证券代码：688697 证券简称：纽威数控 公告编号：2025-016 纽威数控装备（苏州）股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 05 月 14 日（星期三）14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 07 日（星期三）至 05 月 13 日（星期 二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 skdshbgs@neway.com.cn 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 纽威数控装备（苏州）股份有限公司（以下简称"公司"）已于 2025 年 04 月 25 日发布公司 2024 年度报告，并于 2025 年 04 月 29 日发布 公司 2025 年第一季度报告。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 24.42 RMB [6][7]. Core Views - The company reported a revenue of 2.462 billion RMB in 2024, a year-on-year increase of 6.08%, and a net profit attributable to shareholders of 325 million RMB, up 2.36% year-on-year. However, the net profit fell short of expectations due to slower-than-expected industry recovery and intensified competition [1]. - In Q1 2025, the company achieved a revenue of 569 million RMB, a year-on-year increase of 3.80%, but the net profit decreased by 11.78% year-on-year, primarily due to increased competition affecting profitability [1][2]. - The company is optimistic about its high-end product development and global expansion, which are expected to provide long-term growth opportunities [1]. Summary by Sections Financial Performance - The company's gross margin for 2024 was 23.68%, down 2.78 percentage points year-on-year, while the net margin was 13.21%, down 0.48 percentage points year-on-year. The decline in gross margin was attributed to increased competition and a decrease in the proportion of high-margin overseas revenue [2]. - In 2024, domestic revenue was 2.107 billion RMB, up 31.34% year-on-year, while overseas revenue was 342 million RMB, down 51.42% year-on-year due to reduced market demand in the context of overseas inflation [2]. Product Performance - Significant revenue growth was observed in large machining centers and vertical CNC machine tools, with revenues of 1.08 billion RMB and 746 million RMB, respectively, representing year-on-year increases of 12.64% and 15.44% [3]. - The company has developed humanoid robot CNC lathes targeting key components such as harmonic reducers and hollow cup motors, which are expected to open new growth avenues as the industry shows signs of recovery [4]. Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 23% and 24%, respectively, to 364 million RMB and 441 million RMB, primarily due to adjustments in overseas revenue structure and short-term competition in the machine tool industry [5]. - The target price of 24.42 RMB corresponds to a price-to-earnings ratio of 22 times for 2025, reflecting the company's positioning in the humanoid robot lathe market and the anticipated benefits from the industry's growth [5].

Group 1 - The core business of the company is the research, production, and sales of mid-to-high-end CNC machine tools, including large machining centers, vertical CNC machine tools, and horizontal CNC machine tools [2] - As of March 31, 2025, the company had 11,793 shareholders, a decrease of 431 from the previous period, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] - The company achieved a revenue of 569 million yuan in the first quarter of 2025, representing a year-on-year increase of 3.80%, while net profit was 61.36 million yuan, a year-on-year decrease of 11.78%, with a gross profit margin of 21.11% [2] Group 2 - The company's current price-to-earnings (PE) ratio is 19.84, compared to the industry average of 75.41 and the industry median of 38.33, ranking 68th in the industry [1][3] - The company has received multiple honors, including recognition as a Jiangsu Province Intelligent Manufacturing Factory and a Jiangsu Province Five-Star Cloud Enterprise, among others [2] - The company has been awarded the CNAS certificate for its testing laboratory, indicating compliance with national standards [2]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [5][12]. Core Views - The company reported a revenue of 569 million yuan in Q1 2025, a year-on-year increase of 3.8%, while the net profit attributable to shareholders decreased by 11.78% to 61 million yuan [2]. - The machine tool industry is facing intense competition and price pressure, leading to a decline in profit margins. The company's gross margin in Q1 2025 was 21.11%, down 4.84 percentage points year-on-year, and the net margin decreased by 1.9 percentage points to 10.78% [3]. - Positive industry data for January and February 2025 indicates a potential recovery, with a 12.1% year-on-year revenue growth in the metal cutting machine tool sector and a 26.2% increase in new orders [3]. - The company is expanding its production capacity with a new phase expected to launch in the first half of 2025, which will introduce new products with promising growth prospects [4]. Summary by Sections Performance Summary - Q1 2025 revenue was 569 million yuan, up 3.8% year-on-year; net profit was 61 million yuan, down 11.78% [2]. Operational Analysis - The machine tool industry saw a revenue decline of 5.2% in 2024, with total profits down 76.6% due to competitive pressures [3]. - The company's gross margin decreased to 21.11% in Q1 2025, reflecting the industry's pricing challenges [3]. - Positive trends in early 2025 suggest potential recovery in subsequent quarters, supported by government economic stimulus measures [3]. Capacity and Product Development - The company is progressing with its fourth phase of capacity expansion, expected to be operational in H1 2025, which will enhance its product offerings [4]. Profit Forecast and Valuation - Projected net profits for 2025, 2026, and 2027 are 370 million, 427 million, and 483 million yuan, respectively, with corresponding PE ratios of 18X, 15X, and 13X [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Views - The company reported a revenue of 569 million yuan in Q1 2025, a year-on-year increase of 3.8%, but the net profit attributable to shareholders decreased by 11.78% to 61 million yuan [2]. - The machine tool industry is facing intense competition and price pressure, leading to a decline in profit margins. The gross margin for Q1 2025 was 21.11%, down 4.84 percentage points year-on-year, while the net margin decreased by 1.9 percentage points to 10.78% [3]. - Positive industry data for January and February 2025 suggests potential recovery, with a 12.1% year-on-year revenue growth in the metal cutting machine tool sector and a 26.2% increase in new orders [3]. - The company is expanding its production capacity with a new phase expected to launch in the first half of 2025, which will introduce new products with promising growth prospects [4]. Summary by Sections Performance Summary - In Q1 2025, the company achieved a revenue of 569 million yuan, reflecting a 3.8% increase year-on-year, while the net profit attributable to shareholders was 61 million yuan, down 11.78% [2]. Operational Analysis - The machine tool industry experienced a revenue decline of 5.2% in 2024, with total profits dropping by 76.6% due to fierce competition and shrinking profit margins. The company's gross margin fell to 21.11% in Q1 2025, and the net margin decreased to 10.78% [3]. - Industry data for early 2025 shows improvement, with a 12.1% revenue growth in the metal cutting machine tool sector and a 26.2% increase in new orders, indicating a potential recovery in the following quarters [3]. Capacity Expansion and Product Development - The company is progressing with its fourth phase of capacity expansion, expected to be operational in the first half of 2025, which will allow for the introduction of new products aimed at the robotics and machining markets [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 370 million yuan, 427 million yuan, and 483 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 18X, 15X, and 13X [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown steady revenue growth, but its net profit attributable to shareholders is under short-term pressure due to a decline in gross margin, attributed to weak demand in the machine tool industry and intense price competition [2][3] - The decline in gross margin is influenced by changes in accounting standards and foreign exchange losses affecting financial expenses [3] - The company is increasing its R&D investment to enhance product competitiveness and is investing in the construction of a fifth-phase high-end intelligent CNC equipment project, which is expected to open up long-term growth opportunities [4] Summary by Sections Revenue and Profitability - In Q1 2025, the company achieved revenue of 569 million yuan, a year-on-year increase of 3.80%, while the net profit attributable to shareholders was 61 million yuan, a year-on-year decrease of 11.78% [2] - The gross margin for Q1 2025 was 21.11%, down 4.84 percentage points year-on-year, primarily due to accounting policy changes and competitive pricing pressures in the industry [3] R&D and Investment - The company plans to invest 850 million yuan in the fifth-phase high-end intelligent CNC equipment project, which will include approximately 47,500 square meters of production facilities, expected to be completed by June 2027 [4] - R&D expenses for 2024 are projected to be 112 million yuan, a year-on-year increase of 10.35%, indicating a commitment to enhancing product capabilities [4] Financial Projections - The company forecasts total revenue of 2,719 million yuan for 2025, with a year-on-year growth rate of 10.43%, and net profit attributable to shareholders of 360 million yuan, reflecting a growth rate of 10.69% [1][10]

中信建投证券股份有限公司 关于纽威数控装备（苏州）股份有限公司 持续督导现场检查报告 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为纽威数控装备（苏州）股份有限公司（以下简称"纽威数控"、"公司"）首 次公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理 办法》（以下简称"《保荐办法》"）以及《上海证券交易所上市公司自律监管指引 第 11 号——持续督导》等相关法规规定，担任本次首次公开发行股票项目持续 督导的保荐机构，于 2025 年 3 月 24 日对公司进行了现场检查。现将本次现场检 查情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 中信建投证券股份有限公司 （二）保荐代表人 陈龙飞、周圣哲 （三）现场检查时间 5、获取本持续督导期间公司募集资金使用台账及募集资金专户银行对账单； 3、获取本持续督导期间公司召开的历次三会文件； 4、获取本持续督导期间公司的信息披露文件； 2024 年 3 月 24 日 （四）现场检查人员 保荐代表人周圣哲 （五）现场检查内容 公司治理和内部控制、信息披露、独立性以及与控股股东及其他关联方资金 往来情况、募集资金使用 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 569,368,418.06, representing a 3.80% increase compared to CNY 548,524,235.93 in the same period last year[4] - Net profit attributable to shareholders decreased by 11.78% to CNY 61,358,946.06 from CNY 69,551,421.70 year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 48,917,147.52, down 18.34% from CNY 59,901,614.68 in the previous year[4] - Operating profit for Q1 2025 was RMB 66,025,090.00, a decrease of 13.7% from RMB 76,529,290.61 in Q1 2024[14] - The total comprehensive income for Q1 2025 was RMB 61,370,100.81, a decrease from RMB 69,532,707.09 in Q1 2024[15] - The basic earnings per share for Q1 2025 was RMB 0.1878, down from RMB 0.2129 in Q1 2024[15] Research and Development - The company's R&D investment totaled CNY 29,364,827.69, an increase of 10.43% from CNY 26,591,922.05 year-on-year[4] - R&D investment as a percentage of operating revenue rose to 5.16%, up from 4.85% in the previous year, reflecting a 0.31 percentage point increase[5] - Research and development expenses increased to RMB 29,364,827.69 in Q1 2025, up from RMB 26,591,922.05 in Q1 2024, reflecting a growth of 10.4%[14] Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,015,354,783.50, a 1.79% increase from CNY 3,944,815,840.25 at the end of the previous year[5] - The company's current assets totaled RMB 3,217,977,899.62, slightly up from RMB 3,202,456,167.89 at the end of 2024, indicating a growth of approximately 0.54%[11] - Total liabilities amounted to RMB 2,216,459,292.79, a slight increase from RMB 2,207,654,670.12, indicating a growth of approximately 0.12%[13] - Short-term borrowings rose to RMB 380,259,278.53 from RMB 310,212,075.97, marking an increase of about 22.5%[13] Cash Flow - The company reported a net cash flow from operating activities of -CNY 39,978,542.28, slightly improved from -CNY 40,396,540.67 in the same period last year[4] - Cash flow from operating activities showed a net outflow of RMB 39,978,542.28 in Q1 2025, slightly improved from a net outflow of RMB 40,396,540.67 in Q1 2024[17] - Cash flow from investing activities resulted in a net outflow of RMB 149,925,735.09 in Q1 2025, compared to a net outflow of RMB 67,187,083.63 in Q1 2024[18] - Cash flow from financing activities generated a net inflow of RMB 67,925,258.32 in Q1 2025, down from RMB 198,490,680.56 in Q1 2024[18] Shareholder Information - The total number of common shareholders at the end of the reporting period was 11,793[8] - The company has not reported any significant changes in shareholder structure or participation in margin financing activities[10] Equity - Shareholders' equity attributable to shareholders increased by 3.55% to CNY 1,798,895,490.71 from CNY 1,737,161,170.13 year-on-year[5] - The company's equity attributable to shareholders reached RMB 1,798,895,490.71, up from RMB 1,737,161,170.13, representing an increase of about 3.5%[13] Inventory and Receivables - The company's inventory increased to RMB 1,034,777,843.27 from RMB 1,020,829,722.31, reflecting a growth of approximately 1.7%[12] - The company's accounts receivable increased to RMB 353,311,036.29 from RMB 325,681,402.78, reflecting a growth of approximately 8.5%[11] Employee Compensation - The company reported a decrease in employee compensation payable from RMB 54,062,673.73 to RMB 34,699,016.89, a decline of about 35.6%[13]

纽威数控公告，2025年第一季度营收为5.69亿元，同比增长3.80%；净利润为6135.89万元，同比下降 11.78%。 ...

2025年4月25日，纽威数控发布了2024年年报。报告显示，公司全年实现营业收入24.62亿元，同比增长 6.08%；归属净利润3.25亿元，同比增长2.36%；扣非净利润2.79亿元，同比增长1.24%。尽管公司在复 杂的外部环境下保持了稳健的增长，但净利润增速明显放缓，且经营现金流净额同比下降24.8%，显示 出公司在资金管理方面存在一定压力。 纽威数控2024年的营业收入和净利润均实现了同比增长，但增速较往年明显放缓。2023年，公司营业收 入和净利润的同比增速分别为25.76%和21.13%，而2024年这两项指标的增速分别降至6.08%和2.36%。 这一趋势表明，尽管公司在市场竞争中保持了相对稳定的表现，但增长动力有所减弱。 更为值得关注的是，公司2024年的经营现金流净额为2.64亿元，同比下降24.8%。这一数据反映出公司 在资金回笼方面存在一定问题，可能与应收账款增加或客户付款周期延长有关。现金流的下滑不仅影响 了公司的短期运营资金，也可能对未来的投资和扩张计划产生不利影响。 研发与市场：技术升级与市场拓展并进 面对外部环境的挑战，纽威数控在2024年加大了研发投入，推动产品技术迭代与升级 ...