沈阳机床（000410）5月22日在上海接待江西大成资本、源益资本、国海创新资本、复星高科技集团、 君和资本、霜叶资本、安徽华文创业投资等特定对象调研。 "公司目前已形成卧式车床、立式车床、卧式加工中心、立式加工中心及行业专机自动线等为主的产品 家族，主要应用于汽车、通用机械、消费电子等领域，并积极拓展新兴领域。"沈阳机床介绍，未来机 床行业在政策支持、市场需求升级和技术创新的推动下，呈现显著的发展机遇，国产化率不断提升，重 点在新能源汽车、航空航天等重点领域的需求不断增加，推动高端机床市场不断增长。 "公司重大资产重组已获得中国证监会同意注册批复。公司正在积极推进工商变更、资产交割等事项， 也在推动配套募集资金的相关工作。本次重大资产重组有助于进一步优化和丰富产品矩阵，提升公司市 场竞争力和盈利能力。"沈阳机床表示，通过本次重组及配套募投项目的实施，公司高端数控机床产品 将得以有效补充和加强，同时增加高端数控重型液压成形机床，产品矩阵将进一步优化和丰富，公司市 场竞争力和盈利能力将进一步提升。未来将加强整机产品的行业适配性，增强对航空航天、新能源、汽 车产业、工程机械等主要下游领域客户的服务能力。 沈阳机床 ...

Core Insights - The company reported a slight increase in revenue for 2024, achieving 3.352 billion yuan, a year-on-year growth of 0.85%, but net profit decreased by 14.19% to 523 million yuan [1] - In Q1 2025, the company experienced a revenue decline of 2.17% to 740 million yuan, while net profit increased by 14.29% to 99 million yuan [1] - The machine tool industry is facing low demand and increased competition, leading to a projected 6.3% revenue growth but a 3.8% decline in total profits for the year [1] Financial Performance - For 2024, the company’s comprehensive gross margin slightly decreased to 27.34%, down 0.82 percentage points year-on-year, and further declined to 25.93% in Q1 2025 [2] - The gross margins for different product lines in 2024 were as follows: horizontal machining centers at 37.04% (up 2.52 percentage points), gantry machining centers at 27.60% (down 1.80 percentage points), and vertical machining centers at 19.39% (down 1.28 percentage points) [2] - The company’s expenses increased, with sales, management, R&D, and financial expense ratios rising by a total of 1.17 percentage points in 2024 [2] Industry Outlook - The machine tool industry is expected to see a recovery in demand in 2025, driven by economic stimulus policies and increased domestic demand [2] - The company is focusing on high-end product development and expanding production capacity, with a new intelligent production base set to commence operations in Q4 2024 [2] - The company is positioned as a leader in the domestic machine tool market, with long-term growth potential supported by new technologies and market expansion [2] Investment Projections - The company is projected to achieve net profits of 611 million yuan, 717 million yuan, and 850 million yuan for the years 2025 to 2027, with corresponding EPS of 1.17, 1.37, and 1.63 yuan [3] - The projected PE ratios for the same period are 17 times, 14 times, and 12 times, indicating a favorable investment outlook [3]

编号：2025-001 | 投资者关系活动 | ☑ 特定对象调研 □ 分析师会议 | | --- | --- | | 类别 | □ 媒体采访 □ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | ☑ 现场参观 | | | 其他 （请文字说明其他活动内容） □ | | 参与单位名称及 | 青岛城投、湖南高新创投、湖南轻盐创投、湖南迪策投资、华安 | | 人员姓名 | 证券、上海翎贲、苏州天琛、天壹紫腾资产管理、沈阳金超、上 | | | 海禧弘私募、保利汇鑫等 | | 时间 | 2025 年 5 月 8 日 (周四) 下午 14:00~16:30 | | 地点 | 沈阳经济技术开发区开发大路 甲 号 17 1 | | 上市公司接待人 | 总会计师秦琴、董事会秘书张天右 | | 员姓名 | | | | 公司基本情况 | | | 沈阳机床股份有限公司由原沈阳第一机床厂、中捷友谊厂和 | | | 辽宁精密仪器厂于 1993 年 5 月联合发起成立。1996 年 7 月，公 | | | 司在深交所上市（证券代码 000410），是国家重点高新技术企 | | | 业、国家知识产权优势企业，拥有国家级企业技术 ...