KEDE Numerical (SH:688305)2024-09-06 07:34Revenue Composition - In the first half of 2024, the revenue composition of the company is as follows: five-axis CNC machine tools account for approximately 93%, with a year-on-year growth of about 27%; functional components account for about 4%, with a year-on-year growth of about 79%; and high-end CNC systems and other sales account for about 3% [3][11]. New Orders - In the first half of 2024, new signed orders increased by approximately 44% year-on-year, with a growth rate of about 56% in the second quarter. Five-axis CNC machine tools account for about 81% of the new orders [4][13]. - Among domestic new signed orders, aerospace accounts for 63% (with a year-on-year growth of 38%), while orders from universities and research institutions account for 15% [4]. Profit Margins - In the first half of 2024, the gross margin for main business was 43.40%, a decrease of 2.04 percentage points year-on-year. The gross margin for five-axis CNC machine tools was 43.68%, down by 2.21 percentage points [6][7]. Production Capacity - The company is steadily advancing its capacity expansion projects, with the Dalian plant's expansion progressing smoothly. The expected annual production capacity for 2024 is 450 units [8][17]. - The production and sales rate is close to 90%, with current capacity utilization nearing saturation [17]. Market Demand and Outlook - The aerospace sector's revenue accounts for over 50% of total revenue, with a year-on-year growth rate of 15%. The company is also expanding into other sectors, with new orders in the automotive sector increasing by 54% [9][10]. - The company anticipates continued strong demand for five-axis CNC machine tools in the aerospace and military sectors, supported by national policies [10][14]. Strategic Focus - The company is focusing on developing high-end CNC systems and key functional components to match its self-produced machine tools, with functional components accounting for about 4% of main business revenue, growing by approximately 79% year-on-year [15]. - The company plans to enhance its product competitiveness by investing in R&D for five-axis CNC machine tools and related functional components [13][15].