（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：公司目前已经有1300吨的棒材产能，且产品能够满足 PCB钻针的材质需求。请问公司是否有计划往下游产业链进行延升？进入下游PCB钻针生产领域，包括 不限于组件团队，收购等多种形式，为公司创造更多的附加价值。 欧科亿（688308.SH）12月30日在投资者互动平台表示，目前数控刀具园已具备1300吨棒材生产产能， 具备快速组建PCB钻针棒材的产能与供应能力；公司已实现向下游核心客户供货，覆盖主流产品的多种 规格型号，获得了一定的市场认可；公司将紧密跟随市场需求增长的步伐，积极规划并进一步扩大PCB 钻针棒料的产能与供应，同时积极寻求产业链延伸。 ...

占有兵能自然地把话题引向更大的时间节点——SARS 的冲 击、金融危机的震荡、产业升级与转移的过程。个人经验与时 代变化在他的叙述中并行展开，像一部图文并茂的民族志。 作者： 周悦 封图： 受访者供图 编者按：2025年，经济观察报以"我们的四分之一世纪"为年终特刊主题，旨在通过数十位时代亲历者的故 事，共绘一幅属于这段岁月的集体记忆图谱。 2012年6月18日，广东东莞。手袋厂的车间里，电车一刻不停。女工低头缝包， 手顺着针脚移动，目光落 在前方，却并未真正聚焦。包一只只被推到桌边，她的表情始终没有变化。这个动作她已经重复了太多 次，几乎成了身体的本能。 占有兵是在这一刻按下快门的，他知道这些瞬间很快就会消失。镜头之外，是更多年轻而模糊的面孔，低 头、起身、再坐下，在流水线上反复完成同样的动作。像这样的照片，他一共拍了150多万张。 占有兵今年52岁，出生在湖北襄阳的一个村庄。1995年南下广东后，他在东莞的工厂系统里辗转多年，做 过保安，也进入过管理层，后来成为一名摄影记者。直到今天，他仍然习惯把相机背在身上。过去二十多 年里，他几乎每天都在拍照，用坏了四台相机，肩带被磨得起毛。他形容自己是"拍照的农民工 ...

数控刀具行业更新 20251214 摘要 钨精矿供给因环保、成本及海外限制收缩，需求端受益于军工、工程机 械等行业增长，供需错配预计持续至明年下半年，推动价格上涨。 刀具市场价格传导顺利，年初至今涨幅 30%-50%，基本覆盖原材料成 本上涨，中游刀具和下游库存水位不高，头部公司受益于低价库存优势。 原材料涨价加速刀具行业中小企业退出，头部企业市占率有望提升，但 低价库存消耗完毕后，各公司将在高成本基础上竞争。 下游需求结构性亮点显现，工程机械、航空航天等领域表现良好，核电 需求预计明年贡献增量，驱动行业增长 5%-10%。 投资策略建议围绕涨价主线和价格传导方向，优先关注具备原材料优势 的企业，如中钨高新，其次是加工原材料占比较高且附加值较高的中游 企业。 欧科亿刀具业务量价齐升，订单价格持续上涨，预计 2026 年一季度价 格达新高；华锐精密聚焦中高端爆款，下游补库需求强劲，并发布智驾 工业软件。 国产刀具市场前景乐观，受益于进口替代、龙头企业产品结构优化及直 销比例扩大，以及技术创新带来的生产效率提升和商业模式拓展。 Q&A 今年上半年，钨精矿、APT 以及碳化钨的价格都有显著上涨，涨幅达到一倍到 两倍 ...

Core Viewpoint - The company anticipates significant opportunities in the CNC tool market driven by high-end manufacturing upgrades and the growing demand for smart manufacturing by 2026 [1][2]. Market Outlook - The CNC tool market is expected to benefit from the continuous upgrade of high-end manufacturing sectors such as aerospace, military, medical devices, consumer electronics, wind power, new energy vehicles, and rail transportation [1]. - The integration of smart manufacturing with CNC tools is becoming crucial, as it supports production optimization, tool lifecycle management, and cost control [1]. - Customers are increasingly focused on overall production efficiency rather than just the price of individual tools, which emphasizes the need for comprehensive solutions from tool suppliers [1]. Order and Shipment Status - The company currently has a sufficient backlog of orders, with new orders showing rapid growth due to recovering downstream demand and inventory replenishment needs [2]. - Orders and product prices have increased month-on-month in October and November, indicating a positive trend in shipment volume and pricing [2]. AI Applications in Tools - AI is transforming the entire lifecycle of tools from design to maintenance, enabling data-driven decision-making and optimization [3]. - Key applications of AI in the tool sector include intelligent design and optimization, quality control during manufacturing, adaptive processing, and inventory management [3]. - The company has made significant advancements in AI applications, enhancing processing efficiency, quality, and cost control [3]. Downstream Industry Demand - The demand for tools is increasing in several downstream industries, including: - New energy vehicle manufacturing, which requires high precision and efficiency for core components [4]. - Aerospace manufacturing, driven by the need for high precision and reliability in processing difficult materials [4]. - Consumer electronics, particularly in the production of 5G devices and smart wearables [4]. - High-end equipment manufacturing, where the demand for high-performance and customized tools is rising [4]. - The green and intelligent transformation of manufacturing, leading to increased demand for efficient and environmentally friendly tools [4]. Product Strategy - The company's product strategy focuses on technological innovation, structural optimization, industry customization, and global expansion [5]. - Key initiatives include advancing foundational technology research, optimizing product structures, and providing customized services for high-end manufacturing sectors [5]. - The company aims to enhance its R&D capabilities across the entire value chain of materials, structures, and coatings to maintain a competitive edge [5]. Aerospace Sector Expansion - The aerospace sector shows a growing demand for tools with high material and precision requirements, with domestic tools gradually increasing their market share [6]. - The company has developed specific products for high-temperature alloys and titanium alloys, establishing a solid customer base in the aerospace sector [6]. PCB Drill Rod Progress - The company has positioned itself well in the PCB drill rod market, with significant production capacity and a strong technical foundation [7]. - It has begun supplying core customers with various specifications and is planning to expand its production capacity in response to market demand [7]. Domestic Import Substitution - The domestic hard alloy tool industry is accelerating its import substitution, with local products gaining traction in high-end manufacturing sectors [8]. - Despite the market size exceeding 500 billion, high-end CNC tools still heavily rely on imports, indicating substantial potential for domestic products [8]. Raw Material Price Impact - Rising raw material prices have led downstream companies to increase their inventory levels to stabilize production costs [9]. - The company has effectively upgraded its product structure and increased prices in response to raw material cost increases, enhancing its competitive position [9]. Inventory Status - The company's inventory levels have significantly decreased, leading to urgent replenishment needs, while raw material inventory has been increased to leverage cost advantages [10]. - The recovery in downstream demand and the company's high-end strategy are expected to improve order levels and profitability [10]. Breakthroughs in Domestic Substitution - The company has made strides in high-end import substitution, completing several comprehensive tool replacement solutions across various sectors [11]. - It has developed tailored solutions for critical components in industries such as automotive, aerospace, and medical devices, indicating a strong market position [11]. Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 1.023 billion, a year-on-year increase of 14.34%, while net profit decreased by 43.09% [12]. - The third quarter alone saw a revenue of 420 million, a 33% increase year-on-year, with net profit rising by 69.31% [12].

Core Insights - The company has introduced innovative practices and applications in industrial intelligence, showcasing the latest explorations of AI industrial software empowering manufacturing sites [1] - The company has achieved rapid revenue and profit growth, benefiting from recovering downstream demand and an increasingly complete product range [2] - The company is expected to continue its revenue and profit growth from 2025 to 2027, driven by ongoing product development and market opportunities [3] Group 1: Innovation and Technology - The company has developed the Huari Zhijia industrial software system, enabling intelligent monitoring, precise control, and data closed-loop optimization in the cutting process [1] - The system integrates multi-modal sensor fusion, AI algorithm modeling, and cloud analysis, enhancing machine tools' real-time perception, intelligent decision-making, and adaptive regulation capabilities [1] - The company has established a cutting test laboratory equipped with advanced processing and testing equipment to improve R&D efficiency [2] Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 771 million yuan, a year-on-year increase of 31.85%, and a net profit attributable to shareholders of 137 million yuan, up 78.37% [2] - In Q3 2025, the company achieved revenue of 252 million yuan, a year-on-year increase of 44.49%, with a net profit attributable to shareholders of 52 million yuan, reflecting a significant increase of 915.62% [2] - The rapid revenue growth is attributed to recovering downstream demand, improved product performance, and steady channel expansion [2] Group 3: Future Outlook - The company is projected to achieve revenues of 1.031 billion yuan, 1.284 billion yuan, and 1.509 billion yuan from 2025 to 2027, with corresponding net profits of 182 million yuan, 249 million yuan, and 341 million yuan [3] - The expected price-to-earnings ratios for the same period are 39.11, 28.51, and 20.83 times, indicating a positive outlook for the company's financial performance [3] - The company is well-positioned to capitalize on the recovery of the manufacturing industry and the restructuring of the supply chain [3]

Core Insights - The 2025 DMP Greater Bay Area Industrial Expo opened in Shenzhen, focusing on "full-chain collaboration and intelligent innovation for the future" [1] - The expo aims to inject new momentum into the manufacturing industry in the Greater Bay Area and nationwide, signaling a shift away from internal competition towards deeper development [1] Group 1: Key Exhibitions and Themes - The "Guochao Machine Tool Exhibition" was highlighted at the opening ceremony, featuring over 100 leading domestic machine tool companies, including Gree, showcasing breakthroughs in self-developed five-axis CNC machines and intelligent CNC systems [4] - The 7th China International CNC Tool Festival, held concurrently, focused on "AI empowering materials and innovative integration," gathering top experts to discuss cutting-edge trends in cutting technology [4] Group 2: Technological Advancements - Chinese enterprises are showcasing their hard-core technological capabilities, providing disruptive solutions for sectors like new energy vehicles and 3C electronics, addressing long-standing technical challenges [8] - The exhibition reflects a multi-point breakthrough in high-end manufacturing, indicating a positive ecosystem forming around "material innovation, process upgrades, equipment breakthroughs, and industrial implementation" [8] Group 3: Digital Transformation and Industry Collaboration - The Manufacturing Digitalization Expo (Shenzhen) emphasizes "precise linkage of supply and demand for digital transformation, intelligent upgrades, and green development in manufacturing," tailored for the Greater Bay Area [9] - The DMP Expo's core mission is to unite all possible resources through cross-industry integration to elevate industrial capabilities, providing a new model for breaking through internal competition in the industrial exhibition sector [13] - The event will continue until November 8, featuring multiple technical matchmaking sessions and signing activities, facilitating precise cooperation and resource sharing among global professional buyers and exhibitors [13]

Group 1 - Six companies, including Zhongxin Jingyuan, Haimingrun, Sentai Yingge, Detongxing, Zhongxing Lianhua, and Weifang Jinghua, have collectively listed on the New Third Board, covering key sectors such as high-end manufacturing, new materials, and semiconductors [1][2] - Zhongxin Jingyuan specializes in the research, production, and sales of semiconductor silicon wafers, offering products ranging from 4-inch to 12-inch polished wafers and epitaxial wafers, essential for various semiconductor products [1][2] - Zhongxin Jingyuan's clients include major semiconductor companies like TSMC, GlobalFoundries, Infineon, and Toshiba, as well as leading domestic firms such as Silan Microelectronics and Changjiang Storage [1][2] Group 2 - Zhongxing Lianhua focuses on high-end electronic measurement instruments, innovating in high-speed, wide bandwidth testing technologies, with applications in satellite communications and emerging fields like 5G and quantum technology [1][2] - Sentai Yingge is a developer of CNC tools and precision fixtures, serving industries such as automotive, aerospace, and energy equipment, and is one of the few companies providing complete metal cutting solutions in China [2] - Weifang Jinghua specializes in powder engineering technology, offering solutions for ultra-fine and ultra-pure grinding, applicable in lithium battery materials and environmental protection [2] Group 3 - Zhongxin Jingyuan has shifted its focus to an IPO on the Beijing Stock Exchange after an unsuccessful attempt to list on the Sci-Tech Innovation Board, with its application accepted by the Zhejiang Securities Regulatory Bureau [3] - Zhu Bingren Copper, which specializes in copper craft products, has also submitted its application for listing on the Beijing Stock Exchange shortly after its listing on the New Third Board [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company reported a robust performance in H1 2025, achieving revenue of 519 million yuan, a year-on-year increase of 26.48%, and a net profit attributable to shareholders of 85 million yuan, up 18.80% [5][8]. - The revenue growth is attributed to a recovery in downstream demand and steady channel expansion, with overseas market revenue reaching 27.8 million yuan, a 20.62% increase year-on-year [8]. - The company's gross margin faced short-term pressure due to rising raw material prices and changes in product mix, with a gross margin of 37.54% in H1 2025, down 5.05 percentage points year-on-year [8]. - The company is actively engaging with Yushu Technology to explore opportunities in the robot tool market, indicating a strategic focus on precision manufacturing for humanoid robots [8]. Financial Data and Profit Forecast - The company expects total revenue to reach 977 million yuan in 2025, with a year-on-year growth rate of 28.7% [7]. - The forecasted net profit for 2025 is 169 million yuan, reflecting a significant increase of 58.3% compared to the previous year [7]. - The projected earnings per share for 2025 is 1.94 yuan, with a gross margin expected to improve to 38.9% [7].

Financial Performance - In 2024, the company achieved a total revenue of CNY 1.58 billion, representing a year-on-year growth of 19.65% [1] - The net profit attributable to shareholders was CNY 227 million, up 3.45% year-on-year [1] - The first quarter of 2025 saw a revenue of CNY 423 million, a 27.21% increase compared to the previous year [2] - The net profit for the first quarter of 2025 reached CNY 72.58 million, marking a significant year-on-year growth of 78.51% [2] Product Line Performance - Tool products generated CNY 1.191 billion in revenue, accounting for 75.40% of total revenue, with a growth of 14.26% [2] - Grinding and polishing materials achieved CNY 151 million in revenue, reflecting a 30.70% increase [2] - Smart CNC equipment revenue was CNY 54.89 million, growing by 15.55% [2] - Functional film materials saw a revenue of CNY 155 million, with a remarkable growth of 72.84% [2] Profitability Factors - The significant profit increase in Q1 2025 was attributed to product structure optimization, internal efficiency improvements, and reduced expenses [3] Market and Production Capacity - The company currently has a domestic monthly production capacity of 85 million drill bits, which is fully utilized [6] - The Thai production base has begun to ramp up, with plans to adjust capacity based on market conditions [6] - Overseas revenue reached CNY 92.67 million in 2024, a 96.95% increase year-on-year [9] Strategic Initiatives - The establishment of a subsidiary in Germany aims to enhance technical collaboration and local service networks in Europe [10] - Future growth drivers include technological innovation, expanding downstream demand, global strategic layout, and smart manufacturing upgrades [12] Employee Incentives - The company has implemented an equity incentive plan to motivate employees and enhance competitiveness, with performance targets set for 2025 [12]

Group 1 - The core viewpoint of the article highlights that the company Oko Yi is currently in a golden phase of domestic import substitution and overseas export substitution for CNC tools, leveraging technology research and development, product structure adjustment, and mergers and acquisitions to enhance profitability [1] - In Q1 2025, the company's revenue reached 302 million yuan, representing a year-on-year increase of 14.32%, while the net profit attributable to the parent company was 7.66 million yuan, a year-on-year decrease of 74.33% [1] - The company anticipates that new project capacity will ramp up to full production by mid-2026, with plans to expand into overseas markets to improve gross margins [1] Group 2 - The company's R&D investments are focused on high-end CNC tools and comprehensive solutions, while the rising financial expense ratio is related to its debt structure, with future plans to optimize financing costs [1] - Oko Yi has established cooperation cases in various sectors including automotive, aerospace, 3C electronics, and new energy, with an accelerated pace of high-end product import substitution [1]