关注人形机器人、工程机械及流程工业 【】【】 机械设备[Table_Industry] [Table_ReportDate] 2025 年 11 月 10 日 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 机械设备 投资评级 看好 上次评级 看好 [Table_Author] 王锐 机械行业首席分析师 执业编号：S1500523080006 邮 箱：wangrui1@cindasc.com [Table_Author] 韩冰 机械行业分析师 执业编号：S1500523100001 邮 箱：hanbing1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127 号金隅大厦B座 邮编：100031 [Table_Title] 关注人形机器人、工程机械及流程工业 [Table_ReportDate] 2025 年 11 月 10 日 本期内容提要: 1）日联科技 公司是国内领先的工业 X 射线智能检测设备及核心部件供应商，在 核心部件、AI 软件、检测设备等方面建立 ...

智通财经APP获悉，华龙证券发布研报称，据中国机床工具协会统计数据显示，2025年1-9月刀具出口 额200.01亿元，同比增长5.34%；进口额64.19亿元，同比增长0.96%。刀具出口主要品种以钻头、圆锯 片等通用工具为主；进口主要集中在刀片、钻头等高端品类。前九个月我国刀具行业进出口呈现出"出 口规模领先、进口单价高企"的显著特点，反映出我国在全球刀具供应链中地位稳固，但高端产品竞争 力仍有提升空间。未来需要继续向超硬、精密、智能化刀具企业进行转型。 华龙证券主要观点如下： 进出口整体呈现：出口具备韧性，进口聚焦高端 进口单价较高，高端产品仍存在差距。同类产品进口均价远高于出口，例如，涂层刀片的进口平均价格 约为出口平均价格的3.2倍，未涂层刀片为4.12倍，丝锥为8.04倍。反映国内在材料工艺、精密加工等领 域与国际领先水平存在差距。 超硬工具崛起，传统品类承压。超硬镗铰刀(+102.8%)、其他铣削工具(+13.37%)需求旺盛，受益于航空 航天、精密模具等产业升级。涂层刀片(出口-4.67%)、丝锥(出口-2.45%)面临国际竞争与需求结构调 整。 出口规模优势明显。2025年1-9月，刀具出口 ...

证券代码：688257 证券简称：新锐股份 公告编号：2025-059 苏州新锐合金工具股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 14 日（星期五）上午 9:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 7 日（星期五）至 11 月 13 日（星期四）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 dongmi@shareate.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 苏州新锐合金工具股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日发布公司 2025 年第三季度报告，为便于 ...

Group 1 - The stock price of Xinrui Co., Ltd. reached a historical high, increasing by 3.17% to 25.36 yuan, with a trading volume of 3.6852 million shares and a transaction value of 91.6533 million yuan, resulting in a turnover rate of 1.46% [2] - The latest total market capitalization of Xinrui Co., Ltd. in A-shares is 6.401 billion yuan, with the same amount for the circulating market capitalization [2] - In the machinery equipment industry, to which Xinrui Co., Ltd. belongs, the overall decline is 0.91%, with 148 stocks rising and 430 stocks falling, including notable declines from Anpeilong, Qiangrui Technology, and Lixing Co., Ltd. [2] Group 2 - The latest margin trading data shows that as of November 3, the margin balance for Xinrui Co., Ltd. is 286 million yuan, with a financing balance of 286 million yuan, reflecting a decrease of 986,200 yuan over the past 10 days, a decline of 0.34% [2] - The company's third-quarter report indicates that for the first three quarters, it achieved operating revenue of 1.789 billion yuan, a year-on-year increase of 32.11%, and a net profit of 165 million yuan, a year-on-year increase of 22.68%, with basic earnings per share of 0.6613 yuan and a weighted average return on equity of 7.33% [2]

Investment Rating - The investment rating for the company is "Buy" [7]. Core Insights - The company reported a revenue of 1.79 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 32.1%, and a net profit attributable to shareholders of 170 million yuan, up 22.7% year-on-year. In Q3 alone, revenue reached 650 million yuan, a 38.0% increase year-on-year, and net profit was 60 million yuan, reflecting a significant year-on-year growth of 75.4% [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's comprehensive gross margin was 32.4%, an increase of 0.7 percentage points year-on-year. The expense ratio was 20.2%, up 1.6 percentage points year-on-year, while the net profit margin was 10.6%, down 0.9 percentage points year-on-year. In Q3, the comprehensive gross margin improved to 32.9%, a year-on-year increase of 2.1 percentage points and a quarter-on-quarter increase of 0.8 percentage points. The net profit margin for Q3 was 11.0%, up 1.9 percentage points year-on-year and 0.9 percentage points quarter-on-quarter [3]. Market Expansion and Product Development - The company's revenue growth is attributed to aggressive market expansion and the consolidation of Drillco in Chile, with all business segments showing strong growth. The price adjustments of products due to rising raw material costs have also contributed to the increase in profitability [2][4]. Strategic Positioning - The company is transitioning from a single consumable supplier to a comprehensive solution provider through dual-channel and product strategies. The acquisition of AMS in Australia in 2016 marked the beginning of this transformation, followed by the establishment of subsidiaries in the U.S., South Korea, and Canada, and the acquisition of Drillco in Chile in 2025, enhancing its service capabilities in local markets. The company has also expanded its product offerings, including roller bits and top hammer drilling tools, solidifying its position in the mining consumables sector [4]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted, with projected revenues of 2.36 billion yuan for 2025, 3.00 billion yuan for 2026, and 3.62 billion yuan for 2027. The net profit attributable to shareholders is expected to be 230 million yuan in 2025, 300 million yuan in 2026, and 370 million yuan in 2027. The earnings per share (EPS) estimates have been revised to 0.92 yuan for 2025, 1.18 yuan for 2026, and 1.48 yuan for 2027. The closing price on October 29, 2025, was 23.90 yuan, corresponding to price-to-earnings (PE) ratios of 26, 20, and 16 for 2025-2027 respectively [5][10].

Core Insights - Xinrui Co., Ltd. (688257.SH) released its Q3 2025 financial report on October 28, 2025, indicating a total of 10.09 million shares held by three institutional investors, accounting for 4.00% of the total share capital [1] - The institutional holding ratio decreased by 6.99 percentage points compared to the previous quarter [1] Institutional Investors - Three institutional investors disclosed their holdings in Xinrui Co., Ltd., including Suzhou Industrial Park Xinhong Zhongfu Enterprise Management Center (Limited Partnership), Agricultural Bank of China - Huaxia Stable Growth Mixed Securities Investment Fund, and Shanghai Hongshang Asset Management Center (Limited Partnership) - Hongshang Asset Hongli No. 2 Private Securities Investment Fund [1] - The total institutional holding ratio is now at 4.00% [1] Public Funds - One public fund, Huaxia Stable Growth Mixed Fund, reduced its holdings by 0.15% compared to the previous quarter [1] - A total of 99 public funds did not disclose their holdings this quarter, including notable funds such as Nuon An Pioneer Mixed A, Guoshou Anbao Smart Life Stock A, and others [1]

Core Points - The company has adjusted the grant price of the 2023 restricted stock incentive plan from 7.82 yuan/share to 7.78 yuan/share due to the implementation of the 2025 semi-annual profit distribution on October 13, 2025 [9][17][20] - The adjustment of the grant price complies with the relevant regulations of the "Management Measures for Equity Incentives of Listed Companies" and the company's incentive plan [22][38][55] Financial Data - The financial report for the third quarter of 2025 has been prepared and reviewed in accordance with relevant laws and regulations, reflecting the company's financial status and operating results accurately [60][61] - The company has confirmed that the quarterly report does not contain any false records, misleading statements, or major omissions [2][60] Shareholder Information - The company has conducted necessary procedures for the adjustment of the incentive plan, including board meetings and independent director opinions [10][12][27] - The adjustments made to the incentive plans do not require further approval from the shareholders' meeting as they are authorized by the previous shareholder resolutions [21][37][54] Legal Opinions - The legal opinion confirms that the company has obtained the necessary approvals for the adjustments and that they comply with legal regulations [25][40][57]

Core Viewpoint - The company has adjusted the grant price for its 2024 restricted stock incentive plan from 7.82 yuan per share to 7.78 yuan per share following the completion of its 2025 semi-annual equity distribution [1] Summary by Relevant Sections - **Company Announcement** - On October 27, 2025, the company held its 18th meeting of the fifth board of directors, where it approved the adjustment of the grant price for the 2024 restricted stock incentive plan [1] - **Adjustment Details** - The adjustment of the grant price was made in accordance with the provisions of the draft and summary of the 2024 restricted stock incentive plan, reflecting the completion of the company's equity distribution on October 13, 2025 [1]

Core Insights - The company reported a significant increase in revenue and net profit for the third quarter of 2025, indicating strong financial performance [1] Financial Performance - The company achieved a revenue of 648,104,035.90 yuan in Q3 2025, representing a year-on-year growth of 38.02% [1] - The net profit attributable to shareholders reached 64,557,504.66 yuan, showing a year-on-year increase of 75.40% [1]

Core Points - The company announced an adjustment to the exercise price of its stock appreciation rights plan for 2023, changing it from 7.82 CNY per share to 7.78 CNY per share [2] Summary by Category - **Company Announcement** - The company held its fifth board meeting on October 27, 2025, where it approved the adjustment of the exercise price for the 2023 stock appreciation rights plan [2] - The adjustment was made following the completion of the company's equity distribution on October 13, 2025 [2]