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]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-04-30 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250428：25Q1 固收+基金转债持仓十大亮点 特征 1：2025Q1，固收+基金规模整体为净申购，其中二级债基和可转债 基金的基金规模增幅相对更明显，受益于优异的净值表现，尤其是可转债 基金在 2025Q1 表现突出，整体跑赢其他固收+基金和中证转债指数，与 等权指数相当。 特征 2：观察大类资产配置情况，固收+基金多数降低了 杠杆率以及含权资产整体仓位，对其中转债、股票的配置变化不一。具体 来看，一级债基和二级债基相对稳健，降低了整体含权仓位的比例；转债 基金降低了股票仓位但提高转债仓位；而偏债混和灵活配置型基金则降 低了转债仓位，增加了股票仓位，弹性诉求或更强。按照基金波动性划分 看，高波基金提高了转债仓位，略微降低股票仓位；中低波基金的含权仓 位整体下降。 宏观量化经济指数周报 20250427：如何理解新的结构性货币政策工具和 新型政策性金融工具 从"量"和"价"两个方面拓宽流动性投放空间，结构性政策工具的"量 增、价降"也是"适度宽松"的重要内容。 本 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a recovery in the manufacturing sector due to economic stimulus policies [5]. Core Insights - The company experienced a significant decline in profits in 2024, with a revenue of 759 million RMB, down 4.43% year-on-year, and a net profit of 107 million RMB, down 32.26% year-on-year. However, the first quarter of 2025 showed a strong recovery with a revenue of 222 million RMB, up 30.48% year-on-year, and a net profit of 29 million RMB, up 70% year-on-year [2][3]. - The overall tool segment saw a revenue increase of 57.09% in 2024, indicating potential for future profitability as the company focuses on expanding its product offerings and improving performance [4]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 39.46%, down 6.01 percentage points, and a net margin of 14.06%, down 5.79 percentage points, reflecting the pressure from declining sales volumes in key product categories [3]. - The company is projected to achieve net profits of 153 million RMB, 191 million RMB, and 241 million RMB for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 23X, 19X, and 15X [5][10]. Market Outlook - The report highlights that the tool industry is expected to be a priority sector for cyclical recovery, driven by improved downstream demand and the company's ongoing product enhancements [3][5]. - The company is actively increasing its investment in new product development, particularly in integrated tools and tool systems, which is expected to help it reach a breakeven point and contribute positively to earnings [4].

内 部 控 制 审 计 报 告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 -- 株 洲 华 锐 精 密 工 具 股 份 有 限 公 司 内 部 控 制 审 计 报 告 。 天 职 业 字 [2025]18372-1 号 目 - 1. 内部控制审计报告。 天职业字[2025]18372-1 号 株洲华锐精密工具股份有限公司全体股东: . . 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了株 洲华锐精密工具股份有限公司（以下简称"华锐精密"）2024 年 12 月 31 日的财务报告内部控 制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是华锐精密董事会的责任。. 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 内部控制审计报告（续）. 天职业字[2025]18372-1 号. 三、内部控制 ...

审计报告。 株 洲 华 锐 精 密 工 具 股 份 有 限 公 司 天 职 业 字 [2025]18372 号 目 审 计 报 告 2024_年度财务报表_ 2024 年度财务报表附注— 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 审计报告. 天职业字[2025]18372 号 株洲华锐精密工具股份有限公司全体股东: 一、审计意见 我们审计了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"财务报 表,包括 2024年 12 月 31 日的合并资产负债表及资产负债表,2024年度的合并利润表及利润 表、合并现金流量表及现金流量表、合并所有者权益变动表及所有者权益变动表以及相关财 务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 华锐精密 2024 年 12 月 31 日的合并财务状况及财务状况以及 2024 年度的合并经营成果和合 并现金流量及经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分 ...

（一）授信及担保基本情况 为满足公司及子公司业务发展需要，扩宽融资渠道，公司及子公司拟向银行 等金融机构申请不超过人民币 20 亿元的综合授信额度，该授信额度可在公司及 子公司之间调剂。公司与子公司、子公司与子公司间相互提供担保总额不超过人 民币 5 亿元，在担保额度内，公司可根据实际情况对合并报表范围内的子公司分 配使用额度，如在额度生效期间有新设全资子公司的，对该等子公司的担保，也 可以在上述预计的担保额度内分配使用。该授信及担保额度有效期自 2024 年年 度股东大会审议通过之日起至 2025 年年度股东大会召开之日止。 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及子公司 向银行申请综合授信额度、提供担保额度的核查意见 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为正在 进行株洲华锐精密工具股份有限公司（以下简称"华锐精密"、"公司"）持续督 导工作的保荐机构，根据《上海证券交易所科创板股票上市规则》《上海证券交易 所科创板上市公司自律监管指引第 1 号——规范运作》等有关规定，对华锐精密及 子公司向银行申请综合授信额度、提供担保额度的情况进行了认真、审慎的核查， 具体情况如 ...

株洲华锐精密工具股份有限公司 2024 年度独立董事述职报告 财务、法律、咨询等服务。本人具有《公司章程》及《独立董事工作制度》所要 求的独立性和担任公司独立董事的任职资格，能够保证客观、独立的专业判断， 不存在影响独立性的情况。基于上述，不存在影响公司独立董事独立性的情况。 二、独立董事年度履职概况 （一）参加董事会、股东大会会议情况 2024年度，公司共召开16次董事会会议和4次股东大会会议，本人参加了任 期内公司召开的全部董事会和股东大会，无授权委托其他独立董事出席会议或缺 席情况。本着勤勉尽责的态度，本人认真仔细审阅了会议议案及相关材料，积极 参与各议题的讨论并提出建议；对董事会各项议案及公司其他事项没有提出异议； 对各次董事会会议审议的相关议案均投了赞成票；对于股东大会，本人认真听取 了与会股东的意见和建议。本人出席会议情况如下： 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"）的独 立董事，2024年度本人严格按照《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》《上市公司治理准则》等法律法规，以及《株 洲华锐精密工具股份有限公司章程》（以下简称"《公司 ...