科德数控：业绩稳健增长，股权激励绑定核心人才

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Insights - The company has demonstrated steady revenue growth, with Q3 2024 revenue reaching 126 million yuan, a year-on-year increase of 37.35%. The net profit attributable to shareholders was 24 million yuan, up 38.49% year-on-year [3][4]. - New orders remain strong, with a 37% year-on-year increase in orders for the first three quarters of 2024. The aerospace sector accounts for 58% of new orders, with significant contributions from various industries [4][5]. - The company is actively expanding its production capacity, with ongoing projects in Dalian, Ningxia, and Shenyang expected to enhance its market share and profitability [5][6]. - A stock incentive plan has been introduced to bind core talent, which is expected to solidify the company's long-term development [5][6]. Financial Performance - For the first three quarters of 2024, the company reported total revenue of 381 million yuan, a 30.32% increase year-on-year, and a net profit of 72 million yuan, up 11.53% year-on-year. The adjusted net profit was 57 million yuan, reflecting a 26.34% increase [3][4]. - The company anticipates net profits of 120 million yuan, 181 million yuan, and 258 million yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 60x, 40x, and 28x [6][12]. Order Composition - The company's new orders are diversified, with five-axis CNC machine tools making up approximately 63% of total orders. The average order price for these machines is 2.23 million yuan per unit [3][4]. - The breakdown of new orders includes 58% from aerospace, 11% from universities and research institutions, 7% from the automotive sector, and 10% from machinery equipment [4]. Capacity Expansion - The company is progressing with its capacity expansion plans, with the Dalian facility's expansion underway and projects in Ningxia and Shenyang expected to commence operations by mid-2025 [5][6]. Talent Incentive - The stock incentive plan targets about 9.21% of the workforce, granting rights equivalent to 0.87% of the total share capital, aimed at key personnel to ensure long-term commitment [5][6].