精拓非美市场，智能柜金融机具需求强劲
请务必阅读正文后的重要声明部分[Table_StockInfo]2025年05月17日证 券研究报告•公司研究报告新北洋（002376）计 算机投资要点与蓬勃发展注入新动能。492.38万元，同比增长127.15%。关税变化对企业影响有限且风险可控。55.58%。9.96元。首次覆盖，给予“买入”评级。[Table_MainProfit]指标/年度2024A营业收入（百万元）2376.29增长率8.52%归属母公司净利润（百万元）48.54增长率151.95%每股收益EPS（元）0.06每股净资产BPS（元）4.79净资产收益率ROE2.63%PE113PB1.41数据来源：Wind，西南证券 西 南证券研究院[Table_Author]分析师：胡光怿执业证号：S1250522070002电话：021-58351859邮箱：hgyyf@swsc.com.cn分析师：王湘杰执业证号：S1250521120002电话：0755-26671517邮箱：wxj@swsc.com.cn[Table_QuotePic]相 对指数表现数据来源：聚源数据基 础数据[Table_BaseData]总股本(亿股)流通A股(亿股)52周内股价区间(元)5.01-7.76总市值(亿元)总资产(亿元)每股净资产(元)相 关研究[Table_Report]0.135.07521.33-14%-5%4%14%23%32%24/524/724/924/1125/125/3新北洋沪深300 8.117.8754.7156.094.80 目录1新北洋：“一体两翼、八大业务板块”..................................................................................................................................................12“科技赋能”推动智能装备行业快速发展.............................................................................................................................................33产品多点开花，海外布局成效显著........................................................................................................................................................54重视创新研发，盈利能力显著提升........................................................................................................................................................95盈利预测与估值..........................................................................................................................................................................................116风险提示.......................................................................................................................................................................................................12 请务必阅读正文后的重要声明部分 图目录图1：新北洋智能微超售货机.......................................................................................................................................................................1图2：“一体两翼”和“三条成长曲线”...........................................................................................................................................................1图3：公司股权关系图（截至2025年一季报）.....................................................................................................................................2图4：公司营业收入.........................................................................................................................................................................................2图5：公司归母净利润....................................................................................................................................................................................2图6：银行网点转型场景................................................................................................................................................................................3图7：智能自助终端产品................................................................................................................................................................................4图8：物流分拣自动化场景...........................................................................................................................................................................4图9：营业收入构成（分产品）占比..........................................................................................................................................................5图10：公司分业务毛利率..............................................................................................................................................................................5图11：公司海外收入占比..............................................................................................................................................................................6图12：新北洋（泰国）公司投产启动.......................................................................................................................................................6图13：新北洋参展Parcel+post Expo 2024.................................................................................................................................................7图14：SNBC智能零售解决方案...................................................................................................................................................................7图15：新零售综合运营业务.........................................................................................................................................................................8图16：关键基础零部件..................................................................................................................................................................................8图17：公司营业收入......................................................................................................................................................................................9图18：公司归母净利润.............................................................................................................................................
