Investment Rating - The report maintains a "Buy" rating for the company, anticipating a recovery in the tool industry due to national economic stimulus policies [5]. Core Insights - The company reported a revenue of 1.127 billion RMB for 2024, representing a year-on-year growth of 9.81%, while the net profit attributable to shareholders decreased by 65.48% to 57 million RMB [2]. - The hard alloy products segment showed resilience despite rising raw material costs, achieving a revenue of 501 million RMB, up 12.5% year-on-year, with a stable gross margin of 15.42% [3]. - The CNC tool business faced challenges with a revenue of 598 million RMB, a growth of 3.35%, but a significant decline in gross margin to 29.85%, down 10.57 percentage points year-on-year, attributed to increased raw material costs and a higher proportion of outsourced products [4]. - The tool industry is viewed as a priority sector for cyclical recovery, expected to benefit from improved profitability and performance growth alongside valuation recovery [4]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 1.127 billion RMB, with a growth rate of 9.81%. The net profit was 57 million RMB, reflecting a decline of 65.48% [10]. - The projected net profits for 2025 to 2027 are 95 million RMB, 157 million RMB, and 219 million RMB, respectively, with corresponding P/E ratios of 28X, 17X, and 12X [5]. Business Segments - Hard alloy products generated 501 million RMB in revenue for 2024, with a gross margin of 15.42%, indicating a slight improvement despite raw material price increases [3]. - CNC tools generated 598 million RMB in revenue, but the gross margin fell to 29.85%, primarily due to rising material costs and increased reliance on lower-margin outsourced products [4]. Market Outlook - The report suggests that the tool industry will be a key area for cyclical recovery, benefiting from government fiscal policies aimed at stimulating the economy [4].

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 银行投资观察 20250316 兵马已动，粮草先行 ——坚定看好顺周期复苏 [Table_Summary] 核心观点： | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-03-16 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]倪军 SAC 执证号：S0260518020004 021-38003646 nijun@gf.com.cn 分析师： 许洁 SAC 执证号：S0260518080004 SFC CE No. BNU965 021-38003625 xujie@gf.com.cn -14% -5% 4% 12% 21% 30% 03/24 05/24 08/24 10/24 12/24 03/25 银行 沪深300 请注意，倪军并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 [Table_ 相关研究： DocReport] 识别风险，发现价值 请务必阅读末页 ...