Core Viewpoint - The company, Kede CNC, claims to be the only domestic company fully covering three core technologies: high-end five-axis CNC machine tools, high-end CNC systems, and key functional components, indicating a strong position in the market despite challenges in market share growth [1] Group 1: Company Performance - Kede CNC has achieved a compound annual growth rate (CAGR) of 38.54% in revenue and 46.72% in net profit from 2022 to 2024 [1] - The average price of five-axis CNC machine tools is expected to increase by 47.78% in 2024 compared to 2022 [1] - The company has successfully transitioned from a startup research and development phase to an industrialization development stage [1] Group 2: Market Position and Strategy - The company is actively involved in high-end equipment manufacturing sectors such as aerospace, automotive, energy, and shipbuilding [1] - Kede CNC currently has a sufficient backlog of orders and is accelerating capacity construction [1]

（文章来源：每日经济新闻） 科德数控（688305.SH）11月7日在投资者互动平台表示，尊敬的投资者，您好。公司的"大飞机结构件 工艺验证中试基地"项目于2025年6月完成了合作协议的签订，目前处于建设阶段，根据规划，该中试基 地将通过配置数十台国产高端五轴装备，系统性攻关钛合金、铝合金等典型航空结构件的关键加工技 术，并建立"应用反馈-设备升级"的闭环机制。此类工作的推进，为未来产生经济效益和社会效益打下 了坚实基础。近日再传佳音，公司与上飞公司在中国商飞总部签署了《卓越创新中心（COE）共建协 议》，成立了国内首个卓越创新中心，共同推动我国民机制造技术和高端数控装备的产业升级和高质量 发展。感谢您的关注！ 每经AI快讯，有投资者在投资者互动平台提问：合作建设的大飞机结构件中试基地已经开始产生效益 了吗？ ...

Group 1 - The company is currently in the preparation stage for production at the new factory in Yinchuan, Ningxia, which has been relocated [2] - The Shenyang factory has completed the main construction and has begun internal decoration [2]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The high - end equipment manufacturing industry is the cornerstone of the country's high - speed and high - quality development. The demand for high - precision and high - efficiency processing equipment and functional components is on the rise, and the future application prospects of five - axis linkage CNC machine tools and key components are broad and long - lasting [27]. - The report research company, with its core technology of independent control, has formed a multi - point profit system centered on five - axis linkage CNC machine tools, and has made breakthroughs in new fields such as medical, semiconductor, and low - altitude economy, with a promising future [27][31]. 3. Summary According to Relevant Catalogs 3.1. Research Basic Situation - The research object is Kede CNC, belonging to the general equipment industry. The reception time was on November 5, 2025. The listed company's reception personnel included the chairman, general manager, board secretary, financial director, and independent director [17]. 3.2. Detailed Research Institutions - The research institutions included investors and urban commercial banks [20]. 3.3. Research Institution Proportion No information provided in the content. 3.4. Main Content Data - **Business Income Composition in 2025**: From January to September 2025, the revenue of five - axis linkage CNC machine tools accounted for about 49%, the production line business revenue accounted for about 44%, and the revenue of other key functional components, high - grade CNC systems, after - sales service and other businesses totaled about 7% [24]. - **Axial Flux Motor Progress**: The company is actively carrying out research and development of axial flux motors and plans to launch a prototype in early 2026. This new - generation motor technology has great potential in fields such as electric aviation, new - energy vehicles, and humanoid robots [24]. - **Civilian Aircraft Field Planning**: The company has a clear strategic plan and active layout in the civilian aircraft field. It has applied mature products to aircraft and engine manufacturing, is developing new products, and has jointly established a "large aircraft structural parts process verification pilot base" to support the domestic aviation industry chain [24][25]. - **Order Outlook**: The company has a full order backlog. Since the third quarter of this year, market demand has increased. There are repeat purchases from existing customers and breakthroughs in new markets and customers. In the domestic large - aircraft field, it has also won new customers [25]. - **New Field Breakthroughs**: The company has made continuous breakthroughs in new fields such as medical, semiconductor, and low - altitude economy. It has entered the medical field for the first time, seen accelerated order growth in the semiconductor field, and expanded its coverage in the aerospace and low - altitude economy fields [26]. - **Aerospace Field Progress**: The company has continued to develop in the aerospace field. User units under the Aerospace Science and Industry Corporation and the Aero - Engine Corporation have increased their purchases of the company's products. As of the reporting date, the company's products have been widely used in more than 50 user units under four major groups [26]. - **Future Product Layout**: The company builds its core competitiveness through self - developed technologies, forming a multi - point profit system centered on five - axis linkage CNC machine tools, with independent market space for self - developed functional components [27]. - **Industry Development Prospects**: The high - end equipment manufacturing industry is crucial for the country. With the development of various industries, the demand for high - precision and high - efficiency processing equipment and components will continue to increase [27]. - **Financing Progress**: The company will not launch a simple - procedure financing plan this year. The project under consideration has sufficient funds, so there is no need for a private placement [28]. - **Competitors and Core Competitiveness**: In bidding projects, the company competes with international advanced brands and domestic excellent equipment manufacturers. It has advantages such as independent control of core components, excellent processing performance, and rapid after - sales service response. It is a key force for domestic substitution [29]. - **Factory Progress**: The Yinchuan factory has completed relocation and started trial operation, and the Shenyang factory is in the interior decoration stage. The new factories will support the company's future performance growth [30]. - **Revenue and Profit Growth Points in 2025 - 2026**: The company's revenue and profit growth will come from continuous development in traditional fields, breakthroughs in new fields, new product launches, and the research and development of axial flux motors [31]. - **Gross Margin Analysis**: The company's main business gross margin has remained above 40%. In 2025, due to the increase in the proportion of production line business, the overall gross margin fluctuated slightly, but it is still higher than that of the industry. With capacity expansion and cost optimization, the gross margin will remain at a high level in the future [32][34].

Core Viewpoint - The establishment of the "Aviation Manufacturing - Kede CNC Excellence Innovation Center" marks a significant collaboration between Kede CNC and Shanghai Aircraft Manufacturing Company, focusing on advanced processing technologies and high-end equipment in the aerospace sector [1] Group 1: Partnership Details - Kede CNC's Chairman Yu Benhong and Shanghai Aircraft Manufacturing's Deputy General Manager Hu Xueying signed a cooperation agreement for the establishment of the Excellence Innovation Center [1] - This center is the first of its kind in China dedicated to metal cutting machine tools, indicating a strategic move to enhance domestic capabilities in aerospace manufacturing [1] Group 2: Focus Areas of Collaboration - The partnership will focus on advanced processing techniques for complex core components of large aircraft, high-end five-axis machine tools, advanced CNC systems, and flexible intelligent production lines [1] - The collaboration aims to drive research and transformation of new technologies, processes, and equipment, contributing to the upgrade of China's civil aircraft manufacturing technology and high-end CNC equipment [1]

Core Viewpoint - 科德数控 is actively enhancing its technological capabilities and expanding its market presence, particularly in the aerospace, medical, semiconductor, and low-altitude economy sectors, leading to steady revenue growth and increased recognition from users [1][3]. Group 1: Business Overview - 科德数控 specializes in five-axis CNC machine tools, high-end CNC systems, key functional components, and flexible automation production lines, being the only domestic company with dual R&D systems for high-end CNC systems and machine tools [1]. - The company has successfully applied its self-developed high-end CNC machine tools in strategic emerging industries such as aerospace, energy, automotive, tooling, precision molds, and machinery [1]. Group 2: Strategic Developments - In the civil aviation sector, 科德数控 has a clear strategic plan and has begun mass application of its mature products in aircraft and engine manufacturing, while also developing new products like the six-axis five-linkage blade processing center [2]. - The company has established a domestic first pilot base for the verification of complex structural components of domestic aircraft, focusing on the C919 and C929 models, to overcome production bottlenecks [2]. Group 3: Market Expansion - 科德数控 is making breakthroughs in the medical and semiconductor fields, with significant orders for its five-axis vertical machining centers from key orthopedic medical device companies and increased orders from semiconductor firms [3]. - The company is expanding its presence in the aerospace sector and deepening its involvement in the low-altitude economy, collaborating with new users for core component processing in drone engines and pods [3]. Group 4: Capacity Expansion and Market Demand - The company is actively expanding its production capacity, with the Yinchuan plant having completed relocation and started trial operations, while the Shenyang plant is undergoing internal renovations [4]. - Since the third quarter of this year, the company has seen increased market activity, with a rise in inquiries and technical discussions with potential clients, indicating strong demand and customer recognition [4].

Core Viewpoint - The fluctuations in revenue and profit are primarily attributed to the amortization of the 2024 restricted stock incentive plan, the temporary impact of international policy, and insufficient production capacity [1] Group 1: Financial Performance - The company has experienced significant growth in new orders in the third quarter compared to the second quarter, indicating a positive market response [1] - The company is confident that as production capacity gradually increases, the scale effect will become more apparent, leading to simultaneous growth in revenue and profit margins [1] Group 2: Market Strategy and Diversification - The company is actively adjusting its market strategy and has made breakthroughs in new fields such as healthcare, semiconductors, and low-altitude economy, resulting in a more diversified customer base [1] - The current order backlog is sufficient, and new product development continues to receive market orders, enhancing the competitiveness of the company's products [1]

Core Viewpoint - The company, Kede CNC, is experiencing positive performance due to capacity release and the diminishing impact of external policy factors, while actively expanding into more civilian sectors with significant results expected by 2025 [1] Group 1: Performance and Market Expansion - The company reported that its performance remains strong as capacity is released and external policy influences fade [1] - Kede CNC is actively extending its market expansion into more civilian fields, anticipating significant results by 2025 [1] Group 2: Product Development and Orders - The new five-axis milling and grinding composite processing center, KTFMS200, received orders from the aerospace sector in the third quarter for the processing of impellers and disks [1] - The five-axis blade processing center, KTurbom1500, has received small batch orders, addressing the high-efficiency processing needs in aerospace and energy sectors [1] - The DMC55 series of five-axis vertical machining centers has gained recognition from private clients, marking the company's first entry into the medical field with bulk orders [1]

Core Insights - The company, Kede CNC, provides manufacturing and processing equipment for major aircraft core components, including engines and structural parts [1] Group 1: Product Offerings - Kede CNC's products cover a wide range of aircraft core components, including five-axis vertical and horizontal machining centers, six-axis five-linkage blade processing centers, and high-speed blade tip grinding centers for efficient processing of engine core components such as blades, casings, and disks [1] - The company offers five-axis horizontal turning and milling composite machining centers, as well as various milling products for the production of landing gear, wings, rib structures, and frame components [1] - The five-axis gantry machine GMC3060 is designed for efficient processing of large aerospace titanium alloys, aluminum alloys, and non-metal composite materials [1] Group 2: Clientele and Market Reach - Kede CNC has provided equipment to 30 main engine manufacturers and research institutes under the Aviation Industry Corporation of China (AVIC) and the Aero Engine Corporation of China (AECC) [1] - The company has supplied equipment to nearly 100 supporting manufacturers in the aviation industry, indicating a strong market presence and extensive client base [1] - Multiple key models from Kede CNC are involved in the manufacturing of large aircraft, showcasing the company's integral role in the aerospace supply chain [1]

Core Viewpoint - The company, Kede CNC, has confirmed that its products are utilized in the manufacturing of key components for large aircraft, including the newly launched Airbus A320 series in Tianjin [2]. Group 1: Company Products and Capabilities - Kede CNC's products cover the manufacturing and processing of core components for large aircraft, including engines and structural parts [2]. - The company offers various advanced machining centers, such as five-axis vertical and horizontal machining centers, and six-axis five-linkage blade processing centers, which are designed for efficient processing of engine core components like blades, casings, and disks [2]. - For structural components and landing gear, Kede CNC provides five-axis horizontal turning and milling composite machining centers, which can be used for the production of landing gear, wings, ribs, and frame components [2]. - The five-axis gantry machine GMC3060 is capable of efficiently processing large structural components made from titanium alloys, aluminum alloys, and non-metallic composite materials [2]. Group 2: Industry Engagement - Kede CNC has supplied equipment to 30 main engine manufacturers and research institutes under the Aviation Industry Corporation of China (AVIC) and has provided equipment to nearly 100 supporting manufacturers in the aviation industry [2]. - The company's main models have participated in the manufacturing of large aircraft, indicating its significant role in the aviation supply chain [2].