-on-year [5] - The average operating rate for engineering machinery was 56.9%, a decline of 7.55 percentage points year-on-year [5] Investment Recommendations - The report suggests focusing on the engineering machinery sector, which is expected to benefit from domestic demand recovery and strong export growth [6] - Specific companies to watch include Anhui Heli, Hangcha Group, Sany Heavy Industry, XCMG, Zoomlion, and Hengli Hydraulic [6] Key Company Forecasts - The report includes earnings forecasts and ratings for key companies, with several companies rated as "Buy" [20]

◎记者 孙小程 "科创板不仅是融资平台，更是创新'加速器'，它推动中控技术实现了技术自主化从点至面、研发投入 从量到质、创新资源从国内到全球的跨越，让中国高端装备的'硬科技'成色闪耀于重大工业场景。"谈 及上市以来的收获，中控技术副总裁、首席财务官、董秘房永生如是概括。 高端装备制造业是强国之基，为加快发展新质生产力、建设现代化产业体系提供重要支撑。近年来，科 创板着力打造先进制造业集群，超百家高端装备制造业企业齐聚板块，涵盖工业母机、工业机器人、激 光加工、工业自动化控制系统等先进工艺装备，下游覆盖轨交、汽车、电力、航空、物流等国计民生重 点领域，构建起协同创新、产业集聚的发展格局。 房永生回顾道："自2020年成功登陆科创板以来，公司始终将'硬科技'作为立身之本和发展引擎。上市 不仅是对我们过往技术积累的认可，更极大地赋能了公司核心技术的深化与突破，公司'硬科技'成色在 多个维度得到了显著增强。" 再看电力设备行业。我国已形成完善的电力装备产业链，科创板电力设备企业近年来延续稳健增长态 势，有力保障能源安全，推动工业绿色化发展。 其中，智能电网设备链主企业南网科技坚持以科技创新为引领，2024年推动全国唯 ...

Core Insights - The Chinese gantry machining center industry is experiencing robust growth, with a projected market size of 5.027 billion yuan in 2024, representing a year-on-year increase of 2.07% [1][16] - Significant advancements have been made in high-end and intelligent technologies within the domestic gantry machining center sector, with companies increasing R&D investments to overcome key technical challenges [1][16] - The localization rate of CNC systems, which serve as the "brain" of gantry machining centers, is gradually improving, laying a solid foundation for the industry's autonomous and controllable development [1][16] Industry Overview - Gantry machining centers are large CNC machine tools designed for precision machining of large workpieces and complex shapes, featuring a high-rigidity and stable processing platform [1] - The industry has evolved through four main stages: initial reliance on imports, a phase of independent R&D, industrialization, and a current focus on high-end transformation [6][7][9] Industry Development History - The industry began in the 1980s and 1990s, with a surge in demand for high-end machine tools leading to collaborations with international manufacturers to absorb CNC technology [6] - From 2000 to 2010, domestic companies began to break foreign monopolies, with significant advancements in five-axis gantry machining centers [7] - The period from 2011 to 2020 saw the establishment of a complete industrial chain, with key components achieving self-sufficiency [9] Industry Chain - The gantry machining center industry chain includes components, basic materials, and electrical elements, with downstream applications in aerospace, automotive manufacturing, and mold making [12] Market Size - The CNC system market in China is projected to reach 15.287 billion yuan in 2024, with a year-on-year growth of 5.55%, driven by increasing demand for high-precision and efficient processing equipment [14] Key Companies - Major players include Shenyang Machine Tool, Dalian Machine Tool, and private enterprises like Haitai Precision and Nuowei CNC, each competing in different market segments [18][20][22] - Haitai Precision is a leading domestic manufacturer with a market share of nearly 80% in heavy gantry machining centers, reporting a revenue of 1.755 billion yuan in 2024 [20] - Guosheng Intelligent Technology has shown significant growth, with a revenue increase of 16.48% year-on-year in Q1 2025 [22] Industry Trends - The industry is expected to embrace technological upgrades and intelligent development, integrating IoT, big data, and AI to enhance performance and efficiency [24] - The demand for high-precision machining equipment will continue to rise, particularly in emerging markets such as new energy vehicles and 3C electronics [25][26] - Domestic companies are likely to accelerate the process of replacing imports, while also facing intensified international competition [27]

全球制造业智能化浪潮奔涌，高端数控机床作为产业升级的钢铁脊梁，其自主化进程正重塑工业竞争格 局。2008年，科德数控破茧而生，以"破壁者"之姿刺入被国际巨头领先数十年的五轴机床腹地，决战高 端机床市场。 科创，是刻入基因的信仰。从数控系统、关键部件到整机设计，44项国家科技重大专项、138项国内发 明专利，科德数控构建起全链条自主创新长城。2021年登陆科创板鸣锣上市，更是激荡起科德数控资本 与创新的交响。产业深耕，资本助力，科德数控持续研发，攻破一个又一个技术堡垒，将"十年磨一 剑"的孤勇转化为新质生产力的洪流。 "别只在技术深井里雕花，还要去产业旷野上种树。"科德数控董事长于本宏目光远大。科德数控也正推 动产品从单一设备向全产业链布局升级，民航大飞机、新能源汽车、人形机器人……一个个工业母机的 创新情景正被攻克。科德数控正以自主创新的星辰之火，点燃中国工业母机攀登创新之巅的燎原之光。 精密工厂孕育先进机床 青山环峙、秀峰叠翠，走进科德数控所处的产业园区，你看不到工业厂区常见的灰墙蓝瓦，只有一大片 葱茏绿地映入眼帘，红墙黄瓦的古风建筑呈现在眼前，面积足有30多个足球场大小。而科德数控工厂就 在此处地下14米 ...

Group 1 - The A-share virtual power plant sector showed significant activity at the beginning of trading, with New Alliance Electronics, China Electric Power Xinlong, and Jinzhih Technology all hitting the daily limit up [1] - Hengshi Technology experienced a substantial increase of 15%, while Wansheng Intelligent and Kanan Intelligent also saw gains [1]

Group 1: Kede CNC - Kede CNC is focusing on humanoid robot technology, particularly in motion control technology adaptation and core component manufacturing applications [1] - The company has developed proprietary five-axis machining centers and linear motors to enhance precision and acceleration in manufacturing robot parts [1] - The demand for large aircraft in China is projected to require 8,278 new passenger aircraft from 2024 to 2043, significantly boosting the aviation manufacturing supply chain [1] - Kede CNC's products are applicable in manufacturing core components for large aircraft, including engines and structural parts, and the company has established partnerships with major aviation manufacturers [1] Group 2: Jingbeifang - Jingbeifang is focusing on stablecoin technology and its advantages in cross-border payments, emphasizing improved timeliness and reduced costs [2] - The company plans to enhance communication and collaboration with clients to explore the application of stablecoin technology in various business scenarios [2] - Jingbeifang aims to strengthen partnerships with both financial and non-financial institutions to expand business opportunities while adhering to regulatory requirements [2]

Core Viewpoint - Kode CNC has demonstrated strong growth in revenue and profit, with a focus on high-end CNC machine tools and components, while expanding its presence in the humanoid robotics and large aircraft markets [1][2][3][4] Group 1: Financial Performance - In 2024, Kode CNC achieved a revenue of 605 million yuan, representing a year-on-year growth of 33.88% [1] - The net profit for 2024 was 130 million yuan, with a year-on-year increase of 27.37% [1] - The basic earnings per share were 1.31 yuan, and the gross margin for the main business was 42.87%, significantly higher than industry peers [1] Group 2: Order and Market Segmentation - The company signed new orders with a year-on-year growth rate of approximately 24% [1] - In the domestic new orders, the aerospace sector accounted for about 53%, with a year-on-year growth of approximately 10% [1] - Other sectors included higher education at 12%, machinery at 11%, energy at 10%, automotive at 6%, and a combined total of 8% for weapons, ships, and tools [1] Group 3: Humanoid Robotics Development - Kode CNC is focusing on motion control technology adaptation and core component manufacturing for humanoid robots [2] - The company has developed control algorithms and servo drives that can be applied to humanoid robot systems, enhancing motion control and precision [2] - Kode CNC's self-developed five-axis machining centers are utilized for manufacturing robot joints and components, indicating a strong position in the robotics supply chain [2] Group 4: Large Aircraft Market Potential - The large aircraft market in China is projected to require 8,278 new passenger aircraft from 2024 to 2043, with a total fleet size expected to reach 8,905 by 2043 [3] - The production of the domestically developed C919 aircraft is anticipated to significantly boost demand for five-axis machine tools in the aerospace manufacturing sector [3] - Kode CNC's products are designed to efficiently process key components for aircraft engines and structures, positioning the company well within the aerospace supply chain [3][4] Group 5: Strategic Partnerships - Kode CNC has provided equipment to nearly 30 main engine manufacturers and research institutes under the Aviation Industry Corporation of China [4] - The company is committed to deepening cooperation with major aircraft manufacturers like COMAC, enhancing its competitive edge in domestic substitution [4]

Core Viewpoint - The announcement details the implementation of the annual equity distribution plan for Kede CNC Co., Ltd., including cash dividends and stock bonus shares for shareholders [1][2]. Summary by Sections Equity Distribution and Capital Increase - The company will distribute a cash dividend of 0.245 CNY per share (tax included) and will increase capital by issuing 0.3 shares for every share held [1][2]. - The total cash dividend payout amounts to approximately 25.05 million CNY, while the capital increase will result in the issuance of approximately 30.67 million shares [2][3]. Shareholder Meeting Approval - The profit distribution and capital increase plan was approved at the annual shareholder meeting held on May 19, 2025 [2]. Shareholder Eligibility and Tax Implications - Shareholders registered by the close of trading on the equity registration date will be eligible for the distribution [2]. - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, while those holding for one year or less will have tax calculated upon the sale of shares [3][4]. Changes in Share Capital Structure - The total share capital before the distribution was 102,235,906 shares, which will increase to 132,906,678 shares post-distribution [5]. - The diluted earnings per share for the fiscal year 2024 is projected to be 1.01 CNY after the capital increase [5]. Contact Information - For inquiries regarding the equity distribution, shareholders can contact the company's board office at the provided phone number [6].

证券代码：688305 证券简称：科德数控 公告编号：2025-017 科德数控股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证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： 1.发放年度：2024年年度 2.分派对象： 每股转增0.3股 相关日期 | 股权登记日 | 除权（息）日 | 新增无限售条件流 通股份上市日 | 现金红利发放日 | | --- | --- | --- | --- | | 2025/6/3 | 2025/6/4 | 2025/6/4 | 2025/6/4 | 一、通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司2025 年 5 月 19 日的2024年年度股东大会 审议通过。 二、分配、转增股本方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 公司存在首发战略配售股份，首发战略配售股份已全部上市流通 是否涉及差异化分红送转：否 每股分配比例，每股转增比例 每股现金 ...