Group 1: Overseas Sales and Market Expansion - The company has seen rapid growth in overseas sales, with revenue reaching 166 million yuan in the first three quarters, of which approximately 140 million yuan came from CNC tool exports, indicating a significant increase in both volume and price [2] - Plans to establish a subsidiary in Europe to expand into more countries and regions in the European and American markets, enhancing local market penetration and technical services [2] - The company aims to maintain growth momentum in both Asian and European markets while focusing on resource integration opportunities [2] Group 2: Product Development and Capacity Expansion - The company has released new products in the hard tool segment, with over 2,200 new varieties introduced in the first half of the year, targeting high-end applications in industries such as aerospace and precision molds [2] - The production capacity for hard tools is gradually being released, with a positive market order situation expected to further enhance business performance [2] Group 3: Channel Development and Customer Service - Establishment of service centers across various regions to strengthen terminal development and technical support, with an increase in application engineers to enhance on-site technical services [4] - The company employs a tiered channel management strategy to balance direct and distributor sales, enhancing overall market share and brand influence [4] Group 4: Comprehensive Solutions and Strategic Initiatives - The company is focusing on providing comprehensive solutions for global cutting processes, expanding application scenarios in automotive, aerospace, rail transportation, and wind energy sectors [5] - The tungsten wire project has achieved batch trial production and customer validation, with plans to expand production capacity based on market conditions [6] Group 5: Future Outlook and Strategic Planning - The company anticipates that national policies promoting equipment upgrades and consumption will positively impact the market in the coming year, positioning itself to capitalize on recovery opportunities [7] - Future development strategies include market-oriented innovation, expanding product series, and enhancing domestic and international sales channels, with a focus on customer value creation [7]

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Insights - The company reported a revenue of 895 million yuan for the first three quarters of 2024, representing a year-on-year growth of 11.22%. However, the net profit attributable to the parent company decreased by 43.70% to 90 million yuan, which aligns with expectations. In Q3 2024, revenue reached 316 million yuan, up 16.08% year-on-year, but net profit fell by 41.85% year-on-year to 30 million yuan [5][6]. - The company is experiencing a slight increase in revenue from CNC tools, with overseas sales growing significantly by 44.2% to 166 million yuan. The production of new products is progressing well, contributing positively to revenue [6]. - The company is actively expanding its production capacity and enhancing its product matrix, aiming to become a comprehensive supplier and service provider for CNC tools [6]. - The profit forecast has been revised downwards due to slow domestic demand recovery, with expected net profits for 2024-2026 adjusted to 125 million, 184 million, and 256 million yuan respectively [6][7]. Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 895 million yuan, with a year-on-year growth rate of 11.2%. The net profit attributable to the parent company was 90 million yuan, down 43.7% year-on-year [7]. - The gross margin for Q1-Q3 2024 was 25.83%, a decrease of 6.71 percentage points year-on-year, while the net margin was 10.00%, down 9.83 percentage points year-on-year [6]. - The company’s earnings per share (EPS) for 2024 is projected at 0.79 yuan, with PE ratios for 2024, 2025, and 2026 expected to be 30, 20, and 14 respectively [10].

Group 1: Market Opportunities - The domestic high-end CNC tool market has significant room for import substitution, with the market size being 5-6 times larger than the domestic market [2] - New demands are emerging in downstream application fields such as aerospace, new energy vehicles, military, wind power, and humanoid robots, driving the need for cutting tools [2] - The global market for cutting tools presents substantial potential for growth, with the company aiming to increase its market share internationally [2] Group 2: Sales and Distribution Model - The cutting tool industry has a decentralized terminal sales model that relies heavily on technical services and distributor resources [2] - The company is increasing its terminal coverage and brand promotion to better understand customer needs and market risks [2] - While initial sales costs may rise, long-term benefits include greater market share and stronger customer relationships [2] Group 3: Cost and Production Efficiency - The scale effect in CNC tool production leads to lower unit costs and improved profitability as production scales up [3] - The company is leveraging commonality in equipment for different product varieties to enhance production efficiency [3] - The current high prices of raw materials, such as tungsten carbide, have been successfully passed on to downstream customers [3] Group 4: International Expansion - The company is actively investing in overseas markets, achieving rapid growth in export volumes and targeting over 50 countries [3] - Establishing subsidiaries and service centers abroad is part of the strategy to enhance market presence and customer service [3] - The average export price of products is higher than domestic prices, highlighting the competitive advantage in international markets [3] Group 5: Industry Trends and Innovations - The cutting tool industry is experiencing a shift towards high-end products, requiring advancements in materials and coatings [6] - Companies are evolving from mere suppliers to partners that provide customized solutions to meet high-efficiency and cost-optimization demands [6] - Domestic companies are accelerating the import substitution of high-end CNC tools through innovation and understanding of customer needs [7] Group 6: Mergers and Acquisitions - The company is exploring merger opportunities to enhance its competitive edge and expand its scale through collaboration with leading firms in the cutting tool sector [5] - The focus is on integrating businesses that complement the company's core operations to achieve synergistic benefits [5]

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].

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 ...

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 | ...

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 （ ...

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 ...

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]