KEDE Numerical (SH:688305) Capital Securities·2024-11-11 13:15Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 381 million yuan for 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 [2] - In Q3 2024, the company achieved a revenue of 126 million yuan, a year-on-year increase of 37.35%, and a net profit of 24 million yuan, growing 38.49% year-on-year [2] - The company has implemented a stock incentive plan, aiming to enhance the motivation of its core team and demonstrating confidence in future development [3] - The company is positioned as a leader in the domestic high-end CNC machine tool market, with increasing technical strength and orderly capacity expansion, indicating significant growth potential in the context of domestic substitution [3] Financial Summary - For 2024, the company is expected to generate a revenue of 601 million yuan, with a growth rate of 32.8% [4] - The net profit attributable to shareholders is projected to be 124 million yuan in 2024, reflecting a growth rate of 21.4% [4] - The company's earnings per share (EPS) is forecasted to be 1.22 yuan in 2024, with a price-to-earnings (PE) ratio of 57.9 [4] - The gross margin for the first three quarters of 2024 was 42.67%, a decrease of 2.73 percentage points year-on-year, while the net margin was 18.90%, down 3.18 percentage points year-on-year [3]