Investment Rating - The investment rating for the company is "Buy-A" with a target price of 81.12 CNY over the next six months [2][6]. Core Views - The company has shown continuous growth in new orders, with a 24% year-on-year increase in new orders for 2024. The revenue for 2024 reached 605 million CNY, a 33.88% increase year-on-year, while the net profit was 130 million CNY, up 27.37% year-on-year [2][6]. - The company is actively expanding into new fields such as renewable energy, automotive, medical, and semiconductors, while maintaining a strong presence in aerospace and military sectors [2][4]. - The gross margin for 2024 was 42.87%, a decrease of 3.16 percentage points year-on-year, attributed to changes in accounting standards and an increase in low-margin production lines [2][5]. Financial Performance Summary - In Q1 2025, the company reported revenue of 131 million CNY, a 29.40% increase year-on-year, and a net profit of 21 million CNY, up 40.09% year-on-year [1][2]. - The company expects revenues of 793 million CNY, 1.016 billion CNY, and 1.25 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 31.07%, 28.12%, and 23.03% [6][8]. - The net profit projections for the same years are 172 million CNY, 223 million CNY, and 276 million CNY, with growth rates of 32.31%, 29.65%, and 23.77% respectively [6][8]. Order and Market Dynamics - The company has a strong order structure, with approximately 60% of new orders coming from five-axis vertical machining centers and 53% of domestic orders from the aerospace sector [4][6]. - The company has established partnerships with major players in the aerospace industry, including nearly 50 user units under four major groups [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [1]. Core Insights - The company achieved a total revenue of 605.47 million yuan in 2024, representing a year-on-year growth of 33.88%, and a net profit attributable to shareholders of 129.89 million yuan, up 27.37% year-on-year [8]. - New orders continue to grow, with a significant increase in sales orders contributing to revenue growth, particularly from a large order of 224 million yuan for flexible automation production lines [8]. - The company is focusing on the aerospace and military sectors, with new orders in these areas accounting for approximately 53% of total new orders, reflecting a 10% year-on-year increase [8]. - Research and development investments totaled 163 million yuan in 2024, constituting 26.86% of revenue, highlighting the company's commitment to innovation and self-sufficiency [8]. - Capacity expansion projects are progressing steadily, with new production lines expected to alleviate capacity constraints and support future revenue growth [8]. - The company is projected to achieve net profits of 180 million yuan, 242 million yuan, and 313 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.76 yuan, 2.37 yuan, and 3.06 yuan [8]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 605.47 million yuan and a net profit of 129.89 million yuan, with respective growth rates of 33.88% and 27.37% [8]. - The first quarter of 2025 saw revenue of 131 million yuan, a year-on-year increase of 29.40%, and a net profit of 21 million yuan, up 40.09% [8]. Order Growth and Market Position - The company experienced a 24% year-on-year increase in sales orders, with the majority of new orders coming from complete machine sales, which accounted for about 65% of total new orders [8]. - The company is deepening its focus on the aerospace and military sectors, with significant advancements in domestic production capabilities [8]. Research and Development - The company invested 163 million yuan in R&D in 2024, which is 26.86% of its revenue, and has made significant progress in developing new machine models and securing patents [8]. Capacity Expansion - Ongoing capacity expansion projects are expected to enhance production capabilities and support the fulfillment of existing orders, contributing to future revenue growth [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 106.47 RMB [7][8]. Core Views - The company reported steady revenue growth, with 2024 revenue expected to reach 605.47 million RMB, a year-on-year increase of 33.88%. The net profit attributable to the parent company is projected at 129.89 million RMB, up 27.37% year-on-year [1][6]. - The company is expanding its product offerings into high-end and civilian sectors, which is expected to drive continued performance improvement [1][4]. - The gross margin for 2024 is forecasted at 42.87%, a decrease of 3.16 percentage points year-on-year, primarily due to a structural change in product revenue [2][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 131 million RMB, representing a year-on-year increase of 29.40% but a quarter-on-quarter decrease of 41.62%. The net profit for the same period was 21 million RMB, up 40.09% year-on-year but down 63.39% quarter-on-quarter [1][12]. - The company’s new order growth rate for 2024 is approximately 24%, with high-value-added products making up a significant portion of the orders [3]. Product and Market Development - The company is focusing on expanding its presence in the civilian market, with 74% of new orders in 2024 coming from private enterprises. The construction of new factories is expected to enhance production capabilities and market share in the civilian sector [4][5]. - The average transaction price for five-axis CNC machine tools reached 2.4251 million RMB in 2024, reflecting a year-on-year increase of 27.49% [3]. Profitability and Valuation - The report projects a decrease in net profit for 2025 and 2026 by 17% and 22%, respectively, due to anticipated slowdowns in demand from the aerospace sector and the time required for expanding civilian product revenues [5]. - The estimated earnings per share (EPS) for 2025 is 1.69 RMB, with a projected price-to-earnings (PE) ratio of 63 times for 2025 [5][6].

Core Viewpoint - The announcement emphasizes the commitment of the board and management of Kede CNC to ensure the accuracy and completeness of the quarterly report, asserting that there are no false records or significant omissions [2][3]. Financial Data Summary - The financial report for the first quarter of 2025 is unaudited, and the company has provided key financial data and indicators in RMB [3][7]. - The report includes a consolidated balance sheet, profit and loss statement, and cash flow statement for the period from January to March 2025, all of which are unaudited [6][7]. Non-Recurring Gains and Losses - The company has indicated that it applies the definition of non-recurring gains and losses as per the relevant disclosure guidelines, although specific amounts are not detailed in the provided documents [4]. Shareholder Information - The report includes information on the total number of ordinary shareholders and the top ten shareholders, although specific details on shareholding changes are not applicable [5][6]. Other Important Reminders - There are no additional important reminders regarding the company's operational situation during the reporting period [6]. Audit Opinion - The financial statements for the quarter do not have an applicable audit opinion type, indicating they are not audited [6][7].

证券代码：688305 证券简称：科德数控 公告编号：2025-014 科德数控股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 5 月 19 日 13 点 30 分 召开地点：辽宁省大连经济技术开发区天府街 1-2-1 号会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 19 日 至2025 年 5 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年5月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 东大会召开当日的交易 ...

证券代码：688305 证券简称：科德数控 公告编号：2025-006 科德数控股份有限公司 第三届监事会第十六次会议决议公告 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（以下简称"公司"）监事会于 2025 年 4 月 17 日以 电子邮件方式发出召开第三届监事会第十六次会议的通知，会议于 2025 年 4 月 27 日在公司会议室以现场方式召开并作出决议。公司监事 3 人，实际参加会议 监事 3 人，会议由监事会主席王大伟先生主持。本次会议的召集、召开和表决情 况符合《中华人民共和国公司法》（以下简称"《公司法》"）等法律法规及《科 德数控股份有限公司章程》（以下简称"《公司章程》"）的规定，形成的决议 合法、有效。 二、监事会会议审议情况 会议逐项审议并通过了以下事项： 1、审议通过《关于〈公司 2024 年度监事会工作报告〉的议案》 监事会审议同意《公司 2024 年度监事会工作报告》。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 本议案尚需提交公司股东大 ...

证券代码：688305 证券简称：科德数控 公告编号：2025-005 科德数控股份有限公司 第三届董事会第十八次会议决议公告 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。 科德数控股份有限公司（以下简称"公司"）董事会于 2025 年 4 月 17 日以 电子邮件方式发出召开第三届董事会第十八次会议的通知，会议于 2025 年 4 月 27 日在公司会议室以现场结合通讯方式召开并作出决议。公司董事 9 人，实际 参加会议董事 9 人，会议由董事长于本宏先生主持。本次会议的召集、召开和表 决情况符合《中华人民共和国公司法》（以下简称"《公司法》"）等法律法规 及《科德数控股份有限公司章程》（以下简称"《公司章程》"）的规定。会议 逐项审议并通过了以下事项： 一、审议通过《关于〈公司 2024 年度董事会工作报告〉的议案》 董事会审议同意《公司 2024 年度董事会工作报告》。 表决结果：同意 9 票；反对 0 票；弃权 0 票。 本议案已经董事会审计委员会审议通过，并同意将本议案提交董事会审议。 本议案尚需提交公司股东大 ...

证券代码：688305 证券简称：科德数控 公告编号：2025-007 科德数控股份有限公司 2024 年年度利润分配及资本公积金转增股本方案公告 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： 每股分配及每股转增比例：每股派发现金红利 0.245 元（含税），同时 以资本公积金向全体股东每股转增 0.3 股，不送红股。 本次利润分配及资本公积金转增股本以实施权益分派股权登记日登记的 科德数控股份有限公司（以下简称"公司"）总股本为基数，具体日期将在权益 分派实施公告中明确。 如在实施权益分派的股权登记日前公司总股本发生变动的，公司拟维持 分配总额和每股转增比例不变，相应调整每股分配比例和转增总额，并将另行公 告具体调整情况。 公司未触及《上海证券交易所科创板股票上市规则》（以下简称"《科 创板股票上市规则》"）第 12.9.1 条第一款第（八）项规定的可能被实施其他 风险警示的情形。 一、利润分配及资本公积金转增股本方案内容 （一）利润分配及资本公积金转增股本方案的具体内容 截至 2024 年 12 月 ...

证券代码：688305 证券简称：科德数控 公告编号：2025-012 本次提请股东大会授权相关事宜包括以下内容： 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。 一、本次授权事项概述 根据《上市公司证券发行注册管理办法》《上海证券交易所上市公司证券发 行上市审核规则》《上海证券交易所上市公司证券发行与承销业务实施细则》等 有关法律法规、规范性文件的规定，科德数控股份有限公司（以下简称"公司"） 于 2025 年 4 月 27 日分别召开第三届董事会第十八次会议和第三届监事会第十六 次会议，审议通过了《关于提请股东大会授权董事会以简易程序向特定对象发行 股票相关事宜的议案》，同意公司董事会提请股东大会授权董事会决定以简易程 序向特定对象发行融资总额不超过人民币 3 亿元且不超过公司最近一年末净资 产 20%的股票，授权期限自公司 2024 年年度股东大会审议通过之日起至 2025 年 年度股东大会召开之日止。该事项尚需公司股东大会审议。 二、本次授权事宜具体内容 （一）确认公司是否符合以简易程序向特定对象发行股票的条件 授 ...

科德数控股份有限公司 审计报告及财务报表 二○二四年度 信会师报字[2025]第 ZG11946 号 科德数控股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-6 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-106 | 审计报告 信会师报字[2025]第 ZG11946 号 科德数控股份有限公司全体股东： 一、 审计意见 我们审计了科德数控股份有限公司（以下简称贵公司）财务报表， 包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合 并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者 权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按 ...