KEDE Numerical (SH:688305) Zheng Quan Shi Bao Wang·2025-06-04 10:48Core 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]