11月14日，科达制造盘中下跌2.05%，截至10:49，报13.37元/股，成交2.71亿元，换手率1.05%，总市值 256.42亿元。 资金流向方面，主力资金净流入224.60万元，特大单买入2949.19万元，占比10.89%，卖出4263.53万 元，占比15.74%；大单买入7177.70万元，占比26.50%，卖出5638.76万元，占比20.82%。 科达制造今年以来股价涨75.78%，近5个交易日涨3.48%，近20日涨17.18%，近60日涨16.56%。 资料显示，科达制造股份有限公司位于广东省佛山市顺德区陈村镇广隆工业园环镇西路1号，成立日期 1996年12月11日，上市日期2002年10月10日，公司主营业务涉及建材机械、海外建材、锂电材料及设备 的生产和销售,并战略投资锂盐业务。主营业务收入构成为：海外建材46.06%，建材机械31.38%，锂电 材料11.33%，新能源装备8.68%，其他2.55%。 科达制造所属申万行业为：机械设备-专用设备-其他专用设备。所属概念板块包括：融资融券、一带一 路、锂电池、宁德时代概念、盾构机等。 截至9月30日，科达制造股东户数5.64万，较上 ...

Core Viewpoint - Keda Manufacturing's stock price has experienced fluctuations, with a year-to-date increase of 61.71% but a recent decline of 3.15% over the past five trading days [2] Company Overview - Keda Manufacturing, established on December 11, 1996, and listed on October 10, 2002, is located in Shunde District, Foshan City, Guangdong Province. The company specializes in the production and sales of building materials machinery, overseas building materials, lithium battery materials and equipment, and has strategic investments in lithium salt business [2] - The revenue composition of Keda Manufacturing includes: 46.06% from overseas building materials, 31.38% from building materials machinery, 11.33% from lithium battery materials, 8.68% from new energy equipment, and 2.55% from other sources [2] Financial Performance - For the period from January to September 2025, Keda Manufacturing achieved an operating income of 12.605 billion yuan, representing a year-on-year growth of 47.19%. The net profit attributable to shareholders was 1.149 billion yuan, reflecting a year-on-year increase of 63.49% [2] - The company has distributed a total of 3.864 billion yuan in dividends since its A-share listing, with 2.299 billion yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Keda Manufacturing had 56,400 shareholders, a decrease of 5.51% from the previous period. The average circulating shares per person increased by 5.83% to 34,018 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 147 million shares, an increase of 7.7142 million shares compared to the previous period [3] Market Activity - On November 12, Keda Manufacturing's stock price fell by 2.07%, trading at 12.30 yuan per share, with a total transaction volume of 28.2648 million yuan and a turnover rate of 0.12%. The total market capitalization is 23.590 billion yuan [1]

Core Insights - Keda Manufacturing's stock price decreased by 2.01% on November 11, trading at 12.65 CNY per share with a market capitalization of 24.261 billion CNY [1] - The company has seen a significant stock price increase of 66.32% year-to-date, with recent gains of 5.59% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Keda Manufacturing achieved a revenue of 12.605 billion CNY, representing a year-on-year growth of 47.19% [2] - The net profit attributable to shareholders for the same period was 1.149 billion CNY, reflecting a year-on-year increase of 63.49% [2] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 5.51% to 56,400, while the average number of circulating shares per person increased by 5.83% to 34,018 shares [2] - Keda Manufacturing has distributed a total of 3.864 billion CNY in dividends since its A-share listing, with 2.299 billion CNY distributed over the last three years [3] Ownership Structure - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 147 million shares, an increase of 7.7142 million shares from the previous period [3]

Core Insights - The core point of the article is the significant decline in the information disclosure evaluation results for Keda Manufacturing in 2024, dropping from "Good" to "Unqualified" compared to 2023 [1][2]. Company Overview - Keda Manufacturing Co., Ltd. is located in Shunde District, Foshan City, Guangdong Province, established on December 11, 1996, and listed on October 10, 2002 [1]. - The company's main business includes the production and sales of building materials machinery, overseas building materials, lithium battery materials and equipment, and strategic investments in lithium salt business [1]. - The revenue composition of Keda Manufacturing is as follows: Overseas building materials 46.06%, building materials machinery 31.38%, lithium battery materials 11.33%, new energy equipment 8.68%, and others 2.55% [1]. Industry Classification - Keda Manufacturing belongs to the Shenwan industry classification of Mechanical Equipment - Specialized Equipment - Other Specialized Equipment [1]. - The company is associated with several concept sectors, including the Belt and Road Initiative, margin financing, spin-off concepts, shield machines, and lithium batteries [1]. Evaluation Results - In the 2024 evaluation, Keda Manufacturing received a grade of "D," a decline from "B" in 2023 and "A" in 2022 [2]. - Other companies that also received a "D" rating in 2024 include *ST Baoying, *ST Huike, and *ST Jianyuan, all of which are located in Guangdong Province [2]. Management Information - The current Secretary of the Board for Keda Manufacturing is Peng Qi, who assumed the position on August 1, 2024 [2]. - Peng Qi, born in 1989, holds a doctoral degree and has been with the company since 2017, previously serving in various managerial roles [2].

Group 1 - Keda Manufacturing's stock increased by 5.34%, reaching 12.62 CNY per share, with a trading volume of 307 million CNY and a turnover rate of 1.33%, resulting in a total market capitalization of 24.203 billion CNY [1] - Keda Manufacturing, established on December 11, 1996, and listed on October 10, 2002, is located in Shunde District, Foshan City, Guangdong Province. The company specializes in the production and sales of building materials machinery, overseas building materials, lithium battery materials and equipment, and has strategically invested in lithium salt business [1] - The revenue composition of Keda Manufacturing includes overseas building materials at 46.06%, building materials machinery at 31.38%, lithium battery materials at 11.33%, new energy equipment at 8.68%, and others at 2.55% [1] Group 2 - Yimin Fund has one fund heavily invested in Keda Manufacturing, specifically the Yimin Innovation Advantage Mixed Fund (560003), which held 429,400 shares in the third quarter, unchanged from the previous period, accounting for 1.21% of the fund's net value, making it the sixth-largest holding [2] - The Yimin Innovation Advantage Mixed Fund (560003) was established on July 11, 2007, with a current scale of 434 million CNY. Year-to-date returns are 15.68%, ranking 4879 out of 8150 in its category; the one-year return is 15.29%, ranking 4670 out of 8043; and since inception, the return is 38.38% [2] Group 3 - The fund managers of Yimin Innovation Advantage Mixed Fund (560003) are Zhang Ting and Ma Qianlin. Zhang Ting has a tenure of 2 years and 40 days, with a total fund size of 490 million CNY, achieving a best return of 46.47% and a worst return of 6.49% during her tenure [3] - Ma Qianlin has a tenure of 3 years and 63 days, also managing a fund size of 490 million CNY, with a best return of 51.45% and a worst return of -27.43% during his tenure [3]

Core Insights - Keda Manufacturing is a leading enterprise in the domestic building materials machinery and ceramic industry, established in December 1996 and listed on the Shanghai Stock Exchange in October 2002, with a full industry chain layout that highlights its investment value [1] Financial Performance - In Q3 2025, Keda Manufacturing achieved a revenue of 12.605 billion yuan, ranking first among 89 companies in the industry, significantly surpassing the second-ranked Haomai Technology's revenue of 8.076 billion yuan, with the industry average at 1.21 billion yuan and the median at 596 million yuan [2] - The company's net profit for the same period was 1.832 billion yuan, also leading the industry, slightly higher than Haomai Technology's 1.789 billion yuan, with the industry average at 111 million yuan and the median at 34.371 million yuan [2] Financial Ratios - As of Q3 2025, Keda Manufacturing's debt-to-asset ratio was 47.58%, an increase from 45.85% in the previous year and above the industry average of 42.80% [3] - The gross profit margin for Q3 2025 was 28.57%, up from 26.90% year-on-year and slightly above the industry average of 28.52% [3] Executive Compensation - The chairman, Bian Cheng, received a salary of 2.98 million yuan in 2024, a decrease of 820,000 yuan from 2023, while the general manager, Yang Xuexian, saw an increase in salary from 2.3 million yuan in 2023 to 2.6 million yuan in 2024 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders for Keda Manufacturing decreased by 5.51% to 56,400, while the average number of circulating A-shares held per account increased by 5.83% to 34,000 [5]

Core Viewpoint - Keda Manufacturing has shown significant stock performance with a year-to-date increase of 72.89%, reflecting strong financial growth and market interest [1][2]. Financial Performance - For the first half of 2025, Keda Manufacturing achieved a revenue of 8.188 billion yuan, representing a year-on-year growth of 49.04% [2]. - The net profit attributable to shareholders for the same period was 745 million yuan, marking a year-on-year increase of 63.95% [2]. Stock Market Activity - As of October 29, Keda Manufacturing's stock price was 13.15 yuan per share, with a market capitalization of 25.22 billion yuan [1]. - The stock experienced a trading volume of 1.06 billion yuan, with a turnover rate of 0.43% [1]. - The stock has seen a net inflow of 872,200 yuan from main funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 19.87% to 59,700, while the average circulating shares per person increased by 24.80% to 32,144 shares [2][3]. - The total cash dividends distributed by Keda Manufacturing since its A-share listing amount to 3.864 billion yuan, with 2.299 billion yuan distributed in the last three years [3]. Business Segments - Keda Manufacturing's main business revenue composition includes overseas building materials (46.06%), building machinery (31.38%), lithium battery materials (11.33%), new energy equipment (8.68%), and others (2.55%) [1].

Investment Rating - The report maintains a "Positive" investment rating for the industry [16]. Core Insights - Africa is identified as a fertile ground for the outbound capacity of building materials, presenting a second growth curve market. The analysis highlights investment opportunities in Africa from perspectives of development potential, representative countries, and construction companies. Economic growth in Africa is expected to accelerate against a backdrop of a weakening US dollar [5][11]. - Key local leaders in the African building materials sector include Huaxin Cement, West Cement, Keda Manufacturing, and Leshushi, which are experiencing rapid growth and high profitability. The low market share of these companies is attributed to the later timing of their international expansion and the significant asset nature of cement, glass, and tiles, making market positioning crucial for achieving favorable competitive dynamics and profitability [5][12]. Summary by Sections Market Potential in Africa - Africa is the second-largest continent with 54 countries and a population of 1.4 billion. The UN projects that the population in sub-Saharan Africa will grow from 1.24 billion in 2024 to 2.09 billion by 2050, contributing over half of the global population increase. The African Development Bank forecasts GDP growth rates of 3.2%, 3.9%, and 4.0% for 2024-2026 [11][29]. Representative Countries - Outbound enterprises are focusing on underdeveloped regions in West and East Africa. Ghana serves as a significant port and distribution center in West Africa, impacting a market of 430 million people. The East African Community, comprising eight member states, is projected to have a total population of approximately 331 million by 2024 [11][50]. Construction Company Landscape - Chinese companies have a strong presence in Africa, with infrastructure projects accounting for 31.4% of total project value in 2020. Major players like China State Construction, China Railway Construction, and China National Materials are expanding their projects in Africa, indicating a positive outlook for the construction industry over the next 2-3 years [12][16]. Growth Characteristics of African Building Material Leaders - The outbound capacity of building materials is essential, with local leaders like Huaxin Cement and Keda Manufacturing showing rapid growth and high profitability. The expected cement demand in Africa for 2024 is 250 million tons, with a production capacity of 440 million tons. Huaxin Cement's capacity in Africa is 20.6 million tons, holding a market share of about 5% [13][14]. Keda Manufacturing and Leshushi - Keda Manufacturing is recognized as a rare building materials platform in Africa, with overseas revenue growing from 800 million yuan in 2018 to 4.7 billion yuan in 2024. Leshushi, a brand specializing in hygiene products, ranks first in the African market for baby diapers and sanitary napkins, with market shares of 20.3% and 15.6%, respectively [14][15].

Core Insights - Keda Manufacturing's stock price increased by 5.12% on October 24, reaching 12.94 CNY per share, with a trading volume of 372 million CNY and a turnover rate of 1.54%, resulting in a total market capitalization of 24.817 billion CNY. The stock has risen for four consecutive days, with a cumulative increase of 7.89% during this period [1] Company Overview - Keda Manufacturing Co., Ltd. is located in Shunde District, Foshan City, Guangdong Province, and was established on December 11, 1996. The company was listed on October 10, 2002. Its main business includes the production and sales of building materials machinery, overseas building materials, lithium battery materials and equipment, and strategic investments in lithium salt business [1] - The revenue composition of Keda Manufacturing is as follows: overseas building materials 46.06%, building materials machinery 31.38%, lithium battery materials 11.33%, new energy equipment 8.68%, and others 2.55% [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Caitong Fund has a significant holding in Keda Manufacturing. The Caitong Huazhen Quantitative Stock Selection Mixed A (021147) held 642,600 shares in the second quarter, accounting for 2.35% of the fund's net value, ranking as the ninth largest heavy stock. The estimated floating profit today is approximately 404,800 CNY, with a floating profit of 578,300 CNY during the four-day increase [2] - Caitong Huazhen Quantitative Stock Selection Mixed A (021147) was established on May 6, 2024, with a latest scale of 34.6323 million CNY. Year-to-date return is 18.19%, ranking 4456 out of 8154 in its category; the one-year return is 18.1%, ranking 4027 out of 8025; and the return since inception is 21.87% [2]

机构持仓方面，截止2025年6月30日，科达制造十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.39亿股，相比上期增加2430.81万股。 责任编辑：小浪快报 科达制造所属申万行业为：机械设备-专用设备-其他专用设备。所属概念板块包括：GDR概念、锂电 池、盐湖提锂、海工装备、分拆概念等。 截至6月30日，科达制造股东户数5.97万，较上期减少19.87%；人均流通股32144股，较上期增加 24.80%。2025年1月-6月，科达制造实现营业收入81.88亿元，同比增长49.04%；归母净利润7.45亿元， 同比增长63.95%。 分红方面，科达制造A股上市后累计派现38.64亿元。近三年，累计派现22.99亿元。 10月20日，科达制造盘中上涨2.02%，截至11:23，报11.64元/股，成交1.05亿元，换手率0.48%，总市值 223.24亿元。 资金流向方面，主力资金净流入391.93万元，特大单买入230.14万元，占比2.20%，卖出0.00元，占比 0.00%；大单买入1493.75万元，占比14.25%，卖出1331.96万元，占比12.70%。 科达制造今年以来股价涨5 ...