[Table_Author] [Table_scodeMsg1] 公司研究丨点评报告丨科德数控（688305.SH） [Table_Title] 科德数控：研发轴向磁通电机，新兴领域持续拓 展 报告要点 [Table_Summary] 公司发布三季报，2025 年前三季度，公司实现营业收入 4.00 亿元，同比增长 5.01%；实现归 母净利润 0.64 亿元，同比下降 11.53%；实现扣非归母净利润 0.48 亿元，同比下降 15.02%。 单季度来看，2025 年 Q3 实现营业收入 1.06 亿元，同比下降 15.79%；实现归母净利润 1487 万元，同比下降 37.56%；实现扣非归母净利润 1220 万元，同比下降 31.58%。公司是国内少 数具备完善产业链的机床整机企业。当前公司持续推进产能建设落地，叠加一体化布局有望打 开成长空间。 分析师及联系人 丨证券研究报告丨 赵智勇 臧雄 杨文建 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490525070003 SFC：BRP550 SFC：BVO790 请阅读最后评级说明和重要声明 %% %% %% ...

Core Viewpoint - Kede CNC experienced a decline of 1.71% on November 14, with a trading volume of 80.67 million yuan, indicating a potential shift in investor sentiment and market dynamics [1]. Financing Summary - On November 14, Kede CNC had a financing buy-in amount of 11.78 million yuan, while the financing repayment was 15.95 million yuan, resulting in a net financing buy of -4.18 million yuan [1]. - As of November 14, the total financing and securities lending balance for Kede CNC was 409 million yuan, which accounts for 5.17% of its circulating market value, indicating a high level of financing activity compared to the past year [1]. - The company had no securities lending repayment or sales on November 14, with a securities lending balance of 51,800 yuan and a remaining quantity of 8,562 shares, also reflecting a high level of activity [1]. Business Performance - As of September 30, Kede CNC reported a total revenue of 400 million yuan for the first nine months of 2025, representing a year-on-year growth of 5.01% [2]. - The net profit attributable to the parent company was 63.93 million yuan, showing a year-on-year decrease of 11.53% [2]. - The company's main business revenue composition includes 53.66% from automated production lines, 40.41% from high-end CNC machine tools, 3.58% from other sales, 2.15% from key functional components, and 0.20% from high-end CNC systems [1]. Shareholder Information - As of September 30, Kede CNC had 13,200 shareholders, an increase of 31.88% from the previous period, while the average circulating shares per person decreased by 24.17% to 10,015 shares [2]. - The cumulative cash distribution since the company's A-share listing amounts to 50.47 million yuan [3]. - Among the top ten circulating shareholders, Huaxia CSI Robotics ETF (562500) ranked as the ninth largest, holding 2.2035 million shares, an increase of 410,500 shares compared to the previous period [3].

Group 1 - The company, Tuosida, is in discussions with relevant intermediaries regarding the specific progress of its H-share listing, with details yet to be determined. The H-share listing will not result in changes to the company's controlling shareholder or actual controller [1] - Established in 2007, Tuosida focuses on intelligent equipment driven by artificial intelligence, including industrial robots, five-axis CNC machine tools, and injection molding machines, providing comprehensive smart factory solutions for manufacturing enterprises [1] - As of September 30, 2025, the company has set up approximately 30 offices domestically and has sales and services in over 50 countries and regions globally, enhancing its competitiveness in overseas markets [1] Group 2 - Tuosida has reached over 200,000 customers and has served more than 15,000 clients, including well-known companies such as BOE Technology, Huawei, Luxshare Precision, Foxconn, and CATL [1]

Core Viewpoint - The company, Kede CNC, has reported a decline in revenue and net profit for Q3 2025, but has shown significant improvement in operating cash flow, indicating a potential recovery in financial health and market demand [1][2]. Financial Performance - In Q3 2025, Kede CNC achieved revenue of 106 million yuan, a year-on-year decrease of 15.79%, and a net profit of 14.87 million yuan, down 37.56% [1]. - For the first three quarters of 2025, the company reported total revenue of 400 million yuan, a year-on-year increase of 5.01%, while net profit decreased by 11.53% to 63.93 million yuan [1]. - The operating cash flow for the year-to-date period was 218 million yuan, a significant improvement from a negative cash flow of 19.74 million yuan in the same period last year [1]. Market Demand and Orders - Kede CNC has experienced a noticeable increase in orders in Q3 compared to Q2, driven by heightened market interest and increased inquiries from potential clients [2]. - The company has secured new collaborations in sectors such as medical, semiconductor, and low-altitude economy, alongside repeat purchases from existing customers [2]. - The new five-axis blade processing center, KTurboM1500, has attracted significant interest from new clients in the domestic large aircraft sector [2]. Product Development and Innovation - Kede CNC has successfully launched several new products this year, including the five-axis milling and grinding composite processing center, KTFMS200, which has been purchased by clients in the aerospace sector [2]. - The company has established a joint innovation center with AVIC to enhance domestic civil aircraft manufacturing technology and high-end CNC equipment [2]. - The development of axial flux motors is underway, with plans to release a prototype by early 2026, targeting applications in low-altitude economy, new energy vehicles, and humanoid robots [3].

Core Viewpoint - The company, Kede CNC, claims to be the only domestic company fully covering three core technologies: high-end five-axis CNC machine tools, high-end CNC systems, and key functional components, indicating a strong position in the market despite challenges in market share growth [1] Group 1: Company Performance - Kede CNC has achieved a compound annual growth rate (CAGR) of 38.54% in revenue and 46.72% in net profit from 2022 to 2024 [1] - The average price of five-axis CNC machine tools is expected to increase by 47.78% in 2024 compared to 2022 [1] - The company has successfully transitioned from a startup research and development phase to an industrialization development stage [1] Group 2: Market Position and Strategy - The company is actively involved in high-end equipment manufacturing sectors such as aerospace, automotive, energy, and shipbuilding [1] - Kede CNC currently has a sufficient backlog of orders and is accelerating capacity construction [1]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The high - end equipment manufacturing industry is the cornerstone of the country's high - speed and high - quality development. The demand for high - precision and high - efficiency processing equipment and functional components is on the rise, and the future application prospects of five - axis linkage CNC machine tools and key components are broad and long - lasting [27]. - The report research company, with its core technology of independent control, has formed a multi - point profit system centered on five - axis linkage CNC machine tools, and has made breakthroughs in new fields such as medical, semiconductor, and low - altitude economy, with a promising future [27][31]. 3. Summary According to Relevant Catalogs 3.1. Research Basic Situation - The research object is Kede CNC, belonging to the general equipment industry. The reception time was on November 5, 2025. The listed company's reception personnel included the chairman, general manager, board secretary, financial director, and independent director [17]. 3.2. Detailed Research Institutions - The research institutions included investors and urban commercial banks [20]. 3.3. Research Institution Proportion No information provided in the content. 3.4. Main Content Data - **Business Income Composition in 2025**: From January to September 2025, the revenue of five - axis linkage CNC machine tools accounted for about 49%, the production line business revenue accounted for about 44%, and the revenue of other key functional components, high - grade CNC systems, after - sales service and other businesses totaled about 7% [24]. - **Axial Flux Motor Progress**: The company is actively carrying out research and development of axial flux motors and plans to launch a prototype in early 2026. This new - generation motor technology has great potential in fields such as electric aviation, new - energy vehicles, and humanoid robots [24]. - **Civilian Aircraft Field Planning**: The company has a clear strategic plan and active layout in the civilian aircraft field. It has applied mature products to aircraft and engine manufacturing, is developing new products, and has jointly established a "large aircraft structural parts process verification pilot base" to support the domestic aviation industry chain [24][25]. - **Order Outlook**: The company has a full order backlog. Since the third quarter of this year, market demand has increased. There are repeat purchases from existing customers and breakthroughs in new markets and customers. In the domestic large - aircraft field, it has also won new customers [25]. - **New Field Breakthroughs**: The company has made continuous breakthroughs in new fields such as medical, semiconductor, and low - altitude economy. It has entered the medical field for the first time, seen accelerated order growth in the semiconductor field, and expanded its coverage in the aerospace and low - altitude economy fields [26]. - **Aerospace Field Progress**: The company has continued to develop in the aerospace field. User units under the Aerospace Science and Industry Corporation and the Aero - Engine Corporation have increased their purchases of the company's products. As of the reporting date, the company's products have been widely used in more than 50 user units under four major groups [26]. - **Future Product Layout**: The company builds its core competitiveness through self - developed technologies, forming a multi - point profit system centered on five - axis linkage CNC machine tools, with independent market space for self - developed functional components [27]. - **Industry Development Prospects**: The high - end equipment manufacturing industry is crucial for the country. With the development of various industries, the demand for high - precision and high - efficiency processing equipment and components will continue to increase [27]. - **Financing Progress**: The company will not launch a simple - procedure financing plan this year. The project under consideration has sufficient funds, so there is no need for a private placement [28]. - **Competitors and Core Competitiveness**: In bidding projects, the company competes with international advanced brands and domestic excellent equipment manufacturers. It has advantages such as independent control of core components, excellent processing performance, and rapid after - sales service response. It is a key force for domestic substitution [29]. - **Factory Progress**: The Yinchuan factory has completed relocation and started trial operation, and the Shenyang factory is in the interior decoration stage. The new factories will support the company's future performance growth [30]. - **Revenue and Profit Growth Points in 2025 - 2026**: The company's revenue and profit growth will come from continuous development in traditional fields, breakthroughs in new fields, new product launches, and the research and development of axial flux motors [31]. - **Gross Margin Analysis**: The company's main business gross margin has remained above 40%. In 2025, due to the increase in the proportion of production line business, the overall gross margin fluctuated slightly, but it is still higher than that of the industry. With capacity expansion and cost optimization, the gross margin will remain at a high level in the future [32][34].

Core Viewpoint - 科德数控 is actively enhancing its technological capabilities and expanding its market presence, particularly in the aerospace, medical, semiconductor, and low-altitude economy sectors, leading to steady revenue growth and increased recognition from users [1][3]. Group 1: Business Overview - 科德数控 specializes in five-axis CNC machine tools, high-end CNC systems, key functional components, and flexible automation production lines, being the only domestic company with dual R&D systems for high-end CNC systems and machine tools [1]. - The company has successfully applied its self-developed high-end CNC machine tools in strategic emerging industries such as aerospace, energy, automotive, tooling, precision molds, and machinery [1]. Group 2: Strategic Developments - In the civil aviation sector, 科德数控 has a clear strategic plan and has begun mass application of its mature products in aircraft and engine manufacturing, while also developing new products like the six-axis five-linkage blade processing center [2]. - The company has established a domestic first pilot base for the verification of complex structural components of domestic aircraft, focusing on the C919 and C929 models, to overcome production bottlenecks [2]. Group 3: Market Expansion - 科德数控 is making breakthroughs in the medical and semiconductor fields, with significant orders for its five-axis vertical machining centers from key orthopedic medical device companies and increased orders from semiconductor firms [3]. - The company is expanding its presence in the aerospace sector and deepening its involvement in the low-altitude economy, collaborating with new users for core component processing in drone engines and pods [3]. Group 4: Capacity Expansion and Market Demand - The company is actively expanding its production capacity, with the Yinchuan plant having completed relocation and started trial operations, while the Shenyang plant is undergoing internal renovations [4]. - Since the third quarter of this year, the company has seen increased market activity, with a rise in inquiries and technical discussions with potential clients, indicating strong demand and customer recognition [4].

Investment Rating - The mechanical industry is rated as "Positive" [1] Core Insights - The report emphasizes the potential of high-end equipment in the mechanical industry, particularly in deep-sea technology and low-altitude economy, driven by national strategies and emerging industries [2][3] - The domestic market for deep-sea equipment has significant room for domestic substitution, with current localization rates below 30% for critical components [2] - The eVTOL market is projected to grow significantly, with an expected delivery of 300,000 units by 2035, leading to a market size of 570 billion yuan [3] - Humanoid robots are positioned to address customization challenges in industrial production, with key components like sensors and motors offering substantial market opportunities [4] - The penetration rate of five-axis CNC machine tools is expected to increase, driven by demand upgrades and local supply chain maturity [5][8] Summary by Sections Deep-Sea Equipment - The report highlights the strong growth potential in deep-sea equipment manufacturing, with significant barriers to entry and a high degree of market share held by foreign companies [2] - Key beneficiaries include companies like Hailanxin (300065), Zhongke Haixun (300810), and Kangst (300445) [2] Low-Altitude Economy - eVTOLs are anticipated to become a major transportation mode by 2035, with a compound annual growth rate of 69.69% in deliveries and 60.58% in market size from 2023 to 2035 [3] - Beneficiaries in this sector include Dongmu Co. (600114), Xinzhi Group (002664), and Tianc Control (603085) [3] Humanoid Robots - Humanoid robots are expected to revolutionize customization in manufacturing, with significant market potential for core components like sensors and motors [4] - Companies such as Shuanghuan Transmission (002472), Lide Harmonic (688017), and Zhongdali De (002896) are identified as potential beneficiaries [4] CNC Machine Tools - The report notes that five-axis CNC machine tools are gaining traction, with a shift from two- and three-axis machines in the domestic market [5][8] - Key players include Kede CNC (688305), Haitai Precision (601882), and Niuwai CNC (688697) [8]

Core Insights - The company reported a decline in revenue and net profit for Q3 2025, with revenue at 106 million yuan, down 15.79% year-on-year, and net profit at 14.87 million yuan, down 37.56% [1] - For the first three quarters of 2025, the company achieved revenue of 400 million yuan, a year-on-year increase of 5.01%, while net profit decreased by 11.53% to 63.93 million yuan [1] - The decline in Q3 net profit is attributed to reduced sales revenue and increased share-based payment expenses [1] Financial Performance - The company reported a significant improvement in operating cash flow, with a net cash flow of 218 million yuan for the year-to-date, compared to a negative 19.74 million yuan in the same period last year [2] - The improvement in cash flow is mainly due to increased cash receipts from sales and government research funding, along with reduced cash payments for goods and services [2] Product Development and Innovation - The company is focused on technological breakthroughs in five-axis CNC machine tools, high-end CNC systems, and key functional components, with a complete talent, technology, and industry chain [1] - The company is actively innovating in the development of axial flux motor products, which offer advantages such as compact structure and higher power output compared to traditional radial flux motors [2][3] - The five-axis machine tools are being utilized for precision components in humanoid robots, new energy vehicles, and aerospace applications, showcasing the company's adaptability to emerging industries [2][3] Market Position and Strategy - The company has established a dual R&D system for high-end CNC systems and machine tools, making it the only listed company in China with such capabilities [1] - The company has a broad application range for its products, enhancing its resilience and core competitiveness in various downstream industries [3] - Future plans include expanding the market share of high-end CNC systems and key functional components, leveraging the release of overall production capacity [3]

Group 1 - The A-share market is experiencing a collective rise, with the Shanghai Composite Index increasing by 0.38%, driven by sectors such as electronic components, semiconductors, and aerospace military industry, while gas and energy equipment sectors are declining [1] - The machine tool sector is active, with the Machine Tool ETF (159663) rising by 0.35%, and notable individual stocks such as Guoji Precision Engineering increasing by 9.99%, Qiaofeng Intelligent by 4.78%, and Nuowei CNC by 3.47% [1] Group 2 - The five-axis linkage CNC machine tool market in China is rapidly growing, with the market size projected to increase from 6.82 billion yuan in 2020 to 12 billion yuan in 2024, reflecting a compound annual growth rate of 15.2% [3] - The Chinese machine tool industry is undergoing a significant transformation, driven by strong policy support and manufacturing upgrades, shifting from mid-to-low-end expansion to a comprehensive strategic transformation towards high-end, intelligent, green, and service-oriented manufacturing [3] - The Machine Tool ETF (159663) closely tracks the China Securities Machine Tool Index, which encompasses key sectors in high-end equipment manufacturing, including laser equipment, machine tools, robots, and industrial control equipment, emphasizing innovation-driven and industry upgrade practices [3]