2025年4月26日，第十九届中国国际机床展览会(CIMT2025)在北京圆满落幕。作为全球四大机床展之一，本届展会以31万平方米的总展览面积创下历届之 最，成为北京历史上规模最大的专业展会，共吸引超21万观众进馆，较上届增长36%以上。蔡司作为全球工业质量解决方案的领军者，以"创新驱动高效"为 主题，携覆盖六大行业、60余个场景化质量解决方案及三大革新性产品重磅亮相，单区日客流均值达2447人次，展台日均总客流超31000人次，成为全场焦 点之一。 蔡司展位呈现多个功能及展示区域，以数字化交互设备与沉浸式场景体验为核心，直观呈现"行业应用+产品平台"双核心战略成果。展台通过大屏幕显示器 实时演示质量软件生态系统的全流程闭环管理，涵盖数据采集、分析至预防性决策。例如，在汽车/新能源汽车领域，蔡司展示了动力电池极片毛刺检测方 案，该方案结合大景深光学显微镜与定制算法软件，实现自动识别与报告生成，效率较人工检测提升80%；针对电子行业易变形结构件的测量难题，低测力 模块与矩阵夹具协同AutoRun功能，使批量检测效率翻倍。医疗领域的工业CT无损检测技术破解了牙种植体及笔式注射器的检测瓶颈，而航空航天领域的叶 盘/ ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - In Q1 2025, the company's revenue faced short-term pressure with a slight decline of 2.17% year-on-year, resulting in a net profit attributable to shareholders of 99 million yuan, down 24.17% year-on-year [2] - The company's gross margin decreased to 25.93%, a decline of 2.54 percentage points year-on-year, primarily due to changes in accounting standards and intense price competition in the machine tool industry [3] - The company is in a capacity expansion phase, with ongoing projects to enhance production capabilities and international market presence, which is expected to strengthen its leading position in the industry [4] - The profit forecast for 2025-2027 is maintained at 641 million, 760 million, and 896 million yuan respectively, with corresponding dynamic P/E ratios of 16, 13, and 11 times [4]

证券研究报告·公司点评报告·通用设备 2025 年一季报点评：业绩短期承压，产能稳 步扩张注入长期成长性 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,323 | 3,352 | 3,870 | 4,471 | 5,168 | | 同比（%） | 4.59 | 0.85 | 15.46 | 15.53 | 15.59 | | 归母净利润（百万元） | 609.48 | 522.99 | 641.03 | 759.63 | 895.60 | | 同比（%） | 17.06 | (14.19) | 22.57 | 18.50 | 17.90 | | EPS-最新摊薄（元/股） | 1.17 | 1.00 | 1.23 | 1.46 | 1.72 | | P/E（现价&最新摊薄） | 16.49 | 19.21 | 15.68 | 13.23 | 11.22 | [Table_Tag] [投资要点 Table_S ...

Group 1 - A total of 99 individuals from Hubei were recognized as national labor models and advanced workers, with approximately half from the Wuhan area [1] - The awards ceremony was part of the celebration for the 100th anniversary of the All-China Federation of Trade Unions, marking the 17th national recognition of labor models and advanced workers since the founding of New China [1] - The awardees represent a diverse range of industries, focusing on grassroots and frontline workers, highlighting their contributions to high-quality economic and social development in Hubei [1] Group 2 - Labor models from the Wuhan area are primarily concentrated in infrastructure sectors such as railways, bridges, and electricity, as well as manufacturing industries like automotive, machine tools, and shipbuilding [2] - Many of the recognized individuals hold advanced engineering or technician qualifications, indicating a strong presence of high-skilled talent that supports the development of a nationally influential technology innovation hub [2]

Group 1: Exhibition Overview - The 19th China International Machine Tool Exhibition was held in Beijing, covering an area of 310,000 square meters, making it the largest machine tool exhibition globally in the past decade [1] - Over 2,400 enterprises from 31 countries and regions showcased the latest technologies and products, highlighting the forefront trends in the machine tool industry [1] Group 2: AI-Driven Innovations - The exhibition featured the world's first intelligent CNC system integrated with AI chips and models, marking a significant breakthrough in high-end CNC systems in China [2] - The new system possesses autonomous learning capabilities and can make intelligent decisions equivalent to an engineer with 2-3 years of experience, continuously evolving through data training [2] Group 3: Heavy Machinery Developments - Wuhan Heavy Machine Tool Group launched the world's first intelligent heavy machine tool, enhancing performance and reliability through AI integration [3] - The intelligent heavy machine tool utilizes a dynamic digital twin platform for real-time monitoring and precision compensation, significantly improving machining accuracy [3] Group 4: Emerging Industry Demands - The growth of new industries, such as 3C electronics and new energy vehicles, has created new demands for machine tools, leading to the rise of several domestic machine tool enterprises [4] - The demand for high-strength steel plates in the automotive sector has accelerated the development of laser cutting technologies, with companies like Wuhan Huagong Laser Engineering showcasing advanced AI-integrated equipment [5] Group 5: International Market Integration - The machine tool industry is crucial for national security and development, with companies encouraged to innovate and participate in international supply chains to enhance global competitiveness [7] - The exhibition attracted over 800 foreign machine tool companies, indicating a growing trend of international collaboration and investment in China's machine tool sector [8]

图① 在第137届广交会的智慧生活专区，境外采购商参观格兰仕家电产品。 新华社记者 邓 华摄 图② 客商在第137届广交会上选购厨具。新华社记者 卢汉欣摄 作为中国外贸的重要平台和对外开放的重要窗口，有"中国第一展"之称的中国进出口商品交易会（以下简 称"广交会"）一直被视为中国外贸的"风向标""晴雨表"。第137届广交会于4月15日至5月5日在广州分3期举 办，展览总面积155万平方米，展位总数约7.4万个，参展企业首次突破3万家，比上届增加近900家。 从智能家电到服务机器人，从汽车零配件到农业机械，从建材家具到装饰礼品，在第137届广交会现场，来自 世界各地的参展商、采购商汇聚一堂，展示新品、洽谈生意、广交朋友。 科大讯飞智能座舱人机交互效果评测机器人VIAS是展会一大焦点。这款机器人能对车载智能系统进行全面测 试，满足90%以上智能座舱交互场景的自动检测需求。"VIAS融合了星火大模型的多模态断言算法，能自动 判断测试结果。自主研发的噪声还原系统，能在实验室模拟出高速公路风噪、城市道路胎噪等各种真实驾驶 环境。"国家智能语音创新中心市场经理陈百川介绍，此前人工测试和实车路测可能需要3周时间，在VIAS ...

Group 1: Core Insights - The 137th Canton Fair showcases China's manufacturing innovations, attracting global buyers and highlighting the transition from "manufacturing" to "intelligent manufacturing" [1] - Chinese manufacturing has made significant technological advancements, moving from a follower to a leader in the global market, enhancing its international image and providing new solutions for global manufacturing [1] - The hardware tools sector is shifting from low-cost competition to high-end, standardized products, exemplified by Ningbo Deli Group's B series steel tape measure, which features a new bottom brake function and improved durability and precision [1] Group 2: Innovative Concepts - The design philosophy of Chinese products emphasizes user experience, with hardware tools featuring ergonomic designs that enhance safety and efficiency, such as a screwdriver with a three-arc design and a torque exceeding national standards [2] - The machine tool industry is also innovating by addressing market needs, as seen in Guangdong Xinquanli Laser Intelligent Equipment's "composite cutting" device, which improves efficiency and precision in traditional thick plate cutting applications [2] - The combination of innovative technology and design concepts is revitalizing China's manufacturing sector and providing new directions for global manufacturing development [2]

2025年4月25日，纽威数控发布了2024年年报。报告显示，公司全年实现营业收入24.62亿元，同比增长 6.08%；归属净利润3.25亿元，同比增长2.36%；扣非净利润2.79亿元，同比增长1.24%。尽管公司在复 杂的外部环境下保持了稳健的增长，但净利润增速明显放缓，且经营现金流净额同比下降24.8%，显示 出公司在资金管理方面存在一定压力。 纽威数控2024年的营业收入和净利润均实现了同比增长，但增速较往年明显放缓。2023年，公司营业收 入和净利润的同比增速分别为25.76%和21.13%，而2024年这两项指标的增速分别降至6.08%和2.36%。 这一趋势表明，尽管公司在市场竞争中保持了相对稳定的表现，但增长动力有所减弱。 更为值得关注的是，公司2024年的经营现金流净额为2.64亿元，同比下降24.8%。这一数据反映出公司 在资金回笼方面存在一定问题，可能与应收账款增加或客户付款周期延长有关。现金流的下滑不仅影响 了公司的短期运营资金，也可能对未来的投资和扩张计划产生不利影响。 研发与市场：技术升级与市场拓展并进 面对外部环境的挑战，纽威数控在2024年加大了研发投入，推动产品技术迭代与升级 ...

华东数控（002248）公告，2024年营业收入3.34亿元，同比增长19.66%。归属于上市公司股东的净利润 850.36万元，同比增长152.35%。基本每股收益0.03元/股。公司计划不派发现金红利，不送红股，不以 公积金转增股本。 ...

机床，又称工业母机，是"制器之器"。4月21日至26日，第十九届中国国际机床展览会（CIMT2025）在北京如火如荼举行。来自全球31个国家和地区的近 2450家展商云集，共赴一场行业顶级盛会。 "今后十年，正是智能数控机床这一新一代智能制造典型装备的发展关键期。"中国工程院院士、国家制造强国建设战略咨询委员会主任周济表示，借助人工 智能技术推动新型工业化进程，已成为制造业创新发展的核心技术路径，新一代智能制造则是这一路径上的关键环节。 国产机床创新活跃 技术水平普遍提高 人头攒动的展会现场，大批中国本土企业也纷纷亮出"看家本领"，创新表现大放异彩。 作为全球机床行业的重要"风向标"，本届展会规模创历届之最，也是近10年来全球最大的机床展。规模升级背后，充分体现出中国旺盛的市场需求和机床行 业企业更加活跃的创新力量。 智能化浪潮涌动 机床变得更"聪明" 机床产业是制造业的基石。本届机床展以"融合创新 数智未来"为主题，意在促进信息化技术与制造技术的深度融合，探索未来数字化和智能化制造之路。 随着人工智能、物联网等前沿技术加速融合，传统机床变得更加"聪明"。 走进展馆，数字化、智能化浪潮扑面而来。全球首台集成A ...