KEDE Numerical (688305) 东海证券·2025-02-20 05:05Investment 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]. Financial Performance Summary - For 2023, the total revenue was 452.26 million yuan, with a year-on-year growth rate of 43.37%. The net profit attributable to the parent company was 101.99 million yuan, reflecting a 69.01% increase [7]. - The forecast for 2024 estimates total revenue of 605.47 million yuan, a 33.88% increase, and a net profit of 130.45 million yuan, a 27.91% increase [7]. - The earnings per share (EPS) for 2024 is projected to be 1.28 yuan, with a price-to-earnings (P/E) ratio of 58.70 [7]. Order and Production Capacity - The company experienced a 24% year-on-year increase in new orders, with a significant portion coming from the aerospace and military sectors [8]. - The production capacity expansion is progressing steadily, with new production lines expected to start trial operations in early 2025 [8]. Valuation and Profitability - The company maintains a high gross margin for its machine products, with profitability expected to improve as production capacity increases [8]. - The projected net profit for 2024-2026 is adjusted to 130 million, 180 million, and 242 million yuan respectively, with corresponding EPS of 1.28, 1.76, and 2.37 yuan [8].