Investment Rating - The report maintains a "Strong Buy" rating for the company [19] Core Views - The company's performance in 2023 was impacted by macroeconomic demand, but a recovery is expected in 2024. The production and sales of CNC blades decreased significantly in 2023, but with the manufacturing sector's recovery, sales are anticipated to improve in 2024 [19] - The company is focusing on enhancing its CNC blade production capacity and expanding its product offerings, which are expected to contribute positively to revenue in 2024 [19] - The company is advancing its integrated solutions model, which has shown positive progress, particularly in securing contracts for comprehensive tool solutions [19] - The overseas sales of the company's products have been growing significantly, with a compound annual growth rate (CAGR) of 32.73% from 2017 to 2023, indicating strong potential for future growth in international markets [19] Financial Summary - In 2023, the company achieved revenue of 1.026 billion, a decrease of 2.73% year-on-year, with a net profit of 166 million, down 31.43% [7][8] - Revenue projections for 2024-2026 are adjusted to 1.284 billion, 1.554 billion, and 1.887 billion respectively, with net profits of 225 million, 314 million, and 441 million [19] - The earnings per share (EPS) are forecasted to be 1.41, 1.98, and 2.78 for the years 2024, 2025, and 2026 respectively [19]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [12][14]. Core Insights - The company has experienced a slight decline in revenue, with a 2.73% year-over-year decrease, attributed to market demand fluctuations [17]. - The company is focusing on enhancing its product matrix and deepening its engagement in the end market, which includes significant advancements in R&D and product innovation [4][5]. - Financial forecasts for 2024-2026 predict revenue growth of 25.3%, 19.5%, and 17.7% respectively, alongside net profit growth of 26.2%, 25.8%, and 26.2% [18]. Financial Overview - Total revenue for 2023 was 1,026 million, with a projected increase to 1,286 million in 2024 [2]. - The net profit for 2023 was 166 million, with expectations of rising to 210 million in 2024 [2]. - The company's gross margin for 2023 was 29.3%, with projections for gradual improvement in subsequent years [11]. Product and Market Analysis - The company has seen a decrease in revenue from CNC tool products, which accounted for 56.36% of total revenue in 2023, down 9.98% year-over-year [24]. - Conversely, revenue from hard alloy products increased by 9.98%, making up 43.40% of total revenue [24]. - The overseas market showed strong growth, with a 31.44% increase in revenue, highlighting successful international expansion efforts [24].

Financial Performance - The company's operating revenue for 2023 was CNY 1,026,460,584.14, a decrease of 2.73% compared to CNY 1,055,322,742.17 in 2022[24]. - The net profit attributable to shareholders for 2023 was CNY 166,003,609.42, down 31.43% from CNY 242,084,486.35 in the previous year[24]. - The basic earnings per share for 2023 was CNY 1.05, representing a decline of 38.60% from CNY 1.71 in 2022[25]. - The company's total assets increased by 22.31% to CNY 3,880,234,856.83 at the end of 2023, compared to CNY 3,172,547,291.83 at the end of 2022[24]. - The net cash flow from operating activities for 2023 was CNY -9,154,021.93, a significant decrease from CNY 172,884,155.72 in 2022[24]. - The company reported a non-operating income of 36.46 million yuan in 2023, compared to 17.47 million yuan in 2022[31]. - The company’s financial assets increased from 547.62 million yuan at the beginning of the period to 603.74 million yuan at the end of the period[33]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 3.5 per 10 shares, totaling approximately RMB 55.29 million, which represents 33.31% of the net profit attributable to shareholders[6]. - The profit distribution plan is subject to approval at the 2023 annual general meeting[7]. - The total cash dividend amount (including tax) is 75,503,146.06 RMB, accounting for 45.48% of the net profit attributable to ordinary shareholders in the consolidated financial statements[173]. - The cash dividend policy stipulates that at least 10% of the distributable profit must be distributed in cash if certain conditions are met, including profitability and positive retained earnings[165]. - The company emphasizes the importance of independent directors in the decision-making process for profit distribution, ensuring their responsibilities are fulfilled[171]. - The company has established a comprehensive and transparent decision-making process for profit distribution, ensuring the protection of minority shareholders' rights[169]. Research and Development - Research and development expenses accounted for 6.22% of operating revenue in 2023, an increase of 1.2 percentage points from 5.02% in 2022[25]. - The company invested 63.83 million yuan in R&D, accounting for 6.22% of operating revenue, with over 70 R&D projects initiated during the year[39]. - The company achieved a total R&D investment of ¥63,831,533.28, representing a 20.50% increase compared to the previous year's ¥52,973,036.55[67]. - The company has developed multiple new coating solutions to enhance cutting performance and tool life, tailored to different workpiece materials[61]. - The company has established a comprehensive technology and talent structure, focusing on the development of core technologies in the production of CNC cutting tools, which are complex and technology-intensive products[76]. - The company has formed a robust R&D team with expertise across multiple disciplines, including powder metallurgy and mechanical engineering, and has collaborated with universities to enhance its R&D capabilities[77]. Market Position and Strategy - The company ranks first in the domestic market for saw blades and second for CNC blades, showcasing its strong market position and product competitiveness[56]. - The company is actively pursuing import substitution and exploring export markets as part of its strategy to enhance competitiveness in the global market[58]. - The company aims to transition from a tool supplier to a comprehensive solution provider, enhancing its service capabilities to meet customer needs[59]. - The company plans to continue expanding its cutting tool manufacturing capabilities and invest in new technologies to enhance market competitiveness[120]. - The company focuses on high-end CNC tool localization and replacement, aiming to become a leading domestic and internationally recognized comprehensive supplier and service provider of CNC tools[123]. - The company is committed to high-quality development, continuously improving production capabilities and service quality to create unique competitive advantages[124]. Governance and Compliance - The company has established a clear governance structure among shareholders, board of directors, and management, ensuring accountability and coordination[132]. - The company has implemented governance improvements, ensuring compliance with relevant laws and regulations while enhancing the effectiveness of its board and management systems[131]. - The company has not faced any major adverse impacts from competition with controlling shareholders or related parties[132]. - The company has maintained independence in business, personnel, assets, institutions, and finance, with no significant differences from regulatory requirements[132]. - The company held three shareholder meetings during the reporting period, with all resolutions passed and no rejected proposals[135]. - The company has not faced any penalties from securities regulatory agencies in the past three years[149]. Operational Efficiency - The company is focusing on optimizing existing materials and coating grades to improve performance in semi-finishing and finishing processes[62]. - The company has improved the service life of general processing materials by 10% through the development of new steel processing grades, with an investment of 150 million RMB[72]. - The company has established a comprehensive internal control system covering various management aspects, including safety production, quality control, and financial management[186]. - The company actively participates in major operational decision-making meetings of its subsidiaries to ensure timely understanding and decision-making[186]. - The company is committed to enhancing its operational efficiency through strategic management practices[141]. - The company emphasizes the importance of retaining R&D personnel to prevent technology leakage, as significant turnover could adversely affect future operations[83]. Human Resources - The number of R&D personnel increased to 247, accounting for 23.08% of the total workforce, up from 20.22% in the previous period[75]. - Total compensation for R&D personnel rose to 3,418.43 million, compared to 2,245.96 million in the prior period, with average compensation increasing to 13.84 million from 10.90 million[75]. - The company has established a long-term talent incentive mechanism and completed the first vesting period of the 2022 restricted stock incentive plan[41]. - The workforce composition includes 621 production personnel, 125 sales personnel, 247 technical personnel, and 77 management personnel[160]. - The company has a diverse board of directors, which brings a wealth of experience from various sectors, contributing to informed decision-making[141]. - The company emphasizes the importance of talent development, aiming to build a skilled workforce with strong operational and management capabilities[124]. Environmental and Social Responsibility - The company has established a comprehensive safety management system, ensuring employee health and safety, and is recognized as an advanced unit in occupational health management[193]. - The company is classified as a low-energy consumption enterprise, primarily consuming water and electricity[199]. - The company aims to integrate carbon neutrality goals into its long-term development strategy, focusing on technological innovation in hard alloy processing[191]. - The company actively engages in social responsibility initiatives, including poverty alleviation and disaster relief efforts[193]. - The company has created over 1,000 job opportunities and provides employment for more than 10 disabled individuals[193]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[198].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating significant growth in the upcoming years due to overseas expansion and comprehensive package solutions [2][18]. Core Insights - The company experienced a notable decline in profits in 2023, with a revenue of 1.026 billion RMB, down 2.73% year-on-year, and a net profit of 166 million RMB, down 31.43% year-on-year [29][30]. - The company is expected to see positive changes in 2024, driven by increased overseas sales and the rollout of comprehensive tool package solutions, which are projected to contribute significantly to revenue growth [2][30]. - The average export price of CNC tools is higher than the overall average price, which is expected to enhance the company's overall pricing power [29][30]. Summary by Sections Financial Performance - In 2023, the CNC tool business generated revenue of 579 million RMB, a decrease of 9.98% year-on-year, with sales volume dropping by 11.41% to 87.73 million pieces. The gross margin for CNC tools was 40.42%, down 7.1 percentage points [29]. - The hard alloy business saw revenue growth of 9.98% to 445 million RMB, but the gross margin also declined by 5.3 percentage points, impacting overall profitability [29]. - The net profit margin for 2023 was 16.17%, reflecting a decrease of 6.77 percentage points year-on-year [29]. Future Projections - The company is projected to achieve net profits of 208 million RMB, 246 million RMB, and 283 million RMB for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 15X, 13X, and 11X [2][4]. - Revenue is expected to grow significantly in 2024, with a forecasted increase of 21.82% to 1.25 billion RMB [4]. Market Position and Strategy - The company is actively expanding its overseas market presence, with overseas sales reaching 140 million RMB in 2023, accounting for 19.27% of CNC tool revenue [29]. - The comprehensive tool package solutions are entering a phase of mass promotion, which is anticipated to further enhance revenue contributions in 2024 [30].

报告期内，公司第二届董事会成员为 9 名，其中独立董事 3 名，分别为易丹 青先生、肖加余先生、欧阳祖友先生；鉴于第二届董事会任期届满，于 2023 年 9 月完成换届选举产生第三届董事会，第三届董事会成员为 5 名，其中独立董事 2 名，分别为欧阳祖友先生、查国兵先生。独立董事占董事会人数均达到三分之 一，符合相关法律法规及公司制度的规定。 （二）独立董事任职董事会专门委员会的情况 株洲欧科亿数控精密刀具股份有限公司 2023年度独立董事述职报告（查国兵） 作为株洲欧科亿数控精密刀具股份有限公司（以下简称"公司"）的独立董 事，在 2023 年度工作中，我严格按照《公司法》《证券法》《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》《公司章程》和《独立董事 工作制度》等有关规定和要求，忠实勤勉地履行职责，积极出席相关会议，认真 审议董事会各项议案，并对公司重大事项发表了独立意见，切实维护公司利益和 中小股东的合法权益。现将 2023 年度履职情况汇报如下： 一、独立董事的基本情况 （一）独立董事人员情况 本人在公司董事会薪酬与考核委员会任召集人，在董事会审计委员会、提 名委员会、战略委员会 ...

证券代码：688308 证券简称：欧科亿 公告编号：2024-011 株洲欧科亿数控精密刀具股份有限公司 关于 2023 年度募集资金存放与实际使用情况的专项报告 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。 根据中国证券监督管理委员会《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）》和《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，株洲欧科亿数控精密刀具股 份有限公司（以下简称"公司"）董事会编制了 2023 年度募集资金存放与实际使 用情况的专项报告，具体如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 1.首次公开发行股票募集资金金额、资金到位情况 根据中国证券监督管理委员会证监许可[2020]2980 号文《关于同意株洲欧科 亿数控精密刀具股份有限公司首次公开发行股票注册的批复》核准，本公司向社 会公开发行 25,000,000 股人民币普通股 A 股股票，每股面值 1 元，每股发行价格 为人民币 23.99 元，募集资金 ...

湖南启元律师事务所 关于 株洲欧科亿数控精密刀具股份有限公司2022年限制性股票 激励计划第二个归属期归属条件未成就并作废已授予但尚 未归属的限制性股票事项的 法律意见书 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 410000 电话：（0731）82953-778 传真：（0731）82953-779 网站：www.qiyuan.com 致：株洲欧科亿数控精密刀具股份有限公司 湖南启元律师事务所（以下简称"本所"）接受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"）的委托，作为公司 2022 年限制性股票激 励计划项目（以下简称"本次激励计划"或"本计划"）专项法律顾问为公司本次激 励计划提供专项法律服务。 本所根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）及中国证券监督管理委员会（以下简称"中 国证监会"）发布的《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 上海证券交易所发布的《科创板上市公司自律监管指南第 4 号——股权激励信息 披露》（以下简称"《披露指南》"）、《上海证券交易所科创板股 ...

证券代码：688308 证券简称：欧科亿 公告编号：2024-016 株洲欧科亿数控精密刀具股份有限公司 关于 2022 年限制性股票激励计划第二个归属期归属条 件未成就并作废已授予但尚未归属的限制性股票的公告 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。 2024 年 4 月 8 日，株洲欧科亿数控精密刀具股份有限公司（以下简称"公司"） 召开第三届董事会第五次会议、第三届监事会第四次会议，审议通过了《关于 2022 年限制性股票激励计划第二个归属期归属条件未成就并作废已授予但尚未归属的限 制性股票的议案》。现将有关事项说明如下： 一、本次限制性股票归属的决策程序和相关信息披露 （1）2022 年 4 月 12 日，公司召开第二届董事会第十七次会议，审议通过了《关 于公司〈2022 年限制性股票激励计划（草案）〉及其摘要的议案》《关于公司〈2022 年限制性股票激励计划实施考核管理办法〉的议案》和《关于提请公司股东大会授 权董事会办理 2022 年限制性股票激励计划相关事宜的议案》。公司独立董事就公司 本次激励计划相关 ...

证券代码：688308 证券简称：欧科亿 公告编号：2024-008 株洲欧科亿数控精密刀具股份有限公司 第三届监事会第四次会议决议公告 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、监事会会议的召开情况 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 四次会议于 2024 年 4 月 8 日在公司会议室召开，会议通知已于 2024 年 3 月 29 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《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： （一）审议通过《2023 年度监事会工作报告》 经审议，监事会认为：报告期内，公司监事会按照《公司法》《公司章程》和 《监事会议事规则》等有关规定，认真履行职责，对公司重大决策和决议的形成、 表决程序进行了监督和审查，对公司依法运作进行了检查。特别是对公司经营活动、 财务状况、股东大会召开程序以及董事、 ...

证券代码：688308 证券简称：欧科亿 公告编号：2024-009 株洲欧科亿数控精密刀具股份有限公司 关于 2023 年度利润分配预案的公告 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。 重要内容提示： ● 每股分配比例：每 10 股派发现金红利 3.5 元（含税），不送红股，不以资 本公积金转增股本。 本次利润分配方案尚需提交公司 2023 年年度股东大会审议。 二、公司履行的决策程序 ● 本次利润分配以实施权益分派股权登记日的株洲欧科亿数控精密刀具股份 有限公司（以下简称"公司"）总股本扣减公司回购专用证券账户中的股份为基数， 具体日期将在权益分派实施公告中明确。 ● 如在分配方案披露之日起至实施权益分派股权登记日期间因新增股份上市、 股份回购等事项导致公司总股本发生变化的，则以未来实施分配方案的股权登记日 的总股本扣减回购专用证券账户中股份数为基数，按照每股分配比例不变的原则对 分配总额进行调整，并将另行公告具体调整情况。 一、利润分配方案内容 经致同会计师事务所（特殊普通合伙）审计，2023 年度公司归属于上 ...