敬请广大投资者积极参与。 特此公告。 本公司及董事会全体成员保证公告内容真实、准确和完整，公告不存在虚假 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（以下简称"公司"）已于2024年3月25日在巨潮 资讯网（http://www.cninfo.com.cn）上披露了公司《2023年年度报告》及摘要。 为便于广大投资者进一步了解公司2023年度经营情况，公司定于2024年4月 12日（星期五）下午15:00至17:00在"东方财富路演平台"举行2023年度网上业 绩说明会。本次网上业绩说明会将采用网络文字互动方式举行，投资者可在上述 时间登陆东方财富路演平台（http://roadshow.eastmoney.com/luyan/4423257） 或使用微信扫描下方二维码参与互动交流。为广泛听取投资者的意见和建议，本 次说明会将提前向投资者公开征集问题，提问通道自发出公告之日起开放。 出席本次网上说明会的人员有：董事长陈吉红先生、董事会秘书陈程女士、 财务总监万欣女士及独立董事王典洪先生。 证券代码：300161 证券简称：华中数控 公告编号：2024-026 武汉华中数控股份有限公司 关于召开2 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company, Huazhong CNC, is positioned as a pioneer in the domestic CNC system industry, leveraging its "One Core, Three Armies" strategy to drive innovation and market penetration in high-end CNC systems, industrial robots, and intelligent production lines [4][72]. - The company is expected to benefit significantly from the domestic substitution trend in high-end CNC systems and aims to expand its market share in the industrial robot sector through cost advantages and a comprehensive product matrix [6]. Financial Data and Valuation - Revenue projections for the company are as follows: - 2024E: 27.32 billion CNY - 2025E: 34.72 billion CNY - 2026E: 42.00 billion CNY - Year-on-year revenue growth rates are projected at 29.21% for 2024, 27.05% for 2025, and 20.97% for 2026 [3]. - Net profit attributable to shareholders is forecasted to be: - 2024E: 0.99 billion CNY - 2025E: 1.60 billion CNY - 2026E: 2.26 billion CNY - Corresponding year-on-year growth rates for net profit are 267.21% for 2024, 60.48% for 2025, and 41.28% for 2026 [3]. - Earnings per share (EPS) are expected to be: - 2024E: 0.50 CNY - 2025E: 0.80 CNY - 2026E: 1.14 CNY - Price-to-earnings (P/E) ratios are projected at 62.74 for 2024, 39.09 for 2025, and 27.67 for 2026 [3]. Business Overview - The company focuses on three main business segments: CNC systems, industrial robots, and intelligent production lines, with CNC systems and machine tools accounting for over 90% of revenue [100][126]. - The company has achieved significant growth in its CNC systems and machine tools segment, with revenues increasing from 4.23 billion CNY in 2020 to 11.18 billion CNY in 2023, reflecting a CAGR of 38.26% [100]. - The industrial robot segment is also expanding, with a market size of 7.5 billion USD in 2021, projected to grow at a CAGR of 15.3% to reach 11.5 billion USD by 2024 [16]. Product Categories - The company’s product offerings include high-end CNC systems, industrial robots, and intelligent production lines, with a focus on self-developed core components [72][100]. - The CNC systems market in China is estimated to be around 25.8 billion CNY, with significant room for growth in high-end products where domestic companies are gradually increasing their market share [15][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of performance that will exceed the market by over 20% [14][28]. Core Views - The company has demonstrated robust revenue growth, benefiting from the domestic substitution of high-end CNC systems, with a revenue increase of 27.1% year-on-year in 2023, reaching 2.115 billion yuan [1][16]. - The net profit attributable to the parent company for 2023 was 27 million yuan, reflecting a year-on-year increase of 45.7% [1][16]. - The company is a leader in the domestic CNC system market and has maintained steady growth despite an overall downturn in the machine tool industry, thanks to deep integration with downstream enterprises and advancements in five-axis processing technology [1][14]. Financial Performance - The gross profit margin for 2023 was 32.9%, a slight decrease of 1.14 percentage points year-on-year, while the net profit margin improved to 1.1%, an increase of 0.74 percentage points [2][16]. - The company has significantly increased its R&D investment, with R&D expenses reaching 310 million yuan in 2023, up 26.5% year-on-year [2][16]. - The operating cash flow has shown continuous improvement, with net operating cash flow of 2.12 million yuan by the end of the fourth quarter of 2023, recovering from negative figures in 2022 [2][16]. Strategic Developments - The company has signed a strategic cooperation agreement with the National Intelligent Design and CNC Technology Innovation Center to jointly develop high-performance CNC technology and related platforms [3][15]. - A planned capital increase aims to raise up to 100 million yuan, which will enhance production capacity for various high-end CNC systems, further supporting the domestic substitution trend [3][15]. Financial Projections - The forecast for net profit attributable to the parent company for 2024-2026 is 116 million yuan, 158 million yuan, and 291 million yuan, respectively, reflecting significant growth expectations [1][16]. - The projected P/E ratios for 2024-2026 are 52.4, 38.3, and 20.9 times, indicating a decreasing valuation as earnings grow [1][16].

证券代码：300161 证券简称：华中数控 武汉华中数控股份有限公司投资者关系活动记录表 编号：2024-001 ■特定对象调研 □分析师会议 投资者关 □媒体采访 □业绩说明会 系活动类 □新闻发布会 □路演活动 别 ■现场参观 ■电话会议 □其他 安信基金、安信证券、财通基金、财通证券、大家资管、东北证券、东 方阿尔法基金、东方财富证券、东方证券、东海证券、东吴证券、东兴 基金、东兴证券、方正证券、富国基金、高盛证券、光大永明资管、光 大证券、广发基金、广发证券、广州市航长投资、国都证券、国海证 券、国金基金、国金证券、国开证券、国融基金、国盛证券、国寿安保 基金、国泰君安、国投证券、国信证券、国元证券、红杉资本、红塔证 券、华安证券、华福证券、华富基金、华龙证券、华泰证券、华夏东方 养老资管、华夏基金、汇丰晋信基金、建信基金、江信基金、开源证 券、凯基证券、凯石基金、陆家嘴国泰人寿保险、路博迈基金、民生证 参与单位 券、摩根士丹利基金、宁银理财、鹏扬基金、平安基金、平安银行、山 名称及人 西证券、上海聚鸣投资、上海申银万国证券、申万菱信基金、深圳前海 员姓名 华杉、深圳市中欧瑞博投资、太平洋证券、泰康资 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [13]. Core Views - The company achieved a revenue of 2.115 billion yuan in 2023, representing a year-on-year growth of 27.13% [13][14]. - The net profit attributable to the parent company for 2023 was 270.907 million yuan, an increase of 45.70% year-on-year [13]. - The company has a strong order backlog, with 854 million yuan in orders for intelligent production lines and 119 million yuan for robotic systems as of the end of 2023, reflecting a year-on-year increase of 51.65% [13]. - The CNC system and intelligent production line segments performed well, with revenues of 1.118 billion yuan, a year-on-year increase of 35.53% [13]. - The company continues to invest in R&D, with expenses of 308 million yuan in 2023, a 26.52% increase, maintaining a high R&D expense ratio of 14.56% [13]. Financial Performance Summary - Revenue forecast for 2024-2026 is 2.678 billion, 3.308 billion, and 4.088 billion yuan respectively, with corresponding net profits of 1.01 billion, 1.54 billion, and 2.22 billion yuan [14]. - The diluted EPS for 2024-2026 is projected to be 0.51, 0.77, and 1.12 yuan respectively [14]. - The company’s revenue growth rates are expected to be 26.6% in 2024, 23.5% in 2025, and 23.6% in 2026 [15]. - The gross margin is projected to improve from 32.9% in 2023 to 35.1% in 2026 [15]. - The return on equity (ROE) is expected to increase from 1.6% in 2023 to 10.7% in 2026 [15].

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。 一、获取项目经费的基本情况 近日，武汉华中数控股份有限公司（以下简称"公司"）收到国家项目支持经 费 1,395 万元。公司获得的上述项目经费为现金形式，上述资金已经到账。 二、经费的类型及其对上市公司损益的影响 证券代码：300161 证券简称：华中数控 公告编号：2024-025 武汉华中数控股份有限公司 关于获得项目经费的公告 根据规定，公司本次收到的项目经费，认定为与收益相关，作为递延收益入 账，公司将结合项目进展情况分期计入其他收益。 2.经费对上市公司的影响 本次收到的项目经费预计对公司 2024 年的利润影响金额为 867 万元，最终 的会计处理仍须以审计机构审计确认后的结果为准，敬请投资者注意风险。 三、备查文件 1. 收款凭证 二〇二四年三月二十六日 1.经费的类型与确认计量 武汉华中数控股份有限公司董事会 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company achieved a revenue of 2.115 billion yuan in 2023, representing a year-over-year growth of 27.1%, with a net profit attributable to shareholders of 27 million yuan, up 45.7% year-over-year [2][3]. - The company's robot and CNC system businesses both experienced steady growth, with the robot and intelligent production line segment generating 1.12 billion yuan in revenue, a 35.5% increase year-over-year, while the CNC system and machine tool segment achieved 892 million yuan, a 26.2% increase year-over-year [2]. - The company is recognized as one of the few domestic enterprises with complete independent intellectual property rights in robot production, showcasing strong production and technological advantages in key components [2]. - The company is expected to maintain rapid growth in CNC system sales, driven by the trend of domestic substitution, with projected net profits of 134 million yuan, 241 million yuan, and 403 million yuan for 2024, 2025, and 2026, respectively [2][3]. Financial Performance Summary - In 2023, the company reported a gross margin of 32.9%, a decrease of 1.2 percentage points year-over-year [2]. - The fourth quarter of 2023 saw a revenue of 819 million yuan, an 18.43% increase year-over-year, but a net profit of 61 million yuan, down 14.12% year-over-year [2]. - The company plans to provide efficient automation solutions for high-end key areas, including new energy vehicle components and wearable device parts processing [2].

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 31.41 CNY and a reasonable value of 36.43 CNY, maintaining the previous "Buy" rating [6]. Core Insights - The company reported a revenue of 2.115 billion CNY for 2023, a year-on-year increase of 27.13%, and a net profit attributable to shareholders of 27.09 million CNY, up 45.70% year-on-year [4][17]. - The growth in the CNC system segment is significant, with revenue reaching 889.2 million CNY, a 26.22% increase, and a gross margin of 38.65%, up 2.76 percentage points [4]. - The intelligent production line and robotics segment saw revenue of 1.118 billion CNY, a 35.53% increase, although the gross margin decreased by 2.05 percentage points [4][17]. - The company has a strong order backlog, with new orders amounting to 1.293 billion CNY in 2023, indicating potential for future revenue growth [4][23]. Summary by Sections Financial Performance - The company achieved a revenue of 2.115 billion CNY in 2023, with a year-on-year growth rate of 27.1% [18]. - The net profit for 2023 was 27.09 million CNY, reflecting a significant increase of 45.7% compared to the previous year [18]. - The gross margin for the CNC system segment improved to 38.65%, while the intelligent production line segment's gross margin was 35.53% [4][18]. Revenue Forecast - The company is expected to see revenue growth rates of 23.5%, 23.8%, and 21.7% for the years 2024, 2025, and 2026, respectively, with projected revenues of 2.612 billion CNY, 3.235 billion CNY, and 3.936 billion CNY [24]. - The net profit forecast for 2024, 2025, and 2026 is 103 million CNY, 171 million CNY, and 263 million CNY, respectively, indicating substantial growth potential [24]. Business Segments - The CNC system and machine tool segment is expected to maintain a growth rate of around 30% from 2024 to 2026, driven by the recovery in the manufacturing sector and the company's leading position in the domestic market [45]. - The intelligent production line and robotics segment is projected to grow at rates of 20% for 2024 and 2025, and 15% for 2026, with a focus on core component innovation [23][46]. - The company is also expanding its presence in the new energy vehicle sector, with expected growth rates of around 10% for the same period [46].

Financial Performance - In 2023, Xi'an Huazhong CNC Co., Ltd. reported an increase in net profit compared to the same period in 2022, primarily due to active market expansion and increased sales revenue[1]. - In 2023, Changzhou Huashu Jinming Intelligent Equipment Technology Research Institute Co., Ltd. also saw a rise in net profit year-over-year, driven by collaborations in the new energy sector and increased sales revenue[2]. - Nanning Huashu Nanjing New Energy Vehicle Co., Ltd. experienced a decrease in net profit in 2023 compared to 2022, mainly due to increased expenses during the reporting period[3]. - The company reported a total revenue of 234,111,979.10 for the year, with a net profit of 3,361,529.10, indicating a strong performance in the market[35]. - The subsidiary Wuhan Huada New Motor Technology Co., Ltd. generated revenue of 174,973,580.11, contributing significantly to the overall performance[35]. - The subsidiary Nanning Huashu New Energy Automobile Co., Ltd. reported a revenue of 67,493,604.39, reflecting growth in the new energy vehicle sector[35]. - Shenzhen Huazhong CNC Co., Ltd. reported total assets of approximately CNY 209.58 million and a net profit of CNY 3.47 million, contributing over 10% to the company's net profit[135]. - Xi'an Huazhong CNC Co., Ltd. had total assets of approximately CNY 25.29 million and a net profit of CNY 9.82 million, also contributing significantly to the overall net profit[135]. - Shandong Huashu Intelligent Technology Co., Ltd. reported total assets of approximately CNY 69.07 million and a net profit of CNY 2.77 million, impacting the company's financial performance[135]. - Foshan Huashu Robot Co., Ltd. recorded total assets of approximately CNY 432.92 million but reported a net loss of CNY 6.40 million, indicating challenges in profitability[138]. - Wuhan Huashu Jinming Intelligent Technology Co., Ltd. achieved total assets of approximately CNY 363.33 million and a net profit of CNY 12.23 million, contributing positively to the company's financials[138]. - Jiangsu Jinming Industrial Robot Automation Co., Ltd. reported total assets of approximately CNY 874.13 million but faced a significant net loss of CNY 47.02 million, highlighting operational difficulties[138]. - The company reported a total revenue of ¥1,314,672,572.98 for the entire year, reflecting a year-over-year growth[163]. - The company's operating revenue for 2023 reached ¥2,114,672,572.98, representing a 27.13% increase compared to ¥1,663,398,662.75 in 2022[186]. - Net profit attributable to shareholders was ¥27,090,694.23, a 45.70% increase from ¥18,593,657.60 in 2022[186]. - The net cash flow from operating activities improved significantly to ¥211,526,468.68, a 770.48% increase from -¥31,548,296.16 in 2022[186]. - The total assets at the end of 2023 were ¥4,420,661,321.58, marking a 17.91% increase from ¥3,749,333,469.19 at the end of 2022[186]. - The company reported a basic earnings per share of ¥0.1363, up 45.62% from ¥0.0936 in 2022[186]. - The weighted average return on equity increased to 1.64%, up from 1.13% in 2022[186]. Strategic Initiatives - The company aims to promote high-end CNC system technology and products, aligning with national strategies for high-quality development and manufacturing transformation[5]. - The company plans to implement a dual circulation strategy to expand both domestic and international markets[9]. - The company is actively managing risks related to macroeconomic fluctuations, industry competition, and raw material cost increases[11][12][14]. - The company is committed to enhancing brand building and maintaining a high-end market leadership position[6]. - The focus is on strengthening technological support and improving management levels to boost profitability and operational efficiency[10]. - The company is exploring diversified incentive methods to enhance talent quality and align personal growth with corporate development[8]. - The company is focusing on expanding its market presence and enhancing its product offerings through new technology developments[181]. - Future guidance indicates a positive outlook with expectations of continued revenue growth and profitability improvements in the upcoming quarters[181]. - The company is actively pursuing strategic acquisitions to bolster its competitive position in the market[181]. - Research and development efforts are being intensified to innovate new products and technologies, aiming to meet evolving customer demands[181]. - The company is focusing on developing intelligent, networked CNC systems that support adaptive control and smart diagnostics, aligning with industry trends towards high-speed, high-precision, and composite manufacturing[199]. - The company plans to expand its market presence by leveraging government policies that encourage R&D in the integrated circuit and industrial mother machine sectors[197]. Corporate Governance and Compliance - The company has ensured compliance with corporate governance regulations, maintaining independence from its controlling shareholders[40]. - The company has established internal systems to ensure accurate and timely information disclosure to all shareholders[24]. - The company has not reported any changes in the use of raised funds during the reporting period[52]. - There were no significant asset sales during the reporting period[53]. - The company has not encountered any issues or other situations regarding the use and disclosure of raised funds[51]. - The interest from unused raised funds is stored in a dedicated account and will continue to be used for corresponding investment projects according to the funding usage plan[51]. - The company has not reported any changes in fundraising projects during the reporting period[52]. - There are no reported penalties from securities regulatory agencies for directors, supervisors, and senior management in the past three years[61]. - The company has held multiple board meetings throughout 2023, with the latest on December 22, 2023[64]. - The company has not utilized idle raised funds to temporarily supplement working capital[51]. - The company has a cash dividend policy that is clear and compliant with regulations, ensuring the protection of minority shareholders' rights[106]. - The company has committed to ensuring that all related party transactions are conducted fairly and transparently, adhering to legal and regulatory requirements[103]. - The company has established an effective internal control system to ensure compliance, asset security, and the authenticity of financial reports, which was reviewed and approved by the board on November 23, 2023[91]. - The internal control evaluation report indicated that there were no significant defects in financial reporting as of December 31, 2023[109]. - The internal control audit report confirmed that the company maintained effective internal controls related to financial statements in all material respects[112]. - The company has pledged to maintain a complete and independent corporate governance structure, ensuring the integrity of its operations[127]. - The company has reported that all commitments made by major shareholders and related parties have been fulfilled as of the reporting period[126]. - The company has established a commitment to disclose information regarding related transactions in accordance with market fairness and legal procedures[127]. - The company has committed to ensuring that its subsidiaries can independently make financial decisions without interference from controlling shareholders[127]. - The company has pledged to independently pay taxes and maintain separate bank accounts for its subsidiaries[127]. Employee Development and Training - The company has organized over 100 internal and external training sessions during the reporting period, focusing on enhancing the professional knowledge and skills of employees across various roles[88]. - The company established a "Peak Training Camp" program to enhance the skills and knowledge of key employees in technology and product-related areas[88]. - The company conducted a training program for new recruits from the 2023 campus recruitment, covering product technology, industry market trends, and practical training in CNC machine tools and intelligent manufacturing[105]. - The company has a total of 18 employees with a doctoral degree and 134 with a master's degree[87]. - The total number of employees at the end of the reporting period was 3,676, with 1,154 in production, 312 in sales, and 1,676 in technical roles[87]. - The company held 5 shareholder meetings during the reporting period, with all directors attending[82]. - The company paid a total of 9,440,100 yuan in remuneration to directors, supervisors, and senior management during the reporting period[81]. - The company’s remuneration system is designed to ensure competitiveness in key positions while maintaining internal fairness[70]. - The company has not implemented any employee incentive plans during the reporting period[108]. - The company held a job fair in March 2023, providing internship and employment opportunities for rural college students and unemployed individuals, resulting in 10 job placements[118]. Investment and Projects - The company has invested 5,412.48 in the high-performance CNC system technology upgrade and capacity expansion project, with a total investment of 22,110.14 planned[49]. - The investment progress for the high-performance CNC system project is at 101.27%, indicating that the project is ahead of schedule[49]. - The total investment commitment for the projects is 42,838.6, with a cumulative investment of 42,390.66 by the end of the reporting period[49]. - The company is actively working on improving production conversion rates based on customer feedback, which may impact project timelines[49]. - The company has not faced any major litigation or arbitration matters during the reporting period, indicating a stable legal environment[142]. - The company raised a total of CNY 421.11 million from a specific stock issuance, enhancing its financial resources for future investments[143]. - The company has not made any significant acquisitions or disposals of subsidiaries during the reporting period[99]. - The company has not experienced any significant changes in project feasibility during the reporting period, ensuring stability in its strategic initiatives[49]. - The company has committed to reducing carbon emissions and has implemented measures to achieve this goal during the reporting period[96]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[114].

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company's CNC system and machine tool business achieved revenue of 892 million yuan in 2023, a year-on-year increase of 26.22%, demonstrating strong alpha attributes despite a 10.3% decline in the overall machine tool industry [2]. - The industrial robots and smart production line segment reported revenue of 1.181 billion yuan in 2023, up 35.53% year-on-year, with smart production lines growing by 66.26% [2]. - The company expects to achieve net profits of 107 million yuan, 161 million yuan, and 217 million yuan for the years 2024 to 2026, respectively, reflecting a strong growth outlook [9][27]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.115 billion yuan, a 27.13% increase from 2022, and a net profit of 27 million yuan, up 61.25% year-on-year [24][27]. - The gross margin for the CNC system and machine tool business improved to 38.65%, an increase of 2.76 percentage points year-on-year, driven by a higher proportion of high-end CNC system revenue [2]. Market Position - The company has established partnerships with several high-profile clients, enhancing its market presence and recognition in high-end CNC systems [2]. - The report highlights the potential for accelerated domestic substitution in high-end CNC systems, indicating a favorable market trend for the company [2]. Future Projections - Revenue growth is projected to continue, with estimates of 31.43% for 2024 and 21.74% for 2025 [27]. - The report anticipates further improvements in operating cash flow, with a net cash flow from operating activities of 212 million yuan in 2023, an increase of 244 million yuan year-on-year [2].