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 2024 年 3 月 14 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 2024 年 3 月 14 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、关联交易、对外担保、重大对外投资、公司生产经营 环境情况等。 （六）现场检查手段 1 1、查看公司主要经营场所，对公司高管等人员进行访谈； 2、获取公司现行有效 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.14 CNY per share based on a 25x PE valuation for 2024 [2][29]. Core Insights - The company is expected to experience a simultaneous increase in performance and valuation during the economic recovery phase, with projected net profits of 320 million CNY, 394 million CNY, and 476 million CNY for the years 2023, 2024, and 2025 respectively [2]. - The company has achieved revenue of 2.326 billion CNY in 2023, reflecting a year-on-year growth of 26%, and a net profit of 320 million CNY, which is a 22% increase year-on-year [26]. - The company is actively expanding its overseas sales network, with products sold in over 40 countries, contributing to a higher profit margin from international sales [43]. Financial Summary - Revenue (in million CNY): 1,713 (2021), 1,846 (2022), 2,326 (2023E), 2,793 (2024E), 3,353 (2025E) with growth rates of 47.1%, 7.8%, 26.0%, 20.1%, and 20.1% respectively [4]. - Net Profit (in million CNY): 169 (2021), 262 (2022), 320 (2023E), 394 (2024E), 476 (2025E) with growth rates of 62.1%, 55.6%, 22.1%, 23.0%, and 20.9% respectively [4]. - EPS (CNY per share): 0.64 (2021), 0.80 (2022), 0.98 (2023E), 1.21 (2024E), 1.46 (2025E) [4]. - The company maintains a stable gross margin above 26% throughout 2023, with a net profit margin of 14.3% in Q4 2023 [43].

2024 年 02 月 23 日 纽威数控 (688697) 一年内股价与大盘对比走势： 公司修炼内功保障盈利能力基本稳定，彰显经营韧性。面对严峻的市场环境，公司在提升 产品性能的同时，实施精细化管理，对材料采购、产品设计及各项费用进行严格管控，不 断提高产品竞争力；同时积极开拓海外市场，海外收入占比提升，全年总收入及归母净利 润均实现超 20%的增长，明显优于行业水平。2023 年公司归母净利率 13.74%，同比下 降 0.47pct；2023Q4 单季度净利率 14.25%，同比下降 0.32pct，净利率基本保持稳定， 彰显经营韧性。 风险提示：下游行业需求波动的风险、核心零部件进口依赖的风险、行业竞争加剧的风险。 | --- | --- | --- | --- | --- | --- | |-------------------------------------|-------|------------------|-------|----------------|-------| | 百万元，百万股 | 2021A | 财务摘要 \n2022A | 2023E | 2024E | 2025E | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price range of RMB 31.00 to RMB 31.00 [18] Core Views - The company's performance in 2023 exceeded industry levels, with significant growth in both revenue and profit, driven by improved product performance and refined management practices [6] - Overseas revenue growth has been strong, with the company expanding its presence in over 40 countries and regions, enhancing its "growth" attributes and reducing cyclicality [6] - The company's third-phase project is expected to be fully operational in 2024, and the fourth-phase project has commenced construction, with an estimated annual output value of RMB 3.5 billion upon completion [6] - The company's overseas revenue contribution is expected to continue increasing, supporting its valuation and growth trajectory [6] Financial Performance Summary - Revenue for 2023 is projected to reach RMB 2.326 billion, a 26.02% increase year-over-year, with further growth expected to RMB 3.232 billion by 2025 [1] - Net profit attributable to the parent company is forecasted to be RMB 320 million in 2023, growing to RMB 482 million by 2025, with a compound annual growth rate (CAGR) of 22.16% [1] - ROE (Return on Equity) is expected to rise from 20.04% in 2023 to 21.81% in 2025, reflecting improved profitability and efficiency [1] - The P/E ratio is projected to decline from 16.60x in 2023 to 11.04x in 2025, indicating potential undervaluation relative to growth prospects [1] Overseas Market Expansion - The company has successfully expanded its overseas market, with overseas revenue contributing significantly to overall growth [6] - The company's products are sold in over 40 countries and regions, with increasing market share due to competitive product quality and pricing [6] - The global manufacturing migration trend is expected to further boost the company's overseas revenue, enhancing its growth attributes [6] Capacity Expansion - The third-phase project is expected to be fully operational in 2024, with the fourth-phase project already under construction [6] - The fourth-phase project, with a total investment of RMB 750 million, is expected to achieve an annual output value of RMB 3.5 billion upon completion [6] - The company's capacity utilization rate remains high, supporting future growth and profitability [6] Valuation and Earnings Forecast - The company's earnings are forecasted to grow steadily, with net profit attributable to the parent company expected to reach RMB 3.89 billion in 2024 and RMB 4.82 billion in 2025 [6] - The current P/E ratio is 17x for 2023, 14x for 2024, and 11x for 2025, indicating a favorable valuation relative to growth prospects [6] - The "Buy" rating is supported by the company's strong performance, overseas expansion, and capacity growth [6][18]

证 券 研 究 报 告 股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|------------------------------------------------------------------------------------------|----------------------------------------|--------------------------------------------|--------------------|------------------|----------------------|------------------------------------------------------------|-------------------------------|------------|---------------| | [Table_MainInfo] | [Table_T ...

证券代码：688697 证券简称：纽威数控 公告编号：2023-026 纽威数控装备（苏州）股份有限公司 关于竞得土地使用权暨项目投资进展公告 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、准确性和完整性依法承担法律责任。 一、项目概述 纽威数控装备（苏州）股份有限公司（以下简称"公司"）第二 届董事会第六次会议、2022 年年度股东大会审议通过了《关于签订 战略合作意向书的议案》，同意公司与苏州科技城管理委员会签订战 略合作意向书，投资建设四期高端智能数控装备及核心功能部件项目 （以下简称"本项目"）。公司拟投入不低于 7 亿元，建设约 6 万平 方米智能化生产厂房及配套设施，扩增高端智能数控装备及核心功能 部件产品线等。具体内容详见公司于 2023 年 03 月 01 日披露在上海 证券交易所网站（ www.sse.com.cn ）的《关于签订战略合作意向书 的公告》（公告编号：2023-004）。 二、项目进展情况 公司按照法定程序参与了苏州市自然资源和规划局发布的国有 土地使用权挂牌出让竞拍，以人民币 17,301,564.00 元竞得，并签署 ...

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 投资者关系活动记录表 编 号：2023-011 投资者关系 ☑特定对象调研 □分析师会议 活动类别 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其 他 （请文字说明其他活动内容） 富邦投信 朱家玄 参与单位名称 统一证券 汤玮琪 泰康资产 王栋 及人员姓名 浙商证券 宫瑞涵 海通证券 赵玥炜 刘绮雯 毛冠锦 ...

证券代码：688697 证券简称：纽威数控 公告编号：2023-025 纽威数控装备（苏州）股份有限公司 关于召开 2023 年第三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法律责任。 重要内容提示： 纽威数控装备（苏州）股份有限公司（以下简称"公司"）已于 2023 年 10 月 24 日发布公司 2023 年第三季度报告，为便于广大投资者更 全面深入地了解公司 2023 年第三季度经营成果、财务状况，公司计 划于 2023 年 11 月 24 日下午 14:00-15:00 举行 2023 年第三季度业绩 说明会，就投资者关心的问题进行交流。 会议召开时间：2023 年 11 月 24 日(星期五) 下午 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： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2023年11月17日(星期五)至11月23日(星期四)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 ...

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 投资者关系活动记录表 编 号：2023-010 投资者关系 ☑特定对象调研 □分析师会议 活动类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其 他 （请文字说明其他活动内容） 中金机械 郭威秀 王梓琳 参与单位名称 CPE 高亮 中金电子 孔舒 及人员姓名 路博迈 Paulie Wang 华泰证券 史俊奇 ...

Financial Performance - The company's operating revenue for Q3 2023 reached ¥631,344,815.43, representing a year-on-year increase of 25.67%[5] - The net profit attributable to shareholders for the same period was ¥83,775,569.68, reflecting a growth of 14.60% compared to the previous year[8] - The basic earnings per share for Q3 2023 was ¥0.2565, up 14.61% from the same period last year[8] - Total operating revenue for the first three quarters of 2023 reached ¥1,739,052,813.04, a 29.0% increase from ¥1,347,269,487.58 in the same period of 2022[23] - Net profit for the first three quarters of 2023 was ¥235,916,061.19, representing a 24.4% increase compared to ¥189,632,698.69 in the previous year[25] - Basic earnings per share for the first three quarters of 2023 was ¥0.7222, up from ¥0.5805 in the same period of 2022[26] - The company reported a total comprehensive income of ¥236,454,516.90 for the first three quarters of 2023, compared to ¥190,149,024.57 in the same period last year[26] - The company achieved a gross profit margin of approximately 26.5% in the first three quarters of 2023, compared to 24.8% in the same period of 2022[23] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥3,605,444,693.30, which is a 10.95% increase from the end of the previous year[8] - As of September 30, 2023, total assets reached RMB 3,605,444,693.30, an increase from RMB 3,249,628,414.07 at the end of 2022, reflecting a growth of approximately 10.9%[16] - Current assets totaled RMB 3,034,435,345.21, up from RMB 2,681,774,262.34 at the end of 2022, indicating an increase of about 13.2%[16] - Total liabilities amounted to RMB 2,079,190,923.99, up from RMB 1,828,785,766.45, indicating an increase of about 13.7%[20] - The company's equity attributable to shareholders reached RMB 1,526,253,769.31, compared to RMB 1,420,842,647.62 at the end of 2022, showing a growth of approximately 7.4%[20] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥179,705,854.23, showing a significant increase of 329.70%[11] - Cash flow from operating activities generated a net amount of ¥179,705,854.23, significantly higher than ¥41,821,716.49 in the previous year[30] - The net cash flow from investment activities was -39,789,191.24 CNY, compared to -79,043,368.86 CNY in the previous period, indicating an improvement[31] - Cash inflow from financing activities totaled 420,000,000.00 CNY, up from 256,583,418.00 CNY in the previous period, reflecting increased borrowing[31] - The total cash and cash equivalents at the end of the period reached 388,934,979.72 CNY, significantly higher than 115,056,827.56 CNY at the end of the previous period[31] - The net increase in cash and cash equivalents was 203,787,585.91 CNY, compared to 45,457,859.93 CNY in the previous period, showing strong cash generation[31] Research and Development - Research and development expenses totaled ¥31,203,100.88, accounting for 4.94% of operating revenue, a decrease of 0.27 percentage points year-on-year[8] - Research and development expenses for the first three quarters of 2023 totaled ¥81,823,453.36, an increase of 27.5% from ¥64,192,654.08 in 2022[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 12,255[12] - The top ten shareholders collectively hold 15.18% of the shares, with each of the top four shareholders holding 49,575,000 shares[13] Future Outlook - The company plans to continue expanding its market presence and invest in new product development to drive future growth[25]