科德数控（688305）：科德数控：研发轴向磁通电机，新兴领域持续拓展

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 400 million yuan for the first three quarters of 2025, representing a year-on-year growth of 5.01%. However, the net profit attributable to the parent company was 64 million yuan, a decrease of 11.53% year-on-year. The net profit after deducting non-recurring items was 48 million yuan, down 15.02% year-on-year [2][6] - In Q3 2025, the company achieved a revenue of 106 million yuan, a decline of 15.79% year-on-year, with a net profit of 14.87 million yuan, down 37.56% year-on-year [2][6] - The company is one of the few domestic machine tool manufacturers with a complete industrial chain and is actively expanding its production capacity and integrated layout, which is expected to open up growth opportunities [2][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 400 million yuan, with a year-on-year increase of 5.01%. The net profit attributable to the parent company was 64 million yuan, down 11.53% year-on-year, and the net profit after deducting non-recurring items was 48 million yuan, down 15.02% year-on-year [2][6] - In Q3 2025, the company reported a revenue of 106 million yuan, a decrease of 15.79% year-on-year, and a net profit of 14.87 million yuan, down 37.56% year-on-year [2][6] Market Expansion - The company is steadily advancing its market expansion, with a diversified product structure and downstream applications. In Q3, new orders signed in the domestic market included approximately 63% from aerospace, 14% from machinery, and 12% from energy sectors [13] - The company is developing axial flux motors, with plans to launch a prototype in early 2026, aiming to expand into new fields such as humanoid robots [13] Capacity Expansion - The company is progressing with capacity expansion, with projects aimed at optimizing production layout and increasing market share for leading products. The Dalian plant's production lines are set to start trial operations in 2025, and the company has moved into a new plant in Yinchuan [13]