OKE(688308) 华鑫证券·2025-02-17 23:34Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [9]. Core Insights - The company is positioned to benefit from the recovery of the knife industry, which is expected to see demand growth due to government policies aimed at stimulating consumption and equipment upgrades [4]. - The overseas market expansion has become a new growth driver, with overseas revenue reaching 166 million yuan in the first three quarters of 2024, a year-on-year increase of 44.2% [4]. - The company is focusing on high-end CNC tools and has seen a revenue increase of 3.18% in this segment, with a gross margin of 34.2% [5]. Summary by Sections Market Performance - The knife industry is experiencing a bottoming out and recovery phase, with policies supporting economic revival expected to boost market demand in 2025 [4]. Financial Performance - In the first three quarters of 2024, the company's gross margin was 25.83%, down 6.71 percentage points year-on-year, and the net margin was 10.00%, down 9.83 percentage points [5]. - The company has invested significantly in R&D, with the R&D expense ratio rising to 6.32%, reflecting a commitment to product development [5]. Growth Strategy - The company is enhancing its terminal penetration through comprehensive solution applications, particularly in the automotive industry, which has shown significant demonstration effects [6][8]. - Plans to establish a subsidiary in Europe aim to strengthen market presence and enhance service capabilities in the overseas market [4]. Earnings Forecast - Revenue projections for 2024, 2025, and 2026 are 1.188 billion, 1.435 billion, and 1.729 billion yuan respectively, with corresponding EPS of 0.83, 1.20, and 1.61 yuan [9][11].