深圳市鸿发顺达模具有限公司(简称：鸿发顺达)成立于1997年，是一家集产品研发设计、生产、销售为一体的仪器仪表机箱壳体行业知名企业。 多年来，公司主要从事五金、塑胶壳体模具设计、制造加工及销售等。作为国内专业的电子产品外观结构件的企业，深圳市鸿发顺达模具有限公司研 发生产通用壳体、五金壳体、铝合金壳、钣金机柜等30多个系列，近3000个品种，主要产品有铝型材机箱外壳、铝型材散热器、钣金机箱、机柜、塑 胶外壳、铝合金及塑胶密封箱、适配器外壳、智能壳、防水盒、铝机箱、铝壳体、电源壳等各种五金、塑胶制品。深圳市鸿发顺达模具有限公司在全 国各地建有广泛的销售网络，产品远销香港、台湾、东南亚及欧美国家。 经过近30年发展，深圳市鸿发顺达模具有限公司现有厂房面积5000多平方米，员工200多人。设有产品研发设计部、工程部、工模部、五金部、塑 胶部、销售部等部门。公司自成立以来，始终本着"正直诚信，求实创新，始于顾客需求，至于顾客满意，以人为本，以客为尊，利益共享"的经营理 念，秉着"品质、创新、服务"的经营思想，博取众长，精益求精，以高效管理创企业效益，以品质服务树企业形象，以创新引领企业高质量发展。 据鸿发顺达高管介绍 ...

Core Viewpoint - The company acknowledges short-term fluctuations in revenue and profit due to various factors, but emphasizes the strong demand in its sector and sufficient order backlog [1] Summary by Relevant Categories Product Delivery - The main models of the five-axis CNC machine tools have a delivery cycle of 5 to 10 months, with some new models experiencing longer delivery times [1] Financial Performance - Short-term revenue and profit fluctuations are attributed to the amortization of the 2024 restricted stock incentive plan, the impact of international policy changes, and insufficient production capacity [1] Market Demand and Capacity - Despite the short-term challenges, the company highlights that the fundamental demand in its sector remains robust, and it is accelerating capacity construction to meet this demand [1]

Core Viewpoint - The company is undergoing a board restructuring to enhance governance and strategic direction, with a focus on integrating diverse expertise in sales, technology, and law to support its growth trajectory [1][2]. Group 1: Board Restructuring - The company announced a board restructuring, proposing candidates with diverse backgrounds to strengthen governance [1]. - The nominated candidates include key figures from sales and technology, indicating a strategic focus on enhancing operational capabilities [1]. - The upcoming shareholder meeting on December 15 will address the election of the new board members [1]. Group 2: Strategic Focus and Performance - The controlling shareholder, Xia Jun, has led the company to focus on high-end CNC machine tools, achieving significant revenue growth [2]. - As of Q3 2025, the company reported revenues of 3.826 billion and a net profit of 348 million, reflecting year-on-year growth rates of 16.80% and 72.56% respectively [2]. - The company has successfully restructured its business by divesting from precision components and concentrating on core CNC machine tool operations [2]. Group 3: Employee Incentive Plans - The company has introduced an employee stock ownership plan to align interests between employees and shareholders, fostering long-term commitment [3]. - A previous restricted stock incentive plan was initiated, with 13 million shares granted to key personnel, aimed at enhancing performance in high-end intelligent equipment [3]. - The dual incentive systems are designed to strengthen the company's governance structure and support sustainable growth [3].

Core Viewpoint - The company reported a significant increase in orders for the third quarter compared to the second quarter, but there was a decline in revenue, raising questions about the apparent contradiction in the data [1] Group 1: Company Performance - The company stated that its five-axis CNC machine tools have a delivery cycle of 5 to 10 months, which affects revenue recognition [1] - Revenue for the third quarter was 100 million, down from 160 million in the second quarter, indicating a short-term fluctuation in income [1] - The decline in revenue is attributed to factors such as the amortization of stock incentive plan expenses, temporary impacts from international policy, and insufficient production capacity [1] Group 2: Market Outlook - Despite short-term revenue fluctuations, the company emphasized that the demand in its sector remains strong [1] - The company has a sufficient backlog of orders and is accelerating its capacity expansion efforts [1]

Core Insights - Guangdong's enterprises are key participants in market economic activities, with over 9 million enterprises expected by September 2025, and 41.46 million of these being new technology, industry, business models, and new formats [1][3] - Guangdong has ranked first in regional innovation capability for nine consecutive years, implementing a comprehensive innovation chain that includes basic research, technology breakthroughs, results transformation, technology finance, and talent support [3][6] - The province has successfully cultivated 43,498 innovative small and medium-sized enterprises (SMEs) and 2,617 specialized and innovative "little giant" enterprises, establishing a gradient cultivation system for high-quality SMEs [5][14] Innovation Ecosystem - Guangdong is developing a full-cycle cultivation system to enhance the innovation capabilities of SMEs, leveraging policies and capital to help these enterprises grow [6][14] - The government has introduced the "Million Talents Gather in South Guangdong" initiative to attract and retain skilled talent, with a total of 22.01 million skilled workers in the province, including 8.27 million high-skilled workers [13][14] Success Stories - Shenzhen's 3D perception chip company, led by Huang Yuanhao, successfully listed on the STAR Market after receiving early-stage funding from the Shenzhen Futian Guidance Fund, highlighting the role of "patient capital" in supporting hard-tech enterprises [8][14] - The opening of the Shenzhen-Jiangmen passage has facilitated collaboration between R&D in Shenzhen and production in Jiangmen, promoting the transition of Jiangmen from traditional manufacturing to emerging industries like robotics and semiconductors [13][14] Economic Development Model - Guangdong's development reflects a new model of economic growth driven by technological innovation, moving away from reliance on labor and capital inputs [16]

Core Insights - Guangdong's enterprises are crucial participants in market economic activities, with over 9 million enterprises expected by September 2025, and 41.46 million of these being new economy enterprises, accounting for 37.92% of new enterprises in the province [1][3] Innovation Capacity - Guangdong ranks first in regional innovation capacity in China for 2025, maintaining this position for nine consecutive years, supported by a comprehensive innovation chain that includes basic research, technology breakthroughs, results transformation, technology finance, and talent support [3] Development of SMEs - Guangdong has successfully nurtured 43,498 innovative SMEs and 2,617 specialized "little giant" enterprises, establishing a gradient cultivation system for high-quality SMEs [5][17] Talent Attraction - The "Million Talents Gather in Nanyue" initiative launched in February 2025 aims to attract and retain talent, with Guangdong's skilled workforce reaching 22.01 million, including 8.27 million high-skilled workers [14] Economic Transformation - The opening of the Shenzhen-Jiangmen tunnel in 2024 has facilitated a shift from traditional manufacturing to emerging industries like robotics and semiconductors in Jiangmen, enhancing collaboration between Shenzhen's R&D and Jiangmen's production [15] Policy Support - Guangdong's government has implemented a structured guiding fund system to support innovation, creating a regional innovation network that amplifies the scale and radiation effects of entrepreneurship [17][18]

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]

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].