一、 2024 年度主要财务数据和指标 单位：元 | 项目 | 本报告期 | 上年同期 | 增减变动幅 度（％） | | --- | --- | --- | --- | | 营业总收入 | 2,462,138,135.21 | 2,321,036,869.98 | 6.08 | | 营业利润 | 360,272,723.13 | 352,129,134.54 | 2.31 | | 利润总额 | 364,949,526.14 | 359,269,191.65 | 1.58 | | 归属于母公司所有者的 净利润 | 323,498,365.92 | 317,646,506.17 | 1.84 | | 归属于母公司所有者的 扣除非经常性损益的净 | 275,104,106.94 | 275,892,899.29 | -0.29 | | 利润 | | | | | 基本每股收益（元） | 0.99 | 0.97 | 2.06 | | 加权平均净资产收益率 | 19.35 | 21.13 | 减少 1.78 个 百分点 | 证券代码：688697 证券简称：纽威数控 公告编号：2025-002 纽威数控装备（苏州）股份有 ...

纽威数控装备（苏州）股份有限公司 舆情管理制度 纽威数控装备（苏州）股份有限公司 舆情管理制度 第一章 总则 第一条 为进一步提高纽威数控装备（苏州）股份有限公司（以下简称"公 司"）应对各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各 类舆情对公司股价、商业信誉及正常生产经营活动造成的影响，切实保护投资者 合法权益，根据《中华人民共和国公司法》、《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》和 《纽威数控装备（苏州）股份有限公司章程》（以下简称"《公司章程》"）的规定， 制定本规则。 第二条 本制度所称舆情包括： （一）网络、报刊、电视等媒体对公司进行的负面报道； （二）社会上存在的已经或者将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露，可能对公司股票及其衍生品交易价格产生较 大影响的信息。 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品交易 ...

Group 1: Financial Performance - The company reported a revenue of 1.834 billion CNY for the first three quarters, representing a year-on-year increase of 5.45% [3] - Net profit for the same period was 228 million CNY, ranking among the top in the domestic metal cutting machine tool sector [3] - R&D investment amounted to 87.8614 million CNY, accounting for 4.79% of total revenue [3] Group 2: Product Development and Innovation - In 2024, the company plans to focus on large-scale general markets, enhancing product reliability, cost-effectiveness, and adaptability through modular and refined design concepts [3] - The company has obtained 28 new patents in 2024, including 6 invention patents, 17 utility model patents, and 4 design patents [3] - New product developments include five-axis milling and turning composite machining centers and new generation five-axis vertical machining centers [3] Group 3: Industry Overview - The domestic machine tool industry experienced stable economic operations in 2024, with total industry revenue of 838.7 billion CNY, a year-on-year decrease of 5.9% [6] - The metal cutting machine tool sector saw a growth of 7.7%, with a production output of 567,000 units, reflecting a year-on-year increase of 7.4% [6] - The CNC rate for domestic metal cutting machine tools stands at 45.5%, indicating significant growth potential compared to developed countries [6] Group 4: Market Dynamics and Localization - The domestic mid-range market has achieved basic localization, while high-end machine tools still rely on foreign brands due to insufficient domestic production [4][7] - In the first ten months of 2024, imports of metal cutting machine tools reached 3.93 billion USD (approximately 280 billion CNY), highlighting substantial potential for domestic substitution [7] - The company is committed to enhancing core component compatibility and developing high-end CNC machine tools to meet industry demands [7]

Group 1: Company Overview and Product Development - The company has established a dedicated department for the new energy vehicle (NEV) sector, focusing on specialized machine tools for over 30 types of NEV parts [3] - Key products include high-performance horizontal lathes and multi-axis CNC vertical lathes designed for components like motor shafts and brake discs [3][4] - The company emphasizes the rapid technological advancements in the NEV industry and collaborates with leading clients to develop high-end machine models [4] Group 2: Industry Applications and Future Outlook - The five-axis machine tools are primarily used in civil aviation, NEVs, and complex mold processing, with ongoing R&D to enhance performance [5] - The aerospace sector is identified as a significant growth area, with plans to invest in specialized equipment for complex and high-hardness components [5][6] - The company is developing high-end five-axis machining centers and continues to increase R&D investment in this field [5] Group 3: Core Component Development and Market Strategy - A dedicated R&D department has been established to develop core components such as electric spindles and gearboxes, enhancing product performance and reliability [6] - The company is committed to increasing its intrinsic value and competitiveness, aiming to provide better returns for investors [6][7] - Historical profit distribution has been consistent, with dividends representing 48.45%, 49.83%, and 61.70% of net profits over the past three years [7]

Group 1: Dividend Policy and Shareholder Returns - The company has maintained a high dividend payout policy since its listing in 2021, distributing profits that accounted for 48.45%, 49.83%, and 61.70% of the net profit attributable to ordinary shareholders in the last three years [2] - Future plans include balancing company development and shareholder returns, aiming for a sustainable and scientific return mechanism [2] Group 2: New Product Development - In 2024, the company launched over 30 new products, including: - PME2030DUT: A dual-beam five-axis gantry machining center for the new energy vehicle industry - VNL320DF: A CNC vertical lathe primarily for the hydrogen energy sector - VM450FA/VM650FA: Next-generation five-axis vertical machining centers for aerospace applications - NWM-SCE28: A high-torque electric spindle for efficient processing of automotive parts [3][4] - Sales of new products have already reached dozens of units for models like VNL320DF, VM450FA, VM650FA, and NWM-SCE28 [4] Group 3: R&D Focus and Strategy - The company is committed to independent R&D and technological innovation, focusing on composite, multi-axis, and automated processing lines [4] - Emphasis on high speed, precision, efficiency, intelligence, and environmental sustainability in product development [4] - Aiming to reduce reliance on imported components and enhance competitiveness through standardized and modular design [4] Group 4: Expansion and Production Capacity - The fourth phase of the company's project is progressing smoothly, with the main structure expected to be completed by the end of 2024 and production to commence in the first half of 2025 [5] - The designed capacity for the fourth phase is 700 million RMB, focusing on high-end intelligent CNC equipment and core functional components [5] Group 5: Market Strategy and M&A - The company is considering market-oriented mergers and acquisitions to optimize resource allocation and enhance competitiveness [5] - Any significant developments will be disclosed in accordance with relevant regulations [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 16.91 CNY and a projected PE ratio of 17, 14, and 12 for the years 2024, 2025, and 2026 respectively [1][2]. Core Insights - The company reported a revenue of 1.834 billion CNY for the first three quarters of 2024, reflecting a year-on-year growth of 5.45%. However, the net profit attributable to the parent company was 228 million CNY, showing a decline of 3.53% year-on-year. In Q3 2024, revenue reached 672 million CNY, up 6.37% year-on-year and 9.42% quarter-on-quarter, while net profit was 83 million CNY, down 1.12% year-on-year but up 10.18% quarter-on-quarter [2][3]. - Despite a weak demand in the machine tool industry, the company managed to achieve revenue growth, indicating a strong market position. The slight decline in profit was attributed to a minor decrease in gross margin [2][3]. Financial Performance - The company’s gross margin for Q1-Q3 2024 was 25.47%, down 1.01 percentage points year-on-year, while the net profit margin was 12.41%, down 1.16 percentage points year-on-year. In Q3 2024, the gross margin was 25.73%, down 1.46 percentage points year-on-year but up 0.98 percentage points quarter-on-quarter, with a net profit margin of 12.33%, down 0.93 percentage points year-on-year but up 0.08 percentage points quarter-on-quarter [3][4]. - The company’s operating income is projected to grow from 2.321 billion CNY in 2024 to 3.368 billion CNY in 2026, with a compound annual growth rate (CAGR) of 13%. The net profit attributable to the parent company is expected to increase from 317.65 million CNY in 2024 to 454.28 million CNY in 2026, with a CAGR of 17% [4][6]. Market Context - The machine tool industry is experiencing weak demand, with a reported 3.5% decline in revenue for key enterprises from January to August 2024. However, the company’s performance contrasts with the industry trend, showcasing its resilience and competitive advantage [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company reported a revenue of 1.834 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 5.45%. However, the net profit attributable to shareholders decreased by 3.53% to 228 million yuan, aligning with expectations [3][4]. - In Q3 2024, the company achieved a revenue of 672 million yuan, marking a year-on-year increase of 6.37% and a quarter-on-quarter growth of 9.42%. The net profit for the quarter was 83 million yuan, showing a slight year-on-year decline of 1.12% but a quarter-on-quarter increase of 10.18% [3][4]. Summary by Sections Market Data - Closing price as of October 29, 2024, was 16.91 yuan, with a one-year high of 22.78 yuan and a low of 11.81 yuan. The company has a market capitalization of 5.524 billion yuan and a price-to-book ratio of 3.5 [1]. Financial Performance - The company’s gross margin for the first three quarters of 2024 was 25.47%, down by 1.01 percentage points year-on-year, while the net margin was 12.41%, down by 1.16 percentage points [5]. - The company’s total revenue projections for 2024 to 2026 are 2.513 billion yuan, 2.936 billion yuan, and 3.375 billion yuan, respectively, with corresponding net profits of 326 million yuan, 390 million yuan, and 481 million yuan [7]. Industry Context - The machine tool industry is experiencing weak demand, with the company’s revenue growth indicating resilience amidst a challenging macroeconomic environment. The industry saw a 3.5% decline in revenue and a 9.9% drop in total profit for key enterprises from January to August 2024 [4]. - The company’s production capacity is nearly fully utilized, with ongoing projects expected to enhance capacity further by mid-2025 [5]. Profitability Outlook - The report has adjusted the profit forecast downward due to slow domestic demand recovery, with expected net profits for 2024-2026 revised to 326 million yuan, 390 million yuan, and 481 million yuan, respectively [6]. - The company’s current price-to-earnings ratios for 2024, 2025, and 2026 are projected at 17, 14, and 11 times, respectively, which is lower than the industry average of 22 times [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company reported a revenue of 1.834 billion RMB for the first three quarters of 2024, reflecting a year-on-year growth of 5.45%, while the net profit attributable to shareholders decreased by 3.53% to 228 million RMB [3][4]. - The machine tool industry is currently under pressure, but is expected to benefit from economic stimulus policies leading to a recovery in the future [4]. - The company's gross margin improved in Q3 2024, reaching 25.73%, although it is still lower than the previous year [4]. - The company is on track to achieve full production capacity for its third phase of investment by the end of 2024, with the fourth phase expected to be operational in 2025, enhancing delivery capabilities [5][6]. Summary by Sections Performance Analysis - In Q3 2024, the company achieved a revenue of 672 million RMB, a year-on-year increase of 6.37% and a quarter-on-quarter increase of 9.42%. The net profit for the same period was 83 million RMB, down 1.12% year-on-year but up 10.18% quarter-on-quarter [3][4]. Industry Outlook - The machine tool industry is experiencing a downturn, with key enterprises reporting a 3.5% decline in revenue and a 9.9% drop in total profits from January to August 2024. However, new orders for metal processing machine tools increased by 3.5% [4]. Capacity Expansion - The third phase of the company's investment project began production in July 2022 and is expected to reach full capacity by the end of 2024. The fourth phase is under construction and is anticipated to be operational in 2025 [5]. Profit Forecast and Valuation - The profit forecast has been adjusted, with expected net profits of 335 million RMB, 396 million RMB, and 476 million RMB for 2024, 2025, and 2026 respectively. The corresponding price-to-earnings ratios are projected at 16X, 14X, and 12X [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's revenue shows steady growth, but net profit has slightly declined due to price competition [2] - The company is actively expanding its domestic and international machine tool markets, although overall market demand remains weak [2] - The company's gross margin has slightly decreased, and the sales/management expense ratio has improved while R&D investment continues to increase [3] - The company has a strong order backlog, indicated by a 21.12% increase in contract liabilities compared to the end of 2023 [4] - R&D investment is expected to enhance competitiveness, with a projected capacity release in 2024 that could generate nearly 1.2 billion yuan in additional output [4] - The profit forecast for 2024-2026 is maintained at 334 million, 390 million, and 457 million yuan respectively, with corresponding P/E ratios of 17, 14, and 12 times [4] Revenue and Profitability - In the first three quarters of 2024, the company achieved revenue of 1.834 billion yuan, a year-on-year increase of 5.45%, while net profit was 228 million yuan, a decrease of 3.53% [2] - The gross margin for the first three quarters was 25.47%, down by 1.01 percentage points year-on-year [3] - The sales net profit margin was 12.41%, also reflecting a decline [3] R&D and Capacity Expansion - R&D expenses increased by 7.38% year-on-year to 88 million yuan in the first three quarters of 2024 [3] - The company has made significant progress in its IPO-funded projects, with an expected full production capacity in 2024 [4] Financial Metrics - The company's total revenue is projected to reach 2.519 billion yuan in 2024, with a year-on-year growth rate of 8.52% [1] - The latest diluted EPS is forecasted to be 1.02 yuan per share for 2024 [1]

纽威数控装备（苏州）股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 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 2024 年第三季度报告 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。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|---------------------------------------|------------------|--------- ...