[Table_Stock] 华锐精密（688059） 2025H1 业绩表现亮眼，发力布局机器人精密加 工刀具 ——华锐精密 2025H1 业绩点评 [Table_Rating] 买入（维持） [◼Table_Summary] 投资摘要 公司发布2025年半年报报告。2025H1公司实现营收5.19亿元，同比 +26.48%；归母净利润0.85亿元，同比+18.80%；扣非后归母净利润 0.84亿元，同比+18.32%。2025Q2单季度来看，公司实现营收2.97亿 元，同比+23.65%，环比+33.73%； 归母净利润0.56亿元，同比 +2.72%，环比+92.43%；扣非后归母净利润0.56亿 元 ，同比 +2.26%，环比+96.97%。 营收端实现高增，原材料成本上浮叠加产品结构变化致毛利率承压。 1）营收端，受益于下游需求回暖，同时公司产品性能不断提升、品类 日趋完善以及渠道稳步开拓，公司营业收入实现同比增长，2025H1公 司实现主营业务收入5.13亿元，同比+25.80%，其中数控刀片/整体刀 具业务板块分别实现营收4.49/0.54亿元。2）盈利端，2025H1公司毛 利率为37.54%， ...

2）双方成立专项工作组，细化合作内容，定期开展技术交流，确保战略落地。甲方（华锐精密）负责 提供机器人典型零部件加工工艺、刀具选择等方面的技术支持。乙方（川机器人）负责提供机器人典型 零件加工需求、机器人在刀具制造等行业的应用等。 3）双方共同制定产品质量标准和检验规范，确保产品质量符合要求。甲方负责开发加工所需各类精密 切削刀具，在同等条件下，优先选用乙方机器人，乙方及其关联公司优先选用甲方所开发的加工刀具。 事件：华锐精密与川机器人签署战略合作协议 2025 年8 月18 日，四川天链机器人股份有限公司（川机器人）与株洲华锐精密工具股份有限公司（华 锐精密）签署了《战略合作协议》，双方本着互惠互利、实现双赢的目标，利用自身优势，共享市场资 源和渠道，双方共同推进机器人核心零部件加工制造工艺，推动机器人在制造企业的落地应用，实现双 方产品市场占有率的快速提升。 华锐精密人形机器人刀具整包合作取得新突破，与川机器人战略合作内容包括： 1）通过整合双方的技术资源与市场经验，提高机器人核心零部件加工工艺水平，推动机器人在刀具制 造及相关行业的落地应用，共同打造机器人零部件加工解决方案和典型应用场景。 3）机器人产 ...

Core Viewpoint - The strategic cooperation agreement between Chuan Robotics and Huarui Precision aims to enhance market share and application of robotic core components in manufacturing through resource sharing and technological integration [2][3]. Group 1: Strategic Cooperation Agreement - Chuan Robotics and Huarui Precision signed a strategic cooperation agreement to leverage their strengths and share market resources [2]. - The agreement focuses on improving the processing technology of robotic core components and promoting their application in manufacturing enterprises [2]. - Both companies will establish a special working group to detail cooperation content and ensure the strategic implementation through regular technical exchanges [2]. Group 2: Roles and Responsibilities - Huarui Precision will develop various precision cutting tools and prioritize the use of Chuan Robotics' robots under equal conditions [3]. - Chuan Robotics will provide demand for typical robotic parts and applications in the tool manufacturing industry [3]. - Both companies will share market information and customer resources to jointly explore new markets [3]. Group 3: Company Background and Future Plans - Huarui Precision is a well-known manufacturer of hard alloy cutting tools, focusing on research and development in aerospace and robotics sectors [3]. - Chuan Robotics, established in 2012, is preparing to list on the Sci-Tech Innovation Board and specializes in humanoid robots, collaborative robots, and core robotic components [4]. - The company aims to build a product layout centered on humanoid robots and supporting technologies like harmonic reducers and ultra-lightweight collaborative robots [4]. Group 4: Previous Collaborations - Chuan Robotics has previously signed strategic cooperation agreements with other A-share listed companies to promote automation manufacturing and enhance market share [4].

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-08-18 宏观策略 [Table_MacroStrategy] 宏观点评 20250815：消费还有哪些潜在空间？——7 月经济数据点评 消费还有哪些潜在空间？尽管"以旧换新"在四季度可能面临一定压力， 但我们认为对于下半年消费增速无需过于悲观，仍有 3 方面支撑：一是 餐饮增速预计将逐月回升，尽管回升的幅度和节奏可能不会很快，但会切 实好于 6-7 月。二是生育补贴带来的消费增量将从 8 月后开始释放，今年 补贴规模在 900 亿左右，如果按照 70%的消费倾向，在下半年全部释放， 能拉动社零 0.3 个点左右。三是消费贷贴息也能带动一些增长。 风险提 示：房地产市场走弱；出口下行；以旧换新政策后续不及预期的风险。 固收金工 [Table_FixedGain] 固收点评 20250815：凯众转债：汽车轻量化设计先导者 凯众转债（113698.SH）于 2025 年 8 月 15 日开始网上申购：总发行规模 为 3.08 亿元，扣除发行费用后的募集资金净额用于广东小熊精品电器有 限公司新建智能小家电制造基地(二期)项目。 行业 推荐个股及其他点评 ...

行业报告:先进制造行业周报 2025年8月17日 中航证券有限公司 AVIC SECURITIES CO., LTD. 全球首个机器人运动会开幕，智元率先推出机器人世界模型开源平台 行业评级:增持 分析师：邹润芳 证券执业证书号：S0640521040001 分析师：闫智 证券执业证书号：S0640524070001 分析师：卢正羽 证券执业证书号：S0640521060001 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航先进制造- -- 投资观点 ■ 重点推荐:华胜天成、三晖电气、晶品特装、浙江荣泰、北特科技、汉威科技、组威股份、软通动力 ■ 重点跟踪行业——人形机器人: ■ 核心个假组合：华胜天成、三晖电气、晶晶特装、北特科技、浙江荣泰、兆威机电、腾亚精工、纽威股份、三花智控、双树股份、中坚科技、莱斯 信息、软通动力、航锦科技、华伍股份、天阳科技 ■ 本周专题研究：近日人形机器人产业动态汇总：1）Figure 02首次展示基于瑞到瑞神经网络的自主折叠毛巾能力，其Helix大模型实现似人化交互； 2）智元机器人发布行业首个开源世界模型平台Genie Envi ...

上 市 公 司 机械设备 2025 年 08 月 17 日 华锐精密 (688059) ——25H1 业绩稳健增长，看好机器人刀具需求 | 市场数据： | 2025 年 08 月 15 日 | | --- | --- | | 收盘价（元） | 66.16 | | 一年内最高/最低（元） | 77.90/38.40 | | 市净率 | 4.5 | | 股息率%（分红/股价） | 0.91 | | 流通 A 股市值（百万元） | 5,767 | | 上证指数/深证成指 | 3,696.77/11,634.67 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 14.61 | | 资产负债率% | 47.51 | | 总股本/流通 A 股（百万） | 87/87 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-15 09-15 10-15 11-15 12-15 01-15 02-15 03-15 04-15 05-15 06-15 07-15 08-15 - ...

积极布局机器人等新兴领域，开展高精度切削刀具研究。面对航空航天、机器人等新兴领域的需求，公 司加大相关刀具的研究开发力度，已在耐热合金加工用涂层刀具研究开发、精密零部件切削刀具开发方 面取得了一定的成果。2025 年上半年，公司完成3 项刀片型号的开发，其中2 项已开始测试。 拓展数控刀体研究，布局整体硬质合金刀具市场。公司积极开展数控刀体的技术研究，已具备数控刀片 和数控刀体协同开发能力，增强了公司产品的综合竞争力。此外，为满足客户对刀具产品系列完整度的 要求，公司加大对整体硬质合金刀具的研究投入，已经具备较为成熟的开发制造能力，有望进一步丰富 公司的产品线。 投资建议：预计公司25-27 年分别实现营收10.31/12.84/15.09 亿元，归母净利润分别为1.82/2.48/3.40 亿 元，对应PE 分别为31.75/23.22/16.95倍。考虑到公司积极把握制造业复苏与产业链重构机遇，加快布局 机器人等新兴领域，经营业绩有望持续快速提升，维持"推荐"评级。 风险提示：下游需求不及预期、行业竞争加剧、新产品开发进展不及预期。 事件：公司发布2025 年半年报，2025H1 实现总收入5.19 亿元 ...

Core Viewpoint - Huari Precision (688059) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit, despite a decline in profit margins [1][4]. Financial Performance - Total revenue for the first half of 2025 reached 519 million yuan, a year-on-year increase of 26.48% [1]. - Net profit attributable to shareholders was 85.46 million yuan, up 18.80% year-on-year [1]. - In Q2 2025, total revenue was 297 million yuan, reflecting a 23.65% increase compared to the same quarter last year [1]. - The gross profit margin was 37.54%, down 11.87% year-on-year, while the net profit margin was 16.46%, a decrease of 6.08% [1]. Key Financial Metrics - The company’s accounts receivable increased by 30.67% year-on-year, indicating a rise in sales and business expansion [1][3]. - Cash and cash equivalents rose by 87.84% to 125 million yuan [1]. - The total of selling, administrative, and financial expenses was 54.61 million yuan, accounting for 10.52% of revenue, down 19.87% year-on-year [1]. - Earnings per share increased by 18.07% to 0.98 yuan [1]. Changes in Financial Items - Accounts receivable increased due to higher sales, with a change of 32.06% [3]. - Contract liabilities rose by 111.96%, attributed to increased advance payments from customers [3]. - Long-term borrowings decreased by 44.63% due to repayments [3]. Operational Insights - Revenue growth was driven by recovering downstream demand and improved product performance [4]. - Operating costs increased by 37.62%, in line with revenue growth [4]. - The net cash flow from operating activities surged by 11055.03%, reflecting increased cash receipts from sales [4]. Investment Metrics - The company's return on invested capital (ROIC) was 7.66%, indicating average capital returns [5]. - Historical data shows a median ROIC of 21.27% since the company’s listing, suggesting strong investment returns over time [5]. Cash Flow and Debt Analysis - The cash flow health is a concern, with cash and cash equivalents representing only 7.52% of total assets [6]. - The interest-bearing debt ratio has reached 27.23%, indicating a significant level of debt [6]. - Accounts receivable have reached 505.43% of profit, highlighting potential liquidity issues [6]. Future Outlook - Analysts expect the company to achieve a net profit of 178 million yuan in 2025, with an average earnings per share forecast of 2.05 yuan [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance continues to show steady improvement, aligning with market expectations, with a revenue of 519 million yuan in H1 2025, representing a year-on-year increase of 26.48% [2] - The gross margin has been under pressure due to the impact of lower-margin products, with a gross margin of 37.54% in H1 2025, down 5.05 percentage points year-on-year [3] - The company is actively expanding its channels and strengthening its layout in the robotics field, achieving overseas revenue of 28 million yuan in H1 2025, up 20.62% year-on-year [4] Financial Performance Summary - The total revenue for 2023 is projected at 794.27 million yuan, with a year-on-year growth of 32.02%, while the net profit attributable to shareholders is expected to be 157.91 million yuan, down 4.85% year-on-year [1] - The company anticipates a net profit of 156.53 million yuan in 2025, reflecting a significant year-on-year increase of 46.35% [1] - The earnings per share (EPS) for 2025 is estimated at 1.80 yuan, with a price-to-earnings (P/E) ratio of 38.09 based on the current price [1] Product Performance Summary - In H1 2025, the revenue breakdown by product shows that turning tools generated 329 million yuan (63.32%), milling tools 108 million yuan (20.80%), and drilling tools 13 million yuan (2.44%) [2] - The gross margins for turning tools, milling tools, drilling tools, and overall tools were 43.16%, 49.01%, 71.50%, and -23.58% respectively [3] Strategic Initiatives - The company is enhancing its channel layout by participating in domestic and international exhibitions and accelerating its overseas market expansion [4] - Strategic partnerships have been established with leading companies in the robotics sector, focusing on advanced manufacturing technology [4]

Core Viewpoint - The company, Zhuzhou Huare Precision Tools Co., Ltd., has announced its 2025 semi-annual report and plans to hold an earnings presentation to discuss its financial performance and address investor inquiries [3][4][5]. Company Overview - The company is listed under the stock code 688059 and is known for its precision tools [1]. - The company has confirmed that its board of directors and supervisory board members guarantee the accuracy and completeness of the semi-annual report [1]. Financial Data - The company reported a total asset impairment loss and credit impairment loss of 19.45 million yuan for the first half of 2025, with credit impairment losses amounting to 7.63 million yuan and inventory impairment losses totaling 11.82 million yuan [9][10][11]. - The company has provided detailed financial data in its semi-annual report, which is available for investor review [1][24]. Important Events - An earnings presentation is scheduled for August 28, 2025, from 15:00 to 16:00, to discuss the semi-annual report and answer investor questions [3][5]. - Investors can submit questions for the presentation from August 21 to August 27, 2025 [6]. Shareholder Information - The company has not reported any changes in its major shareholders or significant governance arrangements [2][8]. Fundraising and Usage - The company has adhered to regulations regarding the management and usage of raised funds, ensuring that funds are stored in dedicated accounts and used for specified projects [26][36]. - As of June 30, 2025, the company reported that it has not used idle funds to temporarily supplement working capital or repay bank loans [49].