豪德数控净利降8%在手订单缩水24% 产能利用率不足82%仍募3.5亿扩产

Core Viewpoint - The company, Guangdong Haode Numerical Control Equipment Co., Ltd. (Haode CNC), is facing significant challenges in its performance growth due to fluctuations in downstream market demand, leading to a projected decline in revenue and profits for 2024 [2][6]. Financial Performance - In 2023, Haode CNC experienced a substantial increase in revenue, net profit, and net profit excluding non-recurring gains, with growth rates of 46.75%, 108.46%, and 121.46% respectively. However, projections for 2024 indicate a decline in these metrics, with expected decreases of 7.37% in revenue, 8.54% in net profit, and 15.28% in net profit excluding non-recurring gains [6][7]. - The company's revenue for the years 2022 to 2024 was reported as 337 million, 494 million, and 458 million respectively, while net profits were 34.98 million, 72.92 million, and 66.69 million [5][6]. Order Backlog and Capacity Utilization - As of February 2025, Haode CNC's order backlog amounted to 45.6083 million, reflecting a year-on-year decrease of 23.98% [3][7]. - The capacity utilization rates for Haode CNC's three core products were below 82% in 2024, indicating underutilization of production capabilities [4][8]. International Revenue Growth - Haode CNC reported a significant increase in international revenue, which grew by 90.55% from 2022 to 2024, with figures of 41.6023 million, 40.1166 million, and 76.444 million respectively, representing 12.72%, 8.3%, and 17.17% of total revenue [7][8]. Fundraising and Investment Plans - The company plans to raise up to 350 million through a public offering, with the funds allocated entirely to the development of smart furniture and intelligent manufacturing projects [4][8]. - The company aims to enhance its production capacity through these investments, although concerns remain regarding the market's ability to absorb the new capacity [9]. Inventory Concerns - As of the end of 2024, Haode CNC's inventory value was reported at 102 million, constituting 34.66% of current assets, raising concerns about potential inventory buildup and obsolescence in a declining market [9].