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].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.321 billion yuan in 2023, representing a year-on-year growth of 25.76%, and a net profit of 318 million yuan, up 21.13% year-on-year [1] - Despite weak downstream demand, the company's performance remains robust, outperforming the industry [1] - The company has successfully expanded its overseas market presence, with overseas revenue reaching 705 million yuan, accounting for 30.36% of total revenue, an increase of 12.43 percentage points year-on-year [1] Financial Performance Summary - Revenue for 2023 was 2.321 billion yuan, with a projected revenue of 2.781 billion yuan for 2024, reflecting a growth rate of 19.83% [4] - The net profit for 2023 was 318 million yuan, with forecasts of 384 million yuan for 2024, indicating a profit growth rate of 20.86% [4] - The gross margin for 2023 was 26.46%, expected to rise to 27.00% in 2024 [4] - The diluted EPS for 2023 was 0.97 yuan, projected to increase to 1.18 yuan in 2024 [4] Product Performance Summary - In 2023, revenue from large machining centers was 959 million yuan, up 14.98% year-on-year; vertical CNC machine revenue was 646 million yuan, up 29.72%; and horizontal CNC machine revenue was 692 million yuan, up 41.83% [1] Market Outlook - The company is expected to benefit from the recovery of the domestic economy and supportive policies for equipment upgrades, with forecasts of net profits reaching 384 million yuan in 2024, 457 million yuan in 2025, and 549 million yuan in 2026 [1][4]

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].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 31.00 based on current market price of RMB 20.49 [3][19]. Core Insights - The company has demonstrated exceptional performance, achieving a revenue of RMB 2.321 billion in 2023, a year-on-year increase of 25.76%, and a net profit of RMB 318 million, up 21.13% year-on-year. The fourth quarter of 2023 saw a revenue of RMB 582 million, reflecting a 16.79% increase year-on-year but a 7.82% decrease quarter-on-quarter [20][21]. - The company has successfully expanded its overseas revenue, which reached RMB 705 million in 2023, a significant increase of 112.99% year-on-year, contributing to 30.36% of total revenue. The gross margin for overseas sales improved to 31.35%, up 3.58 percentage points year-on-year [21][45]. - The domestic market remains competitive, leading to a slight decline in overall gross margin to 26.46%, down 1.03 percentage points year-on-year. However, the recovery in the domestic manufacturing sector is expected to enhance future performance [21][45]. Summary by Sections Performance Overview - In 2023, the company achieved a revenue of RMB 2.321 billion, a 25.76% increase from 2022, and a net profit of RMB 318 million, up 21.13% [20][34]. - The company’s gross margin was 26.46%, with a net margin of 13.68%, reflecting a decrease in both metrics due to domestic market competition [21][34]. Revenue Breakdown - Domestic sales gross margin was 24.14%, down 3.14 percentage points year-on-year, while overseas revenue significantly increased, contributing to overall growth [21][45]. - The company has established a dedicated overseas sales network, selling products to over 50 countries, which is expected to further increase the share of overseas revenue [21][45]. Future Projections - The company is projected to achieve net profits of RMB 375 million, RMB 445 million, and RMB 536 million for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 17X, 14X, and 12X [21][34].