科德数控（688305）：业绩稳步增长，发力高端与民用领域

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 106.47 RMB [7][8]. Core Views - The company reported steady revenue growth, with 2024 revenue expected to reach 605.47 million RMB, a year-on-year increase of 33.88%. The net profit attributable to the parent company is projected at 129.89 million RMB, up 27.37% year-on-year [1][6]. - The company is expanding its product offerings into high-end and civilian sectors, which is expected to drive continued performance improvement [1][4]. - The gross margin for 2024 is forecasted at 42.87%, a decrease of 3.16 percentage points year-on-year, primarily due to a structural change in product revenue [2][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 131 million RMB, representing a year-on-year increase of 29.40% but a quarter-on-quarter decrease of 41.62%. The net profit for the same period was 21 million RMB, up 40.09% year-on-year but down 63.39% quarter-on-quarter [1][12]. - The company’s new order growth rate for 2024 is approximately 24%, with high-value-added products making up a significant portion of the orders [3]. Product and Market Development - The company is focusing on expanding its presence in the civilian market, with 74% of new orders in 2024 coming from private enterprises. The construction of new factories is expected to enhance production capabilities and market share in the civilian sector [4][5]. - The average transaction price for five-axis CNC machine tools reached 2.4251 million RMB in 2024, reflecting a year-on-year increase of 27.49% [3]. Profitability and Valuation - The report projects a decrease in net profit for 2025 and 2026 by 17% and 22%, respectively, due to anticipated slowdowns in demand from the aerospace sector and the time required for expanding civilian product revenues [5]. - The estimated earnings per share (EPS) for 2025 is 1.69 RMB, with a projected price-to-earnings (PE) ratio of 63 times for 2025 [5][6].