1 2024年05月07 证券研究报告|公司研究|军工公司点评 中航证券研究所发布 SAC执业证书:S0640123080006 2022A 2026E 1081.65 21.01 19.43 103.08 证券研究报告 我们的具体观点与判断如下： 联系电话:010-59219558 传真:010-59562637 圆中航证券有限公司 [证券研究报告] 邮箱：yanhui@avicsec.com 2024E 773.45 627.06 23.34 81.80 153.13 ● 2 光栅编码器业务板块,在国产化替代需求和下游需求释放的双重影 响下,公司作为国内高端光栅编码器的龙头企业之一,积极布局高端数控 机床领域以及半导体领域,同时禹衡光学完成工业母机等战略投资方引 进，有望拓展产业链资源，迎来业绩的提速发展; 具体内容详见正文。 风险提示：下游需求不及预期;产品技术研发不及预期;市场竞争加 ，盈利能力下滑。 请务必阅读正文之后的免责声明部分 资料来源： iFinD，公司公告，中航证券研究所 净资产收益率ROE (%) 7.03 8.70 中航证券研究所发布 请务必阅读正文之后的免责声明部分 正文目录 一、公 ...

Investment Rating - The investment rating for the company is "Buy" [2][49]. Core Views - The company has shown significant growth in revenue and profit, with a 22.66% increase in revenue to 4.12 billion and a 15.57% increase in net profit to 0.42 billion in 2023. This growth is attributed to enhanced market expansion capabilities across multiple sectors [74][56]. - The company is focusing on high-precision satellite navigation technology, which is expected to benefit from the integration of the "Beidou+" and "+Beidou" industry development trends, leading to new market opportunities [120][93]. - The company has established a full industry chain business model, integrating basic products, terminals, and data applications, which is expected to enhance its market competitiveness [117][45]. Revenue and Profit Analysis - In 2023, the company's revenue from high-precision GNSS boards/modules decreased to 0.64 billion, a decline of 22.15%, while the gross margin remained high at 63.98% [7][22]. - Revenue from data collection equipment increased by 20.48% to 2.14 billion, maintaining a stable gross margin of 58.68% [20][22]. - The agricultural machinery autonomous driving system saw a significant revenue increase of 119.74% to 0.55 billion, with a gross margin improvement to 26.71% [20][22]. Market Expansion and R&D Investment - The company has increased its R&D investment by 23.78% to 0.85 billion in 2023, with a stable growth in the number of R&D personnel [41][83]. - The company is actively expanding its market presence, particularly in emerging sectors such as drones, smart driving, and the Internet of Things, which are expected to provide substantial growth opportunities [46][120]. Financial Forecast - The company is projected to achieve revenues of 5.15 billion, 6.49 billion, and 8.33 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 0.49 billion, 0.59 billion, and 0.72 billion [49][94].

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公司网址：www.avicsec.com | --- | --- | --- | |---------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|------------------| | | | | | 纽威股份（603699） | 投资评级 | 买入 | | Q1 业绩同比+100%，下游多点开花成长可期 | | 维持评级 | | 报告摘要 | 2024年05月07日 收盘价(元): | 19.16 | | ◆ 事件: 公司发布 2023年年报和 2024年一季报, 2023 年公司实现营收 55.44 亿元, | 公司基本数据 | | | 同比增长 36.59%,归母净利润 7.22亿元,同比增长 54.85%;2024Q1实现营 | | | | 收 13.60亿元,同比增长 24.54%,归母净利润 1.97亿元,同比 ...

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3、 1、 增加货币政策宽松力度,同时保持高度灵活性 要支点……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 30 -10.00 -5.00 0.00 5.00 10.00 15.00 2000-032000-122001-092002-062003-032003-122004-092005-062006-032006-122007-092008-062009-032009-122010-092011-062012-032012-122013-092014-062015-032015-122016-092017-062018-032018-122019-092020-062021-032021-122022-092023-06 :GDP: : : :CPI: : : :PPI: : : : 4 0 2 4 6 8 10 12 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 22.85 CNY per share [1]. Core Insights - The company reported a revenue of 456.20 million CNY in 2023, representing a growth of 13.65% year-on-year. The net profit attributable to shareholders was 134.38 million CNY, up by 9.63% [1][23]. - The aerospace and communication products segment saw a significant revenue increase of 34.06%, contributing 286 million CNY to the total revenue [8][23]. - The company is positioned in a high-growth phase within the aerospace industry, with expectations for continued rapid growth in 2024 due to strong order backlogs and strategic expansions [12][23]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 456.20 million CNY, with a net profit of 134.38 million CNY. The gross margin was 51.25%, down by 8.47 percentage points [1][39]. - The first quarter of 2024 showed a revenue of 43.61 million CNY, a substantial increase of 71.79% year-on-year, although the net profit decreased by 27.27% to 4.05 million CNY [1][23]. Business Segments - The aerospace and communication products segment generated 286 million CNY in revenue, marking a 34.06% increase, while the gross margin decreased to 56.13% [8][23]. - The aerospace equipment segment reported a revenue of 125 million CNY, with a growth of 6.05%, but the gross margin fell to 42.69% [3][23]. Market Outlook - The aerospace industry is expected to grow significantly, with projections of around 100 launches in 2024, indicating a growth rate of nearly 50% [12][23]. - The company is actively expanding its production capabilities through the construction of industrial parks, which will enhance its competitiveness in the aerospace and communication sectors [21][23]. Strategic Initiatives - The company is focusing on the development of its industrial parks, including the Huanyu Aerospace Industrial Park and the Zigong Drone Industrial Park, to boost production capacity and enhance its product offerings [21][23]. - A share buyback program has been initiated to stabilize the stock price and improve shareholder returns, with a total buyback amount not less than 50 million CNY [21][31].