KEDE Numerical (688305)2024-11-12 07:38Product and Technology - The company has developed a complete technology and industry chain around high-end five-axis CNC machine tools, with a self-sufficiency rate of 85% and a localization rate of over 90% [3] - The product portfolio includes four general-purpose platforms (vertical, horizontal, horizontal milling-turning, and gantry) and four specialized platforms (tool grinding, blade processing, high-speed tip grinding, and six-axis five-linkage disc processing) [3] - The company's products are widely used in aerospace, shipbuilding, military, energy, new energy vehicles, precision molds, and tooling industries, with a product repurchase rate of nearly 40% in the first three quarters, of which 70% comes from private enterprises [4] - The company's product performance is comparable to imported brands, with prices ranging from 1/2 to 2/3 of foreign equipment, offering high cost-performance advantages [4] Orders and Market Performance - In the first three quarters of 2024, the company's new order growth rate was approximately 37% [5] - The domestic new order composition includes aerospace (58%), universities and research institutes (11%), mechanical equipment (10%), energy (8%), automotive (7%), and military, shipbuilding, and tooling (6%) [5] - The company's functional components business revenue grew by approximately 76% year-over-year in the first three quarters, with motor orders accounting for 36%, turntable orders for 51%, and other businesses (spindles, sensors, etc.) for 14% [8] R&D and Future Plans - Future R&D investments will focus on the iterative upgrades of CNC systems, key functional components, and the development of new models [5] - The company plans to expand its product portfolio and enhance its market competitiveness by promoting high-end CNC systems and key functional components [11] - The company aims to achieve a production capacity of approximately 1,100 units by 2028, following the successful implementation of its fundraising projects [10] Production and Capacity Expansion - The Shenyang and Yinchuan projects are progressing smoothly, with Yinchuan's new plant expected to be partially operational by the second quarter of next year, and Shenyang's new plant expected to be partially operational by the second half of 2025 [6] - The company's annual production capacity for 2024 is estimated to be 450 units, based on the KMC800 vertical machining center as a reference [7] Equity Incentive Plan - The company has launched a 2024 restricted stock incentive plan, offering a total of 887,400 shares, accounting for approximately 0.87% of the company's total share capital [7] - The plan aims to establish a long-term incentive mechanism, attract and retain talent, and enhance the company's competitiveness and innovation capabilities [6][9] Financial and Shareholder Returns - The company has conducted two equity financings since its IPO but has paid limited dividends, prompting calls for increased shareholder returns [9] - The company emphasizes its commitment to creating value and ensuring reasonable returns for shareholders, while considering operational performance, capital plans, and cash flow conditions [9]