纽威数控（688697）：全年业绩稳健增长，积极布局人形机器人

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [1] Core Views - The company is positioned to successfully enter the humanoid robot component processing market due to its comprehensive technical reserves, which are expected to drive incremental growth [1] - The company is focusing on R&D, with an investment ratio of 4.57% in 2024, maintaining over 4% in recent years, and plans to expand its product offerings in the humanoid robot sector [2] - The company anticipates steady revenue growth, projecting revenues of 2.816 billion, 3.169 billion, and 3.535 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 377 million, 430 million, and 490 million yuan [1][4] Financial Summary - For 2024, the company achieved a revenue of 2.462 billion yuan, a year-on-year increase of 6.08%, and a net profit of 325 million yuan, up 2.36% year-on-year [4] - The company expects to see a revenue increase of 14.38% in 2025, followed by 12.54% and 11.52% in 2026 and 2027 respectively [1][12] - The projected earnings per share (EPS) are 1.00 yuan for 2024, increasing to 1.50 yuan by 2027 [12][13] - The company maintains a healthy net profit margin, projected to be 13.2% in 2024 and gradually increasing to 13.9% by 2027 [12][13]