Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 25.2 CNY, compared to the current price of 18.48 CNY [1]. Core Views - The company's Q3 performance met expectations, with a revenue of 316 million CNY, a year-on-year increase of 16.08%, while net profit decreased by 41.85% [1]. - The growth in hard alloy products and slight increase in CNC tool revenue are notable, with hard alloy products achieving a revenue of 388 million CNY, up 17.92% year-on-year [1]. - The recovery in manufacturing is anticipated to boost demand for tools, with domestic products expected to gain market share due to competitive pricing and product upgrades [1]. - The company is expanding its end-user layout and broadening application scenarios for comprehensive solutions, targeting sectors like automotive, aerospace, and wind energy [1]. - The overseas market shows significant potential, with exports growing by 44.2% year-on-year, driven by the competitive pricing of domestic tools [1]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 895 million CNY, an 11.22% increase year-on-year, and a net profit of 90 million CNY, a decrease of 43.70% [1]. - Revenue projections for 2024-2026 are adjusted to 1.195 billion CNY, 1.513 billion CNY, and 1.853 billion CNY respectively, with net profits expected to be 121 million CNY, 200 million CNY, and 275 million CNY [2][6]. - The earnings per share (EPS) are forecasted to be 0.76 CNY, 1.26 CNY, and 1.73 CNY for 2024, 2025, and 2026 respectively [2][6].

[Table_StockInfo] 2024 年 10 月 30 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：19.16 元 欧 科 亿（688308）机械设备 目标价：24.40 元（6 个月） 收入端稳健增长，产能利用率不足影响净利润 [Table_Summary] 事件：公司公布 2024三季报，2024Q1-Q3公司实现营业收入 8.95亿元，同比 增长 11.22%；实现归母净利润 0.90亿元，同比下降 43.70%。2024Q3公司实 现营业收入 3.16 亿元，同比增长 16.08%，环比增长 0.08%；实现归母净利润 0.30 亿元，同比下降 41.85%，环比下降 1.67%。 国内需求承压，公司产能利用率不足，利润端承压。数控刀具属于顺周期产品， 2024 年以来下游需求承压，2024Q3 公司数控刀具营收端仍然实现正增长，体 现较强的韧性，利润端受产能利用率不足影响，有明显下滑。公司数控刀片的 产能已由上市前的 7000 万片扩产到 13000 万片，并且高端产能占比提升，未 来随着需求回暖，公司产能利用率有望提升。硬质合金制品方面，随着棒材等 新建产能投产，硬 ...

证券代码：688308 证券简称：欧科亿 一、投资者交流基本情况 株洲欧科亿数控精密刀具股份有限公司 投资者关系活动纪要 株洲欧科亿数控精密刀具股份有限公司（以下简称"公司"），2024 年 10 月 30 日与投资者沟通交流如下： | --- | --- | --- | --- | --- | |-------|-----------------|---------------------|--------------------------------|-------------------| | 项目 | 时间 | 投资者关系 活动类别 | 参与单位名称及人员姓名 | 公司接待 人员 | | 1 | 10 月 30 日 | 电话会议 | 华创证券、广发证券、西南证券、 | 董事长袁 美和、董 | | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告·公司点评报告·通用设备 欧科亿（688308） 2024 年三季报点评：业绩短期承压，静待制 造业复苏&新品放量 2024 年 10 月 31 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1055 | 1026 | 1205 | 1469 | 1822 | | 同比（ % ） | 6.56 | (2.73) | 17.39 | 21.93 | 24.04 | | 归母净利润（百万元） | 242.08 | 166.00 | 121.94 | 181.46 | 247.58 | | 同比（ % ） | 8.94 | (31.43) | (26.55) | 48.81 | 36.44 | | EPS- 最新摊薄（元 / 股） | 1.52 ...

来源：公司年报、国金证券研究所 欧科亿 (688308.SH) 买入(维持评级) 证券研究报告 事件 公司 2024 年 10 月 30 日发布 24 年三季报，1Q-3Q24 实现营业收入 8.95 亿元，同比增长 11.22%；实现归母净利润 0.90 亿元，同比 减少43.70%。其中3Q24实现营业收入3.16亿元,同比增长16.08%， 环比增长 0.08%；实现归母净利润 0.30 亿元,同比减少 41.85%， 环比减少 1.67%。 点评 三季度行业淡季叠加制造业低景气度公司业绩承压。根据国家统 计局数据，24 年 1-9 月全国规上工业企业利润同比下降 3.5%，其 中 9 月同比下降 27.1%，制造业景气度较低，而三季度为刀具行业 通常淡季。我们认为利润出现较大降幅主要由于部分产能未完全 饱和引起单位成本上升。 3Q24 盈利能力也处于低点。公司 3Q24 实现毛利率 25.26%，同比 下降 7.07pcts，环比下降 1.77pcts；实现净利率 9.31%，同比下 降 9.5pcts，环比下降 0.28pcts，盈利能力的下降除受行业景气 度影响外，也受到公司产能扩张、加大研发费用 ...

株洲欧科亿数控精密刀具股份有限公司（以下简称"公司"）第三届监事会 第七次会议于 2024 年 10 月 29 日在公司会议室以现场和通讯表决方式召开，会 议通知已于 2024 年 10 月 25 日以电话或传真的方式发出。会议应出席监事 3 人， 实际出席监事 3 人，会议由监事会主席张奕先生主持。本次会议的召集和召开符 合《中华人民共和国公司法》等法律、法规、规范性文件和《公司章程》的有关 规定。 二、监事会会议审议情况 经全体监事表决，形成决议如下： 证券代码：688308 证券简称：欧科亿 公告编号：2024-038 株洲欧科亿数控精密刀具股份有限公司 第三届监事会第七次会议决议公告 本公司监事会及全体监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、 监事会会议召开情况 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 具体内容详见公司于同日刊登在上海证券交易所网站（www.sse.com.cn）的 《关于 2022 年度向特定对象发行股票募投项目结项并将节余募集资金永久补充 流动资金的公告》。 特此公告 （一）审议通过《2 ...

株洲欧科亿数控精密刀具股份有限公司（以下简称"公司"或"欧科亿"） 于 2024 年 10 月 29 日召开第三届董事会第九次会议、第三届监事会第七次会议， 审议通过了《关于 2022 年度向特定对象发行股票募投项目结项并将节余募集资 金永久补充流动资金的议案》，同意公司将 2022 年度向特定对象发行股票募投 项目"株洲欧科亿切削工具有限公司数控刀具产业园项目""补充流动资金项目" 结项并将节余募集资金用于永久补充公司流动资金。公司保荐机构民生证券股份 有限公司对本事项出具了明确的核查意见。该事项无需提交公司股东大会审议。 现将相关情况公告如下： 一、募集资金基本情况 证券代码：688308 证券简称：欧科亿 公告编号：2024-039 株洲欧科亿数控精密刀具股份有限公司 关于 2022 年度向特定对象发行股票募投项目结项并 将节余募集资金永久补充流动资金的公告 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。 截至 2024 年 10 月 25 日，本次拟结项的募投项目的募集资金使用与节余情 况如下： 单位：人民币元 （ ...

关于 株洲欧科亿数控精密刀具股份有限公司 2022 年度向特定对象发行股票募投项目结项并将剩余募集资金 永久补充流动资金的核查意见 民生证券股份有限公司（以下简称"保荐机构"或"民生证券"）作为株洲欧科 亿数控精密刀具股份有限公司（以下简称"欧科亿"或"公司"）2022 年度向特定对 象发行股票的保荐机构，根据《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求（2022 年修订）》《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，对欧科亿 2022 年度向特定对象发行股票募投项目结项并将剩余募集资 金永久补充流动资金进行了核查，并发表核查意见如下： 一、募集资金的基本情况 民生证券股份有限公司 公司本次实际募集资金扣除发行费用后的净额计划投入以下项目： | 单位：元 | | --- | | 序 | 项目名称 | 项目投资总额 | 募集资金投资 | | --- | --- | --- | --- | | 号 | | | 额 | | 1 | 株洲欧科亿切削工具有限公司数控刀具产业园项 目 | 748,900,000.00 | ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥315,659,701.88, representing a year-on-year increase of 16.08%[2] - The net profit attributable to shareholders for Q3 2024 was ¥29,738,477.67, a decrease of 41.85% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥21,423,566.84, down 53.22% year-on-year[2] - The basic earnings per share for Q3 2024 was ¥0.19, a decrease of 40.63% compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 reached ¥894,969,111.33, an increase of 11.2% compared to ¥804,660,891.43 in the same period of 2023[15] - Net profit for the first three quarters of 2024 was ¥89,471,390.93, a decrease of 43.8% from ¥159,572,839.61 in the same period of 2023[16] - The company reported a gross profit of ¥90,160,109.51 for the first three quarters of 2024, down from ¥162,602,313.94 in the same period of 2023[16] Research and Development - The total R&D investment for Q3 2024 was ¥16,849,135.90, an increase of 18.89% compared to the same period last year[2] - The R&D investment accounted for 6.32% of operating revenue, an increase of 5.34 percentage points compared to the end of the previous year[3] - Research and development expenses increased to ¥56,582,575.28, representing a rise of 46.3% compared to ¥38,663,147.45 in the previous year[15] Assets and Liabilities - The total assets as of the end of Q3 2024 were ¥3,947,244,559.28, reflecting a 1.73% increase from the previous year[3] - The total liabilities as of the end of the third quarter of 2024 amounted to ¥1,361,295,219.49, compared to ¥1,316,844,175.40 at the end of the previous year[15] - The equity attributable to shareholders was ¥2,581,510,589.20, a slight increase of 0.71% year-on-year[3] - The total equity attributable to shareholders of the parent company was ¥2,581,510,589.20, an increase from ¥2,563,390,681.43 in the previous year[15] Cash Flow - The cash flow from operating activities for the year-to-date was -¥86,207,530.90, a decline of 42.05% year-on-year[2] - Operating cash inflow for the first three quarters of 2024 reached CNY 612,233,182.68, an increase of 27.2% compared to CNY 481,334,559.81 in the same period of 2023[18] - Net cash outflow from operating activities was CNY -86,207,530.90, worsening from CNY -60,687,985.16 year-over-year[20] - Cash inflow from investment activities totaled CNY 523,233,211.66, up from CNY 379,153,863.94 in the previous year, marking a 38.0% increase[20] - Cash inflow from financing activities amounted to CNY 734,800,000.00, compared to CNY 614,697,376.00 in the previous year, reflecting a 19.5% increase[20] - The ending balance of cash and cash equivalents was CNY 290,042,516.89, compared to CNY 217,820,489.29 at the end of the previous year, indicating a 33.2% increase[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 6,030[8] - The largest shareholder, Yuan Meihe, holds 25,284,000 shares, accounting for 15.92% of the total shares[8] - The company has not indicated any significant changes in shareholder relationships or actions during the reporting period[9] Inventory and Current Assets - Current assets total RMB 2,153,193,843.68, down from RMB 2,301,720,515.76 in the previous year[11] - Inventory has increased to RMB 617,932,242.29 from RMB 494,225,049.08 year-over-year[11] - The company's fixed assets are valued at RMB 1,314,366,735.84, up from RMB 1,122,244,520.48[12] - Short-term borrowings stand at RMB 681,326,761.11, slightly up from RMB 665,033,454.11[12] - Accounts payable have increased to RMB 238,148,200.13 from RMB 212,067,022.30[12] - The company reported a decrease in cash and cash equivalents to RMB 329,329,888.47 from RMB 574,751,675.64[11] Financial Expenses - The financial expenses for the first three quarters of 2024 were ¥12,369,878.51, compared to a financial income of ¥1,144,268.79 in the previous year[15] - Cash paid to employees rose to CNY 123,319,112.11, compared to CNY 94,778,874.61, marking a 30.2% increase year-over-year[18] - Cash received from tax refunds increased significantly to CNY 73,370,834.10 from CNY 9,951,367.22, a rise of 638.5%[18]

以上变更自本公告发布之日起正式启用，敬请广大投资者知悉。 特此公告 证券代码：688308 证券简称：欧科亿 公告编号：2024-037 株洲欧科亿数控精密刀具股份有限公司 关于变更办公地址及投资者联系电话的公告 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。 株洲欧科亿数控精密刀具股份有限公司（以下简称"公司"）因经营发展需 要，于近日迁入新的办公地址，公司办公地址变更为：湖南省株洲市天元区马家 河街道金龙社区马家河路 588 号，投资者联系电话变更为：0731-22673899,邮政 编码变更为：412007。除上述变更外，公司电子邮箱等其他联系方式均未发生变 化。本次变更后，公司办公地址及联系方式如下： | | 变更前 | 变更后 | | --- | --- | --- | | 办公地址 | 湖南省株洲市芦淞区董家 塅高科园创业四路 8 号 | 湖南省株洲市天元区马家河街道金 龙社区马家河路 588 号 | | 联系电话 | 0731-22673968 | 0731-22673899 | | 邮政编码 | 41200 ...