华锐精密分析师会议-20251021

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The company actively seized the opportunities of manufacturing recovery and industrial chain reconstruction in H1 2025, achieving a year - on - year increase of 26.48% in operating income to 519.1076 million yuan, a year - on - year increase of 18.80% in net profit attributable to the parent company to 85.4597 million yuan, and a year - on - year increase of 18.32% in net profit attributable to the parent company after deducting non - recurring gains and losses to 83.8351 million yuan [24]. - The company will adhere to the development strategy of "independent R & D, continuous innovation", further strengthen its advantages in technology and product development, and develop new products. It will expand into new material fields and tool system fields to become a leading domestic overall cutting solution provider [24][25]. - The company is a well - known domestic carbide cutting tool manufacturer with its carbide CNC blade production ranking among the top in the domestic industry for many years. Its core products have entered the domestic mid - to - high - end market and have won many awards [26]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Huarui Precision [17]. - Industry: General equipment [17]. - Reception time: October 21, 2025 [17]. - Listed company reception personnel: Board secretary and CFO Duan Yanlan, securities affairs representative Yao Tianzong [17]. 3.2. Detailed Research Institutions - Guangdong Cheese Investment Fund Co., Ltd. (investment company) [18]. - Guolian (fund management company) [18]. - Huafu Securities (securities company) [18]. 3.3. Research Institution Proportion - No information provided 3.4. Main Content Data - 2025 H1 Performance: Operating income was 519.1076 million yuan, up 26.48% year - on - year; net profit attributable to the parent company was 85.4597 million yuan, up 18.80% year - on - year; net profit attributable to the parent company after deducting non - recurring gains and losses was 83.8351 million yuan, up 18.32% year - on - year [24]. - 2025 H1 Sales Expenses: 18.2125 million yuan, a year - on - year decrease of 1.98% mainly due to the decrease in share - based payment expenses [24]. - 2025 H1 Management Expenses: 16.5805 million yuan, a year - on - year decrease of 8.77% mainly due to the decrease in share - based payment expenses [24]. - Future Development Trend: The company will strengthen R & D and talent building, expand into new material fields such as cermet, ceramic, and super - hard materials, and tool system fields to become a leading overall cutting solution provider [24][25]. - Industry Status: A well - known domestic carbide cutting tool manufacturer with its carbide CNC blade production ranking among the top in the domestic industry for many years. Its core products have entered the mid - to - high - end market and won many awards [26].