证券研究报告·公司点评报告·通用设备 科德数控（688305） 2025 年三季报点评：公司业绩阶段性承压， 高端机型研发进展顺利 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 452.26 | 605.47 | 668.02 | 894.84 | 1,144.46 | | 同比（%） | 43.37 | 33.88 | 10.33 | 33.96 | 27.89 | | 归母净利润（百万元） | 101.99 | 129.89 | 121.45 | 169.46 | 220.79 | | 同比（%） | 69.01 | 27.37 | (6.50) | 39.53 | 30.30 | | EPS-最新摊薄（元/股） | 0.77 | 0.98 | 0.91 | 1.27 | 1.66 | | P/E（现价&最新摊薄） | 83.39 | 65.47 | 70.03 | 50.19 | 38.52 | [Tab ...

证券日报网讯创世纪（300083）10月28日发布公告，在公司回答调研者提问时表示，在通用领域，公司 的立式加工中心系列市场占有率国内领先，拥有深厚的客户积累；卧式加工中心、五轴加工中心、车铣 复合加工中心等高端产品受益于人形机器人、新能源、低空经济等新兴领域的发展，以及叠加公司针对 客户需求对现有产品进行更新升级、推动新产品研发、提供全面覆盖加工需求的解决方案，如针对人形 机器人领域的加工需求推出了小五轴，对出货量有拉动作用。未来，公司将持续关注新兴行业发展趋 势，通过"技术升级+场景定制"双引擎驱动业务拓展，为目标市场客户提供具有竞争力的产品和整体解 决方案。 ...

证券日报网讯弘亚数控（002833）9月19日在互动平台回答投资者提问时表示，公司于2025年8月设立广 东弘马，旨在吸收行业内实木家具加工核心技术，进一步拓展实木家具机械领域。同时标志着弘亚数控 集团在五轴加工中心的产品系列进一步完善，在实木数控装备领域的战略布局持续深化。 ...

Core Insights - The article highlights the importance of upgrading equipment for manufacturing efficiency and competitiveness, showcasing the success story of a machining company that utilized the "Equipment Home" platform to overcome production challenges [1][2]. Group 1: Equipment Upgrade Challenges - A machining company faced significant delays in order fulfillment due to outdated equipment, which increased production time from 3 days to 5 days [1]. - The financial constraints of the company made it difficult to invest in new machinery, with quotes for new equipment exceeding 600,000 yuan and low offers for old machines [1]. Group 2: Solution through "Equipment Home" - The company discovered the "Equipment Home" platform, which provided a tailored solution involving an "old-for-new" exchange and installment leasing for a new high-speed horizontal machining center, improving precision and efficiency by 60% [2]. - The platform facilitated a quick sale of the old machine, yielding an 18% higher price than expected, and provided a 5,000 yuan coupon to reduce the upfront cost of the new equipment [2]. Group 3: Promotional Campaign and Benefits - The "Equipment Home" platform launched a "Hundred Cities Purchasing Festival" to help more manufacturing businesses upgrade their equipment affordably and efficiently, offering cash vouchers starting from 5,000 yuan [2][3]. - The platform features over 400 popular equipment models at discounted prices, with some items available at 60% off the market price, enhancing competitiveness for businesses [3]. Group 4: Additional Services and Support - The platform offers a comprehensive insurance policy covering equipment against various risks, potentially saving businesses up to 18,000 yuan in insurance premiums [3]. - Membership benefits include exclusive discounts on consumables, enhancing the overall purchasing experience for manufacturing companies [3]. Group 5: Industry Impact - "Equipment Home" has partnered with over 5,500 equipment manufacturers and dealers, serving more than 300,000 enterprise members and achieving a cumulative transaction amount exceeding 5.5 billion yuan [3].

杭州精工加工的赵厂长对着车间里那台"老掉牙"的立式加工中心唉声叹气。这台用了十年的设备， 精度越来越差，加工一批精密零件得反复调试，原本3天能完成的订单，现在得拖到5天，几个老客户都 开始抱怨交期不稳。想换台新的卧式加工中心吧，打听了下价格，起码要60多万，厂里的流动资金刚进 了一批高强度合金材料，实在挪不开；找熟人问旧机处理价，给的报价低得离谱，还说要等半年才能脱 手。眼看着手里的订单越来越少，赵厂长急得整宿睡不着。 更让人安心的是，平台免费赠送高达50亿保额的设备财产一切险。加工设备怕出意外？平台早已替 您考虑周全——火灾、台风等意外事故导致的损失均在保障范围内，单户最高可节省1.8万元保费。正 如赵厂长所说："现在设备有保险兜底，就算遇到恶劣天气，也不用过分担心了。" 除了"以旧换新"的便利，平台的会员专属福利也很实用。联手京东工业品推出的联名会员卡，采购 切削液、夹具等耗材时能叠加多重优惠。从设备采购到生产改善，"设备之家"全程陪伴，做加工企业最 可靠的"设备伙伴"。 作为永赢金租旗下的工业设备服务平台，"设备之家"已携手超5500家设备厂商与经销商，服务企业 会员超30万，累计成交金额突破55亿元。 ...

Core Viewpoint - The company, Qiao Feng Intelligent, emphasizes its commitment to independent research and development in the five-axis and gantry-style six-axis machining centers, ensuring complete ownership of core technologies and intellectual property rights [2] Group 1: Product Development - The five-axis and gantry-style six-axis machining centers are entirely self-developed products, with key research and development processes managed by the company's technical team [2] - The company has secured multiple invention patents, utility model patents, and software copyrights related to these products, ensuring independence in product research, production, and sales [2] Group 2: Industry Collaboration - The CNC machine tool industry exhibits characteristics of supply chain collaboration, leading the company to partner with quality suppliers for core components like CNC systems and high-end lead screws [2] - All collaborations are based on compliant procurement and technology authorization systems, which do not affect the company's overall technical solutions and core intellectual property rights for the five-axis and six-axis products [2] Group 3: Future Investment - The company plans to increase its investment in the research and development of high-end CNC machine tools, aiming to strengthen technological barriers and intellectual property reserves in the high-end product sector [2]

Group 1 - The company established Guangdong Hongma CNC Technology Co., Ltd. in August 2025 to absorb core technologies in solid wood furniture processing [1] - This move aims to further expand the company's presence in the solid wood machinery sector [1] - The establishment signifies the company's ongoing efforts to enhance its product series in the five-axis machining center field and deepen its strategic layout in solid wood CNC equipment [1]

Group 1 - The stock price of Huizhou Intelligent is reported at 4.06 yuan, down 0.11 yuan from the previous trading day, with a decline of 2.64% [1] - The trading volume on that day was 548 million yuan, with a turnover rate of 6.62% [1] - Huizhou Intelligent's main business includes high-end equipment manufacturing and large model data services [1] Group 2 - The company’s subsidiary, Qizhong CNC, is recognized as a national-level specialized and innovative "little giant" enterprise, producing heavy vertical lathes and horizontal lathes [1] - The company has expanded its five-axis machining center business through the acquisition of Shanghai Yigeng and is also entering the AI data labeling sector [1] - The subsidiary, Rere Data, reported a revenue growth of 52.41% in the first half of the year [1] Group 3 - The semi-annual report for 2025 shows that the company achieved a revenue of 548 million yuan, representing a year-on-year growth of 19.28% [1] - The high-end equipment manufacturing business contributed 491 million yuan, with a year-on-year increase of 18.94% [1] - The large model data services business generated revenue of 36.46 million yuan, growing by 52.41% year-on-year [1] Group 4 - The company is gradually divesting its media business to focus on the development of its two core main businesses [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 120.90 CNY for the next six months [4]. Core Views - The company reported significantly better-than-expected performance in H1 2025, achieving revenue of 1.214 billion CNY, a year-on-year increase of 50.36%, and a net profit of 179 million CNY, up 56.43% year-on-year [1]. - The growth in revenue and profit is attributed to the development in downstream industries such as consumer electronics, new energy vehicles, molds, engineering machinery, medical devices, and aerospace, alongside a significant increase in production capacity [1][2]. - The company is actively expanding into the robotics sector, with established solutions and customer applications in the processing of components for humanoid robots, which is expected to open new growth avenues [2]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 736 million CNY, a year-on-year increase of 67.47%, and a net profit of 104 million CNY, up 65.79% year-on-year [1]. - The company anticipates an upward revision of its full-year performance forecast to 360 million CNY, exceeding the previous market consensus of 260 million CNY [1]. Industry Outlook - The machine tool industry in China is entering a period of strong equipment replacement demand, supported by manufacturing recovery and domestic substitution trends [2]. - The production of metal cutting machine tools in China is projected to increase by 6.4% and 10.5% in 2023 and 2024, respectively, with H1 2025 showing a 13.5% year-on-year increase [2]. Product Development - Since 2020, the company has developed new products including CNC lathes, CNC grinders, high-end vertical lathes, and five-axis machining centers, which have started contributing to revenue [3]. - The company has made significant investments in the new energy vehicle and 3C sectors, leading to improved customer structure and breakthroughs in major client acquisition [3]. Earnings Forecast - The company’s revenue is projected to reach 2.604 billion CNY in 2025, 3.362 billion CNY in 2026, and 4.319 billion CNY in 2027, with net profits expected to be 355 million CNY, 476 million CNY, and 635 million CNY for the respective years [3].

Group 1: Revenue and Profit Performance - The company achieved a revenue of 295 million yuan in H1 2025, representing a year-on-year increase of 15.24% [1] - The net profit attributable to shareholders was 49 million yuan, up 1.27% year-on-year, while the net profit excluding non-recurring items was 36 million yuan, down 7.43% year-on-year [1] - In Q2 2025, the company reported a revenue of 164 million yuan, a year-on-year increase of 5.97%, but the net profit attributable to shareholders decreased by 16.25% [1] Group 2: Gross Margin and Expense Management - The gross margin for H1 2025 was 38.67%, down 4.73 percentage points year-on-year, with Q2 2025 gross margin at 37.72%, down 5.62 percentage points year-on-year [2] - The decline in gross margin was attributed to changes in accounting policies and an increase in the proportion of lower-margin automated production line revenue [2] - The company maintained a good control over operating expenses, with a period expense ratio of 20.4%, a decrease of 0.7 percentage points year-on-year [2] Group 3: Workforce and Cash Flow Improvement - As of the end of H1 2025, the proportion of technical personnel in the company increased to 31%, up 6.90% year-on-year, indicating increased market demand [3] - The net cash flow from operating activities improved to 165 million yuan, a significant recovery from a negative cash flow of 20 million yuan, primarily due to increased cash receipts from sales and government R&D funding [3] Group 4: Market Expansion and Product Recognition - The company is steadily expanding its market presence, particularly in the aerospace sector, establishing partnerships with multiple new users and contributing to domestic machine tool breakthroughs [4] - The company has made significant strides in the civil sector, achieving breakthroughs in low-altitude economy and new energy vehicles, with notable order growth for its DeChuang series products [4] - The company’s products, including the new six-axis five-linkage blade processing center, have gained high recognition from both new and existing customers, reflecting the company's strong technical capabilities [4] Group 5: Profit Forecast and Investment Rating - The company has adjusted its net profit forecasts for 2025-2027 to 138 million yuan (previously 170 million yuan), 187 million yuan (previously 215 million yuan), and 243 million yuan (previously 276 million yuan) [4] - The current stock price corresponds to dynamic P/E ratios of 61, 45, and 34 times for the respective years, maintaining an "overweight" rating due to the company's leading position in the five-axis machine tool sector [4]