Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a revenue of 629 million yuan in the first half of 2024, a year-on-year decline of 29.02%, with a net loss attributable to shareholders of 107 million yuan [3]. - The performance was impacted by ongoing orders in the new energy battery intelligent equipment sector, particularly in the second quarter, where revenue was 386 million yuan, down 27.03% year-on-year [3]. - The company is expected to benefit from the domestic substitution trend in high-end CNC systems, with projected revenues of 2.55 billion yuan, 3.15 billion yuan, and 3.76 billion yuan for 2024, 2025, and 2026 respectively [3]. Financial Performance - The company's CNC systems and machine tools generated revenue of 383 million yuan, a year-on-year increase of 3.89%, while the robotics and intelligent production line segment saw a significant decline of 57.82% [3]. - The gross margin for the first half of 2024 was 34.75%, an increase of 4.43 percentage points year-on-year, indicating improved profitability in CNC systems and machine tools [3]. - R&D expenses accounted for 21.26% of revenue, reflecting a 2.23 percentage point increase year-on-year, underscoring the company's commitment to maintaining its core competitiveness [3]. Product Development and Market Opportunities - The company launched a "Five-Axis Flagship Product Package" during the CCMT2024 Shanghai exhibition, enhancing its product matrix and aiming to meet international standards in processing precision and efficiency [3]. - A significant contract worth 500 million yuan was signed with Huashu Jinming for projects in the UK and Japan, indicating strong demand in overseas markets [3]. - The company is focused on delivering ongoing projects, with the first soft-pack battery module line successfully shipped to France, which is expected to contribute to revenue recognition in the near future [3].

证券代码：300161 证券简称：华中数控 公告编号：2024-062 武汉华中数控股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 武汉华中数控股份有限公司（以下简称"公司"）于近日接到控股股东卓尔智 造集团有限公司（以下简称"卓尔智造"）通知，卓尔智造将其所持有的公司部分 股份办理了质押手续，具体事项如下： 本次质押股份不存在被用作重大资产重组业绩补偿等事项的担保或其他保 障用途等情况。 二、控股股东及其一致行动人股份累计质押的情况 特此公告。 截至公告披露日，公司控股股东及一致行动人质押股份数量占其所持有公 司股份数量比例不超过 50%，具体情况如下： | | | | | | | | 已质押股份情况 已质押 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次质押 | 本次质押 | 占其所 | 占公司 | | | 未质押 | | | | 持股数量 | 持股比 | 前质押股 | ...

Investment Rating - The investment rating for Huazhong CNC (300161) is "Hold" [1]. Core Views - The company's performance is under pressure due to weak downstream demand, with a significant decline in revenue and net profit in the first half of 2024 [1]. - The CNC system and machine tool business showed slight growth, while the robotics and intelligent production line revenue decreased significantly [1][2]. - The company is expected to benefit from the growth in the high-end CNC system import substitution market, with a projected compound annual growth rate of 24% in revenue over the next three years [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 629 million yuan, a year-on-year decrease of 29.02%, and a net profit attributable to shareholders of -107 million yuan, down 203.42% [1]. - For Q2 2024, operating revenue was 386 million yuan, a decline of 27.03%, with a net profit of -38 million yuan, a drop of 1201.27% [1]. - The overall gross margin for H1 2024 was 34.75%, an increase of 4.43 percentage points year-on-year, while the net margin was -20.39%, down 15.82 percentage points [2]. Business Segments - Revenue from CNC systems and machine tools was 383 million yuan, up 3.89% year-on-year, while revenue from robotics and intelligent production lines was 204 million yuan, down 57.82% [1]. - The revenue from the new energy vehicle supporting business reached 14.73 million yuan, an increase of 31.60% year-on-year [1]. Future Outlook - The company forecasts net profits attributable to shareholders of 94 million yuan, 147 million yuan, and 233 million yuan for 2024, 2025, and 2026, respectively [2]. - The company is expected to maintain a strong growth trajectory due to the increasing demand for high-end CNC systems [2].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥628,945,469.54, a decrease of 29.02% compared to the same period last year[13]. - The net loss attributable to shareholders was ¥106,530,309.00, representing a 203.42% increase in loss compared to the previous year[13]. - The net cash flow from operating activities was -¥81,692,366.32, a decline of 235.87% year-on-year[13]. - Total assets increased by 9.45% to ¥4,838,633,645.76 compared to the end of the previous year[13]. - The company reported a decrease of 6.86% in net assets attributable to shareholders, totaling ¥1,546,696,201.41[13]. - The company's revenue for the reporting period was ¥628,945,469.54, a decrease of 29.02% compared to ¥886,092,722.26 in the same period last year, primarily due to ongoing orders in the new energy power battery intelligent equipment business[49]. - Operating costs decreased by 33.53% to ¥410,391,346.35 from ¥617,405,920.90, reflecting the reduction in revenue[49]. - The company's net profit for the first half of 2024 was a loss of CNY 127,273,767.05, compared to a loss of CNY 35,192,267.02 in the first half of 2023[136]. - The total comprehensive income for the current period decreased by ¥16,939,148.29, reflecting a significant decline in profitability[151]. Research and Development - The company emphasizes its focus on research and development in numerical control systems and related technologies[6]. - The company has developed over 400 core technologies in industrial robotics, with more than 80% of innovations being independently developed[28]. - The company maintained a high R&D investment, with an average of 20.49% of revenue allocated to R&D from 2019 to 2023, totaling 220 million CNY in the reporting period[32]. - The company’s R&D team, led by key figures such as Chairman Chen Jihong, has a strong technical foundation, ensuring effective product development and market expansion[32]. - The company’s research and development model integrates agile practices to enhance product development efficiency and customer satisfaction[27]. - The company is investing 200 million yuan in R&D for new technologies, focusing on automation and smart manufacturing solutions[89]. Market and Industry Trends - The industrial robot market in China saw a 5% increase in sales in the first half of 2024, with approximately 140,000 units sold[19]. - The cumulative sales of power batteries in China reached 402.6 GWh in the first half of 2024, a year-on-year increase of 40.3%[19]. - The cumulative sales of new energy buses from January to June reached 13,437 units, representing a year-on-year growth of 27%[21]. - The ASEAN electric vehicle market was valued at nearly $500 million in 2021 and is expected to exceed $2.6 billion by 2027[21]. - The company continues to focus on its core strategy of developing CNC systems, industrial robots, and smart production lines[17]. - The government has introduced policies to support the upgrade of industrial mother machines, emphasizing their importance in the manufacturing sector[18]. Corporate Governance and Compliance - The company reported a plan not to distribute cash dividends, issue bonus shares, or increase capital from reserves[3]. - The company has committed to maintaining independent operations and governance structures, ensuring no interference from controlling shareholders[87]. - The company guarantees the establishment of an independent financial accounting department and a financial management system[87]. - The company has pledged to ensure that its senior management works exclusively for the listed company and does not hold positions in other enterprises controlled by the shareholders[86]. - The company has committed to avoiding conflicts of interest in related party transactions and ensuring compliance with legal procedures[86]. Innovation and Product Development - The company has successfully partnered with major domestic machine tool manufacturers, enhancing its customer resource base[34]. - The company’s digital service platform "iNC-Cloud" allows users to monitor production status and efficiency in real-time[33]. - The company has filed multiple patents, including an automatic steel belt packaging machine for power battery modules and a silicon wafer shaping feeding device, indicating a strong focus on innovation and technology development[37]. - The introduction of new products such as the "HNC-CRM System Software" and "Warehouse Management System Software" reflects the company's commitment to enhancing operational efficiency and customer relationship management[37]. - The company is actively pursuing innovation in the robotics field, as evidenced by the numerous patents filed in 2024[38]. Financial Position and Assets - The total assets increased to CNY 4,838,633,645.76 from CNY 4,420,661,321.58, representing a growth of approximately 9.4%[130]. - The company's equity decreased to CNY 1,735,482,124.16 from CNY 1,876,002,142.33, a decline of about 7.5%[131]. - The company reported a significant increase in cash paid for fixed assets, intangible assets, and other long-term assets, totaling 520,536,087.05 CNY in the first half of 2024, compared to 255,639,504.17 CNY in the same period of 2023, indicating a focus on capital investment[141]. - The company’s total liabilities rose to CNY 3,103,151,521.60 from CNY 2,544,659,179.25, an increase of approximately 21.9%[131]. Social Responsibility and Community Engagement - The company engaged in a recruitment event to support rural employment, providing internships and job opportunities for local students and unemployed individuals[83]. - The company donated two CNC machines and related software to vocational schools in Gansu to enhance educational conditions and faculty quality[84]. - The company sponsored approximately 700,000 yuan for engineering vocational education initiatives and competitions[83]. - The company is actively involved in social responsibility initiatives, including supporting employment for veterans[83]. Risks and Challenges - The company faces risks from macroeconomic fluctuations and industry volatility, which could adversely affect its operating performance and financial condition[72]. - The domestic mid-to-high-end CNC system market is currently dominated by international brands, posing competitive risks for the company[73]. - The company is exposed to risks from rising raw material procurement costs, which could negatively impact operating performance if prices continue to rise[76]. - The company plans to optimize supply chain management and strengthen supplier relationships to mitigate risks associated with raw material price fluctuations[76].

编制单位：武汉华中数控股份有限公司 金额单位：人民币万元 注 1：华中科技大学系原持股 5%以上股东，自 2024 年 2 月起不作为关联方披露。 注 2：华中科技大学机械学院、华工制造装备数字化国家工程中心有限公司系原持股 5%以上股东附属企业，自 2024 年 2 月起不作为关联方披露。 | 年半 | 年半 | 2024 | 2024 | 年 | 22024 | 占用方与上市 | 上市公司核 | 年初 | 年度占用 | 年度占用 | 年半 | 2024 | 2024 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 半年度偿 | 占用形成 | 资金占用方名称 | 公司的关联关 | 算的会计科 | 占用资金 | 累计发生 | 资金的利 | 年度占用 | 占用性质 | 还累计发 | 原因 | | | | 系 | 目 | 余额 | 金额（不 | 息（如 | 资金余额 | 生额 | 含利息） | 有） | | | | | | | 控股股 | 东、实际 | | | | | | | | | ...

证券代码：300161 证券简称：华中数控 公告编号：2024-060 武汉华中数控股份有限公司 关于拟为控股子公司重庆华数申请银行授信提供担保 的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 武汉华中数控股份有限公司（以下简称"公司"）于2024年8月26日召开了第 十二届董事会第二十四次会议，审议通过了《关于拟为控股子公司重庆华数申请 银行授信提供担保的议案》，同意公司为控股子公司重庆华数机器人有限公司（以 下简称"重庆华数"）申请银行授信提供担保。 根据《深圳证券交易所创业板股票上市规则》和《公司章程》的相关规定， 该议案无需提交股东大会审议。 一、担保情况概述 公司于2023年8月28日召开了第十二届董事会第十一次会议，审议通过了《关 于拟为控股子公司重庆华数申请银行授信提供担保的议案》，同意公司为控股子 公司重庆华数向招商银行重庆分行申请2,000万元的授信提供担保，担保期一年。 鉴于上述授信额度即将到期，为进一步扩大经营规模，提高市场占有率，重 庆华数拟向招商银行重庆分行继续申请授信额度2,000万元。为支持重庆华数的 经营发展，公司拟为重 ...

证券代码：300161 证券简称：华中数控 公告编号：2024-056 武汉华中数控股份有限公司 第十二届监事会第十二次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 武汉华中数控股份有限公司（以下简称"公司"） 第十二届监事会第十二次 会议于 2024 年 8 月 26 日上午 10:30 在公司会议室以现场及通讯会议方式召开， 会议通知于 2024 年 8 月 16 日以电话及电子邮件等形式发出，会议由公司监事会 主席范晓兰女士召集和主持。会议应到监事 3 名，实到监事 3 名。 会议的召开符合《公司法》和《公司章程》的规定。与会监事对本次会议的 议案进行了认真审议，会议决议如下： 一、审议通过《2024 年半年度报告及其摘要》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 与会监事认为：公司《2024 年半年度报告》及其摘要的编制和审议程序符合 法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了公司 2024 年半年度实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 武汉华中数控股份有限公司监事会 二〇二四年八 ...

证券代码：300161 证券简称：华中数控 公告编号：2024-061 根据《深圳证券交易所创业板股票上市规则》和《公司章程》的相关规定， 该议案无需提交股东大会审议。 一、担保情况概述 公司全资子公司华大电机因经营业务发展需要，拟向中国银行湖北自贸试验 区武汉片区分行申请银行授信1,000万元，授信期限一年。为支持华大电机经营发 展，公司拟为本次申请授信提供担保，担保金额为1,000万元，担保期一年。 二、被担保人基本情况 （一）被担保人企业简介 企业名称：武汉华大新型电机科技股份有限公司 成立日期：2003年1月15日 武汉华中数控股份有限公司 关于拟为全资子公司华大电机申请银行授信提供担保 的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 武汉华中数控股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日召开 了第十二届董事会第二十四次会议，审议通过了《关于拟为全资子公司华大电机 申请银行授信提供担保的议案》，同意公司为全资子公司武汉华大新型电机科技 股份有限公司（以下简称"华大电机"）申请银行授信提供担保。 注册地址：武汉市江夏区经济 ...

武汉华中数控股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 根据中国证监会发布的《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《深圳证券交易所上市公司自律监管指引第 2 号——创 业板上市公司规范运作》（以下简称"规范运作指引"）等有关规定，武汉华中数 控股份有限公司（以下简称"公司"或"本公司"）董事会编制了截至 2024 年 6 月 30 日的募集资金存放与使用情况的专项报告。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意武汉华中数控股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2020〕3059 号），公司向特定对象 发行人民币普通股 A 股 25,931,355 股，每股面值人民币 1.00 元，发行价格为人 民币 16.52 元/股，募集资金总额为 42,838.60 万元，扣除保荐费与承销费人民 币 600.00 万元（含增值税）后的募集资金为 42,238.60 万元，已由主承销商中 信证券股份有限公司于 2021 年 4 月 15 日汇入本公司验资户。另减除申报会计师 费、律师费等与发行权益性证券直接相关的其他发行费用 ...

证券代码：300161 证券简称：华中数控 公告编号：2024-055 武汉华中数控股份有限公司 第十二届董事会第二十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 武汉华中数控股份有限公司（以下简称"公司"）第十二届董事会第二十四次 会议于 2024 年 8 月 26 日上午 9:30 在公司会议室以现场及通讯会议方式召开。 会议通知于 2024 年 8 月 16 日以电话及电子邮件等形式发出，会议由公司董事长 陈吉红先生召集和主持。会议应到董事 9 名，亲自出席及授权出席董事 9 名，公 司监事、高管列席了此次会议。吴奇凌董事因公未能亲自出席本次会议，授权陈 吉红董事出席并行使表决权。 会议的召开符合《公司法》和《公司章程》的规定。与会董事对本次会议的 议案进行了认真审议，会议决议如下： 一、审议通过《2024 年半年度报告及其摘要》 本议案已经审计委员会审议通过。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 公司董事会认为：公司《2024 年半年度报告》及其摘要的内容符合法律、行 政法规、中国证监会和深圳证券交易所的相关规定， ...