PCB概念股盘初拉升，广合科技、新锐股份盘中创新高，贤丰控股涨停，强达电路、芯碁微装、同宇新 材、沃特股份、沪电股份跟涨。 ...

上海市锦天城(苏州)律师事务所 上海市锦天城（苏州）律师事务所 关于 苏州新锐合金工具股份有限公司 2026 年第二次临时股东会的 法律意见书 上海 律师事务所 地址:江苏省苏州工业园区苏州快道东 456 号新光天地 11F、15F 电话: （0512）69365188 传真: （0512）69365288 邮编：215028 二〇二六年二月 法律意见书 上海市锦天城(苏州)律师事务所 本所律师根据对有关事实的了解及对法律的理解,按照律师行业公认的业务 标准、道德规范和勤勉尽责精神,出具法律意见如下: 一、本次股东会的召集与召开程序 本次提交股东会审议的议案已经公司 2026年 1 月 30 目召开的第五届董事会 法律意见书 上海市锦天城(苏州)律师事务所 关于苏州新锐合金工具股份有限公司 2026 年第二次临时股东会的 法律意见书 致苏州新锐合金工具股份有限公司: 上海市锦天城(苏州)律师事务所(以下简称"本所")接受苏州新锐合金工 具股份有限公司(以下简称"公司"或"新锐股份")的委托,指派岳炜律师、阎楠 律师出席了公司于 2026年 2 月 24 日召开的 2026 年第二次临时股东会〈以下简 称"本次 ...

证券代码：688257 证券简称：新锐股份 公告编号：2026-018 苏州新锐合金工具股份有限公司 2026年第二次临时股东会决议公告 | 1、出席会议的股东和代理人人数 | 53 | | --- | --- | | 普通股股东人数 | 53 | | 2、出席会议的股东所持有的表决权数量 | 78,941,907 | | 普通股股东所持有表决权数量 | 78,941,907 | | 3、出席会议的股东所持有表决权数量占公司表决权数量 | 31.3514 | | 的比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 | 31.3514 | | （%） | | 截至本次股东会股权登记日的总股本为 252,408,504 股，其中，公司回购专用账户中股 份数为 612,219 股，不享有股东会表决权，在计算出席会议的股东所持有表决权数量占公司 表决权数量的比例时已剔除。 （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况 等。 本次股东会由董事会召集，由董事长吴何洪先生主持，会议采用现场及网络 相结合的投票表决方式，本次股东会的召集和召开程序、出席会议人员的资格和 召集人资格 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Views - The company plans to acquire 70% of Huilian Electronics for no more than 700 million yuan, and 70% of WINWIN HITECH (THAILAND) CO., LTD. for no more than 28 million yuan, marking its entry into the PCB drill needle sector [2]. - The acquisition is seen as a strategic move to enhance the company's product line in PCB specialized tools and to capitalize on high-growth areas driven by AI and advanced communication technologies [4][8]. - The report projects significant revenue growth, with total revenue expected to reach 2.612 billion yuan in 2025, 3.798 billion yuan in 2026, and 5.216 billion yuan in 2027, reflecting year-on-year growth rates of 40.3%, 45.4%, and 37.3% respectively [4][9]. - Net profit is forecasted to grow to 235 million yuan in 2025, 386 million yuan in 2026, and 515 million yuan in 2027, with corresponding growth rates of 30.3%, 63.8%, and 33.6% [4][9]. - The target price for the stock is set at 73.44 yuan, based on a projected PE ratio of 48 times for 2026 [4][8]. Financial Projections - Total revenue projections for 2024, 2025, 2026, and 2027 are 1.862 billion yuan, 2.612 billion yuan, 3.798 billion yuan, and 5.216 billion yuan respectively, with year-on-year growth rates of 20.2%, 40.3%, 45.4%, and 37.3% [4][9]. - The expected net profit for the same years is 180 million yuan, 235 million yuan, 386 million yuan, and 515 million yuan, with growth rates of 10.9%, 30.3%, 63.8%, and 33.6% [4][9]. - Earnings per share (EPS) are projected to be 0.72 yuan, 0.93 yuan, 1.53 yuan, and 2.04 yuan for the years 2024, 2025, 2026, and 2027 respectively [4][9].

中国经济网北京2月24日讯 新锐股份(688257.SH)日前披露关于筹划股权收购事项暨签署《框架性协 议》的公告。 新锐股份于2026年2月11日与新乡市慧联电子科技股份有限公司（以下简称"慧联电子"）及慧联电 子主要股东深圳九日旭投资管理有限公司、徐梅花、李凌祥（以下简称"主要股东"）签署《框架性协 议》，公司拟使用不超过人民币7亿元向标的公司主要股东收购其持有的标的公司70%股权，取得其控 制权，资金来源为自有资金及并购贷款，同时，为解决与标的公司的同业竞争问题及发展海外市场，公 司拟使用不超过人民币2,800万元收购徐梅花配偶张喆所持有的WINWIN HITECH(THAILAND)CO.,LTD.70%股权，取得其控制权，资金来源为自有资金，与前述交易构成一揽 子交易。 慧联电子是一家从事PCB刀具、切削工具、精密零件业务的公司，公司拟收购慧联电子名下PCB刀 具及直接服务PCB刀具业务的棒材、涂层、装备等业务及相关资产，标的公司主要股东将配合标的公司 完成非PCB刀具业务资产的剥离。2024年、2025年，慧联电子的营业收入分别为32,364.51万元、 33,358.61万元，净利润分别为2,5 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company plans to acquire a 70% stake in Huilian Electronics for no more than 700 million RMB, enhancing its position in the hard alloy sector and entering the PCB tool market [2] - Huilian Electronics is recognized as the fourth largest PCB tool manufacturer in China, with a strong competitive edge in the market [2] - The rise in tungsten prices has led to significant price increases for the company's products, enhancing profit margins due to locked-in low-cost inventory [3] - The company has adjusted its net profit forecasts for 2025-2027, reflecting strong earnings potential driven by product price increases and the acquisition of Huilian Electronics [3] Financial Summary - Projected total revenue (in million RMB): - 2023A: 1,549 - 2024A: 1,862 - 2025E: 2,287 - 2026E: 4,570 - 2027E: 5,266 - Year-on-year revenue growth rates: - 2023A: 30.89% - 2024A: 20.17% - 2025E: 22.83% - 2026E: 99.84% - 2027E: 15.24% [1][10] - Projected net profit (in million RMB): - 2023A: 162.99 - 2024A: 180.73 - 2025E: 213.25 - 2026E: 407.94 - 2027E: 501.45 - Year-on-year net profit growth rates: - 2023A: 10.94% - 2024A: 10.89% - 2025E: 17.99% - 2026E: 91.30% - 2027E: 22.92% [1][10] - Projected EPS (in RMB): - 2023A: 0.65 - 2024A: 0.72 - 2025E: 0.84 - 2026E: 1.62 - 2027E: 1.99 [1][10] - Current P/E ratios: - 2024A: 76.59 - 2025E: 64.91 - 2026E: 33.93 - 2027E: 27.60 [1][10]

Summary of Conference Call Records Company and Industry Involved - **Company**: 新锐股份 (Xinrui Co., Ltd.) - **Acquisition Target**: 慧联电子 (Huilian Electronics) - **Industry**: PCB (Printed Circuit Board) Tooling Industry Key Points and Arguments - 新锐股份 plans to acquire 70% of 慧联电子 for no more than 700 million yuan, using self-owned funds and acquisition loans [1] - 慧联电子 is recognized as a national-level "little giant" in the specialized and innovative sector of PCB tooling, ranking as the fifth largest PCB tooling company according to the 2024 CPCA announcement [1] - The acquisition will include 慧联's integrated solutions for PCB rods, coatings, drilling needles, and equipment [1] - 慧联 produces 200 million PCB tools annually and has self-manufacturing capabilities for rods, with leading technology in milling tools and the highest global production and sales [2] - The product range includes ultra-fine micro drills and milling cutters, with proprietary control over upstream technologies such as PCB tool rods, PVD, TAC, and diamond coatings [2] - The 0.15mm milling cutter is at an internationally leading level, and PVD-coated milling cutters have a lifespan exceeding competitors by over 25% [2] - In the past 25 years, 慧联 has generated revenue of 330 million yuan and a net profit of 40 million yuan [2] - The demand for PCB drilling needles is stringent, with global supply qualifications being rare and difficult to obtain [2] - 慧联 has successfully supplied major PCB manufacturers such as 勝宏科技 (Shenghong Technology), 深南电路 (Shennan Circuit), and others [2] - The AI industry boom is expected to significantly impact the drilling needle market, with projections indicating that the AI server-specific drilling needle market could exceed 15 billion yuan by 2027 [2] - The price of high-length-to-diameter ratio and high-wear-resistant drilling needles is anticipated to increase by 15-20 times [2] - The collaboration between 新锐 and 慧联 is expected to create synergies, leading to a combined value greater than the sum of their parts [2] - 新锐 aims to become the largest and most comprehensive tool manufacturer in China [2] Other Important but Possibly Overlooked Content - 新锐 has already established a presence in various tool categories, including rock drilling tools, CNC blades, integral tools, and gear tools, which will complement the acquisition of 慧联 [3] - The acquisition is expected to rapidly fill the gap in the specialized PCB tooling segment for 新锐, leveraging its strong technical foundation and industry position to empower 慧联 [3]

Core Viewpoint - The company Newray Co., Ltd. (688257.SH) is acquiring a 70% stake in Huilian Electronics for up to 700 million yuan to strengthen its position in the PCB tool sector and enhance its integrated advantages in the hard alloy industry chain [1][2][3] Group 1: Acquisition Details - Newray has signed a framework agreement to acquire Huilian Electronics and its associated Thai company, with the total transaction amount not exceeding 700 million yuan and 28 million yuan respectively [2] - Huilian Electronics is recognized as a national-level specialized and innovative "little giant" in the PCB tool segment, with a projected net profit of 39.41 million yuan in 2025, reflecting a year-on-year growth of 53.89% [1][2] - The acquisition aims to fill the gap in Newray's PCB tool offerings and accelerate the domestic substitution of PCB tools [2][3] Group 2: Financial Performance - Newray has demonstrated consistent growth in revenue and net profit for nine consecutive years since 2017, with revenue increasing from 5.35 billion yuan in 2017 to 18.62 billion yuan in 2024 [4][5] - The company reported a revenue of 17.89 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 32.11%, and a net profit of 1.65 billion yuan, up 22.68% [5] - The company’s domestic revenue growth has outpaced international revenue, with domestic revenue accounting for 57.13% of total revenue in the first half of 2025 [6] Group 3: Market Context - The global PCB tool market is entering a high-growth cycle, with an expected market size exceeding 2.4 billion USD in 2024, and China accounting for over 60% of this market [3] - The demand for high-end PCB tools is anticipated to rise due to the iteration of M9 materials and the explosion of AI server demand, with the AI server-specific drill market expected to exceed 15 billion yuan by 2027 [3] - Newray's acquisition is positioned to enhance its competitiveness in the domestic PCB tool market and create new profit growth points [3]

Core Viewpoint - The engineering machinery sector is experiencing significant growth driven by strong domestic and export demand, with sales data for excavators in January 2026 showing a 49.5% year-on-year increase, indicating a clear improvement in the industry's fundamentals [2][3]. Group 1: Market Performance - As of February 12, the Shanghai Composite Index rose by 0.02%, the Shenzhen Component Index increased by 0.32%, and the ChiNext Index gained 0.48%, with sectors like power equipment and small metals leading the gains [2]. - The Engineering Machinery ETF (E Fund, 159138) saw a rise of 1.27%, with constituent stocks such as Linde Co. (605060.SH) and China National Heavy Duty Truck Group (000951.SZ) increasing by over 5% [2]. Group 2: Industry Demand and Growth Drivers - The demand for engineering machinery is supported by factors such as increased construction activity, a rebound in iron ore and non-ferrous metal mining, and rising forestry investments, alongside a low base from the previous year [3]. - The domestic market is expected to see a mild recovery, bolstered by ongoing equipment renewal policies and the implementation of new industrialization and infrastructure initiatives [3]. Group 3: Global Market Dynamics - The global supply chain for mineral resources is being reshaped by increasing geopolitical tensions, leading to a heightened demand for mining companies to enhance their capital expenditures [3]. - Chinese manufacturers are expected to gain a larger share of the global market due to their cost-effectiveness and customized service capabilities, particularly in the context of the Belt and Road Initiative [3]. Group 4: Future Outlook - The domestic engineering machinery market is projected to continue its mild recovery into 2026, with core product sales expected to remain positive [4]. - The overseas sales growth of engineering machinery is anticipated to remain robust, particularly in Africa and countries along the Belt and Road, although competition and trade barriers may intensify [4].

Group 1 - The core viewpoint of the news is that Xinyue Co., Ltd. has seen a significant increase in its stock price, rising 5.4% to 55.39 yuan per share, with a total market value of 13.981 billion yuan and a cumulative increase of 8.87% over three days [1] - Xinyue Co., Ltd. specializes in the research, production, and sales of hard alloy and tools, with its main business revenue composition being: rock drilling tools and supporting services 46.46%, hard alloy 26.79%, cutting tools 14.12%, oil service products 7.46%, and others 3.44% [1] Group 2 - Guolian An Fund has a significant holding in Xinyue Co., Ltd., with its Guolian An Stable Mixed A Fund holding 179,900 shares, accounting for 3.32% of the fund's net value, making it the seventh largest holding [2] - The Guolian An Stable Mixed A Fund has generated a floating profit of approximately 510,800 yuan today and a total of 769,800 yuan during the three-day increase [2] - The fund has a total scale of 186 million yuan, with a year-to-date return of 7.13% and a one-year return of 35.93%, ranking 2936 out of 8882 and 2955 out of 8127 respectively [2]