近五年公司营业收入持续增长。2023 年，公司实现营业收入 232,103.69 万 元，较上年度增加 47,546.56 万元，同比增长 25.76%，。 纽威数控装备（苏州）股份有限公司 2024 年度"提质增效重回报"行动方案 为贯彻中央经济工作会议、中央金融工作会议精神，落实以投资者为本的理 念，推动纽威数控装备（苏州）股份有限公司（以下简称"纽威数控"或"公司"） 持续优化经营、规范治理和积极回报投资者，大力提高公司质量，助力信心提振、 资本市场稳定和经济高质量发展，公司制定了 2024 年度"提质增效重回报"行 动方案，并于 2024 年 3 月 29 日经公司第二届董事会第十二次会议审议通过。具 体如下： 一、专注数控金属切削领域，提高公司主业竞争力 纽威数控自成立以来专注于中高档数控机床的研发、生产及销售，现有大型 加工中心、立式数控机床、卧式数控机床、典型行业应用机床等系列 200 多种型 号产品，广泛应用于汽车、新能源、航空、工程机械、模具、阀门、自动化装备、 电子设备、通用设备等行业，产品销往全国和美国、德国、英国、意大利、巴西 等 50 多个国家和地区，部分产品被评定为"国家重点新产品 ...

全年业绩超预期，海外市场表现亮眼 纽威数控（688697.SH） 机械设备/通用设备 2024 年 03 月 28 日 ——公司信息更新报告 | --- | --- | |-------------------------|-------------| | 日期 | 2024/3/27 | | 当前股价 ( 元 ) | 18.91 | | 一年最高最低 ( 元 ) | 29.97/11.81 | | 总市值 ( 亿元 ) | 61.77 | | 流通市值 ( 亿元 ) | 15.44 | | 总股本 ( 亿股 ) | 3.27 | | 流通股本 ( 亿股 ) | 0.82 | | 近 3 个月换手率 (%) | 352.95 | 2023 年全年公司营收 23.21 亿元，同比上升 25.8%，归母净利润 3.18 亿元，同比 上升21.1%，其中Q4营收5.82亿元，归母净利润0.82亿元，分别同比上升16.79%、 12.58%。公司业绩略超预期，主要受益于海外市场的迅速扩张及营收占比提高。 公司专注于中高端数控机床领域，产品矩阵丰富，人效领先。考虑到国内机床行 业仍处于下行区间，我们略下调公司 2024 ...

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国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------|------------------------------------------------------|-------------------------|--------------------------------------------|-----------|-----------------------------------------------------------------------------------------------------|------------------------------------|-------------------------------------------------|-----------------------|------ ...

Investment Rating - The report assigns a rating of "Buy" to the company, with a target price of 26.68 CNY, up from the previous target of 25.20 CNY [3][13]. Core Views - The company's performance meets expectations, with notable growth in overseas markets and an increase in sales of horizontal machine tools [13]. - The company reported a revenue of 2.321 billion CNY for 2023, representing a year-on-year increase of 25.76%, and a net profit of 318 million CNY, up 21.13% year-on-year [13]. - The report highlights the company's ongoing expansion into high-end markets and overseas, with a significant increase in revenue from horizontal CNC machine tools, which grew by 41.83% year-on-year [13]. Financial Summary - Revenue Forecast (in million CNY): - 2022A: 1,846 - 2023A: 2,321 (+26%) - 2024E: 2,760 (+19%) - 2025E: 3,311 (+20%) [3][13]. - Net Profit Forecast (in million CNY): - 2022A: 262 - 2023A: 318 (+21%) - 2024E: 379 (+19%) - 2025E: 455 (+20%) [3][13]. - Key Financial Ratios: - Gross Margin for 2023: 26.46% - EBIT Margin for 2023: 14.1% - Net Asset Return Rate (ROE) for 2023: 19.8% [3][13]. Market Position - The company focuses on the R&D, production, and sales of mid-to-high-end CNC machine tools, with a product line that includes vertical and horizontal CNC machine tools, widely used in various industries such as automotive and aerospace [3][13]. - The company has a low market share in five-axis machine tools, prompting a cautious approach in its growth strategy [13]. Growth Drivers - The report emphasizes the company's strategy to enhance its product offerings in high-growth sectors such as new energy vehicles and aerospace, which are expected to contribute significantly to revenue growth [13]. - The company is benefiting from the release of production capacity and an increase in order intake across its three major product categories [13].

纽威数控装备（苏州）股份有限公司 2023 年年度报告 公司代码：688697 公司简称：纽威数控 纽威数控装备（苏州）股份有限公司 2023 年年度报告 1 / 244 纽威数控装备（苏州）股份有限公司 2023 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司上市时未盈利且尚未实现盈利 □是 √否 三、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，有关内容敬 请查阅本报告第三节"管理层讨论与分析"之"四、风险因素。" 四、 公司全体董事出席董事会会议。 五、 天衡会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 六、 公司负责人郭国新、主管会计工作负责人洪利清及会计机构负责人（会计主管人员）袁春艳 声明：保证年度报告中财务报告的真实、准确、完整。 七、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司于2024年3月25日召开第二届董事会第十一次会议，审议通过了《关于2023年度利润分配 ...

买入：预期未来 6 个月个股涨跌幅相对基准在 15%以上； 证券研究报告·公司点评报告·通用设备 | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1,846 | 2,321 | 2,667 | 3,059 | 3,560 | | 同比 | 7.76% | 25.76% | 14.90% | 14.70% | 16.37% | | 归母净利润（百万元） | 262.23 | 317.65 | 372.51 | 445.28 | 525.85 | | 同比 | 55.59% | 21.13% | 17.27% | 19.53% | 18.10% | | EPS- 最新摊薄（元 / 股） | 0.80 | 0.97 | 1.14 | 1.36 | 1.61 | | P/E （现价 ...

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Investment Rating - Maintains an "Overweight" rating [1] Core Views - Rapid performance growth with significant achievements in overseas market expansion [2][3] - 2023 revenue reached 2,321 million yuan, up 25.8% YoY - Net profit attributable to parent company was 318 million yuan, up 21.1% YoY - Overseas revenue surged 113% YoY to 484 million yuan, accounting for 30.4% of total revenue - Horizontal machine tools showed the largest growth, driven by overseas sales [3] - Slight decline in gross margin but improved expense control [4] - 2023 gross margin was 26.5%, down 1.0 percentage point YoY - Net profit margin was 13.7%, down 0.5 percentage point YoY - Expense ratio decreased to 13.1%, down 0.2 percentage point YoY - Continuous R&D investment enhances product competitiveness [21] - 2023 R&D expenditure was 102 million yuan, up 24.22% YoY, accounting for 4.39% of revenue - Accumulated 19 invention patents, 172 utility model patents, 21 design patents, and 39 software copyrights - Focused on six core technology areas: precision control, high-speed motion, fault analysis, ease of operation, adaptive processing, and intelligent collision protection - Capacity expansion through fundraising projects [21] - Phase III high-end CNC machine tool industrialization project started production in July 2022 - Expected to reach full capacity in 2024, adding 2,000 CNC machine tools - Estimated to generate nearly 1.2 billion yuan in additional output based on 2023 average selling price of 590,000 yuan per unit Financial Forecasts - Revenue and profit growth projections [1][10] - 2024E revenue: 2,667 million yuan, up 14.9% YoY - 2025E revenue: 3,059 million yuan, up 14.7% YoY - 2026E revenue: 3,560 million yuan, up 16.4% YoY - 2024E net profit: 373 million yuan, up 17.3% YoY - 2025E net profit: 445 million yuan, up 19.5% YoY - 2026E net profit: 526 million yuan, up 18.1% YoY - Valuation metrics [1][10] - 2024E P/E: 17.57x - 2025E P/E: 14.69x - 2026E P/E: 12.44x - 2024E P/B: 3.30x - 2025E P/B: 2.70x - 2026E P/B: 2.22x Market Performance - Stock price and valuation [7][24] - Current price: 19.59 yuan - 52-week range: 11.81-29.97 yuan - Market cap: 6,399.40 million yuan - P/B ratio: 3.98x - ROE: 19.76% (2023A)

风险提示 1.《纽威数控公司点评：业绩表现优异，海外收入占比提 升》, 2024.2.23 2.《纽威数控公司点评：业绩符合预期，保持稳健增长》 2023.18.数控公司深度研究：有望受益顺周期+国产替代双 轮驱动》, 2023.8.28 扫码获取更多服务 来源：聚源数据 | --- | --- | --- | |-------|-------|----------------| | | | 市价 目标价 | | 增持 | 20.49 | 31.00 ～ 31.00 | | 增持 | 19.35 | N/A | | 增持 | 16.28 | N/A | 公司点评 0 50 100 150 200 10.00 14.00 18.00 22.00 26.00 30.00 34.00 220325220625220925221225230325230625230925231225240325 人民币(元) 历史推荐与股价 成交量 电话：010-85950438 邮箱：researchsz@gjzq.com.cn 地址：上海浦东新区芳甸路 1088 号 紫竹国际大厦 5 楼 扫码获取更多服务 国金证券股份有限公司经中 ...