KEDE Numerical (SH:688305) Donghai Securities·2024-11-04 05:30Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company achieved revenue of 381 million yuan in the first three quarters of 2024, representing a year-on-year growth of 30.32%, with a net profit attributable to shareholders of 72 million yuan, up 11.53% year-on-year [6] - New orders have shown strong momentum, with a 37% year-on-year increase in new signed orders, and the average price of five-axis CNC machine tool orders rising to 2.23 million yuan per unit, compared to 1.90 million yuan in 2023 [6] - The company has launched an equity incentive plan, indicating confidence in future development, targeting revenue growth rates of 65% and 100% for 2025 and 2026, respectively [7] - The company is steadily advancing its capacity expansion projects funded by a 600 million yuan financing round, with significant progress in its Dalian plant and ongoing construction in Ningxia and Shenyang [7] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 126 million yuan, a year-on-year increase of 37.35%, and a net profit of 24 million yuan, up 38.49% year-on-year [6] - The gross margin and net margin for the first three quarters of 2024 were 42.67% and 18.90%, respectively [6] Order Growth - The company has seen a 10% year-on-year increase in aerospace orders, a 491% increase in orders from universities and research institutions, a 21% increase in energy sector orders, and a 26% increase in automotive sector orders [6] Equity Incentive Plan - The equity incentive plan involves granting a total of up to 887,400 shares, accounting for 0.87% of the total share capital, to 66 employees, which is about 9.21% of the total workforce [7] Capacity Expansion - The company plans to achieve a production capacity of 450 units in 2024, with ongoing projects in Dalian, Ningxia, and Shenyang expected to alleviate production bottlenecks and support performance growth [7] Investment Projections - The company is projected to achieve net profits of 123 million yuan, 204 million yuan, and 302 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.20, 2.00, and 2.97 yuan [8]