KEDE Numerical (688305) 东吴证券·2025-02-06 06:23Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's performance for 2024 is expected to show significant growth, with revenue projected at 605.11 million yuan, a year-on-year increase of 33.80%, and net profit attributable to shareholders expected to reach 130.45 million yuan, up 27.91% year-on-year. This growth is attributed to a rapid increase in sales orders and an accelerated diversification of products, including new sales orders for flexible automation production lines [2][5] - The company has actively participated in national government projects, receiving a total of 69.09 million yuan in government subsidies, with approximately 36% of the expected net profit for 2024 coming from these subsidies [3] - A stock incentive plan for 2024 has been introduced, demonstrating the company's confidence in long-term development. The plan aims to incentivize key personnel and is linked to specific revenue and profit growth targets for 2025 and 2026 [4] Financial Summary - The company's total revenue and net profit forecasts for 2024-2026 have been adjusted upwards, with net profit estimates of 1.30 billion yuan for 2024, 1.78 billion yuan for 2025, and 2.59 billion yuan for 2026. The corresponding price-to-earnings ratios are projected to be 52, 38, and 26 times, respectively [5] - By the end of 2024, the company's total assets are expected to reach 2.249 billion yuan, a 49.95% increase from the beginning of the year, while equity attributable to shareholders is projected to grow by 61.13% to 1.827 billion yuan [2]