Zheng Quan Zhi Xing·2025-04-14 00:06Group 1: Key Points on Kede CNC - Kede CNC's core technology and component procurement do not involve U.S. origin goods, resulting in minimal impact from tariffs [1] - The company focuses on independent research and development of key functional components, achieving self-control over five-axis CNC systems, servo drives, and motors [1] - Orders are driven by both repurchases of old models and the expansion of new products, with a 13% increase in traditional five-axis vertical machining center orders and a 40% repurchase rate for machine tool products [1] - The five-axis horizontal machining centers and five-axis horizontal milling-turning composite machining centers have diverse specifications suitable for processing complex structural parts, significantly enhancing processing efficiency and precision [1] - The blade tip grinding products contribute to increasing the localization rate of aircraft engines, promoting the rapid and high-quality development of core technologies in the aviation industry [1] Group 2: Key Points on Novogene - Novogene's overseas conventional business revenue for 2024 has exceeded 100 million yuan, accounting for 7.4% of total revenue, with significant domestic client supply chain import substitution opportunities expected to drive growth [2] - Import enterprises hold over 50% market share in research and diagnostic clients, with even higher shares in pharmaceutical companies, indicating strong domestic replacement potential [2] - The domestic gross margin has declined due to intensified competition and product structure adjustments, although the sales proportion of new product categories is increasing, with some products maintaining good gross margins [2] - Novogene collaborates comprehensively with BGI in areas such as gene sequencing and D detection, with potential for deeper cooperation in Alzheimer's disease testing in the future [2]