KEDE Numerical (688305) 群益证券·2025-03-06 07:39Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [3][8]. Core Insights - The company is a leading innovative enterprise in the domestic high-end CNC machine tool sector, with a dual R&D system for high-end CNC systems and five-axis CNC machine tools, benefiting from the rapid growth of industries such as aerospace and new energy vehicles [3]. - The company has achieved significant revenue and profit growth, with a CAGR of 34.9% from 2017 to 2024, and a net profit CAGR of 51.6% during the same period [3]. - The domestic high-end manufacturing upgrade and equipment renewal are driving the growth of the five-axis CNC machine tool industry, with increasing demand from the aviation sector [3][5]. - The company has successfully achieved domestic substitution for high-end machine tools, with a self-sufficiency rate of 85% for five-axis CNC machine tools [5]. - The company's gross margin remains high at 42%, significantly above the industry average of 25.4% [5]. - The company has a robust order book, with new orders increasing by 24% year-on-year in 2024, and plans to expand production capacity to meet demand [5]. Financial Summary - The company’s revenue is projected to grow from RMB 605 million in 2024 to RMB 1,006 million in 2026, with net profit expected to increase from RMB 130 million to RMB 218 million during the same period [7]. - The earnings per share (EPS) is forecasted to rise from RMB 1.28 in 2024 to RMB 2.15 in 2026, reflecting a strong growth trajectory [7]. - The price-to-earnings (P/E) ratio is expected to decrease from 59.79 in 2024 to 35.68 in 2026, indicating potential value appreciation [7].