证券日报网讯 科德数控11月4日在互动平台回答投资者提问时表示，公司的产品覆盖大部分大飞机核心 零部件的制造加工，如在发动机领域，公司的五轴立式加工中心、五轴卧式加工中心、六轴五联动叶盘 加工中心、高速叶尖磨削中心等可针对叶片、机匣、叶盘等发动机核心零部件进行高效加工；在结构件 与起落架方面，公司的五轴卧式车铣复合加工中心KTM120、大小规格翻板铣削产品可用于飞机起落 架、机翼、翼肋、框梁结构件等零部件的生产制造，五轴龙门机GMC3060可针对大型航空航天钛合 金、铝合金和非金属复合材料等大型结构件进行高效加工。公司已为航发集团、航空工业集团下属30家 主机厂及科研院所提供设备，为近百家航空产业配套厂商提供设备，公司多款主力机型均参与大飞机制 造。 （编辑 任世碧） ...

（文章来源：每日经济新闻） 科德数控（688305.SH）11月4日在投资者互动平台表示，尊敬的投资者，您好。公司的产品覆盖大部分 大飞机核心零部件的制造加工，如在发动机领域，公司的五轴立式加工中心、五轴卧式加工中心、六轴 五联动叶盘加工中心、高速叶尖磨削中心等可针对叶片、机匣、叶盘等发动机核心零部件进行高效加 工；在结构件与起落架方面，公司的五轴卧式车铣复合加工中心KTM120、大小规格翻板铣削产品可用 于飞机起落架、机翼、翼肋、框梁结构件等零部件的生产制造，五轴龙门机GMC3060可针对大型航空 航天钛合金、铝合金和非金属复合材料等大型结构件进行高效加工。公司已为航发集团、航空工业集团 下属30家主机厂及科研院所提供设备，为近百家航空产业配套厂商提供设备，公司多款主力机型均参与 大飞机制造。 每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘好！近日空中客车天津A320系列飞机第二 条总装线项目正式投产，请问贵公司产品有没有应用在该系列飞机？ ...

格隆汇11月4日丨科德数控(688305.SH)在互动平台表示，公司的产品覆盖大部分大飞机核心零部件的制 造加工，如在发动机领域，公司的五轴立式加工中心、五轴卧式加工中心、六轴五联动叶盘加工中心、 高速叶尖磨削中心等可针对叶片、机匣、叶盘等发动机核心零部件进行高效加工；在结构件与起落架方 面，公司的五轴卧式车铣复合加工中心KTM120、大小规格翻板铣削产品可用于飞机起落架、机翼、翼 肋、框梁结构件等零部件的生产制造，五轴龙门机GMC3060可针对大型航空航天钛合金、铝合金和非 金属复合材料等大型结构件进行高效加工。公司已为航发集团、航空工业集团下属30家主机厂及科研院 所提供设备，为近百家航空产业配套厂商提供设备，公司多款主力机型均参与大飞机制造。 ...

格隆汇11月4日丨科德数控(688305.SH)在互动平台表示，公司的产品覆盖大部分大飞机核心零部件的制 造加工，如在发动机领域，公司的五轴立式加工中心、五轴卧式加工中心、六轴五联动叶盘加工中心、 高速叶尖磨削中心等可针对叶片、机匣、叶盘等发动机核心零部件进行高效加工；在结构件与起落架方 面，公司的五轴卧式车铣复合加工中心KTM120、大小规格翻板铣削产品可用于飞机起落架、机翼、翼 肋、框梁结构件等零部件的生产制造，五轴龙门机GMC3060可针对大型航空航天钛合金、铝合金和非 金属复合材料等大型结构件进行高效加工。公司已为航发集团、航空工业集团下属30家主机厂及科研院 所提供设备，为近百家航空产业配套厂商提供设备，公司多款主力机型均参与大飞机制造。 ...

25Q1-Q3 公司毛利率38.71%（同比-3.97pp），净利率15.90%（同比-3.01pp），主要系公司自动化生产 线业务毛利率相较整机偏低，其占比快速提升影响整体毛利率水平。费用方面，公司25Q1-Q3 费用率 22.79%，同比+2.09pp；其中销售费用率、管理费用率、研发费用率、财务费用率分别为8.61%、 6.88%、7.53%、-0.24%（同比-0.60pp、+0.88pp、+1.53pp、+0.28pp），其中管理费用增加主要系营业 收入增加，相应的营业成本增加所致，研发费用增加主要系公司加大研发投入，研发人员增加所致。 产品布局优势凸显，全产业链自主可控 公司公布25 年三季报，25Q1-Q3 收入4.00 亿元，同比+5.01%；归母净利0.64 亿元， 同比-11.53% 。其 中Q3 收入1.06 亿元， 同比/ 环比-15.97%/-35.32%；归母净利0.15 亿元，同比/环比-37.56%/-46.80%，主 要系本报告期内销售收入同比减少及股份支付费用增加所致。公司不断推出高端新品实现国产替代，同 时深耕航空航天行业，持续拓展民用领域应用，我们看好公司引领高端机床的 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 81.74 [7]. Core Views - The company reported a revenue of RMB 400 million for the first three quarters of 2025, representing a year-on-year increase of 5.01%, while the net profit attributable to shareholders was RMB 64 million, a decrease of 11.53% year-on-year. The third quarter saw a revenue of RMB 106 million, down 15.97% year-on-year and 35.32% quarter-on-quarter, primarily due to a decrease in sales revenue and an increase in share-based payment expenses [1]. - The company is focusing on high-end product launches to achieve domestic substitution and is deepening its engagement in the aerospace industry while continuously expanding applications in the civilian sector. The outlook for the company leading high-end machine tool domestic substitution is positive [1]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross margin was 38.71%, down 3.97 percentage points year-on-year, and the net profit margin was 15.90%, down 3.01 percentage points year-on-year. The decline in gross margin is attributed to the lower gross margin of the automation production line business, which is rapidly increasing in proportion [2]. - The expense ratio for the first three quarters of 2025 was 22.79%, an increase of 2.09 percentage points year-on-year. The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio were 8.61%, 6.88%, 7.53%, and -0.24%, respectively [2]. Product and Market Positioning - The company has a complete product layout, forming a competitive advantage of full industry chain autonomy. It has four general technology platform products and four specialized technology platform products, widely used in aerospace, energy, automotive, shipbuilding, molds, low-altitude economy, and medical fields [3]. - The company is expanding into emerging fields, focusing on low-altitude economy and humanoid robots. It is developing high-end precision manufacturing equipment for components of drones and helicopters, and its control algorithms and servo drives can be adapted for humanoid robot control systems [4]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been revised down by 5.82%, 10.38%, and 7.64%, respectively, to RMB 163 million, RMB 210 million, and RMB 268 million, with a three-year compound growth rate of 27.25%. The corresponding EPS is projected to be RMB 1.22, RMB 1.58, and RMB 2.01 [5]. - The company is assigned a PE valuation of 67 times for 2025, leading to a target price of RMB 81.74, down from the previous value of RMB 87.10 [5].

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].