KEDE Numerical (688305) 国投证券·2025-05-07 03:05Investment Rating - The investment rating for the company is "Buy-A" with a target price of 81.12 CNY over the next six months [2][6]. Core Views - The company has shown continuous growth in new orders, with a 24% year-on-year increase in new orders for 2024. The revenue for 2024 reached 605 million CNY, a 33.88% increase year-on-year, while the net profit was 130 million CNY, up 27.37% year-on-year [2][6]. - The company is actively expanding into new fields such as renewable energy, automotive, medical, and semiconductors, while maintaining a strong presence in aerospace and military sectors [2][4]. - The gross margin for 2024 was 42.87%, a decrease of 3.16 percentage points year-on-year, attributed to changes in accounting standards and an increase in low-margin production lines [2][5]. Financial Performance Summary - In Q1 2025, the company reported revenue of 131 million CNY, a 29.40% increase year-on-year, and a net profit of 21 million CNY, up 40.09% year-on-year [1][2]. - The company expects revenues of 793 million CNY, 1.016 billion CNY, and 1.25 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 31.07%, 28.12%, and 23.03% [6][8]. - The net profit projections for the same years are 172 million CNY, 223 million CNY, and 276 million CNY, with growth rates of 32.31%, 29.65%, and 23.77% respectively [6][8]. Order and Market Dynamics - The company has a strong order structure, with approximately 60% of new orders coming from five-axis vertical machining centers and 53% of domestic orders from the aerospace sector [4][6]. - The company has established partnerships with major players in the aerospace industry, including nearly 50 user units under four major groups [4].