OKE(688308) 华鑫证券·2025-02-18 02:05Investment 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 optimizing local debt [4]. - The overseas market expansion has emerged as a new growth point, 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 and market demand growth [4]. Financial Performance - In Q1-Q3 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]. Product Strategy - The company is enhancing its product structure by focusing on high-end CNC tools and expanding its product offerings to include a comprehensive range of solutions for various industries [6][8]. - The establishment of service and warehousing centers in Europe aims to increase market share and provide localized technical services [4]. Earnings Forecast - Revenue projections for 2024-2026 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].