证券研究报告 2025年7月9日 行业：机械 增持 （维持） 主要观点 风险提示：全球和国内经济环境不及预期、产业政策不及预期、市场竞争加剧的风险、原材料价格剧烈波动、技术发展不及预期、国际贸易摩 擦和争端加剧等。 2 价值守正，成长出奇 ——机械行业下半年投资策略 分析师：刘阳东 SAC编号：S0870523070002 分析师：王亚琪 SAC编号：S0870523060007 ◼ 工程机械：行业周期景气复苏，看好内外需共振下企业盈利改善。国内市场，工程机械行业筑底向好趋势有望持续；出口市场，受益于东 南亚、非洲、中东等新兴市场景气持续，工程机械出口规模持续提升，国产厂家全球市占率仍有提升空间。工程机械板块或受益于国内外 需求共振，工程机械企业盈利水平有望持续提升。 ◼ 半导体设备：国产核心设备有望加速验证，自主可控趋势明确。终端需求发展叠加大陆晶圆厂产能扩张，为国内半导体设备产业的扩张和 升级提供机遇，据SEMI预测，2025-2027年中国300mm晶圆厂设备投资预计超过1000亿美元。同时，在半导体产业逆全球化趋势背景下， 国内半导体产业链自主可控势不可挡，随着下游晶圆厂扩产以及国产设备验证进程持续推 ...

证券之星消息，根据天眼查APP数据显示纽威数控（688697）新获得一项实用新型专利授权，专利名 为"一种刹车锁紧机构"，专利申请号为CN202421842341.9，授权日为2025年7月8日。 专利摘要：本实用新型提供一种刹车锁紧机构，包括缸体、活塞、定子固定盘以及刹车片，活塞活动设 置在所述缸体内，所述活塞与所述缸体之间设有弹性件；定子固定盘与所述缸体连接，所述定子固定盘 上设有抵接部以及油路，所述油路出口与所述活塞之间设有油腔；刹车片与芯轴连接，所述刹车片设于 所述活塞与所述抵接部之间；所述活塞具有刹车状态和解锁状态；在刹车状态，所述活塞受所述弹性件 弹性力驱动向所述抵接部方向运动直至与所述抵接部夹紧所述刹车片；在解锁状态，所述油路进油推动 活塞克服所述弹性力松开所述刹车片。弹性件为碟簧，用碟簧反应快、输出力高等优点有效减少五轴摇 篮转台在断电、急停情况下的偏摆角度，降低了锁紧机构的综合成本。 数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 今年以来纽威数控新获得专利授权35个，较去年同期增加了105 ...

7月4日，纽威数控今日收盘13.08元，下跌1.73%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到18.87倍，总市值59.82亿元。 从行业市盈率排名来看，公司所处的通用设备行业市盈率平均76.22倍，行业中值39.80倍，纽威数控排 名第62位。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13纽威数控18.8718.403.3359.82亿行业平均 76.2275.554.5661.20亿行业中值39.8041.683.2645.92亿1鲍斯股份6.286.172.0251.36亿2景津装备 10.8910.101.8585.66亿3汉钟精机11.1110.742.1592.61亿4鑫磊股份12.10100.163.6452.44亿5凌霄泵业 12.5912.872.3556.94亿6中集集团12.6014.550.90432.48亿7海容冷链13.2912.891.0845.60亿8巨星科技 13.8014.091.92324.54亿9力聚热能14.0912.241.6435.64亿10陕鼓动力14.4114.591.67152.01亿11大元泵业 14.5214.432. ...

Core Insights - The Chinese gantry machining center industry is experiencing robust growth, with a projected market size of 5.027 billion yuan in 2024, representing a year-on-year increase of 2.07% [1][16] - Significant advancements have been made in high-end and intelligent technologies within the domestic gantry machining center sector, with companies increasing R&D investments to overcome key technical challenges [1][16] - The localization rate of CNC systems, which serve as the "brain" of gantry machining centers, is gradually improving, laying a solid foundation for the industry's autonomous and controllable development [1][16] Industry Overview - Gantry machining centers are large CNC machine tools designed for precision machining of large workpieces and complex shapes, featuring a high-rigidity and stable processing platform [1] - The industry has evolved through four main stages: initial reliance on imports, a phase of independent R&D, industrialization, and a current focus on high-end transformation [6][7][9] Industry Development History - The industry began in the 1980s and 1990s, with a surge in demand for high-end machine tools leading to collaborations with international manufacturers to absorb CNC technology [6] - From 2000 to 2010, domestic companies began to break foreign monopolies, with significant advancements in five-axis gantry machining centers [7] - The period from 2011 to 2020 saw the establishment of a complete industrial chain, with key components achieving self-sufficiency [9] Industry Chain - The gantry machining center industry chain includes components, basic materials, and electrical elements, with downstream applications in aerospace, automotive manufacturing, and mold making [12] Market Size - The CNC system market in China is projected to reach 15.287 billion yuan in 2024, with a year-on-year growth of 5.55%, driven by increasing demand for high-precision and efficient processing equipment [14] Key Companies - Major players include Shenyang Machine Tool, Dalian Machine Tool, and private enterprises like Haitai Precision and Nuowei CNC, each competing in different market segments [18][20][22] - Haitai Precision is a leading domestic manufacturer with a market share of nearly 80% in heavy gantry machining centers, reporting a revenue of 1.755 billion yuan in 2024 [20] - Guosheng Intelligent Technology has shown significant growth, with a revenue increase of 16.48% year-on-year in Q1 2025 [22] Industry Trends - The industry is expected to embrace technological upgrades and intelligent development, integrating IoT, big data, and AI to enhance performance and efficiency [24] - The demand for high-precision machining equipment will continue to rise, particularly in emerging markets such as new energy vehicles and 3C electronics [25][26] - Domestic companies are likely to accelerate the process of replacing imports, while also facing intensified international competition [27]

Core Points - The company has completed the listing and circulation of all shares from its initial strategic placement [1] - The company will distribute a cash dividend of 0.6 CNY per share and a stock bonus of 0.4 shares for each share held [1][2] - The total cash dividend to be distributed amounts to 196 million CNY, and the total stock increase will be 130.67 million shares, resulting in a new total share capital of 457.33 million shares [2][6] Distribution and Capital Increase Plan - The profit distribution and capital increase plan was approved at the annual shareholders' meeting on May 23, 2025 [2] - The cash dividend will be distributed to shareholders registered by the end of the trading day on the stock registration date [3] - The stock bonus will be directly credited to shareholders' accounts based on their holdings as of the registration date [3] Taxation on Dividends - Individual shareholders holding shares for over one year will not be subject to personal income tax on dividends, while those holding for less than one year will have taxes calculated upon selling the shares [4][5] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.54 CNY per share [5][6] - The company will not withhold taxes for other institutional investors, who will be responsible for their own tax payments [6] Share Capital Structure Changes - The total number of shares before the increase was 326.67 million, which will increase to 457.33 million after the distribution and capital increase [6] - The diluted earnings per share for the fiscal year 2024 is projected to be 0.71 CNY after the stock bonus [6]

证券代码：688697 证券简称：纽威数控 公告编号：2025-020 本次利润分配及转增股本方案经公司2025 年 5 月 23 日的2024年年度股东大会 审议通过。 纽威数控装备（苏州）股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 每股现金红利0.6元 每股转增0.4股 相关日期 | 股权登记日 | 除权（息）日 | 新增无限售条件流通 | 现金红利发放日 | | --- | --- | --- | --- | | | | 股份上市日 | | | 2025/6/17 | 2025/6/18 | 2025/6/18 | 2025/6/18 | 一、通过分配、转增股本方案的股东大会届次和日期 二、分配、转增股本方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配及转增股本以方案实施前的 ...

Company Overview - Nuwei CNC specializes in the research, production, and sales of mid-to-high-end CNC machine tools, including large machining centers, vertical CNC machines, and horizontal CNC machines [2] - The company has received multiple accolades, including the CNAS certification for its testing center, recognition as a five-star cloud enterprise in Jiangsu Province, and various quality awards [2] Financial Performance - For Q1 2025, the company reported a revenue of 569 million yuan, representing a year-on-year increase of 3.80% [2] - The net profit for the same period was approximately 61.36 million yuan, showing a year-on-year decrease of 11.78% [2] - The sales gross margin stood at 21.11% [2] Market Position - As of June 10, Nuwei CNC's stock closed at 19.28 yuan, down 1.93%, with a rolling PE ratio of 19.87 times [1] - The company's total market capitalization is approximately 6.298 billion yuan [1] - In comparison to the general equipment industry, which has an average PE ratio of 77.89 times and a median of 38.60 times, Nuwei CNC ranks 65th in terms of PE ratio [1][3] Shareholder Information - As of March 31, 2025, Nuwei CNC had 11,793 shareholders, a decrease of 431 from the previous count, with an average holding value of 352,800 yuan per shareholder [1] - The average number of shares held per shareholder is 27,600 [1]

Group 1 - The core viewpoint of the news is that Nuwei CNC has shown a stable performance in the stock market, with a closing price of 19.29 yuan and a market capitalization of 6.301 billion yuan, while its PE ratio is significantly lower than the industry average [1][3] - Nuwei CNC specializes in the research, production, and sales of mid-to-high-end CNC machine tools, including large machining centers and vertical and horizontal CNC machine tools [2] - The company has received multiple accolades, including the CNAS certification for its testing center and various awards for product quality and technological advancements [2] Group 2 - As of March 31, 2025, Nuwei CNC had 11,793 shareholders, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] - In the first quarter of 2025, the company reported a revenue of 569 million yuan, a year-on-year increase of 3.80%, while net profit decreased by 11.78% to 61.359 million yuan, with a gross margin of 21.11% [2]

纽威数控装备（苏州）股份有限公司 关于董事会、监事会完成换届选举 暨聘任高级管理人员、证券事务代表的公告 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个别及连带责任。 证券代码：688697 证券简称：纽威数控 公告编号：2025-018 纽威数控装备（苏州）股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开职工代表大会，选举产生了第三届监事会职工代表 监事；于 2025 年 5 月 23 日召开 2024 年年度股东大会，审议通过了 《关于选举董事的议案》《关于选举独立董事的议案》《关于选举监事 的议案》，选举产生了第三届董事会董事以及第三届监事会非职工代 表监事。 公司于同日召开了第三届董事会第一次会议、第三届监事会第一 次会议，审议通过了《关于选举公司第三届董事会董事长的议案》《关 于选举公司第三届董事会专门委员会的议案》《关于聘任公司总经理 的议案》《关于聘任副总经理、总工程师、财务总监的议案》《关于聘 任公司董事会秘书的议案》《关于聘任公司证券事务代表的议案》以 及《关于选举公司第三届监事会主席的议案》， ...

金杜律师事务所 KING&WODD MALLESONS 为出具本法律意见书,本所律师审查了公司提供的以下文件,包括但不限 于： 上海环贸广场写字楼一期16-18层 7th Floor, One ICC, Shanghai ICC 999 Huai Hai Road 200031 Shanghai P. R. China +86 21 2412 6000 +86 21 2412 6150 www.kwm.com 北京市金杜律师事务所上海分所 关于纽威数控装备(苏州）股份有限公司 2024 年年度股东大会 之法律意见书 致：纽威数控装备（苏州）股份有限公司 北京市金杜律师事务所上海分所(以下简称本所)接受纽威数控装备(苏 州）股份有限公司（以下简称公司）委托,根据《中华人民共和国证券法》（以 下简称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、 中国证券监督管理委员会（以下简称中国证监会）《上市公司 股东会规则》（以 下简称《股东会规则》）等中华人民共和国境内（以下简称中国境内，为本法 律意见书之目的,不包括中国香港特别行政区、中国澳门特别行政区和中国台 湾地区）现行有效的法律、行政法规、规章和规 ...