内容概要：当前，全球刀具市场格局已发生显著转变，硬质合金刀具凭借性能优势占据世界刀具消费总 额半壁江山，高速钢刀具的市场地位随之下降，退居次要位置。同时，高速钢刀具的发展还面临原材料 层面的制约，其核心元素钨的全球储量有限，预计仅可开采40-60年，这一现状进一步加剧了行业发展 危机。尽管全球范围内已普遍进入硬质合金刀具时代，但在中国，高速钢刀具仍占据显著份额。2024年 中国高速钢刀具行业市场规模达到108.54亿元，同比上涨2.8%。值得注意的是，高性能品类正迎来快速 增长。其中，钴高速钢与粉末冶金高速钢的市场用量持续增加，二者凭借更优异的耐磨性、红硬性与使 用可靠性，成为钛合金等难加工材料切削场景的优选方案。尤其是粉末冶金高速钢刀具，其综合性能表 现更为突出，部分指标甚至超越硬质合金刀具，展现出独特的竞争优势。 相关上市企业：天工国际（00826）、安泰科技（000969）、恒而达（300946）、恒锋工具（300488） 等 高速钢刀具是以钨、铬、钒等合金元素为核心成分的金属切削工具。其通过高温淬火及多次回火工艺制 造，具有高硬度（HRC63-70）、红硬性（在580-650℃下保持性能）及耐磨性，广 ...

Core Insights - The global dicing blade market is experiencing strong growth, projected to increase from $41.018 billion in 2020 to $70.083 billion by 2024, and expected to reach $125.555 billion by 2031, with a CAGR of 7.58% driven by the booming electronics and semiconductor industries [4]. Market Size and Growth - The dicing blade market is anticipated to grow significantly, with a market size forecasted to reach $125.555 billion by 2031, reflecting a robust demand due to advancements in technology and consumer electronics [4]. Industry Concentration Analysis - Key manufacturers in the global dicing blade market include DISCO Corporation, Tokyo Precision (ACCRETECH), Kulicke & Soffa, and others. The rise of local manufacturers in China and other Asian countries is intensifying price competition and technological innovation [6]. Product Types and Applications - Dicing blades are categorized into two types: hubbed (hard blades) for high-load cutting and hubless (soft blades) for precision tasks. The choice of blade type depends on the material, precision requirements, and working environment [10]. Current Industry Status - The dicing blade industry is in a mature technological phase but continues to innovate in areas such as material technology, automation, and environmentally friendly manufacturing practices. This evolution is crucial for meeting the high precision demands in sectors like semiconductors and optoelectronics [15][16]. Development Trends - Future trends in the dicing blade industry will focus on precision, durability, automation, and environmental sustainability. The demand for high-precision cutting is driven by challenges in advanced processes, such as the need for cutting chips with thicknesses below 50μm [17][18][19][20]. Policy Analysis - Various countries are implementing policies to support the development of high-precision cutting tools. For instance, China encourages high-performance cutting tool manufacturing, while the U.S. promotes innovation through the Manufacturing Innovation Fund [22][24].

Core Viewpoint - The tungsten price increase has led to higher costs for hard alloy tools, prompting manufacturers to raise prices, with expectations for growth in the industry, particularly in high-end sectors due to domestic substitution opportunities [1][2]. Group 1: Industry Trends - The hard alloy tool industry is experiencing a recovery after a period of consolidation, with increased growth expectations for the coming year, especially in high-end manufacturing sectors such as AI, humanoid robots, and semiconductor equipment [1]. - The demand for tools in emerging industries is rising, driven by technological breakthroughs, which is expected to boost sales of high-value-added products [1][4]. - The precision tool industry has a high user stickiness, with tool costs representing only 1%-4% of manufacturing costs, but their quality significantly impacts processing precision and product quality [4]. Group 2: Price Adjustments and Financial Performance - Tool manufacturers, including Zhongtung High-tech, have implemented multiple price increases in 2025 to address rising raw material costs, with adjustments varying by product type based on cost structure and market conditions [2][3]. - In Q3, leading tool companies reported significant profit increases, with Huari Precision's net profit rising by 915.62% year-on-year, attributed to improved downstream demand and enhanced product performance [3]. - Other companies like Okoyi and Zhongtung High-tech also reported substantial profit growth in Q3, with net profits increasing by 69.31% and 36.53% respectively [3]. Group 3: Future Outlook - The domestic tool industry is expected to move away from previous low performance, showing signs of recovery, particularly in high-end manufacturing sectors [3]. - The demand for tungsten remains strong, with expectations for prices to stay high, allowing companies to effectively transfer costs to downstream customers through price adjustments [5]. - The trend of domestic substitution in the high-end hard alloy tool market is gaining momentum, with emerging industry demand seen as a key opportunity for domestic companies to penetrate the high-end market by 2026 [5].

近年来mimatic刀具公司业绩呈现亏损状态。2023年及2024年，该公司分别实现营业收入1518.81万欧 元、1648.19万欧元；净利润分别亏损19.3万欧元、19.66万欧元。 12月29日晚间厦门钨业（600549）公告，为推进公司切削工具产品全球化战略布局，加速技术升级，补 充完善产品体系，增强解决方案能力，提升品牌国际影响力，增强盈利能力，公司控股子公司厦门金鹭 特种合金有限公司（下称"厦门金鹭"）拟对其全资子公司德国金鹭硬质合金有限公司（下称"德国金 鹭"）增资1490.11万欧元，并由德国金鹭以1000万欧元的基础价收购德国Mimatic GmbH公司（下 称"mimatic刀具公司"）100%股权。 据披露，本次交易中厦门金鹭拟向其全资子公司德国金鹭增资1490.11万欧元，用于德国金鹭支付收购 价款。同时，为保证mimatic刀具公司稳定经营，收购完成后，拟由德国金鹭向mimatic刀具公司增资 490.11万欧元。本次增资完成后，德国金鹭的注册资本将由25万欧元增加至1515.11万欧元，厦门金鹭仍 将持有德国金鹭100%的股权。本次交易资金来源为自有资金，不涉及募集资金。 公告显示 ...

欧科亿于2020年12月10日在上交所科创板上市，发行数量为2500万股，发行价格为23.99元/股，保荐机 构为民生证券股份有限公司(现为国联民生（601456）证券股份有限公司)，保荐代表人为宋彬、金亚 平。 欧科亿首次公开发行股票募集资金总额为6.00亿元，扣除发行费用后，募集资金净额为5.33亿元。欧科 亿最终募集资金比原计划多2491.73万元。欧科亿于2020年12月7日发布的招股说明书显示，该公司拟募 集资金5.08亿元，其中4.50亿元用于年产4000万片高端数控刀片智造基地建设项目，5800万元用于数控 精密刀具研发平台升级项目。 中国经济网北京12月24日讯欧科亿(688308.SH)昨日晚间披露《股东减持股份计划公告》。 根据公告，股东袁美和拟通过集中竞价或大宗交易方式减持公司股份不超过3,000,000股，即不超过公司 目前总股本的1.89%。 本次减持将于公告披露之日起15个交易日后的3个月内进行，通过集中竞价交易方式减持的，在任意连 续90日内，减持股份的总数不超过公司股份总数的1%；通过大宗交易方式减持的，在任意连续90日 内，减持股份的总数不超过公司股份总数的2%。减持方式及对 ...

格隆汇12月18日丨欧科亿(688308.SH)在投资者互动平台表示，公司在机器人核心零件加工刀具方面已 有较多布局。公司已有刀具产品可用于机器人零部件加工，例如丝杠、减速器、行星轮等零件的加工； 公司研发的旋风铣刀具，可用于人形机器人丝杠加工，如用于行星滚柱丝杠等高精度丝杠的加工，能提 高生产效率和加工精度；用于齿轮加工的齿轮滚刀已通过下游客户验证并进入供货阶段；公司在减速器 龙头企业已完成刀具测试。此外公司将持续优化和开发相关刀具产品，并加大在机器人核心零件加工的 整体解决方案方面的布局。 ...

格隆汇12月18日丨欧科亿(688308.SH)在投资者互动平台表示，公司开发的高温合金加工刀具、整体硬 质合金金刚石涂层钻头等系列刀具可以用于航天领域。该领域的刀具主要对标进口品牌，实现进口替 代，未来具有较大的发展空间。 ...

Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 110.05 CNY, corresponding to a 35x PE for 2026 [4][6]. Core Insights - The company is a leading domestic manufacturer of hard alloy CNC tools, with a strong focus on product structure optimization and capacity expansion since its IPO in 2021. The company has seen a revenue recovery in 2025, achieving 771 million CNY in revenue for the first three quarters, a year-on-year increase of 31.9%, and a net profit of 137 million CNY, up 78.4% year-on-year [1][4]. - The demand for CNC tools is closely tied to the manufacturing industry's recovery, with the company positioned to capture market share and improve profitability as the industry stabilizes [4][2]. - The company is actively expanding into high-end CNC tools and has established overseas subsidiaries to enhance its global presence and R&D capabilities [2][3]. Summary by Sections 1. Company Overview - The company specializes in hard alloy CNC tools and has a strong technical team from the industry’s "Huangpu Military Academy," Zhuzhou Diamond. It has expanded its product offerings from CNC blades to complete tools and customized solutions [1][20]. - The company’s revenue for 2024 was 759 million CNY, with a breakdown of revenue from turning, milling, drilling, and complete tools [14]. 2. Market Dynamics - The CNC tool market is experiencing a dual drive from stable general demand and the upgrade of high-end manufacturing structures. The global market for tools exceeds 200 billion CNY, with significant growth potential from international expansion [2][4]. - The company is focusing on high-end tool innovation and enhancing service for large clients, positioning itself as a leader in domestic high-end replacement [2][3]. 3. Product Development - The company is accelerating the development of humanoid robots and AI software, which can enhance machining efficiency by 5%-30%. This aligns with trends in the humanoid robot industry [3][4]. - The company has seen a significant increase in production capacity and is focusing on high-end product development to meet market demands [19][31]. 4. Financial Projections - Revenue projections for 2025-2027 are 1.05 billion CNY, 1.26 billion CNY, and 1.45 billion CNY, with year-on-year growth rates of 38.3%, 20.0%, and 14.7% respectively. Net profits are expected to reach 180 million CNY, 290 million CNY, and 370 million CNY during the same period [4][5]. - The company’s net profit margin is projected to improve significantly, reflecting operational efficiencies and market recovery [31][30]. 5. Competitive Position - The company is well-positioned in the CNC tool market, with a stable share and a focus on high-end products. The competitive landscape is evolving, with opportunities for growth in both domestic and international markets [2][4]. - The company’s strategic initiatives include enhancing R&D investment and expanding its sales network to capture more market share [19][22].

证券日报网讯12月15日，欧科亿在互动平台回答投资者提问时表示，公司开发了应用于航天领域的专业 刀具，并已形成订单销售。 ...

公告称，本项目建成后有利于金洲公司进一步提升产品品质、扩大微钻市场占有率、巩固市场地位、拓 展产业空间、夯实发展基础、提升市场竞争力。 智通财经APP讯，中钨高新(000657.SZ)公告，公司控股子公司深圳市金洲精工科技股份有限公司(简称 金洲公司)拟投资新建AI PCB用超长径精密微型刀具专用生产线。项目将新增AI PCB用超长径精密微型 刀具产能6300万支/年。项目将在金洲公司现有厂房实施，预计总投资1.755亿元，建设期三年，第四年 达产。 ...