业绩基本符合预期，扣非归母净利润保持高速增长。公司2024 年前三季度实现营收3.81 亿元，同比增长30.31%，实现归母净利润0.72亿元，同比增长11.53%，扣非归母净利润0.57 亿元，同比增长26.34%，其中Q3 单季度，公司实现收入和净利润分别为1.26 亿和0.24 亿元，同比增长37.35%和38.49%，继续保持Q2 以来的高增速。公司业绩保持较快增长，主要是市场对五轴数控机床的需求旺盛，公司订单增加所致。Introduction to this report:
The company's performance for the first three quarters of 2024 was basically in line with expectations. Focus on the key investment points of the subsequent release of the company's production capacity:
Investment proposal: Considering the subsequent pace and progress of the company's production capacity release, the company's 2024-2026 EPS was lowered to 1.28/2.01/2.65 (-0.38/-0.27/-0.36) yuan, referring to the 25-year valuation level of comparable companies. Considering that the company is a leading domestic five-axis machine tool, the target is scarce, the target price is lowered to 90.24 yuan, and the target price is lowered to 90.24 yuan.
The performance was basically in line with expectations, and net profit after deducting non-return to mother maintained rapid growth. The company achieved revenue of 0.381 billion yuan in the first three quarters of 2024, up 30.31% year on year, and achieved net profit of 0.072 billion yuan, up 11.53% year on year, net profit excluding 0.057 billion yuan, up 26.34% year on year. Among them, in the Q3 single quarter, the company achieved revenue and net profit of 0.126 billion yuan and 0.24 billion yuan respectively, up 37.35% and 38.49% year on year, continuing the high growth rate since Q2. The company's performance has maintained a relatively rapid growth, mainly due to strong market demand for five-axis CNC machine tools and an increase in company orders.
Profit margins have declined slightly, and the company's fee control measures have achieved remarkable results. In the first three quarters of 2024, the company's gross sales margin and net sales margin were 42.67% and 18.90%, respectively. Compared with the same period last year, the company's gross margin and net profit margin were 41.20% and 18.89%, respectively. Looking at the third quarter of a year, the company's gross margin and net profit margin declined slightly from the second quarter. In terms of cost ratios, the company's sales expense ratio, management expense ratio, and R&D expense ratio for the first three quarters were 9.21%/6.00%/6.00%, respectively, down to varying degrees from the same period last year, indicating that the company strengthened operation management, improved operating quality and efficiency, and achieved good results in cost reduction and efficiency measures.
Equity incentives demonstrate management confidence, and R&D innovation and capacity expansion go hand in hand. In order to attract and retain outstanding talents and fully motivate management and core technical personnel, the company issued a stock incentive plan, which also fully demonstrated the management's firm confidence in the company's long-term future development. The company insists on research and development as the foundation and continuously launches new products. Among them, new models such as the 5-axis milling and grinding composite machining center KFMC1020U and the high-efficiency and compact special horizontal five-axis machining center KFMC1020U focus on the aerospace, medical, and new energy vehicle fields to accelerate import substitution. Furthermore, the company accelerated the release of production capacity, and the accelerated construction of three fund-raising projects, including the Dalian plant and the Yinchuan factory, beneficially supported the company's order release. From an order perspective, in July 2024, the company signed a daily operating and sales contract worth over 0.2 billion yuan. The execution of the contract is expected to have a positive impact on the company's future business performance.
Risk warning: the market competition pattern intensifies, production capacity expansion falls short of expectations, etc.
