Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Insights - The company has demonstrated steady revenue growth, with Q3 2024 revenue reaching 126 million yuan, a year-on-year increase of 37.35%. The net profit attributable to shareholders was 24 million yuan, up 38.49% year-on-year [3][4]. - New orders remain strong, with a 37% year-on-year increase in orders for the first three quarters of 2024. The aerospace sector accounts for 58% of new orders, with significant contributions from various industries [4][5]. - The company is actively expanding its production capacity, with ongoing projects in Dalian, Ningxia, and Shenyang expected to enhance its market share and profitability [5][6]. - A stock incentive plan has been introduced to bind core talent, which is expected to solidify the company's long-term development [5][6]. Financial Performance - For the first three quarters of 2024, the company reported total revenue of 381 million yuan, a 30.32% increase year-on-year, and a net profit of 72 million yuan, up 11.53% year-on-year. The adjusted net profit was 57 million yuan, reflecting a 26.34% increase [3][4]. - The company anticipates net profits of 120 million yuan, 181 million yuan, and 258 million yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 60x, 40x, and 28x [6][12]. Order Composition - The company's new orders are diversified, with five-axis CNC machine tools making up approximately 63% of total orders. The average order price for these machines is 2.23 million yuan per unit [3][4]. - The breakdown of new orders includes 58% from aerospace, 11% from universities and research institutions, 7% from the automotive sector, and 10% from machinery equipment [4]. Capacity Expansion - The company is progressing with its capacity expansion plans, with the Dalian facility's expansion underway and projects in Ningxia and Shenyang expected to commence operations by mid-2025 [5][6]. Talent Incentive - The stock incentive plan targets about 9.21% of the workforce, granting rights equivalent to 0.87% of the total share capital, aimed at key personnel to ensure long-term commitment [5][6].

公 司 研 究 [Table_Reportdate] 2024年11月04日 机 械 设 备 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn | --- | --- | |---------------------------|-------------| | | | | 数据日期 Table_cominfo] | 2024/11/01 | | 收盘价 | 70.50 | | 总股本 ( 万股 ) | 10,170 | | 流通 A 股 /B 股 ( 万股 ) | 10,170/0 | | 资产负债率 (%) | 20.91% | | 市净率 ( 倍 ) | 4.06 | | 净资产收益率 ( 加权 ) | 4.87 | | 12 个月内最高 / 最低价 | 88.99/54.69 | [Table_QuotePic] -33% -24% -16% -8% 1% 9% 17% 25% 23-11 ...

ST 证券研究报告 机床设备 科德数控（688305.SH） 买入-A(维持) 24Q3 业绩延续高增长，拟推股权激励计划彰显发展信心 | --- | --- | --- | |------------------------------------------------|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——科德数控 2024 年三季报点评 业绩基本符合预期，产能释放助力远期成长 科德数控(688305) [Table_Industry] 资本货物/工业 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|-------|-------|-------|-------|--------|-------|-------|---------------------------| | | | | | | | | | | | | | [table_Authors] 肖群稀 ( 分析师 ) | | | | | 欧阳蕤 | | ( | 分析师 ) | | | 0755-23976830 | | | | | | | | 021-38676550 | | | xiao ...

公司代码：688305 公司简称：科德数控 科德数控股份有限公司 投资者关系活动记录表 编号：2024-028 - 1 - 科德数控股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|----------|---------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投资者关系 | □ | 新闻发布会 □路演活动 | | 活动类别 | □ | 现场参观 □一对一沟通 | | | R | 其他（电话会议、网络会议） | | | 调研时间 | 2024 年 10 月 29 日 20:00-21:00 | | | 会议主题 | 公司组织三季报业绩交流会（线上） | | | | 中金公司、中信证券、申银万国、万吨 | | | | 资产、源乘私募基金、国泰君安、东海证 | | | | 券、益理资产、华宝基金、圣为投资、前海 | | 投资者关系活动 | 参会机构 | 华杉投资、中国银河、天瓴(北京)投资、聊 | | 主要 ...

Summary of Conference Call Company Overview - The company reported a total revenue of 381 million yuan for the first three quarters, representing a year-on-year increase of 30.32% [1] - The net profit for the same period was 72.26 million yuan, up 11.53% year-on-year, while the net profit after deductions was 56.79 million yuan, reflecting a 26.34% increase [1] - The overall gross margin for the business was 42.67%, a decrease of 2.73 percentage points year-on-year [1] Key Financial Metrics - The gross margin for the first three quarters was 43%, down 1.91 percentage points compared to last year, but up 1.2 percentage points from the first half of the year [2] - The gross margin for the automotive composite products reached 45.2%, an increase of 3.47% from the previous quarter [3] - Revenue for Q3 was 126 million yuan, a 37% increase year-on-year but an 18.6% decrease quarter-on-quarter [3] - The main business gross margin for Q3 was 41.2%, down 4.12 percentage points year-on-year [3] Revenue Composition - The revenue composition for the first three quarters showed that five-axis linkage machine tool revenue accounted for 87%, a 22% increase year-on-year [4] - The production line business accounted for 5% of revenue, with a year-on-year growth of 351% [4] - The average price of signed contracts for complete machines was 2.33 million yuan, a 32% increase year-on-year [4] Order Growth and Industry Distribution - New orders increased by 37% year-on-year, with CNC machine tools accounting for 63% of the total [4] - The distribution of domestic orders showed that the aerospace industry accounted for 58%, while the automotive sector accounted for 7% [5] - The company’s overall repurchase rate was approximately 40%, with state-owned enterprises accounting for 70% of orders [5] Research and Development - R&D investment for the first three quarters was 117 million yuan, a 15.06% increase year-on-year, representing 30.6% of total revenue [5] Stock Incentive Plan - The company announced a stock incentive plan for 2024, with a total of 887,400 shares to be granted, accounting for 0.87% of total shares [6] - The plan includes two types of restricted stocks, with performance targets linked to revenue and net profit growth [7][8] Market Outlook - The company anticipates that the aerospace sector will maintain a significant share of orders, projected to be between 40% to 60% [10] - Growth is expected in the energy sector and medical industry, with potential breakthroughs in the latter [11] - The company is optimistic about maintaining a 40% growth rate in core component sales over the next few years [22] Challenges and Risks - The gross margin for the production line business is currently below 40%, with a target to stabilize it around that level in the future [24] - The company is cautious about the impact of increased production costs and depreciation on net profit margins [17][18] Conclusion - The company is focused on expanding its market share in the aerospace and energy sectors while maintaining a strong emphasis on R&D and employee incentives to drive future growth [5][6][10]

2024年10月29日 来源：公司年报、国金证券研究所 科德数控(688305.SH) 买入(维持评级) 公司点评 证券研究报告 业绩表现优异，推股权激励计划 事件 公司 2024 年 10 月 29 日发布 24 年三季报,实现营业收入 3.81 亿 元,同比增长 30.32%:实现归母净利润 0.72 亿元,同比增长 11.53%。其中 3Q24 实现营业收入 1.26 亿元,同比增长 37.35%, 环 比减少 18.60%;实现归母净利润 0.24 亿元,同比增长 38.49%,环 比减少 28.64%。 经营分析 新签订单高增长,三季度业绩继续快速增长。根据公司公告信息, 1H24 公司新签订单同比增长 44%,其中立加、卧式铣车复合、卧 加、高速叶尖磨占比分别为 54%、25%、17%、4%，新签订单均价达 到 222 万元/台（不含税）。24 年 7 月公司与某客户签订了 2.24 亿元大单,订单较为充足背景下公司收入、利润继续保持高增长。 推股权激励计划,强化核心员工积极性。公司 10月 29 日发布 2024 年限制性股票激励计划(草案),拟授予权益总计不超过 88.74 万 股,占公告日股 ...

证券研究报告·公司点评报告·通用设备 科德数控（688305） 2024 年三季报点评：Q3 业绩高增，股权激励 落地彰显长期发展信心 2024 年 10 月 29 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 315.44 | 452.26 | 590.61 | 821.18 | 1,139.83 | | 同比（ % ） | 24.39 | 43.37 | 30.59 | 39.04 | 38.80 | | 归母净利润（百万元） | 60.34 | 101.99 | 118.64 | 171.32 | 252.23 | | 同比（ % ） | (17.19) | 69.01 | 16.33 | 44.40 | 47.23 | | EPS- 最新摊 ...

19/F, Tower B, Xinsheng Plaza, 5 Finance Street, Xicheng District, Beijing 100032, China 北京观韬律师事务所 法律意见书 北 京 观 韬 律 师 事 务 所 GUANTAO LAW FIRM http：// www.guantao.com 中国北京市西城区金融大街 5 号 Tel：86 10 66578066 Fax：86 10 66578016 E-mail：guantao@guantao.com 新盛大厦 B 座 19 层 邮编：100032 北京观韬律师事务所 关于科德数控股份有限公司 2024 年限制性股票激励计划（草案）的法律意见书 观意字 2024 第 007714 号 致：科德数控股份有限公司 北京观韬律师事务所（以下简称"本所"）接受科德数控股份有限公司（以 下简称"科德数控"、"上市公司"或"公司"）的委托，就《科德数控股份有限 公司 2024 年限制性股票激励计划（草案）》（以下简称《" 激励计划（草案）》"或 "本激励计划"）有关事宜，出具《北京观韬律师事务所关于科德数控股份有限 公司 2024 年限 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥125,741,328.14, representing a year-on-year increase of 37.35%[2] - The net profit attributable to shareholders for Q3 2024 was ¥23,817,744.92, up 38.49% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥17,835,829.18, reflecting a 29.91% increase year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 381,341,431.20, an increase of 30.3% compared to CNY 292,620,978.18 in the same period of 2023[16] - The company reported a net profit of CNY 296,925,191.21 for the first three quarters, compared to CNY 250,092,303.02 in the same period last year, showing a growth of 18.7%[15] - The net profit for Q3 2024 was CNY 72,084,312.03, an increase of 11.4% compared to CNY 64,620,367.18 in Q3 2023[18] - The total profit for Q3 2024 reached CNY 81,754,828.03, up from CNY 72,558,286.01 in the same period last year, reflecting a growth of 10.5%[18] - Operating profit for Q3 2024 was CNY 81,543,296.73, compared to CNY 72,614,023.60 in Q3 2023, indicating an increase of 12.7%[18] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥2,235,707,766.58, marking a 49.07% increase from the end of the previous year[3] - The total liabilities of the company rose to CNY 467,569,907.38, up from CNY 366,256,418.23, representing a growth of 27.7%[14] - The equity attributable to shareholders at the end of Q3 2024 was ¥1,768,495,860.99, which is a 56.00% increase compared to the end of the previous year[3] - The equity attributable to shareholders of the parent company reached CNY 1,768,495,860.99, a significant increase of 56.1% from CNY 1,133,659,575.63 in the previous year[15] - The total non-current assets increased to CNY 852,139,268.03, compared to CNY 500,096,921.26, marking a growth of 70.4%[13] Cash Flow - The company reported a net cash flow from operating activities of -¥19,736,400.30 for the year-to-date period[2] - Cash flow from operating activities for the first three quarters of 2024 was CNY 395,885,883.52, a rise of 31.6% from CNY 300,758,912.52 in the same period of 2023[19] - The net cash flow from operating activities for Q3 2024 was negative at CNY -19,736,400.30, compared to a positive CNY 9,490,026.39 in Q3 2023[20] - Cash and cash equivalents at the end of Q3 2024 amounted to CNY 425,782,913.20, significantly higher than CNY 142,514,266.03 at the end of Q3 2023[21] - The company reported a total cash inflow from investment activities of CNY 384,308,082.19 in the first three quarters of 2024, compared to CNY 204,752,551.72 in the same period of 2023[20] - The net cash flow from financing activities for Q3 2024 was CNY 560,240,903.10, a significant improvement from CNY -10,134,613.19 in Q3 2023[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 7,797[8] - The largest shareholder, Dalian Guangyang Technology Group Co., Ltd., holds 26,140,000 shares, accounting for 25.70% of the total shares[9] - The company has a total of 4,658,855 shares held by Guotou (Shanghai) Venture Capital Management Co., Ltd., representing 4.58% of the total shares[9] - The company’s major shareholders include natural persons and other entities, with no significant changes in shareholding structure reported[9] Research and Development - The company's R&D investment totaled ¥39,452,747.37 in Q3 2024, representing a 5.44% increase year-on-year[3] - Research and development expenses amounted to CNY 22,898,091.35, reflecting an increase of 24.8% from CNY 18,366,948.65 in the same period of 2023[16] Inventory and Receivables - Inventory increased to CNY 566,138,515.39, compared to CNY 471,493,278.62, indicating a rise of 20.1%[13] - Accounts receivable decreased to RMB 133.91 million from RMB 141.95 million in the previous period[12] - The company’s prepayments decreased to RMB 56.78 million from RMB 91.20 million in the previous period[12] - The company has a total of 6,746,101.74 in other receivables, an increase from RMB 5.02 million in the previous period[12] - Contract liabilities were reported at CNY 59,814,481.42, up from CNY 53,997,742.85, reflecting an increase of 10.5%[14] Market Performance - The increase in operating revenue and net profit is attributed to strong market demand for five-axis CNC machine tools and an increase in orders[6] - The company signed a significant sales contract worth RMB 223.84 million, which is expected to positively impact the company's performance in 2024 and 2025[11]