株洲华锐精密工具股份有限公司 株洲华锐精密工具股份有限公司（以下简称"公司"）监事会依据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）等相关法 律、法规及规范性文件和《株洲华锐精密工具股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，对公司 2022 年限制性股票激励计划（以下简称"本激 励计划"）首次授予激励对象第二个归属期及预留授予激励对象第一个归属期归 属名单进行审核，发表核查意见如下： 本激励计划首次授予部分第二个归属期及预留授予部分第一个归属期拟归 属的 103 名激励对象符合《公司法》《证券法》等法律、法规和规范性文件以及 《公司章程》规定的任职资格，符合《管理办法》《上市规则》等法律、法规和 规范性文件规定的激励对象条件，符合本激励计划规定的激励对象范围，其作为 本激励计划首次授予及预留授予激励对象的主体资格合法、有效，激励对象获授 限制性股票的归属条件已成就。 株洲华锐精密工具股份有限公司监事会 20 ...

| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2024-082 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 株洲华锐精密工具股份有限公司 关于调整 2022 年限制性股票激励计划授予价格及作 废部分已授予尚未归属的限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 株洲华锐精密工具股份有限公司（以下简称"公司"）于 2024 年 11 月 7 日 召开第三届董事会第九次会议及第三届监事会第五次会议，审议通过了《关于调 整 2022 年限制性股票激励计划授予价格的议案》和《关于作废部分已授予尚未 归属的限制性股票的议案》。现将公司 2022 年限制性股票激励计划（以下简称 "本激励计划"）有关事项说明如下： 一、本激励计划已履行的决策程序和信息披露情况 （一）2022 年 9 月 13 日，公司召开第二届董事会第十三次会议，审议通过 了《关于<公司 2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于 <公司 2022 年 ...

Financial Performance - Q3 2024 revenue: 174.0955 million yuan, down 24.46% YoY [1] - Q3 2024 net profit: 5.1187 million yuan, down 88.17% YoY [1] - Q3 2024 non-GAAP net profit: 4.5352 million yuan, down 89.46% YoY [1] - Profit decline attributed to lower revenue and reduced capacity utilization [1] R&D and Innovation - R&D expenses: 46.1099 million yuan in the first three quarters of 2024, accounting for 7.89% of revenue [2] - R&D expenses trend: 24.9108 million yuan (2021), 41.5566 million yuan (2022), 60.8708 million yuan (2023) [2] - R&D model: Focused on basic research and new product development, with a four-stage process (argumentation, design, development, testing) [2] - Coating technology: Extends tool life by 3-5 times, includes PVD and CVD methods [2] - Groove structure design: Over 70 types developed by June 2024, including 60+ for CNC inserts and 10+ for solid tools [3] Market and Strategy - Pricing strategy: Based on production costs, product performance, competitor pricing, market conditions, and customer scale [3] - Distribution advantage: Nationwide dealer network centered in East, South, and North China, expanding overseas [3] - Growth opportunities: Increasing CNC machine tool penetration and rising tool consumption ratio in China [4] - Domestic substitution: Local brands gaining ground in the high-end market with cost-performance advantages [4] Industry Trends - Future demands: Higher requirements for tool substrate materials, coating materials, and structural design [4] - Service capability: Growing need for comprehensive metal cutting solutions tailored to customer efficiency and cost requirements [4]

[Table_Stock] 华锐精密（688059） 证 券 研 究 报 告 公 司 点 评 [行业: 日期: Table_Industry] 机械设备 shzqdatemark 2024年11月01日 | --- | --- | |-------------------------|----------------------| | | | | [Table_Author] 分析师 : | 刘阳东 | | Tel: | 021-53686144 | | E-mail: | liuyangdong@shzq.com | | SAC 编号 : | S0870523070002 | | 分析师 : | 王亚琪 | | Tel: | 021- 53686472 | | E-mail: | wangyaqi@shzq.com | | SAC 编号 : | S0870523060007 | | --- | --- | |-----------------------------|---------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元） | 46.48 | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 62.80 CNY, compared to the current price of 46.48 CNY [1]. Core Views - The company's Q3 performance was below expectations, with a revenue of 1.74 billion CNY, down 24.46% year-on-year, and a net profit of 0.05 billion CNY, down 88.17% year-on-year. The decline is attributed to weak manufacturing demand and lower gross margins due to insufficient capacity utilization [1]. - The report highlights the significant potential for domestic substitution in the cutting tool market, with the overseas market being a crucial growth area. The company has seen a 60.90% increase in overseas revenue in 2023 [1]. - Future revenue projections for 2024-2026 have been adjusted downwards due to anticipated manufacturing conditions and raw material price increases, with expected revenues of 8.37 billion CNY, 10.13 billion CNY, and 12.90 billion CNY respectively [1]. Financial Summary - For the first three quarters of 2023, the company achieved total revenue of 5.85 billion CNY, a decrease of 0.52% year-on-year, and a net profit of 0.77 billion CNY, down 27.06% year-on-year [1]. - The gross margin for Q1-Q3 was 39.64%, down 4.46 percentage points year-on-year, while the net margin was 13.18%, down 4.80 percentage points year-on-year [1]. - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.83 CNY, 3.14 CNY, and 4.09 CNY respectively [2].

[Table_StockInfo] 2024 年 10 月 30 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：50.25 元 华锐精密（688059）机械设备 目标价：68.40 元（6 个月） 弱需求带来产能利用率不足，短期业绩承压 [Table_Summary] 事件：公司公布 2024三季报，2024Q1-Q3公司实现营业收入 5.85亿元，同比 下降 0.52%；实现归母净利润 0.77 亿元，同比下降 27.06%。2024Q3 公司实 现营业收入 1.74亿元，同比下降 24.46%，环比下降 27.52%；实现归母净利润 0.05 亿元，同比下降 88.17%，环比下降 90.65%。 国内需求较弱，公司产能利用率不足，2024Q3业绩增速放缓。数控刀具属于顺 周期产品，2024年以来下游需求不足，公司 2024Q3收入端承压，利润受到产 能利用率不足的影响，同比下滑。 毛利率下滑明显。2024Q1-Q3毛利率为 39.64%，同比下降 4.45pp；净利率为 13.18%，同比下降 4.80pp。2024Q3 毛利率为 32.68%，同比下降 10.29pp； 净利润率为 ...

Group 1: Financial Performance - In Q3 2024, the company achieved revenue of 174.10 million CNY, a decrease of 24.46% compared to the same period last year [2] - The net profit attributable to the parent company was 5.12 million CNY, down 88.17% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 4.54 million CNY, a decline of 89.46% compared to the previous year [2] Group 2: R&D Investment - R&D expenses from 2021 to 2023 were 24.91 million CNY, 41.56 million CNY, and 60.87 million CNY, showing an upward trend [3] - In the first three quarters of 2024, R&D expenses amounted to 46.11 million CNY, accounting for 7.89% of revenue [3] Group 3: Market Strategy and Product Pricing - The company maintains a stable pricing strategy based on production costs, product performance, competitor pricing, and market conditions [3] - In 2024, the company is actively participating in major domestic exhibitions and industry associations to promote its products [3] Group 4: Competitive Advantages and Disadvantages - Competitive advantages include a well-rounded R&D team, complete production processes, and a robust distribution network [4] - Disadvantages compared to European, American, and Japanese companies include scale, overall service capability, and market image [4] Group 5: Industry Overview - The global cutting tool market distribution is as follows: general machinery 35%, automotive 34%, aerospace 12%, molds 4%, and others 15% [4] - The company's main revenue sources are from the mold, automotive, and general machinery industries, with ongoing efforts in aerospace and energy equipment sectors [4] Group 6: Future Development Strategy - The company focuses on independent R&D and continuous innovation, aiming to enhance its position in the hard alloy CNC tool market [5] - Plans include increasing R&D investment, expanding product lines, and developing customized cutting solutions [5] Group 7: Industry Trends - Future trends in the cutting tool industry will require higher standards for tool materials, coatings, and structures to meet modern machining demands [6] - The ability to provide comprehensive metal cutting service solutions will become increasingly important for tool manufacturers [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance in Q3 2024 has declined due to a sluggish manufacturing sector, with a year-on-year revenue decrease of 24.46% in Q3 [2] - The company's profitability has been under pressure, with a gross profit margin of 39.64% for the first three quarters of 2024, down 4.46 percentage points year-on-year [3] - The company is gradually releasing capacity from its fundraising projects and convertible bond projects, which opens up long-term growth potential in overseas markets [4] - The profit forecast for 2024-2026 has been revised downwards due to slower-than-expected recovery in the manufacturing sector, with net profit estimates adjusted to 1.21 billion, 1.83 billion, and 2.49 billion respectively [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 585 million, a year-on-year decrease of 0.52%, and a net profit of 77 million, down 27.06% year-on-year [2] - The gross profit margin for Q3 was 32.68%, reflecting a significant decline compared to the previous year [3] Capacity and Market Expansion - The completion of IPO fundraising projects has alleviated capacity constraints and enhanced product structure, which is expected to meet the rapidly growing market demand [4] - The company has accelerated its overseas market expansion, achieving a 43.11% year-on-year increase in overseas revenue in the first half of 2024 [4] Profit Forecast and Valuation - The revised net profit forecasts for 2024, 2025, and 2026 are 1.21 billion, 1.83 billion, and 2.49 billion respectively, with corresponding P/E ratios of 26, 17, and 12 times [5]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a recovery in profitability and performance alongside the cyclical recovery of the manufacturing sector [4]. Core Views - The company's performance in Q3 2024 was significantly impacted by the seasonal downturn in the industry and low manufacturing sentiment, with a year-on-year revenue decrease of 24.46% and a net profit decline of 88.17% [2][3]. - The tool industry is viewed as a leading sector for cyclical recovery, with expectations that improved capacity utilization will enhance profitability once the industry sentiment reverses [3]. - The report adjusts profit forecasts for 2024 to 2026, projecting net profits of 1.29 billion, 2.09 billion, and 2.58 billion RMB respectively, reflecting a recovery in the manufacturing sector due to government stimulus policies [4]. Summary by Sections Company Performance - For Q3 2024, the company reported revenue of 1.74 billion RMB, down 24.46% year-on-year, and a net profit of 0.05 billion RMB, down 88.17% year-on-year [1][2]. - The overall revenue for the first nine months of 2024 was 5.85 billion RMB, a slight decrease of 0.52% compared to the previous year [1]. Industry Context - The manufacturing sector's profitability has declined by 3.5% year-on-year in the first nine months of 2024, with a notable drop of 27.1% in September [2]. - The tool industry is considered a barometer for manufacturing sentiment, and despite current challenges, it is expected to be a priority sector for recovery as economic stimulus measures are implemented [3]. Financial Projections - The company is expected to achieve net profits of 1.29 billion RMB in 2024, 2.09 billion RMB in 2025, and 2.58 billion RMB in 2026, with corresponding price-to-earnings ratios of 24X, 15X, and 12X respectively [4]. - The report indicates a potential for a "double boost" in profitability and valuation recovery as the industry sentiment improves [3].

Financial Performance - The company's operating revenue for Q3 2024 was ¥174,095,528.50, a decrease of 24.46% compared to the same period last year[3] - The net profit attributable to shareholders for Q3 2024 was ¥5,118,661.04, down 88.17% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥4,535,224.81, a decline of 89.46% compared to the previous year[3] - Basic earnings per share for Q3 2024 were ¥0.08, representing an 88.22% decrease year-on-year[4] - Total operating revenue for the first three quarters of 2024 was CNY 584,515,170.55, a decrease of 0.18% compared to CNY 587,552,377.07 in the same period of 2023[14] - Net profit for the first three quarters of 2024 was CNY 77,056,396.02, down 27.1% from CNY 105,643,306.55 in the previous year[15] - The total comprehensive income for the third quarter of 2024 was CNY 77,056,396.02, a decrease of 27.1% compared to CNY 105,643,306.55 in the same period of 2023[16] - Basic and diluted earnings per share for the third quarter of 2024 were CNY 1.25, down from CNY 1.71 in the third quarter of 2023, representing a decline of 26.9%[16] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,515,796,557.72, an increase of 13.82% from the end of the previous year[4] - The total assets of the company reached CNY 2,515,796,557.72, an increase of 13.8% from CNY 2,210,392,397.43 at the end of the previous year[13] - Total liabilities increased to CNY 1,213,659,595.37, up 27.2% from CNY 953,954,242.38 year-on-year[13] - The total liabilities rose to CNY 1,210,524,151.02, an increase of 27.5% compared to CNY 948,830,486.76 in the previous year[22] - The equity attributable to shareholders increased to CNY 1,302,136,962.35, up 3.6% from CNY 1,256,438,155.05[13] - The total equity increased to CNY 1,301,273,705.67, up 3.5% from CNY 1,256,903,253.40 year-over-year[22] Cash Flow - The company reported a net cash flow from operating activities of ¥4,773,203.39 for the year-to-date period[3] - Cash flow from operating activities for the first three quarters of 2024 was CNY 4,773,203.39, a significant improvement from a negative cash flow of CNY -5,583,442.63 in the same period of 2023[18] - Cash inflow from operating activities totaled CNY 341,257,380.86, slightly up from CNY 338,920,652.73 in the first three quarters of 2023[17] - Cash outflow from operating activities decreased to CNY 336,484,177.47 from CNY 344,504,095.36 in the previous year, indicating improved cost management[18] - The company reported a net cash outflow from investing activities of CNY -186,450,181.99 for the first three quarters of 2024, compared to CNY -38,043,793.28 in the same period of 2023[18] - Cash inflow from financing activities totaled 264,800,000.00, while cash outflow was 115,054,351.85, resulting in a net cash flow of 149,745,648.15[26] Research and Development - Research and development expenses totaled ¥15,517,832.38, a decrease of 5.32% compared to the same period last year[4] - The proportion of R&D expenses to operating revenue increased to 8.91%, up 1.80 percentage points year-on-year[4] - Research and development expenses for the first three quarters were CNY 46,109,880.76, slightly decreased from CNY 46,284,354.25 in the same period last year[15] - Research and development expenses for the first three quarters of 2024 were CNY 46,109,880.76, slightly down from CNY 46,284,354.25 in 2023[23] Shareholder Information - The total number of common shareholders at the end of the reporting period is 3,717[8] - The company has no significant changes in the participation of major shareholders in margin trading or securities lending[9] Future Outlook and Strategy - The company plans to continue focusing on market expansion and new product development to drive future growth[15] - The company has not provided specific future guidance or outlook for the upcoming quarters[10] - The company reported no significant new strategies or mergers and acquisitions during the reporting period[10] - There are no new product developments or technological advancements mentioned in the report[10] Financial Changes - The company's cash and cash equivalents decreased from ¥80,695,939.30 at the end of 2023 to ¥49,025,288.34 as of September 30, 2024, representing a decline of approximately 39.1%[10] - Accounts receivable increased significantly from ¥341,963,133.07 in 2023 to ¥442,649,107.76 in 2024, marking an increase of about 29.4%[11] - Inventory rose from ¥308,298,639.54 in 2023 to ¥405,195,104.18 in 2024, reflecting an increase of approximately 31.5%[11] - The total current assets increased from ¥966,013,003.40 in 2023 to ¥1,097,641,573.41 in 2024, indicating a growth of around 13.6%[11] - Fixed assets grew from ¥1,020,475,147.41 in 2023 to ¥1,126,836,974.94 in 2024, representing an increase of about 10.4%[11] - The company reported a significant increase in short-term loans, which rose to CNY 270,971,545.54 from CNY 70,056,833.34, indicating a shift in financing strategy[13] - The company reported a significant increase in short-term borrowings, which rose to CNY 270,971,545.54 from CNY 70,056,833.34, marking a 286.5% increase[22] - The company’s financial expenses increased to CNY 27,390,393.67, compared to CNY 21,300,485.73 in the previous year, reflecting a rise of 28.7%[23] Accounting Standards - The company has adopted new accounting standards starting in 2024, which may impact financial reporting[27]