Group 1: Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In Q1 2025, the company's revenue and profit increased significantly due to the recovery of downstream demand, product performance improvement, and the end of the equity incentive plan [22] - The company has strong R & D capabilities and its products have won many awards, with its production volume ranking among the top in the domestic industry in recent years [25] - In 2024, the company improved its governance, expanded its market, and achieved growth in overseas revenue [26][27] 3. Summary According to the Directory 3.1. Research Basic Situation - The research object is Huarui Precision, belonging to the general equipment industry, and the reception time was on May 15, 2025. The listed company's reception staff included the board secretary and the chief financial officer, Duan Yanlan [17] 3.2. Detailed Research Institutions - The research institutions include fund management companies such as Harvest, Vanguard, Pu Yin An Sheng, Qianhai Kaiyuan, Dacheng, and Everbright Prudential; an insurance asset management company, PICC; and a securities company, Guotai Haitong Securities Co., Ltd [18] 3.3. Research Institution Proportion - Not provided in the given content 3.4. Main Content Data - **2025 Q1 Performance**: The company achieved an operating income of 222.0993 million yuan in Q1 2025, a year - on - year increase of 30.48%. The net profit attributable to the parent company was 29.224 million yuan, a year - on - year increase of 70.00%. The net profit attributable to the parent company after deducting non - recurring gains and losses was 28.2304 million yuan, a year - on - year increase of 71.29% [22] - **R & D Investment**: From 2021 to 2023, the company's R & D expenses showed an upward trend, reaching 24.9108 million yuan, 41.5566 million yuan, and 60.8708 million yuan respectively. In 2024, the R & D expense was 50.7527 million yuan, a year - on - year decrease of 16.62%, mainly due to the reversal of equity incentive expenses [22][23] - **Company's R & D Achievements**: The company is a well - known domestic manufacturer of cemented carbide cutting tools. Its production volume has ranked among the top in the domestic industry for many years. Its core products have entered the domestic mid - to - high - end market, and many products have won awards [25] - **Company Governance**: In 2024, the company deepened business management, improved product quality, promoted digital transformation, strengthened talent team building, and standardized company operations [26] - **Market Expansion**: In 2024, the company took multiple measures to expand the market, increased overseas business development, and achieved overseas operating income of 49.9052 million yuan, a year - on - year increase of 6.73% [27]

Core Viewpoint - Huari Precision aims to expand its market presence in South America, particularly in Brazil, by participating in the EXPOMAFE 2025 exhibition, which is a significant industrial event in the region [1][2]. Group 1: Market Opportunity - Brazil is the largest economy in South America with a population exceeding 200 million, leading in industrial development within the region [2]. - The country has seen rapid growth in e-commerce, creating favorable conditions for Chinese SMEs to export to Brazil, with some using Brazil as a gateway to other South American countries [2]. Group 2: Product Offerings - Huari Precision showcased its latest U series and Qilin series products at the exhibition, which are designed to enhance efficiency and reduce costs for users in various industries [2]. - The U series super universal hard alloy end mills are versatile for processing automotive and special machinery parts, while the Qilin series meets the stringent requirements for high-temperature alloy processing [2]. Group 3: Strategic Development - The company is enhancing its product line by entering new material fields such as metal ceramics and superhard materials, while also improving its distribution channels and overseas dealer networks [3]. - Brazilian customers are increasingly prioritizing product quality and brand reputation, which presents a favorable environment for high-quality Chinese industrial products to penetrate the South American market [3].

Investment Rating - The industry investment rating is "Overweight" [3][30]. Core Viewpoints - The humanoid robot industry is expected to see significant growth, with a projected cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][24]. - The report highlights key companies to watch in the humanoid robot supply chain, including Tier 1 suppliers and core component manufacturers [6][24]. - The report emphasizes the importance of technological advancements in various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, suggesting a favorable outlook for leading companies in these areas [6][25][26]. Summary by Sections Humanoid Robots - Recent developments include the launch of the first domestic AI-powered exoskeleton robot by Zhiyuan, which features advanced technology for various applications [7]. - The first batch of 220 humanoid robots was delivered by Chery, showcasing their capabilities in customer service and sales guidance [17]. - The World Humanoid Robot Sports Competition is set to take place in August, highlighting the growing interest and innovation in the humanoid robotics field [23]. Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, strengthening the competitive edge of leading companies [25]. - The report suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [25]. Energy Storage - Favorable policies are expected to drive growth in both generation-side and user-side energy storage [25]. - Companies like Xingyun Co. are positioned to benefit from strategic partnerships in the energy storage sector [25]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives due to low current localization rates [26]. - The report recommends monitoring companies that are well-positioned to capitalize on this trend [26]. Automation - The market for industrial tools is expected to grow from approximately 40 billion to 55.7 billion by 2026, with opportunities for leading companies to gain market share through increased concentration and import substitution [26]. Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that integrate the hydrogen supply chain [25].

证券代码：688059 证券简称：华锐精密 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 2024 年年度股东大会会议资料 株洲华锐精密工具股份有限公司 2024 年年度股东大会会议资料 二〇二五年五月 | 2024 | 年年度股东大会会议须知 1 | | | --- | --- | --- | | 2024 | 年年度股东大会会议议程 4 | | | 一、关于 2024 | 年年度报告及其摘要的议案 6 | | | 二、关于 2024 | 年度财务决算报告的议案 7 | | | 三、关于 2024 | 年度董事会工作报告的议案 12 | | | 四、关于 2024 | 年度监事会工作报告的议案 20 | | | 五、关于 2024 | 年度独立董事述职报告的议案 23 | | | 六、关于公司 | 2025 年度董事薪酬方案的议案 24 | | | 七、关于公司 | 2025 年度监事薪酬方案的议案 25 | | | 八、关于 2024 | 年年度利润分配及资本公积金转增股本方案的议案 | 26 | | 九、关于续聘 | 2025 年度审计机构的议案 28 | | | | 十、关 ...

Core Viewpoint - The report summarizes the continuous sponsorship work conducted by China Merchants Securities Co., Ltd. for Zhuzhou Huari Precision Tools Co., Ltd. regarding its issuance of convertible bonds to unspecified objects, with the sponsorship period ending on December 31, 2024 [1]. Group 1: Sponsorship Overview - The sponsorship work is divided into two phases: the due diligence recommendation phase and the continuous supervision phase, with the latter ending on December 31, 2024 [3]. - During the due diligence recommendation phase, the sponsor conducted investigations, prepared application documents, and cooperated with regulatory reviews [3]. - In the continuous supervision phase, the sponsor focused on ensuring the company's compliance with operational norms, internal control systems, and information disclosure obligations [4]. Group 2: Company Compliance and Cooperation - The company provided timely and accurate documents and information necessary for the bond issuance, ensuring the authenticity and completeness of the materials [4]. - During the continuous supervision phase, the company adhered to legal requirements for operations and information disclosure, actively cooperating with the sponsor's inspections and training [4]. Group 3: Fund Management and Usage - The sponsor reviewed the management and usage of the raised funds, confirming compliance with relevant regulations and proper storage and usage procedures [5]. - As of December 31, 2024, the company has not yet fully utilized the raised funds, and the sponsor will continue to oversee the management and usage of the remaining funds [5].

株洲华锐精密工具股份有限公司 持续督导保荐工作总结报告书 招商证券股份有限公司关于 株洲华锐精密工具股份有限公司向不特定对象发行可转换公司债券 之保荐工作总结报告书 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为株洲华锐 精密工具股份有限公司（以下简称"华锐精密"或"公司"）向不特定对象发行可转 换公司债券的保荐机构，持续督导期限截至 2024 年 12 月 31 日。 截至 2024 年 12 月 31 日，招商证券券作为华锐精密向不特定对象发行可转 换公司债券的保荐机构对华锐精密持续督导期限已经届满，现保荐机构按照《证 券发行上市保荐业务管理办法》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关法律法规和规定的要求，出具本保荐工作总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中 国证监会"）对保荐总结报告书相关事项进行的质询和调查。 3、本机构及保荐代表人自愿 ...

招商证券股份有限公司关于 株洲华锐精密工具股份有限公司 2024 年年度持续督导跟踪报告 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为株洲华锐精 密工具股份有限公司（以下简称"华锐精密"或"公司"）首次公开发行股票和向不特 定对象发行可转换公司债券的持续督导机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所科创板股票上市规则》等相关规定，负责华锐精密的持续 督导工作，并出具本持续督导年度跟踪报告。 2024 年，招商证券对华锐精密的持续督导情况总结如下： 一、持续督导工作情况 | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并针对具体 | 保荐机构已建立健全并有效执 行了持续督导制度，并制定了 | | 1 | 的持续督导工作计划制定相应的工作计划 | | | | | 相应的工作计划 | | | 根据中国证监会相关规定，在持续督导工作开始前， | 保荐机构已与华锐精密签订承 销及保荐协议，该协议明确了 | | 2 | 与上市公司签署持续督导协议，明确双方在持续督导 | 双方在持续督导期间的权利和 | | | ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025 with significant growth in both revenue and net profit due to improved downstream demand [1][2]. Financial Performance - In 2024, the company achieved revenue of 759 million yuan, a year-on-year decrease of 4.43%, and a net profit attributable to shareholders of 107 million yuan, down 32.26% [1]. - For Q4 2024, the company reported revenue of 175 million yuan, a decline of 15.57%, and a net profit of 30 million yuan, down 42.78% [1]. - In Q1 2025, the company achieved revenue of 222 million yuan, a year-on-year increase of 30.48%, and a net profit of 29 million yuan, up 70.00% [1]. Margin Analysis - The company's overall gross margin for 2024 was 39.46%, down 6.01 percentage points year-on-year, while the net profit margin was 14.09%, down 5.79 percentage points [2]. - The decline in gross margin was attributed to insufficient capacity utilization due to weak demand, a decrease in the revenue share of higher-margin products, and rising prices of raw materials like tungsten carbide [2]. - In Q1 2025, the gross margin was 35.5%, down 1.8 percentage points year-on-year, but the net profit margin improved to 13.2%, an increase of 3.1 percentage points [2]. Cost Management - The company managed to reduce its expense ratio in 2024 to 20.51%, down 0.63 percentage points year-on-year, with reductions in sales, management, and R&D expense ratios [2]. - In Q1 2025, the expense ratio further decreased to 16.5%, a significant drop of 7.2 percentage points year-on-year [2]. Future Outlook - The company is projected to achieve net profits of 150 million, 200 million, and 270 million yuan for 2025, 2026, and 2027 respectively, with a compound annual growth rate of 22% in revenue over the next three years [3]. - The company is recognized as a leading domestic manufacturer of CNC tools and is rated as "hold" [3].

Summary of Huari Precision's Conference Call Company Overview - **Company**: Huari Precision (华锐精密) - **Industry**: Tool manufacturing, specifically focusing on CNC blades and overall tool solutions Key Financial Highlights - **Q1 2025 Performance**: - Revenue: 222 million CNY, up 30.48% YoY - Net Profit: 29.22 million CNY, up 70% YoY - Non-recurring Net Profit: 28.23 million CNY, up 71.29% YoY - Net Profit Margin: 13.16%, up 3.06 percentage points YoY - Overall Gross Margin: 35.49%, down 1.75 percentage points YoY - CNC Blade Sales Revenue: 195 million CNY, up 40.87% YoY - Overall Tool Sales Revenue: 23 million CNY, down 22.92% YoY [2][5][6] Strategic Shifts - **Business Transformation**: Transitioning from wholesale distribution to a major client strategy, focusing on defense, aerospace, and AI-related energy sectors due to increasing domestic demand [2][8] - **Client Base Expansion**: Aiming to increase revenue from major clients from less than 10% to 25%-30% [2][12][13] Market Demand Insights - **Key Demand Sources**: - Energy sector, automotive parts (especially electric vehicles), general machinery, engineering machinery, and robotics are primary demand drivers [9][10] - Notable growth in defense and aerospace sectors, previously reliant on imports, now shifting towards domestic production [8][9] Operational Developments - **Cash Flow Improvement**: Significant improvement in operating cash flow, reaching 177.66 million CNY, attributed to better accounts receivable management and increased use of bill settlements [3][5][11] - **Cost Management**: Reduction in total expenses by 12.24 million CNY, mainly due to decreased stock incentive costs and increased R&D materials [3] Product and Technology Advancements - **CNC Blade Performance**: - CNC blade sales revenue in 2024 was 645 million CNY, down 10.6% YoY, with a gross margin of 45.04% [6][20] - Anticipated recovery in production and gross margin in Q2 2025 [20] - **Robotics Collaboration**: Partnering with Yuxu Robotics to enhance product offerings and efficiency in humanoid robot applications [4][14][15] International Expansion Plans - **Overseas Market Strategy**: Actively expanding into Europe, North America, and Southeast Asia, with plans to establish companies and service centers abroad [4][21] - **Export Growth**: Expecting over 50% annual growth in export business, despite geopolitical challenges [24] Future Outlook - **Market Trends**: Increasing focus on efficiency over cost-cutting among clients, leading to a demand for comprehensive solutions rather than price competition [27] - **Long-term Vision**: The company views 2025 as a pivotal year for growth following a stagnation period from 2021 to 2024, with expectations for sustained revenue and profit growth [27]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6] Core Views - The company's performance in 2024 met expectations, with Q1 2025 showing a return to growth [2] - The overall performance in 2024 declined mainly due to low manufacturing industry sentiment and weak demand for tools, leading to underutilization of capacity and increased average costs [2][4] - Q1 2025 saw significant growth in net profit, attributed to cost optimization and the end of stock incentive expenses [3] Financial Performance Summary - In 2024, the company achieved total revenue of 759.06 million yuan, a year-on-year decrease of 4.43%, and a net profit attributable to shareholders of 106.96 million yuan, down 32.26% [2] - For Q1 2025, the company reported revenue of 222 million yuan, a year-on-year increase of 30.48%, and a net profit of 29 million yuan, up 70% [3] - The gross profit margin for 2024 was 39.46%, down 6.01 percentage points year-on-year, while Q1 2025's gross profit margin was 35.49%, down 1.75 percentage points [4] - The company’s inventory increased to 397 million yuan by the end of 2024, a rise of 28.77% year-on-year, indicating improved cash flow from operating activities [5] Product and Market Analysis - In 2024, domestic revenue was 700 million yuan, down 5.73% year-on-year, while overseas revenue was 50 million yuan, up 6.73%, indicating successful overseas business progress [2] - The company has accelerated channel expansion and completed key investment projects, enhancing its comprehensive metal cutting service capabilities [6] Earnings Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been adjusted to 157 million yuan and 211 million yuan, respectively, with a projected net profit of 273 million yuan for 2027 [6] - The current stock price corresponds to dynamic P/E ratios of 23, 17, and 13 for 2025, 2026, and 2027, respectively, reflecting the company's expanding product matrix [6]