科德数控（688305）：业绩延续高增长，高端与民用占比提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a revenue of 605 million yuan in 2024, representing a year-on-year increase of 33.88%. The net profit attributable to shareholders was 130 million yuan, up 27.37% year-on-year, while the net profit after deducting non-recurring items reached 105 million yuan, an increase of 36.13% year-on-year. In Q4, revenue was 224 million yuan, up 40.40% year-on-year, with a net profit of 58 million yuan, reflecting a year-on-year increase of 54.96% [2][6]. - The company is one of the few machine tool manufacturers in China with a complete industrial chain, and it is actively promoting capacity construction and integrated layout, which is expected to open up growth space [12]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 131 million yuan, a year-on-year increase of 29.40%, with a net profit of 21 million yuan, up 40.09% year-on-year. The net profit after deducting non-recurring items was 16 million yuan, reflecting a year-on-year increase of 48.23% [2][6]. - The company’s new signed orders in 2024 grew by approximately 24%, with high-value-added products continuing to increase their proportion in the order mix [12]. Market Position and Strategy - The company has consolidated its market share in the aerospace sector, with aerospace orders accounting for about 53% of new signed orders in 2024, showing a year-on-year growth of nearly 10% [12]. - The company is expanding into civilian sectors and has successfully collaborated with leading enterprises in the energy sector, achieving breakthroughs in cooperation with universities and research institutes [12]. Capacity Expansion and Future Outlook - The company is progressing with capacity expansion, with the Dalian plant's production lines expected to start trial operations in 2025. The construction of the Yinchuan and Shenyang plants is also underway, with expected operational commencement in the second half of 2025 [12]. - The company forecasts net profits attributable to shareholders of 173 million, 230 million, and 291 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 47x, 35x, and 28x [12].