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科德数控(688305)2025年中报点评:营收稳健增长 股份支付费用影响利润水平
Xin Lang Cai Jing· 2025-08-22 12:28
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]
科德数控:上半年开拓航天体系多家新用户,五轴立式加工中心新签订单占比超50%
科德数控(688305)8月21日晚披露2025年半年度报告,报告期内,公司实现营业收入2.95亿元,同比增长 15.24%;实现归属于上市公司股东的净利润4905.64万元,同比增长1.27%;归属于上市公司股东的扣除 非经常性损益的净利润3606.1万元,同比减少7.43%;基本每股收益0.46元。 截至报告期末,公司系列化五轴联动数控机床产品已在航天科工、航天科技(000901)、中航工业、航 发集团四大集团项下近50家用户单位广泛应用,产品涵盖柔性自动化生产线、六轴五联动叶盘加工中 心、五轴立式加工中心、五轴卧式加工中心、五轴卧式车铣复合加工中心、五轴龙门加工中心、五轴工 具磨削中心以及高速叶尖磨削中心。 据科德数控2025年半年报,报告期内,公司流量型产品五轴立式加工中心新签订单占比超过50%,新主 力军五轴卧式加工中心、五轴卧式车铣复合加工中心新签订单占比约30%,六轴五联动叶盘加工中心新 签订单占比近10%。公司流量产品获新老客户青睐。 新品六轴五联动叶盘加工中心KTBM1200、五轴车铣复合加工中心KMU180T首次签单,德创系列新品 高精密五轴立式加工中心DMC55系列产品获民营客户持续青睐 ...
科德数控分析师会议-2025-03-04
Dong Jian Yan Bao· 2025-03-03 23:30
Investment Rating - The report does not explicitly state an investment rating for the general equipment industry or the specific company being analyzed [1]. Core Insights - The company is strategically positioning itself in the civil sector, focusing on electric vehicles, medical equipment, and civil aviation [17]. - In 2024, the production of electric vehicles in China is projected to reach 12.888 million units, reflecting a year-on-year growth of 34.4%, while sales are expected to be 12.866 million units, with a growth of 35.5% [17]. - The company has introduced advanced machining centers tailored for the electric vehicle industry, emphasizing high efficiency and low energy consumption [17]. - The company is also expanding its product offerings in the medical sector, particularly for ergonomic implants, in response to the aging population, which is expected to constitute 22.0% of the total population by 2024 [17]. - The company has launched several high-end equipment models for the aviation sector, including five-axis machining centers designed for efficient processing of aircraft components [18]. Summary by Sections 1. Basic Research Information - The research was conducted on the company Kede CNC, which operates in the general equipment industry, on February 27, 2025 [13]. 2. Detailed Research Institutions - The research involved institutions such as CITIC Securities and Renqiao (Beijing) Asset Management [14]. 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [15]. 4. Main Content Information - The company is actively developing products for humanoid robots, leveraging its control algorithms and servo drive technologies to meet the manufacturing needs of this sector [19]. - The company has developed a large thrust linear motor that enhances control precision and acceleration, suitable for manufacturing components like screws used in humanoid robots [19].