Investment Rating - The report maintains a positive outlook on the mechanical industry, recommending investment in domestic circulation, major infrastructure, and self-controllable sectors [5]. Core Insights - The report forecasts Q1 2025 performance for 14 key mechanical companies, with growth rates exceeding 20% for several firms, including XianDao Intelligent (30%), Baichu Electronics (25%), and Sany Heavy Industry (25%) [5][6]. - The human-shaped robot industry is progressing towards commercialization, with significant developments expected in 2025, driven by major players like Tesla and Huawei [5]. - Railway investment remains resilient, with a 5.1% year-on-year increase in fixed asset investment in early 2025, highlighting ongoing infrastructure projects [5]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and improved profitability due to increased overseas revenue [5]. - Domestic brands in electronic measurement instruments are expected to accelerate their market share due to low current localization rates and increasing competitiveness [5]. Summary by Sections Mechanical Companies Performance Forecast - Companies with growth rates over 20% include XianDao Intelligent (30%), Baichu Electronics (25%), Sany Heavy Industry (25%), and others [5][6]. - Companies with growth rates between 10%-20% include Yizhiming (19%), Rilian Technology (18%), and others [5][6]. - Companies with growth rates between 0%-10% include Lianying Laser (6%) [5][6]. Robotics and Components - The human-shaped robot industry is entering a new phase of commercialization, with various forms of robots being tested in real-world applications [5]. - Key companies to watch include Greentech Harmonic, Mingzhi Electric, and others [5]. Rail Transportation - Fixed asset investment in railways reached 68.54 billion yuan in early 2025, with significant projects enhancing network efficiency [5]. - Recommended companies include China CNR and Siwei Control [5]. Engineering Machinery - The sector is showing signs of recovery after a prolonged downturn, with improved profitability and demand expected to drive new machine sales [5]. - Key recommendations include Sany Heavy Industry, Xugong Machinery, and others [5]. Domestic Instruments - The report highlights the low localization rate of electronic measurement instruments and the competitive edge of domestic brands [5]. - Recommended companies include Puyuan Precision and others [5].

4月7日，纽威数控今日收盘15.83元，下跌16.73%，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15.99倍，总市值51.71亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)57纽威数控15.9915.993.1551.71亿行业平均 59.2875.293.8352.34亿行业中值33.7535.402.5337.94亿1沈阳机床-808.00389.1014.65135.24亿2华中数 控-765.61179.403.0748.60亿3拓斯达-346.92125.054.80110.09亿4申科股份-342.17-79.663.6115.13亿5锋龙 股份-332.82-506.525.0535.66亿6五洋自控-306.6064.801.1126.57亿7埃斯顿-226.62120.706.29163.00亿8巨 力索具-170.41-458.301.6239.94亿9法尔胜-168.42107.8415.9412.33亿10华嵘控股-150.07- 135.13121.4011.19亿11华东数控-138.59-143.3132.5923.28亿 从行业市盈率排名来 ...

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also noting the limited impact of tariffs on exports [3]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report highlights that major engineering machinery companies have minimal exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies like SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report notes that domestic forklift manufacturers have limited exposure to the U.S. market, and the impact of tariffs is manageable due to pre-stocked inventory [3]. - It suggests that the domestic forklift market will see growth driven by the electric vehicle transition and government policies supporting domestic demand [3]. Semiconductor Equipment - The report indicates that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, highlighting firms like North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the general automation market [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their potential for growth in the current market environment [1][16].

4月1日，纽威数控今日收盘19.05元，下跌2.31%，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19.24倍，总市值62.23亿元。 最新一期业绩显示，2024年三季报，公司实现营业收入18.34亿元，同比5.45%；净利润2.28亿元，同 比-3.53%，销售毛利率25.47%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)60纽威数控19.2419.243.7962.23亿行业平均 72.9481.454.6262.17亿行业中值40.6042.083.0544.95亿1华中数控-930.25217.983.7359.05亿2沈阳机 床-906.68436.6316.44151.76亿3拓斯达-442.21159.406.11140.33亿4申科股份-389.65-90.724.1117.23亿5五 洋自控-378.7480.051.3732.82亿6锋龙股份-347.71-529.185.2737.26亿7埃斯顿-253.26134.897.03182.16亿8 巨力索具-220.79-593.812.1051.74亿9法尔胜-187.32119.9417.7313.72亿 ...

纽威数控装备(苏州)股份有限公司主营业务是中高档数控机床的研发、生产及销售。主要产品是定柱式 龙门加工中心系列、动柱式龙门加工中心系列、五轴联动龙门加工中心系列、五轴立式加工中心系列、 高速型立式加工中心系列、电主轴立式加工中心系列、重切型立式加工中心系列、动柱型立式加工中心 系列、门型立式加工中心系列、数控立式车床系列、高速型卧式加工中心系列、重切型卧式加工中心系 列、高效型卧式加工中心系列、斜床身数控卧式车床系列、平床身数控卧式车床系列、其他机床。公司 在我国数控金属切削机床细分行业处于第一梯队。公司凭借较强的技术实力参与了国家科技重大专 项"高档数控机床与基础制造装备"研发项目的7个项目，并在一个项目中担任牵头单位。 最新一期业绩显示，2024年三季报，公司实现营业收入18.34亿元，同比5.45%；净利润2.28亿元，同 比-3.53%，销售毛利率25.47%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)59纽威数控19.7219.723.8963.80亿行业平均 76.0590.994.8765.07亿行业中值42.3545.413.1747.48亿1沈阳机床-997.97480.591 ...

Investment 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]

Financial Performance - Total operating revenue for 2024 reached ¥2,462,138,135.21, an increase of 6.08% compared to the previous year[4] - Net profit attributable to shareholders of the parent company was ¥323,498,365.92, reflecting a growth of 1.84% year-on-year[4] - The net profit attributable to the parent company after deducting non-recurring gains and losses was ¥275,104,106.94, a slight decrease of 0.29% year-on-year[4] - Basic earnings per share rose to ¥0.99, a 2.06% increase from ¥0.97 in the previous year[4] - The weighted average return on net assets decreased by 1.78 percentage points to 19.35%[4] Assets and Equity - Total assets at the end of the reporting period amounted to ¥3,948,670,858.11, representing an 8.10% increase from the beginning of the year[5] - Shareholders' equity attributable to the parent company increased by 7.96% to ¥1,735,503,704.66[5] Company Strategy and Outlook - The company focused on R&D investment, product technology iteration, and upgrading to enhance product performance and market competitiveness[7] - The company maintained a steady development trend despite a complex external environment[7] - The financial data presented are preliminary and unaudited, with final figures to be disclosed in the 2024 annual report[2]

纽威数控装备（苏州）股份有限公司 舆情管理制度 纽威数控装备（苏州）股份有限公司 舆情管理制度 第一章 总则 第一条 为进一步提高纽威数控装备（苏州）股份有限公司（以下简称"公 司"）应对各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各 类舆情对公司股价、商业信誉及正常生产经营活动造成的影响，切实保护投资者 合法权益，根据《中华人民共和国公司法》、《上海证券交易所科创板股票上市规 则》、《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》和 《纽威数控装备（苏州）股份有限公司章程》（以下简称"《公司章程》"）的规定， 制定本规则。 第二条 本制度所称舆情包括： （一）网络、报刊、电视等媒体对公司进行的负面报道； （二）社会上存在的已经或者将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露，可能对公司股票及其衍生品交易价格产生较 大影响的信息。 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品交易 ...

Group 1: Financial Performance - The company reported a revenue of 1.834 billion CNY for the first three quarters, representing a year-on-year increase of 5.45% [3] - Net profit for the same period was 228 million CNY, ranking among the top in the domestic metal cutting machine tool sector [3] - R&D investment amounted to 87.8614 million CNY, accounting for 4.79% of total revenue [3] Group 2: Product Development and Innovation - In 2024, the company plans to focus on large-scale general markets, enhancing product reliability, cost-effectiveness, and adaptability through modular and refined design concepts [3] - The company has obtained 28 new patents in 2024, including 6 invention patents, 17 utility model patents, and 4 design patents [3] - New product developments include five-axis milling and turning composite machining centers and new generation five-axis vertical machining centers [3] Group 3: Industry Overview - The domestic machine tool industry experienced stable economic operations in 2024, with total industry revenue of 838.7 billion CNY, a year-on-year decrease of 5.9% [6] - The metal cutting machine tool sector saw a growth of 7.7%, with a production output of 567,000 units, reflecting a year-on-year increase of 7.4% [6] - The CNC rate for domestic metal cutting machine tools stands at 45.5%, indicating significant growth potential compared to developed countries [6] Group 4: Market Dynamics and Localization - The domestic mid-range market has achieved basic localization, while high-end machine tools still rely on foreign brands due to insufficient domestic production [4][7] - In the first ten months of 2024, imports of metal cutting machine tools reached 3.93 billion USD (approximately 280 billion CNY), highlighting substantial potential for domestic substitution [7] - The company is committed to enhancing core component compatibility and developing high-end CNC machine tools to meet industry demands [7]

Group 1: Company Overview and Product Development - The company has established a dedicated department for the new energy vehicle (NEV) sector, focusing on specialized machine tools for over 30 types of NEV parts [3] - Key products include high-performance horizontal lathes and multi-axis CNC vertical lathes designed for components like motor shafts and brake discs [3][4] - The company emphasizes the rapid technological advancements in the NEV industry and collaborates with leading clients to develop high-end machine models [4] Group 2: Industry Applications and Future Outlook - The five-axis machine tools are primarily used in civil aviation, NEVs, and complex mold processing, with ongoing R&D to enhance performance [5] - The aerospace sector is identified as a significant growth area, with plans to invest in specialized equipment for complex and high-hardness components [5][6] - The company is developing high-end five-axis machining centers and continues to increase R&D investment in this field [5] Group 3: Core Component Development and Market Strategy - A dedicated R&D department has been established to develop core components such as electric spindles and gearboxes, enhancing product performance and reliability [6] - The company is committed to increasing its intrinsic value and competitiveness, aiming to provide better returns for investors [6][7] - Historical profit distribution has been consistent, with dividends representing 48.45%, 49.83%, and 61.70% of net profits over the past three years [7]