科德数控(688305)：1H25扣非净利润率稳健

Core Viewpoint - The company reported slightly lower-than-expected performance for H1 2025, with revenue growth driven primarily by its automation production line business, while net profit showed a modest increase despite a decline in non-recurring profit due to increased share-based payment expenses [1][2]. Financial Performance - H1 2025 revenue reached 295 million yuan, a year-on-year increase of 15.24% - Net profit attributable to shareholders was 49 million yuan, up 1.27% year-on-year - Non-recurring net profit was 36 million yuan, down 7.43% year-on-year, primarily due to increased share-based payment expenses [1] - Excluding share-based payment impacts, net profit attributable to shareholders would be 55 million yuan, reflecting a year-on-year growth of 13.85% [1] Business Segments - The automation production line business generated 158 million yuan in revenue, accounting for 53.66% of total revenue - The CNC machine tool business contributed 119 million yuan, representing 40.41% of total revenue [1] - The company's gross margin decreased by 4.7 percentage points to 38.3% due to the increased proportion of automation production lines [1] Cost Structure - Management expenses increased due to share-based payment amortization, with sales/management/R&D expense ratios showing a year-on-year change of -1.8/+0.7/+0.1 percentage points [1] - The net profit margin decreased by 2.3 percentage points year-on-year, influenced by changes in gross margin and expense structure [1] Cash Flow - Operating cash flow improved significantly, with a net cash flow from operating activities of 1.6523 million yuan, compared to a negative 200,500 yuan in the same period last year, primarily due to increased cash collections from sales [2] Development Trends - The company is transitioning towards AI applications, leveraging its CNC system algorithm capabilities and establishing a domestic AI platform based on Loongson Zhongke servers [3] - Collaboration with Shenyang Aerospace Industry Group to build a pilot test base for high-end five-axis machine tools, focusing on complex structural parts for large aircraft [3] - Construction of the Yinchuan and Shenyang plants has been completed, with operations expected to commence in the second half of the year [3] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down by 21% and 20% to 140 million yuan and 180 million yuan, respectively - The target price has been adjusted down by 8% to 75 yuan, with a valuation switch to 55x PE for 2026, indicating a potential upside of 19% [4]