Investment Rating - The report maintains a "Buy" rating for the company, citing its better-than-industry performance and potential for high growth driven by overseas revenue expansion and capacity expansion [3][7] Core Views - The company's Q1 2024 revenue increased by 3.96% YoY to RMB 549 million, while net profit attributable to shareholders decreased by 3.03% YoY to RMB 70 million, reflecting weak domestic demand recovery [4] - Domestic market recovery is expected to improve due to large-scale equipment renewal policies, particularly in the industrial machine tool sector, which could boost industry sentiment [5] - The company's overseas revenue grew significantly by 112.99% YoY in 2023, reaching RMB 705 million, accounting for 30.36% of total revenue, with further growth expected [6] Financial Performance and Forecast - The company is projected to achieve net profits attributable to shareholders of RMB 375 million, RMB 445 million, and RMB 536 million in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 17X, 14X, and 12X [7] - Revenue growth rates are forecasted at 18.68%, 15.52%, and 17.77% for 2024, 2025, and 2026, respectively, with net profit growth rates of 18.09%, 18.54%, and 20.61% [13] - Overseas sales gross margin improved by 3.58 percentage points to 31.35% in 2023, driven by the company's expansion into over 50 countries and regions [6] Industry and Market Analysis - Domestic demand for metalworking machine tools remains weak, with new orders down 9.6% YoY and backlog orders down 14.9% YoY in the first two months of 2024 [5] - China's machine tool exports grew by 13.6% YoY in Q1 2024, indicating strong overseas market potential [6] - The industrial machine tool sector is expected to benefit from policies targeting the replacement of equipment over 10 years old, given the peak consumption period around 2011 [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of 5% to 15% over the next six months [11][22]. Core Insights - The company's fundraising projects, particularly the "Phase III High-end CNC Machine Tool Industrialization Project," are expected to alleviate capacity constraints, with full production anticipated by 2024, adding approximately 2,000 CNC machine tools and generating nearly 1.2 billion yuan in additional output [1]. - The company has experienced a slowdown in revenue growth due to a high base in 2023, but it remains optimistic about future performance driven by a recovery in domestic manufacturing and expansion into overseas markets [9][19]. - The company has increased its R&D investment, with R&D expenses rising by 24.22% in 2023, accounting for 4.39% of revenue, which is expected to enhance product competitiveness [10][11]. Financial Summary - The company reported total revenue of 2.32 billion yuan in 2023, with a year-on-year growth of 25.76%. The net profit attributable to shareholders was 317.65 million yuan, reflecting a growth of 21.13% [8][11]. - The projected net profits for 2024, 2025, and 2026 are 372.51 million yuan, 445.28 million yuan, and 525.85 million yuan, respectively, with corresponding P/E ratios of 17.21, 14.40, and 12.19 [8][11]. - The company's cash flow from operating activities is expected to improve significantly, with projections of 627 million yuan in 2025 [7]. Market Data - The company's closing price is 19.63 yuan, with a market capitalization of approximately 6.41 billion yuan [4]. - The company has a price-to-book ratio of 3.82 and a one-year price range of 11.81 to 28.00 yuan [4]. R&D and Competitive Position - The company has focused on enhancing its core technologies, with a total of 19 invention patents and 172 utility model patents as of the end of 2023 [10]. - The R&D spending in Q1 2024 was 26.59 million yuan, representing 4.85% of revenue, indicating a commitment to innovation and product development [10].

证券代码：688697 证券简称：纽威数控 公告编号：2024-012 纽威数控装备（苏州）股份有限公司 2023 年年度股东大会决议公告 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： (四)表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由董事会召集，董事长郭国新先生主持，会议采取现场投票和网络 投票相结合的表决方式。本次股东大会的召集、召开程序、表决程序和表决方法 均符合《中华人民共和国公司法》《上市公司股东大会规则》《上海证券交易所科 创板股票上市规则》等有关法律、行政法规和《纽威数控装备（苏州）股份有限 公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 本次会议是否有被否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 4 月 25 日 (二)股东大会召开的地点：苏州高新区通安浔阳江路 69 号公司会议室 (三)出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及其持 有表决权数量的情况： | 1、出席会议的股东和代理人人数 ...

金杜律师事务所 KING&WODD - 期16-18号 7th Floor, One ICC, Shanghai I L86 21 2412 BOOK 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 2023 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）《上市公司股东大会规则》 (以下简称《股东大会规则》）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、规章和规范性文件和现行有效的 《纽威数控装备(苏州)股份有限公司章程》（以下简称《公司章程》）有关 规定,指派律师出席了公司于 2024年4月25日召开的 2023 年年度股东大会(以 下简称本次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 548,524,235.93, representing a year-on-year increase of 3.96%[3] - The net profit attributable to shareholders decreased by 3.03% to CNY 69,551,421.70 compared to the same period last year[3] - The net profit after deducting non-recurring gains and losses fell by 10.10% to CNY 59,901,614.68[3] - Total operating revenue for Q1 2024 was CNY 548.52 million, an increase of 3.36% compared to CNY 527.64 million in Q1 2023[16] - Net profit for Q1 2024 was CNY 69.55 million, a decrease of 2.99% from CNY 71.73 million in Q1 2023[18] - Total comprehensive income for Q1 2024 was CNY 69.53 million, down from CNY 72.21 million in Q1 2023[19] Cash Flow - The net cash flow from operating activities was negative at CNY -40,396,540.67, a significant decrease of 1,013.27%[3] - Cash flow from operating activities showed a net outflow of CNY 40.40 million in Q1 2024, compared to a net inflow of CNY 4.42 million in Q1 2023[22] - The net cash flow from financing activities was CNY 198,490,680.56, a decrease of 19.6% compared to CNY 247,068,989.98 in the previous period[23] - Cash and cash equivalents at the end of the period amounted to CNY 392,051,441.23, an increase of 13.6% from CNY 345,054,905.52 in the previous period[23] - The net increase in cash and cash equivalents for the period was CNY 91,241,705.59, down from CNY 159,907,511.71 in the previous period[23] - The company experienced a foreign exchange impact on cash and cash equivalents of CNY 334,649.33, compared to a negative impact of CNY 91,227.00 in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,868,019,573.26, up 5.89% from the end of the previous year[4] - The total liabilities increased to RMB 2,190,505,328.65 from RMB 2,045,301,684.50, marking an increase of 7.1%[14] - The company's total assets as of March 31, 2024, were RMB 3,868,019,573.26, compared to RMB 3,652,773,240.07 at the end of 2023, representing a growth of 5.9%[15] - The company's non-current assets totaled RMB 621,406,753.30, up from RMB 584,457,486.41, indicating a growth of 6.3%[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,398[9] - The top ten shareholders collectively hold 15.18% of the shares, with each of the top four shareholders holding 49,575,000 shares[9] - The equity attributable to shareholders increased by 4.36% to CNY 1,677,514,244.61 compared to the previous year-end[4] - The total equity attributable to shareholders reached RMB 1,677,514,244.61, compared to RMB 1,607,471,555.57, showing an increase of 4.3%[15] Research and Development - Research and development expenses totaled CNY 26,591,922.05, accounting for 4.85% of operating revenue, an increase of 0.60 percentage points[4] - Research and development expenses increased to CNY 26.59 million in Q1 2024, up 18.66% from CNY 22.42 million in Q1 2023[16] Other Financial Metrics - The company reported non-recurring gains of CNY 9,649,807.02 for the period[6] - The company incurred a tax expense of CNY 7.78 million in Q1 2024, compared to CNY 8.92 million in Q1 2023[18] - Other income decreased to CNY 4.84 million in Q1 2024 from CNY 7.86 million in Q1 2023[16] - The company reported a decrease in basic earnings per share to CNY 0.2129 in Q1 2024 from CNY 0.2196 in Q1 2023[19] Inventory and Receivables - The accounts receivable rose to RMB 269,609,378.75 from RMB 249,231,941.76, indicating an increase of 8.2%[12] - The inventory level increased to RMB 969,893,344.29, up from RMB 921,669,441.94, which is a rise of 5.2%[12]

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%。 ...