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].

纽威数控装备（苏州）股份有限公司 2023 年度独立董事述职报告 作为纽威数控装备（苏州）股份有限公司（以下简称"公司"）的 独立董事，2023 年度，我严格按照《公司法》《证券法》《上市公 司治理准则》《上海证券交易所科创板股票上市规则》《上市公司独 立董事规则》等法律法规，以及《公司章程》《独立董事工作制度》 等相关规定，恪尽职守、勤勉尽责，积极出席相关会议，在董事会日 常工作及重要决策中尽职尽责，认真审议董事会各项议案，对公司重 大事项发表了独立意见，从公司整体利益出发，发挥了独立董事的应 有作用，切实维护了公司和全体股东特别是中小股东的合法权益。现 将 2023 年度履行职责的情况汇报如下： 一、独立董事的基本情况 （一）独立董事人员情况 2022 年 12 月 28 日，公司召开 2022 年第一次临时股东大会，董 事会成员人数由 9 人调整为 7 人，其中，非独立董事人数由 6 人 调整为 4 人；独立董事不变，仍为 3 人。黄付中先生、朱兰萍女士、 马亚红女士继续担任公司第二届董事会独立董事。 （二）独立董事在职董事会专门委员会的情况 本人在董事会审计委员会担任主任委员，在董事会薪酬与考核委 员 ...

纽威数控装备（苏州）股份有限公司 总经理工作细则 纽威数控装备（苏州）股份有限公司 总经理工作细则 第一章 总则 第一条 为促进纽威数控装备（苏州）股份有限公司（以下简称"公司"） 经营管理的制度化、规范化、科学化，确保公司重大经营决策的正确性、合理性， 提高民主决策、科学决策水平，根据《中华人民共和国公司法》（以下简称"《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》《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，制定本细则。 第二条 本细则旨在落实《公司法》《公司章程》、董事会赋予总经理团队的 职权，明确其应履行的责任。 第二章 总经理 第三条 公司设总经理一名，由公司董事会聘任或解聘。 公司总经理主持公司日常业务经营和管理工作，并受董事会委托组织实施董 事会会议决议，对董事会负责。 第四条 本细则所称总经理是指总经理本人或经合法授权以总经理名义对外 行使其权限的副总经理等高级管理人员。 第五条 总经理的工作应贯彻忠实、诚信、勤勉、守法、高效的原则。 第六条 总经理享有的职权如下： （一）主持公司的生 ...

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： 一、召开会议的基本情况 （一） 股东大会类型和届次 2023 年年度股东大会 （二） 股东大会召集人：董事会 证券代码：688697 证券简称：纽威数控 公告编号：2024-009 纽威数控装备（苏州）股份有限公司 关于召开 2023 年年度股东大会的通知 （四） 现场会议召开的日期、时间和地点 召开日期时间：2024 年 4 月 25 日 14 点 00 分 召开地点：苏州高新区通安浔阳江路 69 号公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 4 月 25 日 至 2024 年 4 月 25 日 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 股东大会召开日期 ...

（一）日常关联交易履行的审议程序 2024 年 3 月 25 日，公司第二届董事会第十一次会议审议通过了《关于 2024 年度日常关联交易预计的议案》，本次关联交易预计金额合计为人民币 3,445.00 万元。表决程序符合《公司法》《证券法》等法律法规以及《公司章程》的有关 规定。表决结果：7 票同意，0 票反对，0 弃权。出席会议的董事一致同意该议 案。 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 日常关联交易之专项核查意见 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《上海证券交易所科创板股票 上市规则》《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 关规定履行持续督导职责，对纽威数控 2023 年度日常关联交易执行情况以及 2024 年度预计日常关联交易事项进行了审慎核查，具体核查情况如下： 一、日常关联交易基本情况 上述关联交易议案提交公司董事会审议前，公司于 2024 年 3 月 25 日召开第 二届董事会独立董事第一次 ...

证券代码：688697 证券简称：纽威数控 公告编号：2024-004 纽威数控装备（苏州）股份有限公司 关于 2023 年度募集资金存放与实际使用情况的专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第2号——上 市公司募集资金管理和使用的监管要求》和《上海证券交易所科创板 股票上市规则》《科创板上市公司自律监管指引第1号——规范运作》 等有关法律、法规及相关文件的规定，纽威数控装备（苏州）股份有 限公司（以下简称"公司"）就2023年度募集资金存放与实际使用情况 专项报告说明如下： （二）募集资金使用和结余情况 截 止 2023 年 12 月 31 日 ， 公 司 实 际 使 用 募 集 资 金 人 民 币 489,709,222.31 元 ，收 到 存款 利 息收入 及 现金 管 理收益 人 民币 13,998,441.22元，支付手续费人民币11,996.96元，募集资金存储专户 的余额为人民币96,580,847.34元。明细如下： | 项 | | | | 目 ...