摘要 华锐精密一至三季度业绩同比环比持续增长，基本面向上趋势显著，受 益于行业需求回升及库存反弹，中小企业停工加速市场份额向龙头集中。 公司积极布局人形机器人、燃机等新兴领域，已成为国内人形机器人刀 具加工及解决方案领先企业，与宇树合作推出核心零部件解决方案。 原材料价格上涨通过价格传导机制提升公司收益，下半年至明年上半年 持续受益，同时 AI 刀具系统每台售价 3-5 万元，对应数百万台机床需求， 有望成为重要增量。 公司战略转型，从非标刀具转向标准化刀具，深耕中高端市场，加大研 发投入，拓展整包项目和海外市场，直销收入翻倍，占比达 20%。 公司推出智家工业软件系统，实时监测刀具加工状态，与机床数控系统 互补，已达成 1 万套左右意向签约，计划优先向存量刀具客户推广。 预计 2025 年公司业绩 1.8 亿至 2 亿元，2026 年有望达 2.5 亿至 3 亿 元，刀具涨价、新产品放量及新产业布局提供增长动力，看好未来发展 前景。 刀具行业与制造业景气度挂钩，国产刀具在一般场景可平替日韩品牌， 但高端市场仍需提升，国内供应数量占比高但价值量占比低，国产替代 空间广阔。 华锐精密 20251228 Q&A ...

2026年展望：钨价上涨驱动刀具行业格局改善，机床存在结构性机会 钨是数控刀具核心原材料(硬质合金刀具含钨量超80%)，2025年以来，钨精矿价格持续走高，对刀具公 司的影响有明显分化，头部企业凭借调价、库存等优势实现业绩增长，而中小公司则面临成本压力甚至 减产停工。国内刀具行业市场集中度低，格局分散，钨涨价正在加速刀具行业洗牌，头部企业有望持续 提升市占率。此外，人形机器人等新兴赛道也有望拉动刀具行业需求。 金切机床订单增速放缓。国内总体有效需求不足的问题仍存在，今年固定资产投资及主要用户领域的投 资增速回落，制造业的产能利用率年度内始终不足75%，因此机床的整体需求偏弱。但机床下游应用广 泛，仍存在结构性增长机会。因此，建议重点关注高端装备制造业全产业链自主可控、人工智能、具身 机器人、航空航天、低空经济等新兴领域带来的结构性机会，抓住这些下游发展机遇的机床企业有望受 益。 风险提示：原材料价格大幅上涨风险、人才流失风险、下游制造业复苏不及预期风险。 智通财经APP获悉，招商证券发布研报称，机床刀具行业总需求受制造业整体景气度影响较大，主要宏 观指标显示今年制造业复苏程度偏弱，但存在结构性景气方向。预计2 ...

Summary of the Conference Call on the Tungsten Price Surge and Tool Industry Changes Industry Overview - The tungsten powder price has surged threefold, creating operational pressures for small and medium-sized tool companies due to insufficient inventory and procurement difficulties, leading to order losses and price increases for products [1][2] - Large companies like Huari and Oke Yi benefit from sufficient inventory and higher gross margins, allowing them to better cope with rising costs and potentially increase market share [1][2] Key Points and Arguments - **Tungsten Price Fluctuations**: Tungsten powder prices rose from 316 RMB/kg at the beginning of the year to 1,031 RMB/kg by December 19, 2025, marking an increase of nearly three times [2] - **Impact on Small and Medium Enterprises**: These companies have low inventory levels and face significant operational pressures due to rising costs and procurement challenges, with the cost of 10 tons of tungsten powder increasing from approximately 300-350 thousand RMB to 800-900 thousand RMB by year-end [2] - **Performance of Large Enterprises**: Companies like Huari and Oke Yi reported a turnaround in Q3 2025, achieving a net profit of around 50 million RMB each, with expectations for better performance in Q4 [2][10] - **Export Trends**: China's tool exports by weight decreased by 1.88% year-on-year, indicating a consumption of overseas tungsten inventory. China is reassessing tungsten's strategic value and limiting exports, which may enhance the profitability of domestic tool manufacturers [2][13] Market Dynamics - **Foreign vs. Domestic Tool Manufacturers**: Foreign tool manufacturers hold about one-third of the market share in China. They quickly sold out their inventory after price increases in September 2025 and ceased taking orders in Q4. In contrast, domestic companies like Huari and Oke Yi continue to receive orders and ship products [4] - **Pricing Strategies**: Domestic brands have room to increase prices by 20%, while foreign brands may see price points of 15-20 RMB, allowing domestic brands to potentially increase their prices by 30-40% [4] Future Demand Outlook - **High-End CNC Tool Demand**: The demand for high-end CNC tools is primarily driven by sectors such as military, new energy, and high-temperature alloys, with a stable growth rate of 1.5% to 2% per year for tungsten products [5][7] - **Electric Vehicle Industry**: Despite potential declines in shipment volumes due to competition, production levels remain stable, ensuring continued demand for CNC tools. The trend of import substitution is expected to facilitate a smoother transition for domestic market share by 2025 [8] Company Performance and Financial Health - **Cash Flow Status**: Tool companies are currently in a strong cash collection phase, with some requiring 100% prepayment for new contracts due to raw material shortages. Huari Precision reported a net cash flow of nearly 10 million RMB for two consecutive quarters [11] - **Fixed Asset Investment**: Major companies have ceased new capacity investments since Q2 2025, indicating a comfortable operational state where existing capacity and inventory can meet market demand [12] Strategic Insights - **Future of Chinese Tool Manufacturers**: As global tungsten resources become scarcer, large Chinese tool manufacturers with procurement and channel advantages are expected to thrive, enhancing their profitability through increased market share and improved gross and net margins [14]

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，公司当前在手订单充足，且新增订 单呈现增长趋势。公司新建园区的产能利用率还处在产能提升阶段。 ...

Core Insights - The article discusses the recent research conducted by QuanGuo Fund on the listed company World, highlighting the fund's performance and the company's financial data for 2025 [1][2]. Group 1: Fund Performance - QuanGuo Fund was established on February 8, 2022, and currently manages assets totaling 23.787 billion yuan across six funds with five fund managers [1]. - The best-performing fund in the past year is QuanGuo XuYuan Three-Year Holding Period Mixed A (016709), which achieved a return of 32.83% [2]. Group 2: Company Financial Data - For the first nine months of 2025, the company reported revenue of 539 million yuan, a year-on-year increase of 9.05%, while net profit and net profit excluding non-recurring items decreased by approximately 6.67% and 5.29%, respectively [2]. - The gross margin remained around 43%, down 2.56 percentage points from the same period last year, and the net profit margin was 13.24%, a decline of 2.23 percentage points year-on-year [2]. Group 3: Quarterly Performance - In Q3 2025, the company achieved revenue of 204 million yuan, a year-on-year increase of 14.27% and a quarter-on-quarter increase of 13.10% [3]. - The net profit for Q3 was 27.78 million yuan, reflecting a year-on-year growth of 24.76%, while the net profit excluding non-recurring items was 27.25 million yuan, also up 24.66% year-on-year [3]. - The gross margin for Q3 was 41.53%, down 1.25 percentage points year-on-year, while the net profit margin increased by 1.14 percentage points to 13.60% [3]. Group 4: Product Development - The company is making progress in the production of diamond membrane acoustic devices, which are advantageous for high-end audio applications [4]. - The company has developed CVD diamond single and polycrystalline heat sink plates, which have potential applications in high-power and high-frequency devices [5]. - The diamond micro-drill products, which utilize diamond tips for precision drilling, are designed for various materials and have a lifespan that varies based on the material being processed [7].

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].