湖南启元律师事务所 第一个归属期归属条件成就、 部分限制性股票作废相关事项的 法律意见书 关于株洲华锐精密工具股份有限公司 2022年限制性股票激励计划授予价格调整、 首次授予部分第二个归属期及预留授予 致：株洲华锐精密工具股份有限公司 湖南启元律师事务所（以下简称"本所"）接受株洲华锐精密工具股份有限 公司（以下简称"公司"、"华锐精密"）的委托，作为公司2022年限制性股票激 励计划（以下简称"本次激励计划"） 专项法律顾问为公司本次激励计划提供专 项法律服务。 本所根据《中华人民共和国公司法》、《中华人民共和国证券法》及中国证券 监督管理委员会（以下简称"中国证监会"）发布的《上市公司股权激励管理办 法》（以下简称"《管理办法》"）、上海证券交易所发布的《上海证券交易所科创 板股票上市规则》等现行法律、法规和规定性文件以及《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，按照律师行业公认的 业务标准、道德规范和勤勉尽责精神，就公司本次激励计划授予价格调整（以下 简称"本次调整"）、首次授予部分第二个归属期及预留授予第一个归属期归属条 件成就（以下简称"本次归属"）、部分限制性 ...

| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2024-085 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 二、监事会会议审议情况 （一）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》 鉴于公司 2023 年年度权益分派已实施完毕，公司董事会根据公司 2022 年第 一次临时股东大会的授权，对公司 2022 年限制性股票激励计划（以下简称"本 激励计划"）授予价格进行相应调整，审议程序合法合规，符合《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》"）及本激励计划的规定，不存在损害公 司及全体股东合法权益的情形。 因此，监事会同意本激励计划首次授予部分及预留授予部分的授予价格由 40.14 元/股调整为 39.34 元/股。 表决结果：3 票同意，0 票反对，0 票弃权。 具体内容详见同日刊登在上海证券交易所网站（www.sse.com.cn)的《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 ...

| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2024-084 | | --- | --- | --- | | 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 第三届董事会第九次会议决议公告 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。 一、董事会会议召开情况 株洲华锐精密工具股份有限公司（以下简称"公司"）第三届董事会第九次会 议于 2024 年 11 月 7 日以现场表决与通讯结合的方式召开，会议通知已于 2024 年 11 月 4 日以专人、邮寄及电子邮件等方式发出。本次会议应出席董事 7 人， 实际出席董事 7 人，会议由董事长肖旭凯先生召集并主持。本次会议的召集、召 开方式符合相关法律、行政法规、部门规章、规范性文件和《株洲华锐精密工具 股份有限公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 （一）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》 鉴于公司 2023 年年度权益分派已实施完毕，每股派发现金红利 0.80 ...

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：2024-083 | | --- | --- | --- | | 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2022年限制性股票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符合归属条件的公告 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。 重要内容提示： 限制性股票拟归属数量：408,550 股 本激励计划首次授予的限制性股票的归属安排如下表所示： 归属股票来源：株洲华锐精密工具股份有限公司（以下简称"公司"） 向激励对象定向发行的人民币 A 股普通股股票 一、公司 2022 年限制性股票激励计划（以下简称"本激励计划"）批准及 实施情况 （一）本激励计划方案及履行的程序 1、本激励计划主要内容 （1）股权激励方式：第二类限制性股票 （2）授予数量（调整后）：限制性股票授予数量为 123.20 万股，其中，首 次授予限制性股票数量为 98.70 万股，预留授予的限制性股票数量为 24.50 万股 ...

| 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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][17]. Core Views - The company reported a revenue of 585 million yuan for the first three quarters of 2024, a year-on-year decrease of 0.52%, and a net profit attributable to shareholders of 77 million yuan, down 27.06% year-on-year [7]. - In Q3 2024, the company achieved a revenue of 174 million yuan, a decline of 24.46% year-on-year and 27.52% quarter-on-quarter, with a net profit of 5.12 million yuan, down 88.17% year-on-year and 90.65% quarter-on-quarter [7]. - The weak demand in the manufacturing sector has led to a decline in revenue and profitability, with a gross margin of 32.68% in Q3 2024, down 10.29 and 13.71 percentage points year-on-year and quarter-on-quarter, respectively [7]. - The manufacturing PMI in October was 50.1%, indicating a return to the expansion zone, suggesting potential recovery in orders for the company's products in Q4 [7]. Summary by Sections Financial Performance - For 2024, the company is expected to achieve revenues of 811 million yuan, 963 million yuan, and 1.147 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 2.11%, 18.76%, and 19.10% [8]. - The net profit forecast for the same period is 120 million yuan, 189 million yuan, and 237 million yuan, with a year-on-year change of -23.82%, +57.40%, and +25.25% [8]. Key Financial Metrics - The company’s gross margin is projected to be 41.4% in 2024, 43.3% in 2025, and 44.0% in 2026 [13]. - The net profit margin is expected to be 14.8% in 2024, 19.7% in 2025, and 20.7% in 2026 [13]. - The return on equity is forecasted to be 8.9% in 2024, 12.7% in 2025, and 14.3% in 2026 [13]. Market Outlook - The report indicates that the company is likely to benefit from a recovery in domestic demand and improved manufacturing activity, which could enhance profitability in the coming quarters [7].

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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 68.40 CNY over the next six months [1][2]. Core Views - The company reported a revenue of 585 million CNY for Q1-Q3 2024, a year-on-year decrease of 0.52%, and a net profit attributable to shareholders of 77 million CNY, down 27.06% year-on-year. In Q3 2024, revenue was 174 million CNY, down 24.46% year-on-year and 27.52% quarter-on-quarter, with a net profit of 5 million CNY, down 88.17% year-on-year and 90.65% quarter-on-quarter [1][2]. - Weak domestic demand has led to insufficient capacity utilization, resulting in a slowdown in performance growth for Q3 2024. The CNC tools are cyclical products, and the lack of downstream demand has pressured the company's revenue and profit margins [1][2]. Financial Summary - Gross margin for Q1-Q3 2024 was 39.64%, down 4.45 percentage points year-on-year, while the net profit margin was 13.18%, down 4.80 percentage points year-on-year. In Q3 2024, the gross margin was 32.68%, down 10.29 percentage points year-on-year, and the net profit margin was 2.94%, down 15.84 percentage points year-on-year [2][6]. - The company has managed its expenses well, with a total expense ratio of 22.06% for Q1-Q3 2024, an increase of 0.37 percentage points year-on-year. The sales expense ratio decreased by 0.12 percentage points to 4.85%, while the management expense ratio decreased by 0.59 percentage points to 4.63% [2][6]. - The company is projected to achieve net profits of 150 million CNY, 210 million CNY, and 270 million CNY for 2024, 2025, and 2026, respectively, with a compound annual growth rate of 20% over the next three years [2][7]. Business Segmentation - The CNC tool segment is expected to see order growth rates of 9%, 17%, and 17% from 2024 to 2026, with gross margins affected by insufficient capacity utilization and rising raw material prices in 2024. A recovery in manufacturing demand is anticipated in 2025, leading to a stabilization in gross margins [6][7]. - The overall tool segment is projected to have order growth rates of 119%, 50%, and 30% from 2024 to 2026, with gross margins expected to improve gradually [6][7].