证券研究报告 公司坚持产品全面发展战略，均衡发展各系列产品，以分散行业波动风险。 2025 年公司进一步丰富产品线，重点研发精密铣镗床、立式及卧式车铣复 合加工中心、直线电机双主轴五轴龙门及卧式加工中心、半导体行业专用机 型、数控磨床等系列 20 余款高端装备。在核心功能部件自主研发方面，开 发了 45°非正交五轴摆头、大扭矩铣镗床直角铣头等核心功能部件。此外， VNL500HFT 高精度重型立式车铣磨复合加工中心和高精度重型立式车削 中心关键技术与应用通过了江苏省机械行业协会新产品鉴定和成果鉴定。 瞄准行业售后痛点，深耕本土市场打造定制化快速响应服务体系 纽威数控 (688697 CH) 毛利率短期承压，新产品积极拓展 | 华泰研究 | | | 季报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 10 月 | 31 日│中国内地 | 通用机械 | 目标价(人民币): | 21.12 | 纽威数控发布三季报：Q3实现营收7.92亿元（yoy+17.86%，qoq+11.63%）， 归母净利7625.31万元（yoy- ...

Core Viewpoint - The company, Nuwei CNC (688697), is actively developing a range of high-end CNC machine tools and is focusing on expanding its product line to meet the demands of emerging industries such as electric vehicles and humanoid robots [2][4][5]. Group 1: Product Development - The company is committed to a comprehensive product development strategy, focusing on the balanced growth of various product series to mitigate industry volatility risks [2]. - In 2025, the company plans to enrich its product line with over 20 high-end equipment models, including precision milling and boring machines, vertical and horizontal turning-milling composite processing centers, and specialized machines for the semiconductor industry [2]. - Key technological advancements include the successful development of core functional components such as a 45° non-orthogonal five-axis head and a high-torque milling and boring head [2]. Group 2: Mergers and Acquisitions - The company will continue to focus on its core business of CNC machine tools while monitoring opportunities for investment and collaboration with high-quality external machine tool enterprises or core component manufacturers [3]. Group 3: Market Strategy - The company aims to adapt to the evolving demands of industries like electric vehicles and humanoid robots by enhancing product offerings that are high-end, intelligent, customized, and environmentally friendly [4]. - The shift in the machine tool industry is moving from discrete manufacturing technologies to system integration and intelligent manufacturing, prompting the company to deepen its market-oriented approach and accelerate digital transformation [4]. Group 4: Financial Performance - For the first half of 2025, the company reported a main revenue of 1.278 billion yuan, a year-on-year increase of 9.99%, while the net profit attributable to shareholders decreased by 10.17% to 130 million yuan [7]. - The second quarter of 2025 saw a single-quarter main revenue of 709 million yuan, reflecting a year-on-year increase of 15.53%, but the net profit for the quarter decreased by 8.67% [7]. Group 5: Analyst Ratings - In the last 90 days, three institutions have provided ratings for the stock, with two giving a "buy" rating and one an "increase" rating, and the average target price set at 20.00 yuan [8].