KEDE Numerical (SH:688305) Capital Securities·2024-09-03 02:11Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant revenue increase of 27.12% year-on-year for H1 2024, with a total revenue of 256 million yuan and a net profit of 48 million yuan, reflecting a growth of 1.78% [2] - New orders have been signed at a rapid pace, with a year-on-year growth of 44% in H1 2024, particularly in the aerospace and automotive sectors, which saw increases of 38% and 54% respectively [2] - The gross margin slightly decreased to 43.40%, down 2.04 percentage points year-on-year, while the net profit margin fell to 18.91%, down 4.73 percentage points, primarily due to reduced investment income [2] - The company is progressing steadily in capacity expansion, with new production lines expected to enhance its market share in high-end five-axis machine tools [2] Summary by Relevant Sections Financial Performance - For Q2 2024, the company achieved a revenue of 154 million yuan, a year-on-year increase of 33.37%, and a net profit of 33 million yuan, up 61.18% [2] - The company’s new signed orders in H1 2024 had an average price of 2.22 million yuan per unit for five-axis CNC machines [2] Order and Market Expansion - The breakdown of new orders in H1 2024 shows that aerospace accounted for 63%, universities and research institutions 15%, automotive 10%, and machinery equipment 6% [2] - The repurchase rate for new signed orders of five-axis CNC machines is close to 50%, with over 80% coming from private enterprises [2] Future Outlook - The company is expected to see significant growth in net profit, projected at 143 million yuan in 2024, 197 million yuan in 2025, and 280 million yuan in 2026, with corresponding PE ratios of 42.4, 30.8, and 21.7 [3]