公司研究 证 券 研 究 报 告 欧科亿（688308）2024 年报及 2025 年一季报点评 强推（维持） 收入有所增长，利润短期承压 目标价：21.30 元 事项： 公司发布 2024 年报以及 2025 年一季报：2024 年公司实现营业收入 11.27 亿 元，同比+9.81%；归母净利润 0.57 亿元，同比-65.48%，扣非净利润 0.26 亿 元，同比-79.71%。2025 年一季报实现营收 3.02 亿元，同比+14.32%，归母净 利润 0.08 亿元，同比-74.33%；扣非归母净利润 0.01 亿元，同比-90.54%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,127 | 1,339 | 1,591 | 1,892 | | 同比增速(%) | 9.8% | 18.8% | 18.8% | 18.9% | | 归母净利润(百万) | 57 | 112 | 162 | 198 | | 同比增速 ...

株洲欧科亿数控精密刀具股份有限公司2025 年第一季度报告 证券代码：688308 证券简称：欧科亿 株洲欧科亿数控精密刀具股份有限公司 2025 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 1 / 12 株洲欧科亿数控精密刀具股份有限公司2025 年第一季度报告 一、主要财务数据 (一)主要会计数据和财务指标 | | | 单位：元 | 币种：人民币 | | --- | --- | --- | --- | | | | | 本报告期比上 | | 项目 | 本报告期 | 上年同期 | 年同期增减变 | | | | | 动幅度(%) | | 营业收入 | 301,672,910.35 | 263,887 ...

证券代码：688308 证券简称：欧科亿 公告编号：2025-021 株洲欧科亿数控精密刀具股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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： 投资者可于 2025 年 04 月 30 日（星期三）至 05 月 09 日（星期五）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 oke_info@ oke-carbide.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。 株洲欧科亿数控精密刀具股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日发布公司 2024 年年度报告，于 2025 年 4 月 29 日披露 2025 年第一季度 报告，为便于广大投资者更全面深入地了解公司 2024 年度以及 2025 年第一季度 经营成果、财务状况，公司计划于 2025 年 05 月 12 日（星期一）14:00-15:00 举行 2024 年度暨 2025 第一季度业绩说明会，就 ...

证券研究报告·公司点评报告·通用设备 ◼ 营收稳步增长，费用率&减值提升拖累归母净利润 2024 年公司实现营收 11.27 亿元，同比+9.81%；归母净利润 0.57 亿元，同比- 65.48%；扣非归母净利润 0.26 亿元，同比-79.71%。其中 24Q4 单季度实现营 收 2.32 亿元，同比+4.70%；归母净利润-0.33 亿元，同比转亏。分产品看：数 控刀具产品实现营收 5.98 亿元，同比+3.35%；硬质合金制品实现营收 5.01 亿 元，同比+12.50%；其他产品实现营收 0.14 亿元，2024 年公司主业数控刀具 与硬质合金制品营收均实现正增长。分海内外看：国内营收 9.04 亿元，同比 +2.28%；国外营收 2.09 亿元，同比+49.22%，公司海外渠道布局持续兑现， 2024 年海外收入实现可观增长。 ◼ 毛利率有所下滑，期间费用率有所提升 2024 年公司销售毛利率为 22.66%，同比-6.66pct，其中 Q4 销售毛利率为 10.43%，同比-7.20pct。毛利率同比下降我们判断系：①2024 年数控刀具原材 料碳化钨与钴粉价格有所上涨；②数控刀具下游需求偏弱， ...

证券研究报告·公司点评报告·通用设备 欧科亿（688308） 2024 年报点评：营收稳健增长，费用提升& 资产减值拖累利润水平 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,026 | 1,127 | 1,352 | 1,559 | 1,829 | | 同比（%） | (2.73) | 9.81 | 19.97 | 15.32 | 17.28 | | 归母净利润（百万元） | 166.00 | 57.30 | 104.82 | 148.34 | 188.06 | | 同比（%） | (31.43) | (65.48) | 82.93 | 41.52 | 26.78 | | EPS-最新摊薄（元/股） | 1.05 | 0.36 | 0.66 | 0.93 | 1.18 | | P/E（现价&最新摊薄） | 16.31 | 47.24 | 25.83 | 18.25 | 14.40 | [Table_Tag ...

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a recovery in the tool industry due to national economic stimulus policies [5]. Core Insights - The company reported a revenue of 1.127 billion RMB for 2024, representing a year-on-year growth of 9.81%, while the net profit attributable to shareholders decreased by 65.48% to 57 million RMB [2]. - The hard alloy products segment showed resilience despite rising raw material costs, achieving a revenue of 501 million RMB, up 12.5% year-on-year, with a stable gross margin of 15.42% [3]. - The CNC tool business faced challenges with a revenue of 598 million RMB, a growth of 3.35%, but a significant decline in gross margin to 29.85%, down 10.57 percentage points year-on-year, attributed to increased raw material costs and a higher proportion of outsourced products [4]. - The tool industry is viewed as a priority sector for cyclical recovery, expected to benefit from improved profitability and performance growth alongside valuation recovery [4]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 1.127 billion RMB, with a growth rate of 9.81%. The net profit was 57 million RMB, reflecting a decline of 65.48% [10]. - The projected net profits for 2025 to 2027 are 95 million RMB, 157 million RMB, and 219 million RMB, respectively, with corresponding P/E ratios of 28X, 17X, and 12X [5]. Business Segments - Hard alloy products generated 501 million RMB in revenue for 2024, with a gross margin of 15.42%, indicating a slight improvement despite raw material price increases [3]. - CNC tools generated 598 million RMB in revenue, but the gross margin fell to 29.85%, primarily due to rising material costs and increased reliance on lower-margin outsourced products [4]. Market Outlook - The report suggests that the tool industry will be a key area for cyclical recovery, benefiting from government fiscal policies aimed at stimulating the economy [4].

Group 1 - The company has announced the remuneration plan for directors, supervisors, and senior management for the year 2025, effective from January 1 to December 31, 2025 [1][5] - Independent directors will receive an annual allowance of RMB 60,000, paid quarterly [1][6] - Non-independent directors will receive remuneration based on their positions and performance evaluations, with no additional director allowance [2][3] Group 2 - The company has proposed to reappoint the accounting firm, Zhihong Certified Public Accountants, for the 2025 annual audit, with the decision pending approval at the 2024 annual shareholders' meeting [9][18] - Zhihong CPA has a workforce of nearly 6,000, including 1,359 registered accountants, and reported a revenue of RMB 2.703 billion in 2023, with RMB 2.205 billion from audit services [9][10] - The audit committee has reviewed and approved the reappointment, citing the firm's professional competence and commitment to independent auditing [16][18] Group 3 - The company has decided to cancel the unvested restricted stock from the 2022 incentive plan due to unmet performance conditions for the third vesting period, which required a 60% growth in net profit from 2021 to 2024 [26][28] - The cancellation of the restricted stock will not materially affect the company's financial status or management stability [27][28] - The decision aligns with the regulations of the stock incentive management measures and does not harm the interests of the company or its shareholders [28][29] Group 4 - The company has approved the provision for asset impairment for the year 2024, amounting to a total of RMB 17.903 million, which includes RMB 4.031 million for credit impairment losses [31][33] - The impairment provision reflects a comprehensive assessment of the company's assets to ensure accurate financial reporting [31][34] - The impairment will impact the consolidated profit before tax by RMB 21.934 million [33] Group 5 - The company has announced a change in accounting policies in accordance with the Ministry of Finance's new interpretations, effective from January 1, 2024, which will not affect previously disclosed financial statements [37][38] - The changes include adjustments related to the classification of current and non-current liabilities and the accounting treatment of certain transactions [38][40] - The company confirms that the changes comply with relevant laws and regulations and will not harm the interests of the company or its shareholders [42] Group 6 - The company has scheduled its 2024 annual shareholders' meeting for May 22, 2025, with both on-site and online voting options available [44][49] - Shareholders must register to attend the meeting, and specific procedures for voting and attendance have been outlined [56][59] - The meeting will address various proposals that have been previously approved by the board and supervisory committee [50][51]

Group 1 - The core viewpoint of the news is the disclosure of shareholding information for 欧科亿 (688308.SH) as of April 25, 2025, highlighting the involvement of institutional investors and changes in their holdings [1] - A total of 76 institutional investors hold shares in 欧科亿, with a combined holding of 53.99 million shares, representing 34.00% of the total share capital [1] - The top ten institutional investors account for 29.13% of the total shares, with a decrease of 1.24 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four funds reported a decrease in holdings compared to the previous quarter, with a total reduction rate of 0.61% [2] - A total of 64 new public funds were disclosed during this period, including 南方科创板3年定开混合 and 华夏创新未来混合(LOF) [2] - Four public funds were not disclosed in the current period, including 易方达岁丰添利债券(LOF)A and 尚正正鑫混合发起A [2]

株洲欧科亿数控精密刀具股份有限公司 会计师事务所履职情况评估报告 株洲欧科亿数控精密刀具股份有限公司（以下简称"公司"）聘请致同会计 师事务所（特殊普通合伙）（以下简称"致同所"）作为公司 2024 年度财务报 告和内部控制的审计机构。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》，公司对会计师事务 所在 2024 年度的审计工作情况进行了评估，具体情况如下： 2024 年 4 月 7 日，公司第三届董事会审计委员会对致同所的专业资质、业 务能力、诚信状况、独立性、过往审计工作情况及其执业质量等进行了严格核查 和评价，认为其具备为公司提供审计工作的资质和专业能力，能够满足公司审计 工作的要求，审议通过了《关于续聘会计师事务所的议案》，提议续聘致同所为 公司提供 2024 年度审计服务工作，聘任期限为一年。 公司于 2024 年 4 月 8 日召开第三届董事会第五次会议和第三届监事会第四 次会议，于 2024 年 5 月 8 日召开 2023 年年度股东大会，分别审议通过了《关于 续聘会计师事务所的议案》，同意续聘致同所为公司 2024 ...