【私募调研记录】弘尚资产调研新锐股份

Group 1 - The core viewpoint of the news is that Hongshang Asset has conducted research on a listed company, Xinyi Co., which is expected to achieve significant revenue and profit growth in 2024 due to technological innovation and market expansion [1] - In 2024, Xinyi Co. is projected to achieve operating revenue of 1,861.83 million yuan, representing a year-on-year increase of 20.17%, and a net profit of 180.73 million yuan, reflecting a year-on-year growth of 10.89% [1] - The revenue growth is primarily driven by three product categories: cutting tools, rock drilling tools and supporting services, and hard alloy products [1] Group 2 - Xinyi Co. mainly sells hard alloy products domestically, while international sales of rock drilling tools and supporting services are significant, with cutting tools also having a large domestic sales proportion [1] - The company employs measures such as credit terms, advance payments, and insurance to mitigate credit risks from overseas customers [1] - The gross margin in overseas markets is generally higher than that in domestic markets due to better product pricing and margins [1] Group 3 - The main export regions for Xinyi Co. are Australia and South America, with a smaller proportion of exports to the United States, where the company will closely monitor policy changes to reduce tariff impacts [1] - In February 2025, Xinyi Co. will complete the acquisition of Drillco and will consolidate financial statements starting from February 1, 2025 [1] - The company is focusing on the hard alloy industry chain, emphasizing the layout of hard alloy products, rock drilling tools, cutting tools, and mining supporting services to promote steady development and enhance market competitiveness [1]