【本报记者蒋元锐】"企业的底气，永远在人才的底气里。"哈尔滨瀚霖科技开发股份有限公司（简 称"瀚霖科技"）董事长陈良勇接受中华工商时报采访时表示。在陈良勇看来，瀚霖科技二十多年的成长 轨迹，正是一部"产学研拧成一股绳"的协同创新史。 回顾发展历程，陈良勇想到在一次国际展会的经历，德国、日本刀具展位前采购商扎堆儿，而中国产品 展位却冷冷清清，无人问津。"企业要强大，得有自己的核心技术，有拿得出手的硬产品。"他在心中默 默立下誓言："我就想试试，在国际博览会上，能不能让'中国制造'的刀具展位前排长队。" 创业之路布满荆棘。经过整整一年的艰苦努力与无数次试验，团队攻克了刀具焊接变形的难题，成功将 两种塑性变形极大的材料有效连接，实现3米内均匀延展，大幅提升了产品焊接后的强度和稳定性。这 一技术填补了国内业内空白。企业凭借这项技术在国际市场崭露头角，如今，瀚霖科技已发展成为国家 级高新技术企业，是国内刀具生产及出口规模最大的企业之一。 新年新气象。陈良勇表示，要坚定走自主创新道路，敢于瞄准世界科技前沿，勇于挑战尖端课题，把企 业打造成强大的创新生力军。 （编辑 张晖） "我们深知，关键核心技术是要不来、买不来、讨不来 ...

"公司通过签订框架协议锁价、提前备库等方式对冲成本压力，同时实现顺畅的价格传导，既保障了自 身盈利稳定性，也为持续投入研发筑牢基础，这种良性循环在当前行业环境下尤为可贵。"湖南大学经 济与贸易学院副院长曹二保教授对《证券日报》记者表示，华锐精密的多轮涨价措施是应对原材料价格 上涨的理性选择，体现了公司成熟的成本管控能力与市场议价能力。 1月27日，财信期货有限公司研发服务中心负责人苏斌在接受《证券日报》记者采访时表示："本轮钨金 属价格持续上涨并非短期炒作，而是供给刚性收缩、新兴需求爆发与战略资源属性凸显三重逻辑共振的 结果。" 从供给端来看，我国对钨矿开采实行严格的总量控制，2025年以来开采配额持续收紧，中小矿山退出， 行业有效供给收缩。从需求端来看，传统硬质合金需求稳步复苏，而光伏钨丝替代、核聚变装置建设、 军工装备升级等新兴领域需求呈爆发式增长。其中，光伏钨丝渗透率快速提升已成为核心需求增量。从 社会库存来看，当前，钨产品社会库存处于五年低位，供需缺口预计将持续扩大，2026年，钨价大概率 维持高位运行并呈偏强震荡态势，价格中枢有望进一步抬升。 面对钨金属涨价行情，华锐精密建立了较为完善的原材料价格跟 ...

Core Viewpoint - The essence of the cyclical performance of the tool industry is the fluctuation of tool prices, with the rising price of tungsten carbide becoming a decisive factor for the long-term upward cycle of tools [1][2] Group 1: Cycle Judgment - The end of price deflation marks the beginning of an upward cycle in the tool industry [1] - Tool demand is positively correlated with industrial added value, indicating a long-term increase in demand [1] - Tungsten carbide, accounting for 52% of the main BOM cost, is the core factor affecting the industry cycle [1][2] Group 2: Tungsten Price Trend - Domestic tungsten ore mining indicators are expected to decrease by 6.45% year-on-year by 2025, leading to a tightening global supply [2] - The CAGR of tungsten consumption in China from 2020 to 2024 is projected to be 5.52%, with a growing global supply-demand gap [2] - Tungsten is a strategic metal in defense and high-end manufacturing, with export controls implemented to maintain national security [2] Group 3: Competitive Landscape - The tool industry is experiencing a supply-side reform with a trend towards industry consolidation and a decline in foreign imports [3] - From 2018 to 2022, China's tool import value decreased from 14.8 billion to 12.6 billion, while export value increased from 18 billion to 23.2 billion [3] - Private enterprises are showing significant innovation advantages and market vitality, while state-owned enterprises face management and innovation challenges [3] Group 4: Fundamental Evidence - The tool industry is establishing an upward cycle with synchronized improvement in financial statements [4] - Revenue and net profit growth rates for the first three quarters of 2025 are 23.12% and 13.62% respectively, indicating an industry turning point [4] - The cash flow situation is improving, with positive operating cash flow returning in the first half and first three quarters of 2025 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [3][8][12]. Core Views - The company is expected to achieve significant growth in 2025, with a projected net profit of 1.80 to 2.00 billion yuan, representing a year-on-year increase of 68.29% to 86.99% [5]. - The growth is attributed to three main factors: recovery in downstream demand, price increases due to rising raw material costs, and improved operational efficiency leading to lower expense ratios [5][6]. - The company is well-positioned to benefit from industry consolidation and domestic substitution trends, particularly in the context of high tungsten carbide prices [6][7]. - The introduction of AI industrial software is expected to create a second growth curve for the company, enhancing its profitability and operational efficiency [7][8]. Financial Summary - The company forecasts revenue growth from 759 million yuan in 2024 to 2.25 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 60% from 2025 to 2026 [3][10]. - The projected net profit for 2025 is estimated at 210 million yuan, with a significant increase to 552 million yuan by 2027 [3][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 44.3 in 2025 to 16.9 in 2027, indicating improving valuation metrics as earnings grow [3][10].

Group 1 - The company, Xinxing Co., Ltd. (688257.SH), has indicated that its hard alloy CNC tools are applicable in the aerospace manufacturing sector [1]

2024年，王琦从四川大学华西药学院博士毕业后，被引进到陕西理工大学化学学院。去年11月，王 琦与萃程生物医药、陕西理工大学签订陕西省"科技副总"三方合作协议，借助高校科研平台柔性引进到 企业，开展科研攻关。此前，他已经参与萃程生物医药的多项技术研究，帮企业构建高效的绿色生物制 造平台。 创新驱动的实质是人才驱动。为了推动人才科研资源转化为产业动能，近年来，汉中市深入推进校 企人才共享共用，创新出台汉中市博士对接产业机制，建立博士人才数据库、企业技术需求库，引导博 士深入企业一线开展技术攻关，实现"博士所能"与"企业（产业）所需"精准匹配。 1月12日，忙完学校的教学科研工作，王琦马不停蹄地来到陕西萃程生物医药科技有限公司，继续 推进新工艺和新产品研发。 萃程生物医药是由陕西理工大学研究生赵正栋和两名同学在上学期间创办的医药化妆品研发公司。 一开始，他们借学校的实验室进行科研，一年后才有了自己的实验室。 "我们的核心竞争力是技术创新，公司主要依靠研发活动驱动发展，但引进像王琦这样的高层次人 才，成本较高。高校引进、与企业共同使用的'校招共用'引才用才模式，能聚集更多优秀人才，推动产 学研深度融合。"赵正栋说。 ...

Core Viewpoint - The company, Okoyi (688308), anticipates significant growth in its 2025 annual performance, projecting a net profit attributable to shareholders between 96 million to 110 million yuan, representing a year-on-year increase of 67.53% to 91.96% [1] Group 1: Financial Performance - The expected net profit for 2025 is between 96 million to 110 million yuan, with a year-on-year growth of 67.53% to 91.96% [1] - The projected net profit after deducting non-recurring items is estimated to be between 62 million to 75 million yuan, indicating a year-on-year increase of 135.83% to 185.28% [1] Group 2: Market Demand and Product Performance - The growth in 2025 is attributed to the accelerated transformation and upgrading of the manufacturing industry, leading to increased demand for CNC tools as essential precision processing tools [2] - The prices of key raw materials for hard alloy tools, such as tungsten carbide and cobalt powder, have risen significantly, allowing the company to increase product prices and achieve a rise in both volume and price [2] - In Q3 2025, the company reported CNC tool product revenue of 243 million yuan, with a sales volume of 29.8 million pieces, reflecting a 53% quarter-on-quarter increase and an average price increase of 15% [3] Group 3: Strategic Initiatives and Future Outlook - The company has laid out plans for new markets, including robotics and aerospace, indicating a shift towards high-demand sectors [4] - The CNC tool market is expected to present opportunities driven by the continuous upgrade of high-end manufacturing and the growing demand for smart manufacturing [4] - The company has developed capabilities for producing ultra-fine nano hard alloy materials and is expanding its production capacity for PCB drill rod materials [4] - The company has made significant advancements in producing tools for robotic components and has validated its products for use in high-precision applications [5] - In the aerospace sector, the company is focusing on high-temperature alloys and titanium alloys, developing specialized tools to meet the increasing demands for material quality and precision [5]

Investment Rating - The report rates the industry as "Positive" [4] Core Insights - The report highlights the significant impact of the development of new energy vehicles (NEVs) on the demand for cutting tools, particularly in the automotive sector, which has traditionally been the largest consumer of tungsten and hard alloy materials [18][19] - MAPAL, a leading manufacturer of non-standard cutting tools, has successfully navigated its growth through a focus on innovation and specialization, particularly in the automotive industry [14][15] - The shift towards NEVs has led to a decline in the consumption of tungsten per vehicle, with a reported decrease of 23% for plug-in hybrid vehicles and 65% for pure electric vehicles compared to traditional fuel vehicles [49] Summary by Sections Section 1: Focus and Innovation - MAPAL has achieved significant growth in non-standard cutting tools through a four-phase development strategy, emphasizing innovation and specialization in precision tools for the automotive industry [14][15] Section 2: Impact of NEVs on Tool Demand - The automotive industry is experiencing a notable decline in tungsten consumption, dropping from 25.84% in 2017 to 18.44% in 2024 due to the rise of NEVs [23][24] - NEVs have simpler structures compared to traditional vehicles, resulting in a significant reduction in the number of cutting parts and overall machining workload, with machining time for pure electric vehicles reduced by 74% [31][30] - The increasing use of lightweight materials such as aluminum and magnesium alloys in NEVs is further impacting the demand for traditional hard alloy tools [47][40] Section 3: MAPAL's Solutions for NEVs - MAPAL has developed comprehensive machining solutions tailored for NEVs, including specialized non-standard tools that enable continuous processing without tool changes [50][52] - The company offers a range of solutions based on the complexity and volume of parts, ensuring high efficiency and quality in the machining process [55][56] Section 4: Opportunities in Non-Standard PCD Tools - The report emphasizes the growing market for non-standard polycrystalline diamond (PCD) tools in the NEV sector, projecting a potential growth of 1.9 to 2.7 times in the next five years [35][36] - PCD tools are particularly suited for the lightweight materials used in NEVs, providing superior machining performance and material compatibility [34][33]

Group 1 - The company, Okoyi, is focusing on tools for the commercial aerospace sector, including high-temperature alloy processing tools and solid carbide diamond-coated drill bits [1] - The tools in this sector are primarily aimed at replacing imported brands, indicating a significant potential for domestic growth [1] - The company plans to launch new tool products in this sector for mass production by 2026 [1]

Core Viewpoint - The company, 欧科亿 (688308.SH), anticipates significant growth in orders for its commercial aerospace tools by 2026, driven by an increase in the variety of tools developed and existing orders [1] Group 1: Business Development - By 2026, the company has already secured orders for its developed commercial aerospace tools, indicating a positive market response [1] - The company has made substantial progress in the development of core robotic component processing tools, which is expected to contribute to order growth in 2026 [1]