Investment Rating - The report maintains a rating of "Overweight" for the machinery equipment industry [1] Core Insights - The report highlights the sustained performance of the engineering machinery and oil service equipment sectors, driven by domestic and international demand cycles [2][3] - The PCB equipment sector is expected to benefit from high demand in downstream applications, particularly in AI computing servers, leading to significant growth opportunities [4][19] Summary by Sections Engineering Machinery - Domestic excavator sales reached 72,943 units from January to July 2025, a year-on-year increase of 22.3%, while loader sales were 40,171 units, up 20.4% [2] - The report anticipates a 2-3 year upward cycle in domestic demand, supported by replacement logic and improved funding [2] - Key companies in this sector include Sany Heavy Industry, XCMG, and LiuGong, with Sany reporting a revenue of 44.78 billion yuan in H1 2025, a 14.6% increase year-on-year [2] Oil Service Equipment - The oil service equipment sector is benefiting from high demand in the Middle East, with projected investments in energy projects reaching $50.28 billion from 2020 to 2024 [3] - Key players like Jereh and Neway are expected to see significant revenue growth, with Jereh's revenue growth projected at 49% in Q2 2025 [3] - The Middle East market for oil service equipment is estimated to be worth at least $10 billion, indicating substantial growth potential for Chinese companies [3] PCB Equipment - The PCB market is projected to grow significantly due to the surge in AI computing server demand, with the PCB downstream market expected to reach 10.916 billion yuan in 2024, a 33% increase year-on-year [4] - The report emphasizes the importance of high-end HDI boards, with a projected growth rate of 40.2% for boards with 18 layers or more in 2024 [4][20] - Major players in the PCB equipment sector include Dazhu CNC and Xinqiao Technology, with Dazhu reporting a net profit of 263 million yuan in H1 2025, an increase of 83.82% year-on-year [5][21] Investment Recommendations - The report recommends focusing on key players in the PCB production process, particularly in drilling, exposure, and electroplating segments, highlighting companies like Dazhu CNC and Eastway Technology [6][21] - For engineering machinery, companies such as Sany Heavy Industry and XCMG are highlighted as key beneficiaries of upcoming large-scale infrastructure projects [25][26]

Core Viewpoint - The recent financial report of Nuwei Co., Ltd. (603699) shows significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and improved profitability metrics [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 3.404 billion yuan, a year-on-year increase of 19.96% compared to 2.838 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 637 million yuan, up 30.44% from 488 million yuan in the previous year [1]. - In Q2 2025, total revenue was 1.848 billion yuan, reflecting a 25.03% increase year-on-year, while net profit for the quarter was 374 million yuan, up 28.37% [1]. - Gross margin improved to 35.76%, an increase of 1.38% year-on-year, and net margin rose to 18.92%, up 8.68% [1]. - Total expenses (selling, administrative, and financial) amounted to 316 million yuan, accounting for 9.29% of revenue, a decrease of 11.71% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 0.83 yuan, a rise of 29.69% from 0.64 yuan [1]. - Operating cash flow per share surged to 1.19 yuan, a remarkable increase of 1175.22% compared to 0.09 yuan [1]. - The company's net asset value per share was 5.36 yuan, up 5.37% from 5.09 yuan [1]. Changes in Financial Items - Significant changes in financial items include a 65.73% decrease in trading financial assets due to reduced bank wealth management products [3]. - Accounts receivable decreased by 57.46% due to a reduction in bank acceptance bills [3]. - Prepayments increased by 99.63% as a result of increased orders [3]. - Contract liabilities rose by 42.64% due to an increase in advance payments received [4]. Investment Insights - The company's return on invested capital (ROIC) was 22.04%, indicating strong capital returns [6]. - Analysts expect the company's performance in 2025 to reach 1.45 billion yuan, with an average EPS forecast of 1.89 yuan [6]. - The largest fund holding Nuwei shares is the Jiashi Value Long-term Mixed A Fund, which has reduced its holdings [7].

公司最新毛利率为35.76%，较上季度毛利率增加0.39个百分点，较去年同期毛利率增加0.29个百分点，实现4年连续上涨。最新ROE为15.45%，较去年同期 ROE增加2.84个百分点。 2025年8月22日，纽威股份(603699.SH)发布2025年中报。 公司营业总收入为34.04亿元，较去年同报告期营业总收入增加5.66亿元，实现3年连续上涨，同比较去年同期上涨19.96%。归母净利润为6.37亿元，较去年 同报告期归母净利润增加1.49亿元，实现3年连续上涨，同比较去年同期上涨30.44%。经营活动现金净流入为9.13亿元，较去年同报告期经营活动现金净流 入增加8.42亿元，同比较去年同期上涨1188.94%。 公司股东户数为1.25万户，前十大股东持股数量为5.74亿股，占总股本比例为74.63%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 王保庆 | 15.8. | | 2 | 程章文 | 15.8. | | ന 席超 | | 10.8 | | ব 陆斌 | | 10.8. | | 5 | 香港中央结算有限公司 | 8.1 ...

公募基金方面，本期较上一期持股增加的公募基金共计14个，主要包括中信证券红利价值A、融通中国 风1号灵活配置混合A/B、融通行业景气混合A/B、博时逆向投资混合A、宝盈发展新动能股票A等，持 股增加占比达0.11%。本期较上一季度持股减少的公募基金共计15个，主要包括嘉实价值驱动一年持有 期混合A、嘉实价值臻选混合A、鹏华启航混合、嘉实价值优势混合A、嘉实价值长青混合A等，持股减 少占比达0.43%。本期较上一季度新披露的公募基金共计26个，主要包括博时凤凰领航混合A、兴全社 会责任混合、摩根内需动力混合A、融通内需驱动混合A/B、宝盈优质成长混合A等。本期较上一季未 再披露的公募基金共计42个，主要包括广发制造业精选混合A、富国中证价值ETF、华夏睿阳一年持有 混合、长信增利动态策略混合、融通领先成长混合(LOF)A/B等。 2025年8月22日，纽威股份(603699.SH)发布2025年半年度报告。截至2025年8月21日，共有66个机构投 资者披露持有纽威股份A股股份，合计持股量达2.15亿股，占纽威股份总股本的27.94%。其中，前十大 机构投资者包括香港中央结算有限公司、北京恒德时代私募基金管理有 ...

Group 1 - The company reported a strong performance in the first half of 2025, with total revenue of 3.4 billion yuan, a year-on-year increase of 20%, and a net profit attributable to shareholders of 640 million yuan, up 30% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.85 billion yuan, a 25% increase year-on-year, and a net profit of 370 million yuan, reflecting a 28% year-on-year growth, aligning with preliminary reports [1] - Key growth drivers include increased investment in the oil and gas sector in the Middle East, high demand for oil service equipment, and strong orders from major clients like Saudi Aramco and ADNOC [1] Group 2 - The company maintained a high gross margin of 35.8% in the first half of 2025, an increase of 0.3 percentage points year-on-year, while the net profit margin rose to 18.9%, up 1.5 percentage points year-on-year [2] - The company implemented a stock incentive plan in July 2025, granting 7.714 million restricted shares to 154 key personnel, aimed at enhancing team motivation and aligning interests [2] - The company forecasts net profits of 1.5 billion, 1.8 billion, and 2.1 billion yuan for 2025-2027, with corresponding P/E ratios of 17, 14, and 12 times [3]

公司代码：603699 公司简称：纽威股份 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半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。 1.3公司全体董事出席董事会会议。 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 1.4本半年度报告未经审计。 1.5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2025年8月21日召开第五届董事会第三十一次会议，审议通过了《关于2025年中期利润分配预案 的议案》。拟向全体股东每10股派发现金红利人民币5.80元（含税） 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □ ...

苏州纽威阀门股份有限公司 第五届董事会第三十一次会议决议的公告 证券代码：603699 证券简称：纽威股份 公告编号：临 2025-055 本议案已经公司第五届董事会审计委员会 2025 年第三次会议审议通过，并 同意将此项议案提交公司董事会审议。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 案》； 表决结果：同意 7 票、反对 0 票、弃权 0 票。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 特此公告。 苏州纽威阀门股份有限公司 董事会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 苏州纽威阀门股份有限公司（以下简称"公司"）第五届董事会第三十一次会 议于 2025 年 08 月 11 日以电子邮件、电话通知的方式发出会议通知，于 2025 年 事 7 名，实际参加董事 7 名。会议由董事长鲁良锋先生主持，公司全体监事、董 事会秘书及其他部分高级管理人员列席了会议。会议的召集、召开及表决程序符 合有关法律、法规、部门规章、规范性文件和公司章程的规定，会议程序合法、 有效。 二、 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company reported a 28% year-on-year increase in net profit attributable to shareholders in Q2, aligning with expectations, and demonstrated strong performance in orders and cash flow [2] - In the first half of 2025, the company achieved total revenue of 3.4 billion yuan, a 20% year-on-year increase, and a net profit of 640 million yuan, reflecting a 30% year-on-year growth [2] - The growth is attributed to increased investment in the oil and gas industry in the Middle East, sustained high demand for oil service equipment, and strong orders from major clients like Saudi Aramco and ADNOC [2] - The company has a robust order backlog, with contract liabilities of 500 million yuan in the first half of 2025, a 123% year-on-year increase, and a net cash ratio of 1.4, showing improvement [2] Financial Performance - The company maintained a high gross margin of 35.8% in the first half of 2025, with a net profit margin of 18.9%, reflecting a year-on-year increase of 1.5 percentage points [3] - The company’s expense ratio decreased to 12.0%, benefiting from economies of scale and improved operational efficiency [3] - The company launched a stock incentive plan in July 2025, aimed at motivating key employees and demonstrating confidence in long-term growth [4] Financial Forecasts - The company’s revenue is projected to grow from 6.238 billion yuan in 2024 to 10.423 billion yuan in 2027, with a compound annual growth rate of approximately 17.32% [1][10] - Net profit attributable to shareholders is expected to increase from 1.156 billion yuan in 2024 to 2.064 billion yuan in 2027, with a compound annual growth rate of approximately 16.62% [1][10] - The latest diluted EPS is forecasted to rise from 1.50 yuan in 2024 to 2.69 yuan in 2027 [1][10]

证券日报网讯 8月21日晚间，纽威股份发布2025年半年度报告摘要称，2025年半年度公司实现营业收入 为3，404，288，234.56元，同比增长19.96%；实现归属于上市公司股东的净利润为636，597，878.46 元，同比增长30.44%。 （文章来源：证券日报） ...

证券日报网讯 8月21日晚间，纽威股份发布公告称，公司第五届董事会第三十一次会议审议通过了《关 于公司2025年半年度报告及摘要的议案》等多项议案。 （文章来源：证券日报） ...