——2025 年第 82 期 2025 年 05 月 19 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 观点精粹: 港口去库、电厂补库需求渐显，煤价预期开始好转--行业周报 核心业务稳健增长，AI 需求强劲趋势不改--阿里巴巴-W/互联网电商(09988/214506) 点评报告（港股美股） 丁二烯、涤纶长丝价格上涨，磷矿石价值有望重估--行业周报 证券研究报告 1、最新报告摘要 1.1、发 布 股 票 激 励 计 划 ， 彰 显 公 司 发 展 信 心 -- 芭 田 股 份 / 农 化 制 品 (002170/212208) 公司点评 最新报告摘要 发布股票激励计划，彰显公司发展信心--芭田股份/农化制品(002170/212208) 公司点评 经销为主到直销破局，持续拓展第二成长曲线--信捷电气/自动化设备(603416/216407) 公司动态研究 业绩表现稳健，数控卧式车床有望打开新空间--纽威数控/通用设备(688697/216401) 科创板公司动态研究 以旧换新密集落地，2025 年重卡内需有 ...

Core Viewpoint - Nuwei CNC reported steady growth in 2024, with 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 [1] Financial Performance - The company achieved a revenue of 1.08 billion yuan from large machining centers, a year-on-year increase of 12.64%, with a gross margin of 22.48%, up 0.57 percentage points [2] - Revenue from vertical CNC machine tools was 746 million yuan, a year-on-year increase of 15.44%, with a gross margin of 21.12%, down 2.17 percentage points [2] - Revenue from horizontal CNC machine tools was 604 million yuan, a year-on-year decrease of 12.71%, with a gross margin of 28.22%, down 0.83 percentage points [2] - Domestic revenue reached 2.107 billion yuan, a year-on-year increase of 31.34%, while overseas revenue was 342 million yuan, a year-on-year decrease of 51.42% [2] R&D and Capacity Expansion - R&D expenses for 2024 were 112 million yuan, a year-on-year increase of 10.35%, with 296 R&D personnel, accounting for 21.29% of total employees [3] - The company plans to invest at least 850 million yuan in the fifth phase of high-end intelligent CNC equipment project, with a production facility of approximately 47,500 square meters expected to be completed by June 2027 [3] Industry Outlook - The metal cutting machine tool industry is projected to have a production value of 121.8 billion yuan in 2024, a year-on-year increase of 6.4%, with a profit margin of 6.5%, down 0.7 percentage points [4] - The company has shown strong performance despite low industry growth, with significant revenue increases in large machining centers and vertical CNC machine tools [4] - The implementation of supportive policies and the rapid development of sectors like new energy vehicles and artificial intelligence are expected to boost market demand for machine tools [4] Profit Forecast - Revenue projections for the company are 2.742 billion yuan in 2025, 3.075 billion yuan in 2026, and 3.473 billion yuan in 2027, with corresponding net profits of 365 million yuan, 412 million yuan, and 471 million yuan [5]

证券研究报告 纽威数控 (688697 CH) 25Q1 收入稳增，发布人形业务车床 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 通用机械 | 公司 24 年收入 24.62 亿元，同比+6.08%；归母净利 3.25 亿元，同比+2.36%； 扣非归母净利 2.79 亿元，同比+1.24%。公司 24 年归母净利低于我们预期 （预期值 3.80 亿元），主要系行业需求复苏不及预期及竞争加剧。公司 25Q1 收入 5.69 亿元，同比+3.80%，归母净利 0.61 亿元，同比-11.78%，利润下 降主要系行业竞争加剧造成公司盈利能力同比下降。我们看好公司产品高端 化、全球化为公司带来长久的发展空间，维持"买入"评级。 2024 年高毛利海外业务占比下降，25Q1 费用管控能力提升 公司 24 年毛利率 23.68%，同比-2.78pp，净利率 13.21%，同比-0.48pp。 毛利率下降主要系行业竞争加剧以及高毛利的海外收入占比下降所致。公司 24 年国内/海外收入 21.07/3.42 亿元，同比 ...