转自：证券时报 目前，新品五轴车铣复合加工中心KMU180T已投入民航大飞机航空发动机加工，六轴五联动整体叶盘 铣削加工中心获小批量订单。在研新品大小翻板铣削加工中心用于飞机结构件加工，进入应用验证阶 段。 人民财讯10月1日电，科德数控是中国本土专业化高档数控系统和关键功能部件的完整产业制造商；是 国内制造类企业中，实现"机床和控制、反馈装置及电机一体化"的知名供应商；凭借高度专业自主化程 度，目前科德已经成长为国内颇具规模的五轴装备产销基地。 2025年6月，科德数控与沈阳航产、沈飞民机组建国内首个完全基于国产五轴数控机床的"大飞机结构件 工艺验证中试基地"，着力破解民用大飞机、无人机复杂结构件从研发到量产的核心瓶颈，对保障国防 军工与高端装备供应链安全具有战略意义。 ...

科德数控是中国本土专业化高档数控系统和关键功能部件的完整产业制造商；是国内制造类企业中，实 现"机床和控制、反馈装置及电机一体化"的知名供应商；凭借高度专业自主化程度，目前科德已经成长 为国内颇具规模的五轴装备产销基地。2025年6月，科德数控与沈阳航产、沈飞民机组建国内首个完全 基于国产五轴数控机床的"大飞机结构件工艺验证中试基地"，着力破解民用大飞机、无人机复杂结构件 从研发到量产的核心瓶颈，对保障国防军工与高端装备供应链安全具有战略意义。目前，新品五轴车铣 复合加工中心KMU180T已投入民航大飞机航空发动机加工，六轴五联动整体叶盘铣削加工中心获小批 量订单。在研新品大小翻板铣削加工中心用于飞机结构件加工，进入应用验证阶段。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company reported a revenue of 295 million yuan for the first half of 2025, representing a year-on-year growth of 15.24%, driven by significant demand for automated production line orders [8]. - The net profit attributable to the parent company reached 49 million yuan, with a year-on-year increase of 1.27%, which was lower than revenue growth due to increased share-based payment expenses, employee salaries, and R&D costs [8]. - The gross margin and net margin were 38.67% and 16.64%, respectively, with a decline in gross margin attributed to the high proportion of production line business [8]. - The company has made breakthroughs in the aerospace and military sectors, expanding its user base and gaining recognition from leading industry players [8]. - The demand for five-axis CNC machine tools in the civilian sector has increased, with significant growth in new orders for the company's products [8]. - R&D investment totaled 98 million yuan in the first half of 2025, a year-on-year increase of 27.10%, accounting for 33.34% of revenue [8]. - The company is nearing the completion of its capacity expansion, with new production lines set to start trial operations in 2025 [8]. - The company is positioned as a leader in high-end CNC machine tools, with core components being self-controlled and product margins remaining high [8]. Financial Summary - Total revenue is projected to grow from 605.47 million yuan in 2024 to 1,112.04 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 24.96% [7]. - Net profit attributable to the parent company is expected to increase from 129.89 million yuan in 2024 to 230.38 million yuan in 2027, reflecting a CAGR of 25.53% [7]. - The diluted EPS is forecasted to rise from 0.98 yuan in 2024 to 1.73 yuan in 2027, with corresponding P/E ratios decreasing from 63.84 to 35.99 [7].

Core Viewpoint - The company, Kode CNC (688305), reported a revenue increase of 15.24% year-on-year for the first half of 2025, indicating strong growth in its operations and a focus on high-end CNC machine tools and systems [1][2] Financial Performance - The company achieved an operating revenue of 295 million yuan, with a net profit attributable to shareholders of 49.06 million yuan, reflecting a 1.27% increase year-on-year [1] - The net profit after deducting non-recurring gains and losses was 36.06 million yuan, down 7.43% year-on-year, while the net profit attributable to shareholders after excluding share payment impacts was 55.15 million yuan, up 13.85% [1] - Total assets reached 2.284 billion yuan, a 1.23% increase from the previous year, and net assets were 1.859 billion yuan, up 1.71% [1] - Operating cash flow turned positive at 165 million yuan [1] Business Segmentation - In the first half of 2025, the production line business accounted for approximately 54% of total revenue, while five-axis CNC machine tools contributed about 40% [2] - New orders for flow-type products, particularly the five-axis vertical machining center, made up over 50% of new orders, with five-axis horizontal machining centers and five-axis horizontal turning-milling composite centers accounting for about 30% [2] Product Development and Market Position - The company launched the five-axis turning-milling composite center KMU180T, which is now being used in the energy sector for processing blower impellers [2] - A collaboration was established with Shenyang Aircraft Industry Group and AVIC Shenyang Aircraft Company to create a "large aircraft structural component process verification pilot base," focusing on precision machining for domestic large aircraft [3] - The company has developed several high-end five-axis CNC machines capable of processing magnesium alloy materials, which are critical for lightweight applications in various industries [3]