事件：近日，在青岛汽轮机年会上，华锐精密应用技术部部长系统介绍了华锐智加在工业智能化领域的 创新实践与应用成果，展示了AI 工业软件赋能制造现场的最新探索。依托在硬质合金刀具与加工工艺 领域的深厚积淀，华锐精密自主研发了华锐智加工业软件系统，实现切削过程的智能监测、精准控制与 数据闭环优化。 截至2025 年6 月30 日，公司研发技术人员141 人，占总人数的13.53%，覆盖了基体材料、槽型结构、 精密成形、表面涂层四大研发领域。此外，公司建立了模拟真实应用场景的切削试验室，配备了数控车 床、加工中心、刀具跳动检测、磨损测量等先进加工检测设备，能够在新产品开发过程中对产品切削性 能快速做出准确的评价，提升研发效率。 公司收入利润快速增长，受益下游需求回暖和产品品类日趋完善。2025Q1-Q3 公司收入7.71 亿元，同 比+31.85%；归母净利润1.37 亿元，同比+78.37%；扣非净利润1.36 亿元，同比+79.83%。2025Q3 公司 收入2.52 亿元，同比+44.49%；归母净利润0.52 亿元，同比+915.62%；扣非净利润0.52 亿元，同比 +1040.88%。2025 年前三季度 ...

股票简称：华锐精密 股票代码：688059 株洲华锐精密工具股份有限公司 Zhuzhou Huarui Precision Cutting Tools Co.,Ltd. （注册地址：株洲市芦淞区创业二路 68 号） 向特定对象发行 A 股股票 募集说明书 （注册稿） 保荐人（主承销商） 深圳市福田区福田街道福华一路 111 号 二〇二五年十月 株洲华锐精密工具股份有限公司 募集说明书 株洲华锐精密工具股份有限公司 募集说明书 重大事项提示 本公司特别提醒投资者注意，在作出投资决策之前，务必仔细阅读本募集 说明书正文内容，并特别关注以下重要事项及公司风险。 声 明 本公司及全体董事、高级管理人员承诺本募集说明书内容真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承 担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财 务会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或 意见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保 证，也不表明其对公司的盈利能力、投资价值或者对投资者的收益作出实质性 判 ...

智通财经APP获悉，华龙证券发布研报称，据中国机床工具协会统计数据显示，2025年1-9月刀具出口 额200.01亿元，同比增长5.34%；进口额64.19亿元，同比增长0.96%。刀具出口主要品种以钻头、圆锯 片等通用工具为主；进口主要集中在刀片、钻头等高端品类。前九个月我国刀具行业进出口呈现出"出 口规模领先、进口单价高企"的显著特点，反映出我国在全球刀具供应链中地位稳固，但高端产品竞争 力仍有提升空间。未来需要继续向超硬、精密、智能化刀具企业进行转型。 华龙证券主要观点如下： 进出口整体呈现：出口具备韧性，进口聚焦高端 进口单价较高，高端产品仍存在差距。同类产品进口均价远高于出口，例如，涂层刀片的进口平均价格 约为出口平均价格的3.2倍，未涂层刀片为4.12倍，丝锥为8.04倍。反映国内在材料工艺、精密加工等领 域与国际领先水平存在差距。 超硬工具崛起，传统品类承压。超硬镗铰刀(+102.8%)、其他铣削工具(+13.37%)需求旺盛，受益于航空 航天、精密模具等产业升级。涂层刀片(出口-4.67%)、丝锥(出口-2.45%)面临国际竞争与需求结构调 整。 出口规模优势明显。2025年1-9月，刀具出口 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown robust revenue growth and improved profitability, with a Q1-Q3 2025 revenue of 770 million yuan, up 31.85% year-on-year, and a net profit of 137 million yuan, up 78.37% year-on-year [4][5] - The company is strategically expanding into robotics and industrial software, which are expected to enhance future growth potential [6] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 252 million yuan, a year-on-year increase of 44.49%, but a quarter-on-quarter decrease of 15.30% [4] - The gross margin for Q3 2025 was 43.61%, up 10.93 percentage points year-on-year, and the net margin was 20.67%, up 17.73 percentage points year-on-year [5] - The company’s operating expenses ratio decreased to 15.55%, down 9.99 percentage points year-on-year, indicating improved cost control [5] Future Growth Prospects - The company is focusing on the development of cutting tools for humanoid robots and has made progress in research and development [6] - A joint venture in industrial software was established, and the company launched the "Huarui Smart Plus" software, which enhances machining efficiency by 5%-30% [6] Revenue and Profit Forecast - The company is projected to achieve revenues of 1.024 billion yuan, 1.206 billion yuan, and 1.428 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 34.89%, 17.76%, and 18.45% [7] - The expected net profits for the same years are 189 million yuan, 246 million yuan, and 311 million yuan, with growth rates of 76.79%, 30.00%, and 26.64% respectively [7]

Summary of Huari Precision's Conference Call Company Overview - **Company**: Huari Precision - **Industry**: Tool manufacturing, specifically focusing on CNC cutting tools Key Points and Arguments Financial Performance - In the first three quarters, net profit increased by 1,041% year-on-year to 40 million yuan [2][3] - CNC blade revenue reached 203 million yuan, while overall tool revenue was 35 million yuan [2][3] - Comprehensive gross margin improved to 43.6%, up 11 percentage points year-on-year and 5 percentage points quarter-on-quarter [2][4] Market Demand and Growth - The company benefited from a recovery in downstream demand, enhanced product performance, and channel expansion [2][3] - Significant growth in distribution channels in automotive, general machinery, and mold industries, with direct sales in military, aerospace, wind power, engineering machinery, and 3C sectors showing notable increases [2][5] - Military and engineering machinery sectors experienced a doubling in growth [2][5] Raw Material Price Impact - Tungsten raw material prices surged from approximately 300 yuan/kg at the beginning of the year to 660-670 yuan/kg currently, leading to strong replenishment demand from distributors [2][6] - Huari Precision's ample inventory provides a competitive advantage, while smaller companies may face production halts due to funding issues [2][6][7] Production Capacity and Expansion Plans - Current production capacity utilization is around 80%, with high-end blade capacity fully operational [3][10] - Plans to expand production lines by 35 million pieces, with potential to double output through key process equipment additions [3][11][12] Product Development and Innovation - New products, including high-hard steel processing series, are set to launch with an 80% price increase over standard products, expected gross margins of 30%-40% [3][13] - Focus on humanoid robots and PCB sectors, with plans to complete harmonic gear tool development by mid-2026 [3][17] Competitive Landscape - Domestic companies are expected to focus more on quality competition due to rising costs, while international competitors like Japanese firms may start raising prices in early 2026 [7][8][9] - The tightening of tungsten resources and increased demand for high-end tools in the Korean market present new opportunities for Huari Precision [8] Pricing Strategy - Anticipation of a price increase of 15%-20% in December due to rising raw material costs, with domestic clients gradually accepting these increases [16][24] - The company is considering further price adjustments if raw material prices stabilize at higher levels [24] Future Industry Trends - The tool industry is expected to undergo significant changes due to rising raw material prices and market environment shifts, with a trend towards consolidation [26] - Huari Precision aims to transition from merely providing tools to offering comprehensive solutions, including tool management and digital management software [26] Software Development - The company has launched industrial software with positive feedback and secured a major project worth 97 million yuan [20][21][22] - The software's pricing strategy is flexible, with high gross margins expected due to lower cost constraints compared to hardware [22] Additional Important Insights - Inventory write-downs were recorded due to cautious principles, with potential for reversal if sales prices increase in the future [19] - The company is actively engaging with multiple clients in the PCB sector, not limited to a single partnership [25] - The overall market for cutting tools is driven by both rising raw material costs and improved demand in high-end sectors like aerospace and military [25]

证券研究报告·公司点评报告·通用设备 华锐精密（688059） 2025 年三季报点评：产能利用率改善，营收 &利润同比高增 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 794.27 | 759.06 | 1,023.40 | 1,283.10 | 1,575.20 | | 同比（%） | 32.02 | (4.43) | 34.83 | 25.38 | 22.77 | | 归母净利润（百万元） | 157.91 | 106.96 | 203.96 | 275.99 | 350.28 | | 同比（%） | (4.85) | (32.26) | 90.69 | 35.32 | 26.92 | | EPS-最新摊薄（元/股） | 1.81 | 1.23 | 2.34 | 3.17 | 4.02 | | P/E（现价&最新摊薄） | 49.52 | 73.10 | 38.34 | 28.33 | 22.32 | ...

2）钨粉高价对刀具行业形成结构性挤压，小企业可能面临出清：①原材料价格上涨、供应紧张时原材 料厂商倾向于压缩下游账期。当前钨粉价格高企，原材料企业可能压缩账期。而钨在刀具企业生产成本 中占比较大，下游规模较小的刀具企业将面临较大资金周转压力。②当前刀具企业普遍对产品进行提 价，终端机加工厂商在刀具价格上涨背景下，对于刀具品质要求可能提升，不利于研发能力较弱、品控 相对较弱的小型刀具企业。 事件：公司发布2025 年第三季度报告 三季度业绩超预期，景气趋势确认。2025 年前三季度，公司实现营业收入7.71 亿元，同比增长 31.85%，实现归母净利润1.37 亿元，同比增长78.37%；2025 年单三季度，公司实现营业收入2.52 亿 元，同比增长44.49%，实现归母净利润5199 万元，同比增长915.62%。公司三季度营收、净利润大幅增 长，盈利能力显著提升。 成长性凸显，经营质量持续提升。1）公司归母净利润连续三个季度同比增长，成长性凸显。公司 2025Q1 至Q3 单季度归母净利润均同比增长，增速分别为70%、2.7%、916%。2）存货周转天数、应收 账款周转天数持续下降。公司存货周转天数从20 ...

Core Viewpoint - The company, Zhuzhou Huari Precision Tools Co., Ltd., reported explosive growth in Q3 2025, with revenue reaching approximately 252 million yuan, a year-on-year increase of 44.49%, and a net profit of about 51.74 million yuan, soaring by 1040.88% [1] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of approximately 252 million yuan, marking a 44.49% year-on-year growth [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was around 51.74 million yuan, reflecting a staggering increase of 1040.88% year-on-year [1] Group 2: Product Development and Market Strategy - The company has made systematic breakthroughs in product matrix, R&D transformation, and market expansion, with a focus on maintaining its market share in the cutting tool sector [1] - The cutting tools, particularly turning blades, continue to drive revenue growth due to their cost-effectiveness and customization capabilities [1] - The company has successfully entered the humanoid robot sector and achieved technical breakthroughs in gas turbine blade processing, indicating potential for future growth [1] Group 3: R&D Investment and Innovation - The company invested approximately 12.33 million yuan in R&D in Q3 2025, accounting for 4.90% of its revenue, focusing on the "U series" tools and AI intelligent tool selection systems [2] - The company aims to transition from a single hard alloy cutting tool manufacturer to a leading comprehensive cutting solution provider in China [2] Group 4: Market Expansion and Sales Strategy - The company is enhancing its dual sales model of "distribution + direct sales" and has established partnerships with key clients in various industries [2] - The company is expanding its overseas market presence through a "trial tool program" in countries like South Korea and Turkey, achieving a passing rate of over 90% in tests [2] - Plans are underway to establish overseas offices and increase local service capabilities, which are expected to open up high-end global market opportunities [2] Group 5: Industry Insights - The success of the company illustrates that traditional manufacturing can achieve qualitative leaps through technological breakthroughs, scenario deepening, and model innovation [3] - The company's growth story may serve as a model for high-quality development in China's manufacturing sector, particularly in response to emerging demands in humanoid robotics and renewable energy [3]

Core Viewpoint - Huari Precision is a leading enterprise in the domestic hard alloy CNC blade sector, with strong core technology and high product cost-performance ratio, focusing on customized solutions [1] Financial Performance - In Q3 2025, Huari Precision achieved revenue of 771 million yuan, ranking 46th among 82 companies in the industry, with the industry leader, China International Marine Containers, generating 117.06 billion yuan [2] - The company's net profit for the same period was 137 million yuan, ranking 20th in the industry, with the top performer, China International Marine Containers, reporting a net profit of 2.395 billion yuan [2] Profitability and Debt Ratios - As of Q3 2025, Huari Precision's debt-to-asset ratio was 47.98%, higher than the industry average of 39.81% [3] - The gross profit margin for the same period was 39.52%, significantly above the industry average of 22.64% [3] Management and Shareholder Information - The chairman, Xiao Xukai, received a salary of 795,700 yuan in 2024, a slight decrease from the previous year [4] - As of September 30, 2025, the number of A-share shareholders increased by 9.64% to 5,663, while the average number of shares held per shareholder decreased by 8.79% [5] Strategic Outlook - Huari Precision is recognized as a leading enterprise in high-end tool domestic substitution, with strong core technology and a focus on expanding into high-value new materials and applications [5] - The company is expected to see revenue growth from 951 million yuan in 2025 to 1.447 billion yuan in 2027, with corresponding EPS growth [5] - Huachuang Securities has raised the company's performance expectations, forecasting revenues of 943 million yuan, 1.198 billion yuan, and 1.522 billion yuan for 2025 to 2027, respectively [6]

Core Viewpoint - Huari Precision (688059.SH) reported significant growth in its Q3 2025 financial results, indicating strong operational performance and profitability improvements [1] Financial Performance - The company's operating revenue reached 252 million yuan, representing a year-on-year increase of 44.49% [1] - Net profit attributable to shareholders was 51.9861 million yuan, showing a remarkable year-on-year growth of 915.62% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 51.7413 million yuan, reflecting a substantial year-on-year increase of 1040.88% [1]