Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [9]. Core Insights - The company has experienced rapid growth in overseas revenue, which has driven its overall revenue growth despite challenging market conditions [42]. - The machine tool industry is showing signs of recovery after a prolonged downturn, with the company positioned to benefit significantly from this trend [36][37]. - The company has focused on high-end CNC machine tools, achieving a compound annual growth rate (CAGR) of 24.08% in revenue from 2017 to 2023, and a CAGR of 57.29% in net profit during the same period [16]. Financial Performance - The company reported revenue of 2.32 billion yuan in 2023, a year-on-year increase of 25.76%, and a net profit of 318 million yuan, up 21.13% year-on-year [32][42]. - Revenue projections for 2024 to 2026 are 2.83 billion yuan, 3.34 billion yuan, and 3.83 billion yuan, respectively, with net profits expected to be 387 million yuan, 465 million yuan, and 550 million yuan [40]. - The company's PE ratios for the next three years are projected to be 15.72X, 13.08X, and 11.06X, indicating a reasonable valuation [17]. Industry Context - The machine tool industry in China is cyclical and has shown signs of recovery, with a notable increase in production and demand for machine tools, particularly for those over ten years old [13][36]. - The government has initiated policies to support the replacement of outdated machinery, which is expected to further stimulate demand in the industry [37]. - The company is recognized as a leading domestic supplier of CNC machine tools, benefiting from the industry's recovery and increasing market share [41].

纽威数控装备（苏州）股份有限公司 2023 年年度股东大会会议资料 证券代码：688697 证券简称：纽威数控 纽威数控装备（苏州）股份有限公司 2023 年年度股东大会会议资料 二〇二四年四月 1 | 2023 | 年年度股东大会会议须知 | 1 | | --- | --- | --- | | 2023 | 年年度股东大会会议议程 | 3 | | 议案一：关于 2023 | 年度董事会工作报告的议案 | 5 | | 议案二：关于 2023 | 年度监事会工作报告的议案 | 6 | | 议案三：关于 2024 | 年度董事薪酬方案的议案 | 7 | | 议案四：关于 2024 | 年度监事薪酬方案的议案 | 8 | | 议案五：关于 2023 | 度财务决算报告的议案 | 9 | | 议案六：关于 2023 | 年度报告及其摘要的议案 | 10 | | 议案七：关于 2023 | 度利润分配预案的议案 | 11 | | 议案八：关于 2024 | 年度日常关联交易预计的议案 | 12 | | 议案九：关于续聘会计师事务所的议案 | | 14 | | 议案十：关于修订《公司章程》的议案 | | 15 | | 议 ...

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 2023 年持续督导年度报告书 | 保荐机构名称：中信建投证券股份有限公司 | 被保荐公司名称：纽威数控装备（苏州）股份 有限公司 | | | | --- | --- | --- | --- | | 保荐代表人姓名：陈龙飞 | 联系方式：18610565357 联系地址：北京市朝阳区景辉街 16 | 号院 1 | 号 | | | 楼泰康集团大厦 10 层 | | | | 保荐代表人姓名：周圣哲 | 联系方式：13811102951 16 | 号院 1 | 号 | | | 联系地址：北京市朝阳区景辉街 | | | | | 楼泰康集团大厦 10 层 | | | 经中国证券监督管理委员会（简称"中国证监会"）"证监许可[2021]2594 号" 批准，纽威数控装备（苏州）股份有限公司（简称"公司"或"纽威数控"）获 准首次向社会公开发行人民币普通股。本次公司发行新股的发行价为 7.55 元/股， 募集资金总额为 61,658.36 万元，扣除发行费用 4,428.00 万元（不含税）后，实 际募集资金净额为 57,230.36 万元。本次公开发行股票于 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Views - The company reported a revenue of 2.321 billion yuan for 2023, a year-on-year increase of 25.76%, and a net profit of 318 million yuan, up 21.13% year-on-year, which is in line with expectations [3][10]. - The company experienced a significant increase in overseas revenue, which doubled to 705 million yuan, contributing positively to profitability despite domestic market challenges [10]. - The report anticipates a decline in profit forecasts for 2024-2025 due to overall industry demand being below expectations, with revised net profit estimates of 373 million yuan for 2024 and 442 million yuan for 2025 [10][21]. Financial Summary - For 2023, the company achieved a gross margin of 26.46%, a decrease of 1.03 percentage points year-on-year, primarily due to domestic price competition [10]. - The company’s earnings per share (EPS) for 2023 was 0.97 yuan, with projections of 1.14 yuan for 2024 and 1.35 yuan for 2025 [21][22]. - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 17, 14, and 12 respectively, compared to industry averages of 22 and 18 for the same years [10][21].

| --- | --- | |--------------------------|-------| | | | | 基础数据： 2023 年 12 月 | 31 日 | | 基本每股收益： | 0.97 | | 摊薄每股收益： | 0.97 | | 每股净资产(元 )： | 4.92 | | 净资产收益率： | 19.76 | 杨晶晶 2023 年，公司产品结构有所调整，卧式数控机床营收同比增幅超 40%， 毛利率创下近五年新高。报告期内，（1）大型加工中心实现营业收入 9.59 亿元，同比增长 14.98%；营收占比 41.33%，同比降低 3.87pct；毛利率同比 下降 2.89pct 至 24.47%。（2）卧式数控机床实现营业收入 6.92 亿元，同比 增长 41.83%；营收占比 29.80%，同比提升 3.37 pct；毛利率同比上升 0.57pct 至 30.20%。受海外销售增长的影响，卧式数控机床增长幅度最大。（3）立 式数控机床实现营业收入 6.46 亿元，同比增长 29.72%；营收占比 27.83%， 同比提升 0.85 pct；毛利率同比下降 0.05pct 至 25.28%。 ...

近五年公司营业收入持续增长。2023 年，公司实现营业收入 232,103.69 万 元，较上年度增加 47,546.56 万元，同比增长 25.76%，。 纽威数控装备（苏州）股份有限公司 2024 年度"提质增效重回报"行动方案 为贯彻中央经济工作会议、中央金融工作会议精神，落实以投资者为本的理 念，推动纽威数控装备（苏州）股份有限公司（以下简称"纽威数控"或"公司"） 持续优化经营、规范治理和积极回报投资者，大力提高公司质量，助力信心提振、 资本市场稳定和经济高质量发展，公司制定了 2024 年度"提质增效重回报"行 动方案，并于 2024 年 3 月 29 日经公司第二届董事会第十二次会议审议通过。具 体如下： 一、专注数控金属切削领域，提高公司主业竞争力 纽威数控自成立以来专注于中高档数控机床的研发、生产及销售，现有大型 加工中心、立式数控机床、卧式数控机床、典型行业应用机床等系列 200 多种型 号产品，广泛应用于汽车、新能源、航空、工程机械、模具、阀门、自动化装备、 电子设备、通用设备等行业，产品销往全国和美国、德国、英国、意大利、巴西 等 50 多个国家和地区，部分产品被评定为"国家重点新产品 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][30]. Core Insights - The company, Nuwei CNC (688697.SH), reported a revenue of 2.321 billion yuan for the year 2023, reflecting a year-on-year increase of 25.76%. The net profit attributable to shareholders was 318 million yuan, up 21.13% year-on-year, while the net profit excluding non-recurring items was 276 million yuan, increasing by 24.57% year-on-year. The gross profit margin stood at 26.46%, a decrease of 1.03 percentage points year-on-year [2][30]. - The company has successfully expanded its overseas market, achieving a significant increase in overseas revenue, which reached 705 million yuan, a year-on-year growth of 113%. The proportion of overseas revenue rose from 17.9% in 2022 to 30.4% in 2023, with products sold in over 50 countries and regions [2][30]. - Despite a challenging environment in the machine tool industry, where the overall consumption of metal processing machine tools in China decreased by 6.2%, Nuwei CNC's revenue growth of 25.8% significantly outperformed the industry average [2][30]. Summary by Sections Financial Performance - For 2023, the company achieved a revenue of 2,321 million yuan, with a growth rate of 25.8%. The net profit was 318 million yuan, with a growth rate of 21.1%. The diluted earnings per share (EPS) was 0.97 yuan [20][30]. - Forecasts for 2024 to 2026 indicate revenues of 2,693 million yuan, 3,157 million yuan, and 3,733 million yuan, respectively, with corresponding growth rates of 16.0%, 17.2%, and 18.2% [20][30]. Market Position - The company is positioned favorably in the domestic CNC metal cutting machine market, ranking among the top players. It has established a dedicated overseas sales network, which has contributed to its revenue growth [2][30]. Cost Management - The company has maintained effective cost control, with a period expense ratio of 13.14% and a research and development expense ratio of 4.39% for the year [2][30].

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 ...

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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].