纽威数控：业绩略承压，合同负债环比明显提升

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the market [1][4]. Core Insights - The company reported a revenue of 1.16 billion yuan for the first half of 2024, representing a year-on-year increase of 4.9%. However, the net profit attributable to shareholders decreased by 4.9% to 140 million yuan [1]. - The company has optimized its marketing network, resulting in a significant 30% quarter-on-quarter increase in contract liabilities, indicating strong new order intake [1]. - The report highlights the company's focus on research and development, with a stable gross margin of 25.3% for the first half of 2024, despite a slight decline compared to the previous year [1][4]. - The analysis suggests that the company is well-positioned to benefit from a cyclical recovery in the industrial sector, driven by macroeconomic policies and potential interest rate cuts by the Federal Reserve [1][4]. Financial Summary - For the years 2024 to 2026, the company is projected to achieve revenues of 2.49 billion, 2.79 billion, and 3.12 billion yuan, respectively, with year-on-year growth rates of 7%, 12%, and 12% [5][6]. - The net profit attributable to shareholders is expected to be 320 million, 360 million, and 400 million yuan for the same period, reflecting growth rates of 2%, 11%, and 10% [5][6]. - The earnings per share (EPS) are forecasted to be 0.99, 1.10, and 1.21 yuan for 2024, 2025, and 2026, respectively [5][6]. Business Segmentation - The revenue projections for different product segments include: - Large machining centers: Expected revenue growth of 6%, 10%, and 10% from 2024 to 2026, with a stable gross margin of around 24% [5][6]. - Vertical CNC machines: Anticipated revenue growth of 8%, 15%, and 15%, maintaining a gross margin of 24% [5][6]. - Horizontal CNC machines: Projected revenue growth of 8%, 12%, and 12%, with a gross margin of 29% [5][6]. - Other machines and accessories: Expected to remain stable with a revenue growth of 0%, 5%, and 5%, and a gross margin of 20% [5][6].