格隆汇12月25日丨纽威数控(688697.SH)公布，公司第二届董事会第十七次会议、2024年年度股东大会 审议通过了《关于投资五期高端智能数控装备项目的议案》，同意投资建设纽威数控五期高端智能数控 装备项目。公司拟投入不低于8.5亿元，建设约4.75万平方米的生产厂房及配套设施，用于数控立车、数 控磨床、专机等高端智能数控装备生产。 公司按照法定程序参与了苏州市自然资源和规划局发布的国有土地使用权挂牌出让竞拍，以人民币大写 壹仟玖佰陆拾陆万伍仟贰佰壹拾陆元（小写 19,665,216.00 元）竞得，并签署了《网上交易成交确认 书》以及《国有建设用地使用权出让合同》,合同编号：3205052025B000297。 本次土地使用权取得后，公司将持续推进本项目建设工作，进一步拓宽数控机床产品种类，扩充公司数 控机床产能，更好为客户提供全套加工技术解决方案，满足公司未来市场拓展和业务发展的需要，提升 公司的市场竞争力。 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown steady revenue growth, with a year-on-year increase of 12.88% in the first three quarters of 2025, achieving a total revenue of 2.07 billion yuan. However, the net profit attributable to shareholders has faced short-term pressure, decreasing by 9.36% year-on-year to 206 million yuan due to intense price competition and declining gross margins [2][3] - The company's gross profit margin for the first three quarters of 2025 was 20.67%, down 4.79 percentage points year-on-year, indicating short-term pressure on profitability. The net profit margin also decreased to 9.97%, down 2.44 percentage points year-on-year [3] - The company has significantly improved its expense management, with a total expense ratio of 11.06%, down 2.23 percentage points year-on-year, while R&D expenses increased by 14.17% to 100 million yuan in the first three quarters of 2025 [3][4] Revenue and Profit Forecast - The company is expected to achieve total revenue of 2.719 billion yuan in 2025, with a year-on-year growth of 10.43%. The net profit attributable to shareholders is forecasted to be 325.69 million yuan, reflecting a minimal increase of 0.16% [1][11] - The earnings per share (EPS) is projected to remain stable at 0.71 yuan in 2025, with a price-to-earnings (P/E) ratio of 23.86 based on the current price [1][11] R&D and Capacity Expansion - The company is increasing its R&D investments to enhance product competitiveness, focusing on sectors such as new energy vehicles, humanoid robots, and semiconductors. The R&D expenses are expected to continue rising, contributing to the development of new products [4] - The company plans to invest 850 million yuan in the construction of a new high-end intelligent CNC equipment project, which will expand its production capacity and open new growth opportunities [4]