Neway CNC(688697) 申万宏源·2025-02-28 02:51Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 2.462 billion yuan for 2024, reflecting a year-on-year growth of 6.08%, with a net profit of 323 million yuan, up 1.84% year-on-year, indicating performance in line with expectations [5][8] - In Q4 2024, the company achieved a revenue of 628 million yuan, a year-on-year increase of 7.95%, while the net profit reached 96 million yuan, up 17.36% year-on-year [5][8] - The report highlights the resilience of the company's revenue growth despite a weak demand environment in the machine tool industry, with a notable improvement in profit margins in Q4 2024 [8] Financial Data and Profit Forecast - The total revenue for 2024 is projected at 2.462 billion yuan, with a year-on-year growth rate of 6.1% expected for 2025 and 15.0% for 2026 [7] - The net profit forecast for 2024 is adjusted to 323 million yuan, with projections of 390 million yuan for 2025 and 481 million yuan for 2026 [7][8] - The report indicates a slight decrease in the profit forecast for 2024 while maintaining the forecasts for 2025 and 2026, with corresponding PE ratios of 20, 17, and 13 for the years 2024, 2025, and 2026 respectively [8] Industry Insights - The metal processing machine tool industry is expected to see stable growth, with production value projected at 205 billion yuan in 2024, a year-on-year increase of 5.1% [8] - The report notes a significant trade surplus in the machine tool sector, with exports increasing by 4% in 2024, reflecting the growing competitiveness of domestic products [8] - The company is positioned to benefit from domestic demand recovery and ongoing international expansion, with overseas revenue accounting for approximately 15% of total revenue in the first three quarters of 2024 [8]