KEDE Numerical (688305) 东海证券·2025-02-20 04:29Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Insights - The company reported a significant increase in new orders and revenue growth, driven by a diverse product sales strategy and the introduction of flexible automation production lines [8]. - The company received substantial government subsidies totaling 69.09 million yuan, which significantly boosted its profitability [8]. - The company is focusing on expanding its production capacity, with ongoing projects expected to alleviate production bottlenecks and support future revenue growth [8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 605.47 million yuan, a year-on-year increase of 33.88%, and a net profit of 130.45 million yuan, up 27.91% [8]. - The company’s diluted EPS for 2024 is projected at 1.28 yuan, with a P/E ratio of 58.70 [7][8]. Order Growth - New orders increased by approximately 24% year-on-year, with the majority coming from complete machine sales, which accounted for about 65% of the new orders [8]. - The aerospace and military sectors contributed significantly, with new orders in aerospace growing by about 10% [8]. Capacity Expansion - The company is making steady progress in its capacity expansion projects, with new production lines expected to start trial operations in early 2025 [8]. - The expansion is anticipated to release production capacity and support the fulfillment of existing orders, driving future growth [8].