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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 ...

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].

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)

Financial Performance - The company's operating revenue for 2023 reached CNY 2,321,036,869.98, representing a 25.76% increase compared to CNY 1,845,571,232.25 in 2022[24]. - The net profit attributable to shareholders for 2023 was CNY 317,646,506.17, up 21.13% from CNY 262,232,192.44 in the previous year[24]. - The net cash flow from operating activities increased by 38.89% to CNY 351,300,894.79 in 2023, compared to CNY 252,932,718.27 in 2022[24]. - The total assets of the company as of the end of 2023 were CNY 3,652,773,240.07, a 12.41% increase from CNY 3,249,628,414.07 at the end of 2022[24]. - The company's net assets attributable to shareholders increased by 13.14% to CNY 1,607,471,555.57 at the end of 2023, compared to CNY 1,420,842,647.62 at the end of 2022[24]. - Basic earnings per share for 2023 were CNY 0.97, reflecting a 21.25% increase from CNY 0.80 in 2022[25]. - The company's main business revenue increased by 25.83% year-on-year, with domestic revenue showing slight growth and overseas revenue doubling[107]. - The gross margin improved to 35%, up from 30% in the previous year, reflecting better cost management and pricing strategies[145]. Dividend Policy - The company plans to distribute a cash dividend of RMB 6.00 per 10 shares, totaling RMB 196,000,020.00, which accounts for 61.70% of the net profit attributable to shareholders for 2023[5]. - The proposed profit distribution plan is subject to approval at the company's annual general meeting in 2024[174]. - The company has established a cash dividend policy that complies with its articles of association and shareholder resolutions[175]. - The cash dividend policy aims for a minimum of 80% cash distribution in mature stages without major capital expenditures[170]. - The board of directors will consider industry characteristics and operational factors when determining profit distribution arrangements[170]. Research and Development - The company has a workforce of 1,241 employees, including 251 research and development personnel[34]. - The company has established a high-quality R&D team with 251 personnel, accounting for 20.23% of total employees, including 39 senior engineers and 42 engineers[53]. - Total R&D expenditure for the year reached ¥101,927,096.04, an increase of 24.22% compared to the previous year[81]. - R&D expenditure accounted for 4.39% of operating revenue, a slight decrease of 0.06 percentage points from the previous year[81]. - The company applied for 54 new intellectual property projects during the reporting period, including 7 invention patents, with a total of 42 projects authorized[77]. - The company holds a total of 212 patents, including 19 invention patents and 39 software copyrights, as of the end of 2023[89]. - The company is focusing on the development of high-performance CNC machine tools, including a high-speed horizontal machining center and a heavy-duty precision boring machine[90]. Market and Sales Strategy - The company has actively expanded its overseas market presence, resulting in an increase in overseas revenue proportion[24]. - The company employs a combination of distribution and direct sales models to enhance market coverage and brand effect[35]. - The company has expanded its sales network to over 50 countries and regions, with a focus on the Yangtze River Delta region in China[93]. - The marketing strategy includes expanding into the domestic high-end CNC machine tool market and overseas markets, establishing a nationwide marketing service network[135]. - The company has implemented a new marketing strategy that focuses on digital channels, resulting in a 40% increase in online sales[145]. Environmental and Sustainability Initiatives - The company invested RMB 562.73 million in environmental protection during the reporting period[183]. - The company has established a dedicated EHS management team to oversee environmental protection and compliance with relevant laws and regulations[198]. - The company has implemented a comprehensive waste management strategy, adhering to standards for both general industrial solid waste and hazardous waste, to prevent secondary pollution[188]. - The company has successfully passed environmental impact assessments for multiple projects, ensuring compliance with local environmental regulations[189]. - The company has reduced carbon dioxide equivalent emissions by 296 tons through various energy-saving measures[199]. - The company achieved energy savings of 214,000 kWh by optimizing machining shifts and adjusting production batches[199]. Corporate Governance - The company has confirmed that all board members attended the board meeting, ensuring accountability for the report's accuracy[4]. - The company has established specialized committees, including an audit committee and a remuneration and assessment committee, to oversee governance[158]. - The company’s board of directors has consistently participated in meetings, with no instances of consecutive absences reported[155]. - The company has maintained compliance with regulatory requirements, with no penalties from securities regulatory authorities in the past three years[154]. Risk Management - The company has detailed various risks and countermeasures in its annual report, emphasizing the importance of risk awareness for investors[6]. - The company faces risks related to reliance on imported core components, which may affect production stability and cost competitiveness[96]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not faced any violations regarding decision-making procedures for external guarantees[7]. Employee and Management - The company has established a competitive compensation strategy to attract and motivate talent, ensuring alignment with strategic goals[166]. - Total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to CNY 1,094.80 million[153]. - The company has increased its R&D personnel to 251, representing 20.23% of the total workforce, up from 16.18% in the previous year[88]. - The company held five board meetings during the reporting period, with all resolutions passed without any objections[154].

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 ...

纽威数控装备（苏州）股份有限公司 2023 年度独立董事述职报告 作为纽威数控装备（苏州）股份有限公司（以下简称"公司"）的 独立董事，2023 年度，我严格按照《公司法》《证券法》《上市公 司治理准则》《上海证券交易所科创板股票上市规则》《上市公司独 立董事规则》等法律法规，以及《公司章程》《独立董事工作制度》 等相关规定，恪尽职守、勤勉尽责，积极出席相关会议，在董事会日 常工作及重要决策中尽职尽责，认真审议董事会各项议案，对公司重 大事项发表了独立意见，从公司整体利益出发，发挥了独立董事的应 有作用，切实维护了公司和全体股东特别是中小股东的合法权益。现 将 2023 年度履行职责的情况汇报如下： 一、独立董事的基本情况 （一）独立董事人员情况 2022 年 12 月 28 日，公司召开 2022 年第一次临时股东大会，董 事会成员人数由 9 人调整为 7 人，其中，非独立董事人数由 6 人 调整为 4 人；独立董事不变，仍为 3 人。黄付中先生、朱兰萍女士、 马亚红女士继续担任公司第二届董事会独立董事。 （二）独立董事在职董事会专门委员会的情况 本人在董事会审计委员会担任主任委员，在董事会薪酬与考核委 员 ...