OKE(SH:688308) Xin Lang Cai Jing·2025-11-14 02:25Core Insights - The company has sufficient orders on hand, with a rapid increase in new orders due to recovering downstream demand and inventory replenishment needs [2][3] - The company's production capacity is robust, with a significant increase in capacity utilization rates across all products, particularly in the CNC blade segment [3][4] - Tool prices are on the rise, with expectations for further increases based on current order prices and recent shipment data [4][5] Company Performance - The company has seen a substantial improvement in its production capacity utilization, with an average of 50% in Q3 2025, expected to rise further in Q4 [3][5] - The company has effectively upgraded its product structure and maintained a strong inventory of raw materials, which has positively impacted its core competitiveness [6][8] Market Dynamics - The market is experiencing a low inventory phase, leading to a strong demand for replenishment, while product prices are increasing, resulting in a simultaneous rise in volume and price [5][10] - The domestic market for high-end tools is undergoing accelerated import substitution, with significant potential for growth in the high-precision and high-lifetime segments [9][10] Industry Trends - The demand for tools in the aerospace and military sectors is increasing, driven by the need for high-performance materials, which presents a growth opportunity for domestic tool manufacturers [12] - The overall outlook for the tool industry remains optimistic, supported by government policies aimed at stabilizing growth and increasing domestic manufacturing investment [10][12]