党的二十届四中全会提出，保持制造业合理比重，构建以先进制造业为骨干的现代化产业体系。随着经 济社会的快速发展，传统制造业面临的同质化竞争、附加值偏低等现实困境愈加凸显。作为底蕴深厚的 老牌工业城市，广东佛山通过系统性重构产业格局，推动传统制造业转型升级，打造更具竞争力的现代 化产业体系，迈向创新涌动的新型智造强市，为同类城市提供了可借鉴的路径。 "大规模柔性化定制"重新定义家具制造，陶瓷机械国产化加速推进……当前，一场以科技创新为核心的 产业变革正在广东佛山市全面铺开，为区域经济社会发展注入全新活力。 这场产业变革背后，是近年来佛山锚定"三箭齐发"战略重塑产业格局的不懈努力——以"传统产业转型 升级、新兴产业发展壮大、未来产业培育布局"为核心，通过政策引领、数字赋能、创新驱动，构建更 具竞争力的现代化产业体系，加快从"制造大市"向"智造强市"跃升。 如何破局？2020年出台推动制造业高质量发展实施意见，2023年提出传统产业转型升级、新兴产业发展 壮大、未来产业培育布局的"三箭齐发"战略，佛山为产业转型绘制了清晰的"路线图"。 政策举措如何"精准滴灌"产业所需？"我们在规划引领、空间优化、动能增强、服务升级四 ...

党的二十届四中全会提出，保持制造业合理比重，构建以先进制造业为骨干的现代化产业体系。随着经 济社会的快速发展，传统制造业面临的同质化竞争、附加值偏低等现实困境愈加凸显。作为底蕴深厚的 老牌工业城市，广东佛山通过系统性重构产业格局，推动传统制造业转型升级，打造更具竞争力的现代 化产业体系，迈向创新涌动的新型智造强市，为同类城市提供了可借鉴的路径。 "大规模柔性化定制"重新定义家具制造，陶瓷机械国产化加速推进……当前，一场以科技创新为核心的 产业变革正在广东佛山市全面铺开，为区域经济社会发展注入全新活力。 这场产业变革背后，是近年来佛山锚定"三箭齐发"战略重塑产业格局的不懈努力——以"传统产业转型 升级、新兴产业发展壮大、未来产业培育布局"为核心，通过政策引领、数字赋能、创新驱动，构建更 具竞争力的现代化产业体系，加快从"制造大市"向"智造强市"跃升。 近日，记者深入佛山制造业一线走访调查，看佛山如何不断夯实制造业基础、做强实体经济，持续提升 产业创新能级。 画好升级"施工图" 从手工业重镇到现代智造高地，佛山这座拥有百年制造基因的城市，已生长出泛家居、装备制造等11个 千亿元级产业集群，陶瓷、冰箱、铝型材、酱油 ...

证券日报网12月5日讯 科达制造（600499）在12月5日回答调研者提问时表示，今年前三季度，公司配 件耗材营收实现较好增长，在陶瓷机械业务板块占比逐步提升，其中墨水业务维持较好的增速。后续， 随着土耳其生产基地KAMI墨水工厂的产能释放，以及其他服务网点及营销网络的持续拓展，公司包含 墨水业务在内的配件耗材业务，有望持续保持稳健发展态势。 ...

（编辑 姚尧） 证券日报网12月5日讯 科达制造在12月5日回答调研者提问时表示，面对行业周期调整等多重挑战，今 年前三季度公司陶瓷机械订单依然实现小幅增长，主要源于海外订单的拉动，其接单占比已超65%。其 中，公司在东南亚等区域保持稳健增长，在美洲部分区域取得一定突破；同时亦获得了世界头部企业的 设备供应合作，后续希望通过打造样板工程，加速此类市场导入。未来，公司将持续重点推进全球主要 陶瓷产区的布局，进一步提升海外订单的占比，希望通过覆盖更多海外市场来平滑周期的波动。 ...

Core Insights - The company achieved a revenue of 12.6 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 47%, with a net profit attributable to shareholders of 1.15 billion yuan, up 63% year-on-year [1] - The third quarter revenue was 4.4 billion yuan, showing a 44% year-on-year increase, while the net profit attributable to shareholders was 400 million yuan, also up 63% year-on-year [1] Financial Performance - The gross margin for the first three quarters was approximately 28.6%, an increase of 1.7 percentage points year-on-year, although the third quarter gross margin decreased by 2.0 percentage points year-on-year due to weakened demand in the building materials machinery sector [2] - The operating cash flow net amount for the first three quarters was about 1.56 billion yuan, significantly improved compared to the same period last year [2] Overseas Building Materials Growth - The overseas building materials segment is identified as the core growth driver, with significant revenue increases expected from new capacities in projects in Kenya, Ivory Coast, and Tanzania [2][3] - The company anticipates continued growth in overseas building materials revenue through the expansion of tile production lines and technological upgrades [3] Ceramic Machinery Challenges - The ceramic machinery segment faced revenue and profit pressure in the third quarter due to industry cycle adjustments, but order intake exceeded last year's levels, indicating potential recovery in revenue [3] - The company has established a subsidiary in Egypt and expanded service points in India and Egypt to enhance local operations and service efficiency [3] Lithium Industry Insights - Blueco Lithium achieved a sales volume of approximately 32,000 tons in the first three quarters, generating revenue of 1.92 billion yuan, with a net profit of 1.03 billion yuan [4] - The company is expected to benefit from a shift in the lithium supply-demand balance, with a projected recovery in carbonated lithium prices [4] Valuation of African Building Materials Leader - Keda Manufacturing is recognized as a leading player in the African building materials market, with a strong market share in central Africa [4] - The projected net profits for Keda Manufacturing from 2025 to 2027 are estimated at 1.56 billion, 1.90 billion, and 2.22 billion yuan, respectively, with corresponding valuations of 16, 13, and 11 times [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 12.6 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 47%. The net profit attributable to shareholders was 1.15 billion yuan, up 63% year-on-year, and the net profit excluding non-recurring items was 1.06 billion yuan, an increase of 67% [2][4]. - In the third quarter, the company reported a revenue of 4.4 billion yuan, a 44% increase year-on-year, with a net profit of 400 million yuan, also up 63% year-on-year, and a net profit excluding non-recurring items of 360 million yuan, reflecting a 53% growth [2][4]. - The company's operating cash flow significantly improved, with a net cash flow from operating activities of approximately 1.56 billion yuan, a substantial increase compared to the same period last year [10]. Summary by Sections Financial Performance - The company’s gross margin for the first three quarters was approximately 28.6%, an increase of 1.7 percentage points year-on-year. However, the gross margin in the third quarter decreased by 2.0 percentage points year-on-year due to weakened demand for building machinery [10]. - The company’s net profit margin for the first three quarters was about 9.1%, which is an increase of 0.9 percentage points year-on-year, and remained stable in the third quarter [10]. Business Segments - The overseas building materials segment continues to drive growth, with significant revenue increases expected from new capacities in Kenya, Côte d'Ivoire, and Tanzania [10]. - The ceramic machinery segment faced challenges, but the order intake exceeded the previous year, indicating potential recovery in revenue [10]. - The lithium industry segment showed strong performance, with sales of approximately 32,000 tons and revenue of 1.92 billion yuan, benefiting from a rebound in lithium carbonate prices [10]. Future Outlook - The company is expected to see continued growth in overseas building materials revenue, supported by new production lines and technological upgrades [10]. - The forecasted net profits for 2025-2027 are approximately 1.56 billion, 1.90 billion, and 2.22 billion yuan, respectively, with corresponding valuations of 16, 13, and 11 times [10].

Group 1 - The company achieved a record revenue of 12.605 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 47.19% [1] - The net profit attributable to the parent company reached 1.149 billion yuan, an increase of 63.49% year-on-year [1] - The company reported a net cash inflow of 1.560 billion yuan, primarily due to significant growth in the overseas building materials segment and effective cost control [2] Group 2 - The overseas building materials segment experienced substantial revenue growth in the third quarter, with a strong performance in tile sales and improved profitability in the sanitary ware business [3] - The ceramic machinery segment faced challenges due to industry cycle adjustments, but order intake showed a noticeable recovery since the second quarter [3][4] - The lithium battery materials segment benefited from rapid growth in the energy storage industry, with significant increases in the shipment of negative electrode materials [3] Group 3 - The company’s joint venture, Blue Lithium Industry, produced approximately 31,600 tons of lithium carbonate in the first three quarters, contributing 271 million yuan to the net profit of the parent company [4] - The company’s overseas building materials segment maintained high capacity utilization rates, with tile and sanitary ware sales rates approaching 100% [10] - The company plans to optimize its financing structure and control its debt ratio while balancing business expansion needs [14]

Key Points Summary of Keda Manufacturing Conference Call Company Overview - Keda Manufacturing reported a net cash inflow of 151.56 billion yuan in the first three quarters of 2025, primarily driven by significant revenue growth in the overseas building materials segment and effective control of period expenses [2][3] Financial Performance - The overseas building materials segment achieved a revenue of 2.189 billion yuan in Q3 2025, with a net profit of approximately 510 million yuan (about 410 million yuan after excluding exchange gains) [2][4] - The gross margin for the overseas building materials segment decreased to 34% in Q3, impacted by the ramp-up of factories in Côte d'Ivoire and Kenya, rising natural gas prices, and lower profit margins in the glass business [2][4] - Tile sales reached 148 million square meters in the first three quarters, with an average price of approximately 31.127 yuan per square meter, aiming to achieve a target of 200 million square meters by year-end [2][5] - The sanitary ware business showed sequential improvement and achieved profitability with a gross margin of about 10% [2][6] - The glass business generated approximately 260 million yuan in sales in Q3, selling 85,200 tons with a sales rate improvement to 94% [2][6] Segment Performance Overseas Building Materials - The overseas building materials segment's revenue increased quarter-on-quarter, with a total net profit of 1.156 billion yuan for the first three quarters [4] - The segment is expected to see a gradual recovery in gross margin in Q4 2025, with optimistic order prospects for 2026, particularly from new factories in Egypt, Vietnam, Indonesia, and Turkey [4][10] Ceramic Machinery - The ceramic machinery segment reported revenue of 3.881 billion yuan in the first three quarters, a slight decline year-on-year, with a net profit of 257 million yuan, down by 93 million yuan [7] - Despite the decline, order volumes have shown recovery, and improvements are expected in Q4 and the first two quarters of 2026 [7] Market Dynamics - Keda faces competitive pressure from Italian companies in the domestic market and is actively exploring markets in North America, Mexico, and South America, collaborating with the second-largest ceramic company, Vamosa [8] - The tariff adjustments in Kenya and Tanzania had minimal impact on the overseas building materials segment but positively influenced glass sales [9] Future Outlook - The domestic ceramic market remains under pressure, with no fundamental improvement in demand; however, there is potential for a turnaround in 2026 [11] - The company is exploring new projects and capacity upgrades, with a focus on enhancing global service networks and maintenance services [12] - Demand for large tiles is increasing in East Africa, with plans to expand production lines in Zambia and Ghana [13] Financial Management - The company has repaid several hundred million yuan in Euro-denominated loans, reducing the debt ratio from 60% at the beginning of the year to 50%-55% [18] - The cash flow performance is strong, with a dividend payout ratio of approximately 37% this year, with hopes to increase it to over 40% next year [19] Regulatory Compliance - Keda acknowledged past violations related to off-balance sheet income, which have been rectified, and the financial impact is considered minimal [24] - The investigation concluded without leading to further penalties or ST treatment [25]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by various factors in its overseas building materials and lithium battery materials businesses [7][8]. Financial Performance - The company achieved operating revenue of 12.605 billion yuan, representing a year-on-year increase of 47.19% [7]. - The net profit attributable to shareholders reached 1.149 billion yuan, with a year-on-year growth of 63.49% [7]. - The lithium battery materials segment saw a production capacity of 150,000 tons/year for artificial graphite, with sales volume nearing 70,000 tons, reflecting a year-on-year increase of over 300% [7]. Business Segments - The overseas building materials business experienced substantial revenue growth due to the release of new capacities from projects in Kenya, Côte d'Ivoire, and Tanzania, along with optimized pricing strategies for ceramic tiles [7]. - The company decided to terminate its investment in the Honduras ceramic project due to increased investment risks stemming from macroeconomic policies and market conditions [7]. - The company is actively enhancing local operations and service efficiency in its ceramic machinery business amid industry challenges [7]. Investment in Subsidiaries - The company's associate, Qinghai Salt Lake Blue Science Lithium Industry Co., Ltd., produced approximately 31,600 tons of lithium carbonate and achieved sales of about 31,500 tons, with a net profit attributable to the company of 271 million yuan [8].

Core Insights - Keda Manufacturing reported significant growth in revenue and profit for the first three quarters of 2025, with revenue reaching 12.605 billion yuan, a year-on-year increase of 47.19%, and net profit attributable to shareholders at 1.149 billion yuan, up 63.49% [1][2] Financial Performance - For Q3 2025, the company achieved revenue of 4.417 billion yuan, marking a 43.89% year-on-year increase, and net profit attributable to shareholders of 404 million yuan, which is a 62.65% increase compared to the same period last year [1] - The company's net profit excluding non-recurring items for Q3 was 362 million yuan, reflecting a 53.25% year-on-year growth [1] Business Expansion - Keda Manufacturing is advancing its global strategy by establishing a subsidiary in Egypt and adding eight operational sites in India and Egypt to enhance its overseas service network [1] - The company is also focusing on service-oriented and general-purpose ceramic machine strategies, with notable growth in its ink business and the construction of the KAMI ink factory in Turkey [1] Overseas Operations - The company’s ceramic project in Côte d'Ivoire began mass production in July 2025, contributing to its operations in seven African countries with a total of 21 ceramic production lines, 2 glass production lines, and 2 sanitary ware production lines, achieving an annual capacity of over 200 million square meters of ceramic tiles, 400,000 tons of glass, and 2.6 million sanitary ware products [1] Lithium Battery Materials - In the lithium battery materials sector, Keda Manufacturing's artificial graphite product sales reached nearly 70,000 tons in the first three quarters, with both sales and production increasing by over 300% year-on-year, enhancing profitability [2] - The company’s joint venture, Lanke Lithium, produced approximately 31,600 tons of lithium carbonate and sold about 31,500 tons, contributing 271 million yuan to Keda's net profit [2] Future Outlook - The company plans to continue leveraging its strategic planning, global layout, and technological innovation capabilities to achieve its annual operational goals in the fourth quarter [2]