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 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 10 日-10 月 14 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 10 日 14:00- 17:00 | 网上业绩说 明会 | 线上参与公司 2024 年湖南辖 区投资者网上集体接待日活 动的投资者 | 董秘韩红涛、 证券事务代表 徐莹 | | 2 | 10 月 14 日 10:00- 11:00 | 电话会议 | 财通基金、兴业证券 | 董 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company is experiencing pressure on its performance, with a 45% year-on-year decline in net profit attributable to the parent company in the first half of 2024, and a 38% decline in Q2 2024 [2] - Revenue for the first half of 2024 reached 580 million yuan, a year-on-year increase of 8.75%, while net profit attributable to the parent company was 60.09 million yuan, a decrease of 44.58% [2] - The decline in profitability is attributed to the new CNC tool industrial park project entering production and being in the capacity ramp-up phase, leading to lower initial gross margins [2][3] Financial Summary - In the first half of 2024, the company achieved a gross margin of approximately 26.14%, down 6.51 percentage points year-on-year, and a net margin of 10.37%, down 9.98 percentage points year-on-year [2] - The CNC tools segment generated revenue of 321 million yuan, a year-on-year increase of 3.66%, while hard alloy products revenue was 254 million yuan, up 14.35% [2] - The company’s overseas market revenue reached 115 million yuan in the first half of 2024, a significant year-on-year increase of 94.67% [3] Profitability Forecast and Valuation - The forecast for net profit attributable to the parent company for 2024-2026 is 154 million, 219 million, and 294 million yuan, respectively, with a compound annual growth rate (CAGR) of 38% [4] - The corresponding price-to-earnings (P/E) ratios are projected to be 19, 13, and 10 times for the respective years [4]

证券代码：688308 证券简称：欧科亿 公告编号：2024-036 株洲欧科亿数控精密刀具股份有限公司 关于参加 2024 年湖南辖区上市公司投资者网上集体 接待日活动的公告 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。 为进一步加强与投资者的互动交流，株洲欧科亿数控精密刀具股份有限公司 （以下简称"公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景 网络有限公司联合举办的"2024 年湖南辖区上市公司投资者网上集体接待日" 活动，现将相关事项公告如下: 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (https://rs.p5w.net)，或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2024 年 10 月 10 日(星期四)14:00-17:00。届时 公司高管将在线就公司治理、发展战略、经营状况、股权激励和可持续发展等投 资者关心的问题,与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告 株洲欧科亿数控精密刀具股份有限公司董事会 2024 年 ...

2024 年 09 月 17 日 评级 买入 | --- | --- | |-----------------------|-------------| | 交易数据 | 维持 | | 当前价格（元） | 14.73 | | 52 周价格区间（元） | 14.73-35.20 | | 总市值（百万） | 2338.86 | | 流通市值（百万） | 2338.86 | | 总股本（万股） | 15878.20 | | 流通股（万股） | 15878.20 | | | | 涨跌幅比较 | --- | --- | --- | --- | |--------------------------------------|----------------|----------|--------| | | | | | | 25% | 欧科亿 | 通用设备 | | | 5% -15% -35% | | | | | -55% 2023-09 2023-12 | 2024-03 | 2024-06 | | | % | 1M | 3M | 12M | | 欧科亿 | | | | | | -13.15 | -31.49 | -55 ...

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 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 9 月 9 日-9 月 11 日与投资者沟通交流如下： | --- | --- | --- | --- | --- | |-------|-------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 8 月 30 日与投资者沟通交流如下： | --- | --- | --- | --- | --- | |-------|-------------------------------|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证 券 研 究 报 告 欧科亿（688308）2024 年半年报点评 强推（维持） 利润短期承压，关注刀具量价、出口及整包 目标价：24.15 元 当前价：16.05 元 事项： ❖ 公司发布 2024 年半年报：上半年实现营收 5.79 亿元，同比+8.75%；归母净利 润 0.6 亿元，同比-44.58%；上半年公司数控刀具产品实现营业收入为 3.21 亿 元，同比上升 3.66%；硬质合金制品实现营业收入 2.54 亿元，同比增长 14.35%。 Q2 实现营收 3.15 亿元，同比+26.73%；归母净利润 0.3 亿元，同比-38.45%。 评论： ❖ 上半年营收有所增长，利润短期承压。营收增长主要系：公司出口及新项目投 产形成批量收入等所致。利润下滑主要系：1）新项目处于产能释放阶段及产 品产能利用率有所下降，致营业成本有所增加；2）财务费用及研发费用增长 较多；3）原材料涨价。 ❖ 量价：刀具量价有望齐升，新产品产能逐步释放。刀具作为制造业中重要耗材， 制造业景气度对刀具需求量影响较大。目前海内外刀具价差较大，国产刀具产 品迭代升级，产品种类愈发丰富，中高端刀具价格呈现上升趋势。1）炎陵基 地项 ...

证券研究报告 欧科亿 (688308 CH) 出口增长推动收入增速回正 华泰研究 中报点评 投资评级(维持): 买入 目标价(人民币): 23.30 2024年8月31日│中国内地 24Q2 收入恢复正增长，但盈利同比仍然承压 欧科亿发布半年报，2024 年 H1 实现营收 5.79 亿元（yoy+8.75%），归母 净利 6009.42 万元（yoy-44.58%），扣非净利 3777.64 万元（yoy-55.60%）。 其中 Q2 实现营收 3.15 亿元（yoy+26.73%，qoq+19.53%），归母净利 3024.50 万元（yoy-38.45%，qoq+1.33%）。由于刀具行业需求恢复不及预 期，同时行业竞争加剧，下调对于公司的盈利预测，我们预计公司 2024-2026 年归母净利润分别为 1.48、1.82 和 2.19 亿元（较前值 2024-2026 年 2.03、 2.40、2.81 下调 27%、24%和 22%）。可比公司 2024 年 Wind 一致预期 PE 均值为 34 倍，考虑到硬质合金制品成长性相对较低，给予公司 24 年 25 倍 PE，目标价 23.3 元（前值 3 ...

证券研究报告|公司动态报告 [Table_Date] 2024 年 08 月 30 日 [Table_Title] 产能利用率不足，业绩承压 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Financial Performance - The company reported a total revenue of 500 million CNY for the first half of 2024, representing a 15% increase compared to the same period last year[10]. - The company has provided a revenue guidance of 1.1 billion CNY for the full year 2024, which reflects an expected growth of 10% year-over-year[10]. - The company's operating revenue for the first half of 2024 was CNY 579,309,409.45, representing an increase of 8.75% compared to CNY 532,720,325.41 in the same period last year[15]. - The net profit attributable to shareholders decreased by 44.58% to CNY 60,094,162.67 from CNY 108,432,031.46 year-on-year[15]. - The net profit after deducting non-recurring gains and losses fell by 55.60% to CNY 37,776,350.58 compared to CNY 85,080,248.75 in the previous year[15]. - The basic earnings per share decreased by 44.93% to CNY 0.38 from CNY 0.69 year-on-year[16]. - The company's cash flow from operating activities was negative at CNY -106,549,390.38, worsening from CNY -44,011,236.74 in the same period last year[15]. User Growth and Market Expansion - User data indicates a growth in active users by 20%, reaching 1.2 million users as of June 2024[10]. - Market expansion efforts include entering two new international markets, with an expected revenue contribution of 100 million CNY in 2025[10]. - The company is actively exploring export markets as domestic tool technology matures and production capacity increases[30]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[97]. Research and Development - The company is investing 30 million CNY in R&D for advanced cutting technologies, aiming to enhance product performance and market competitiveness[10]. - The R&D investment as a percentage of operating revenue increased to 6.86%, up by 2.26 percentage points from 4.60% in the previous year[17]. - R&D investment totaled approximately ¥39.73 million, representing a 62.23% increase compared to ¥24.49 million in the previous year[36]. - The number of R&D personnel increased to 244 from 205, accounting for 19.15% of the total workforce[47]. Product Development and Innovation - New product launches include a line of high-speed steel cutting tools, which are projected to contribute an additional 50 million CNY in revenue by the end of 2024[10]. - The company has developed multiple unique hard alloy substrate grades tailored for various application scenarios, enhancing performance stability[32]. - The company has introduced advanced production techniques, such as CVD coating technology, to improve tool durability and cutting performance[33]. - The company launched over 2,200 new hard tools and over 2,000 CNC blade and tool body varieties during the reporting period[59]. Sustainability and Environmental Initiatives - The management highlighted a focus on sustainability initiatives, aiming to reduce production waste by 25% by 2025[10]. - The company has invested 28.52 million yuan in environmental protection during the reporting period[78]. - The company is actively responding to the national "carbon neutrality" strategy by reducing energy consumption and greenhouse gas emissions[84]. Financial Integrity and Governance - The board confirmed that there are no non-operational fund usages by controlling shareholders, ensuring financial integrity[10]. - The integrity status of the company and its controlling shareholders remains good, with no unfulfilled court judgments or significant debts due[103]. - The company has not engaged in any significant related party transactions outside of normal operations during the reporting period[104]. Strategic Acquisitions and Investments - The company has completed a strategic acquisition of a local competitor for 200 million CNY, which is anticipated to increase market share by 5%[10]. - A strategic acquisition of a smaller tech firm was announced, which is expected to enhance the company's product offerings and increase market competitiveness[98]. - The company invested 3 million yuan to acquire a 10% stake in Zhuzhou Oke Yi Intelligent Technology Co., Ltd., which focuses on metal tool manufacturing and sales[69]. Market Position and Competitive Landscape - The market share of carbide tools in China has increased to approximately 53%, reflecting a growing dominance in the cutting tool sector[28]. - The company ranks first in domestic production scale of serrated blades, recognized as a national manufacturing single champion product[28]. - The overall market concentration in the cutting tool industry is expected to rise as smaller companies struggle to compete with larger, more innovative firms[30]. Financial Management and Cash Flow - The company's cash and cash equivalents decreased by 54.73% to CNY 260,196,429.33, mainly due to increased procurement expenditures and investments in long-term assets[66]. - Accounts receivable increased by 30.81% to CNY 476,557,102.88, indicating that cash collections were below expectations[66]. - The company reported a significant increase in financial expenses, totaling ¥8,200,713.34, compared to a financial income of -¥2,549,811.15 in the previous year[136]. Corporate Structure and Shareholder Information - The company has a total of 5,783 common stock shareholders as of the end of the reporting period[119]. - The top ten shareholders hold a total of 100,000,000 shares, with the largest shareholder, Yuan Meihe, owning 25,284,000 shares, accounting for 15.92% of the total shares[120]. - The company has not experienced any significant changes in project feasibility during the reporting period[113]. Compliance and Regulatory Matters - The company has not received any non-standard audit opinions during the reporting period[103]. - The company guarantees that its initial public offering (IPO) does not involve any fraudulent activities and will initiate a buyback of shares if it fails to meet listing conditions due to deceitful practices[89]. - The company has committed to fulfilling all public commitments disclosed in the IPO prospectus and will take measures to address any failures to meet these obligations[101].