公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants , SGP 中国.江苏.无锡 Wuxi. Jiangsu . China 关于苏州新锐合金工具股份有限公司 2024 年年度报告 的信息披露监管问询函的核查意见 上海证券交易所科创板公司管理部： 苏州新锐合金工具股份有限公司（以下简称"新锐股份"或"公司"）于近 日收到上海证券交易所科创板公司管理部下发的上证科创公函【2025】0150 号 《关于苏州新锐合金工具股份有限公司 2024 年年度报告的信息披露监管问询函》 （以下简称"《问询函》"）。公证天业会计师事务所（特殊普通合伙）（以下 简称"年审会计师"或"公证天业"）作为新锐股份的年审会计师就《问询函》 有关问题逐项进行了认真核查，核查意见如下： 说明：在下述相关问题的回复中，若合计数与各分项数值相加之和在尾数上 存在差异，均为四舍五入所致。 问题 1：关于经营情况。年报披露，（1）公司 2024 年境内收入 10.31 亿 元，同比上升 34.56%，境外收入 7.82 亿元，同比上升 6.02%；境内毛利率 分点。（2） ...

MSC Industrial Direct (MSM) FY Conference May 20, 2025 02:40 PM ET Speaker0 You all set? Great. Well, thanks for joining us here today, everyone. We're joined by Eric Gershwin, CEO of MSC Industrial and Ryan Mills, Head of Investor Relations. So for anyone that's unfamiliar with MSM, Eric runs the largest distribution business in North American metalworking markets with about 95% of sales here in The U. S. They offer a broad array of cutting tools and metalworking products, It's about 45% of sales and the r ...

（以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，工业工程行业市盈率（TTM）平均值为14.62倍，行业中值2.48倍。力丰(集团)市盈率 6.49倍，行业排名第27位；其他谊砾控股（00076.HK）为0.3倍、中国航天万源（01185.HK）为0.32 倍、天洁环境（01527.HK）为1.92倍、北京控股环境集团（00154.HK）为1.97倍、同景新能源 （08326.HK）为2.46倍。 资料显示，力丰(集团)有限公司是一家主要从事机械设备业务的香港投资控股公司。该公司主要业务包 括金属加工机械、测量仪器、切削工具及电子设备的买卖及安装以及提供售后服务。该公司在中国、香 港及新加坡、马来西亚及印度尼西亚等其他国家开展业务。 5月16日，截至港股收盘，恒生指数下跌0.46%，报23345.05点。力丰(集团)（00387.HK）收报0.68港元/ 股，上涨15.25%，成交量5.2万股，成交额3.62万港元，振幅13.56%。 最近一个月来，力丰(集团)累计跌幅14.49%，今年来累计 ...

上证报中国证券网讯（记者 霍星羽）5月13日，厦门钨业董事长黄长庚在公司2024年度暨2025年第一季度业绩说明会上表示，过去5年公司快速发展主要依 靠能源新材料，预计未来5年，公司将主要依靠钨和稀土深加工及应用来驱动增长。 黄长庚表示，在稀土功能材料方面，公司将重点关注磁性材料在稀土永磁电机、工业机器人和人形机器人等新场景的应用，目前相关产品正在紧锣密鼓地研 发之中。 他介绍，对于硬质合金切削工具，过去公司传统的模式是销售产品，现在公司计划在国内率先实现从销售产品到提供整体解决方案、提供服务的转变。这一 过程中可能会通过兼并、收购等方式推动业务的快速增长。此外，一个刀头需要配备一个夹具，夹具的重要性不言而喻。下一步公司将在夹具方面投入较大 精力，推动该板块的发展。 5月13日，厦门钨业董事长黄长庚在公司2024年度暨2025年第一季度业绩说明会上表示，过去5年公司快速发展主要依靠能源新材料，预计未来5年，公司将 主要依靠钨和稀土深加工及应用来驱动增长。 下一步，公司正在泰国布局建设二期项目，已购置130亩地，目前正推进项目建设，计划扩大硬质合金产能，并拓展钨粉、碳化钨、数控刀片及整体刀具等 业务，在海外建立 ...

长江商报消息 ●长江商报记者 黄聪 恒而达（300946.SZ）股价飞涨。 5月12日，恒而达股价20CM涨停，且近3个交易日的涨幅达39%。当日晚间，公司称，经自查，不存在违反信息公 平披露的情形。 不过，根据德国黑兴根地方法院相关裁定，SMS公司于2025年2月起启动自我管理破产程序。 恒而达表示，本次交易可以加速公司国际化布局，在新增海外研发和生产基地的同时，还可通过国际协同强化公 司在智能数控装备的核心技术及工艺解决方案等方面的创新能力，尤其是高起点加快公司滚珠丝杠副及行星滚柱 丝杠副等滚动功能部件产品的研发及产业化推进速度，构建"欧洲技术、中国制造、全球市场"的业务布局。 境外毛利率42.55%高于境内 利好消息是，近日，恒而达发布公告称，公司与德国磨床企业SMS Maschinenbau GmbH（简称"SMS公司"）签署 了《资产购买协议》，公司拟以现金方式收购SMS公司名下高精度数控磨床业务，并承接相关资产、特定合同权 利义务及相关人员，交易对价850万欧元（约合人民币6935.66万元）。 长江商报记者注意到，恒而达境外收入快速增长。2024年，公司境外营业收入达7866.63万元，同比增长 ...

Kennametal (KMT) Q3 2025 Earnings Call May 07, 2025 09:30 AM ET Company Participants Michael Pici - VP - Investor RelationsSanjay Chowbey - President & CEOPatrick Watson - VP & CFOJacob Moore - Equity Research AssociateMichael Feniger - MD - Equity Research Conference Call Participants Angel Castillo - AnalystSteven Fisher - Managing Director & Equity Research AnalystJulian Mitchell - Equity Research AnalystTami Zakaria - AnalystJoe Ritchie - Analyst Operator Good morning. I would like to welcome everyone t ...

报告要点 [Table_Summary] 2024 年公司实现营业收入 351.96 亿元，同比-10.66%；实现归母净利 17.28 亿元，同比+7.88%； 实现扣非归母净利 15.19 亿元，同比+8.49%。2025Q1 实现营业收入 83.76 亿元，环比-5.11%； 实现归母净利 3.91 亿元，环比+20.10%；实现扣非归母净利 3.67 亿元，环比+26.24%。 丨证券研究报告丨 公司研究丨点评报告丨厦门钨业（600549.SH） [Table_Title] 稳健经营，蓄势待发 ——厦门钨业 2024&2025Q1 业绩点评 %% %% 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 王鹤涛 王筱茜 许红远 肖百桓 周相君 SAC：S0490512070002 SAC：S0490519080004 SAC：S0490520080021 SAC：S0490522080001 SFC：BQT626 厦门钨业（600549.SH） cjzqdt11111 [Table_Title 稳健经营，蓄势待发 2] —— ...

Core Viewpoint - The company experienced a decline in revenue in 2024, but its gross margin improved due to lower raw material costs, while the tungsten-molybdenum segment showed resilience with increasing profit contribution [2][4]. Group 1: Sales Performance - In 2024, the company sold 7,352 tons of hard alloys, an increase of 8.35% year-on-year. Cutting tools sales reached approximately 51.3 million units, up 2.22% [1]. - The sales of fine tungsten wire reached 135.4 billion meters, a significant increase of 55.97%, driven by market demand growth and optimized marketing strategies [1]. - Lithium cobalt oxide sales were 46,200 tons, up 33.52%, attributed to the recovery in the 3C industry and the launch of new 4.5V high-voltage lithium cobalt oxide products [1]. - Sales of ternary materials reached 51,400 tons, an increase of 37.45%, due to accelerated demand in the new energy sector [1]. - In Q1 2025, fine tungsten wire sales dropped to 32.5 billion meters, a year-on-year decrease of 5%, with revenue declining by 28% due to reduced demand in downstream photovoltaic applications [1]. Group 2: Financial Performance - The company achieved operating revenue of 35.196 billion yuan in 2024, a decrease of 10.66%. Tungsten-molybdenum revenue was 17.414 billion yuan, up 5.78%, while energy new materials revenue fell by 23.19% to 13.297 billion yuan [2]. - The overall gross margin for 2024 was 18.03%, an increase of 1.51 percentage points, primarily due to lower costs of energy new materials and rare earth raw materials [2]. - In Q1 2025, the company reported operating revenue of 8.376 billion yuan, a year-on-year increase of 1.29%, with rare earth revenue rising by 46.36% due to increased sales of deep-processing magnetic materials [2]. - The gross margin for Q1 2025 was 16.47%, a decrease of 0.22 percentage points compared to the previous year [2]. Group 3: Cost and Profitability - The company's expense ratio increased to 9.04% in 2024, with selling expenses rising to 1.17% and management expenses to 2.86% due to higher employee compensation and depreciation [3]. - The net profit attributable to shareholders for 2024 was 1.728 billion yuan, an increase of 7.88%. However, in Q1 2025, net profit decreased by 8.46% to 391 million yuan [3]. - The cash flow remained stable, with a cash collection ratio of 0.8545, down 1.45 percentage points, and a cash payment ratio of 0.7924, down 0.73 percentage points [3]. - The company's asset-liability ratio decreased to 46.44%, down 5 percentage points, due to a significant increase in cash and cash equivalents [3]. Group 4: Investment Outlook - The company has a significant advantage in the tungsten-molybdenum sector, with a continuous increase in profit contribution, indicating a long-term positive trend [4]. - Projected net profits for 2025-2027 are 1.984 billion, 2.301 billion, and 2.531 billion yuan, respectively, maintaining a "strongly recommended" rating [5].

Investment Rating - The report assigns a "Buy" rating to the company [3][5]. Core Views - The company is a global leader in the specialty steel segment, with four synergistic business lines: tool steel, high-speed steel, cutting tools, and titanium alloys [3][20]. - The company has successfully broken the overseas monopoly in powder metallurgy and is positioned to benefit from the growing demand in high-end manufacturing sectors such as robotics and aerospace [19][65]. - The company has a strong focus on R&D, with significant investments aimed at enhancing its competitive edge in high-end materials [35][39]. Summary by Sections Global Specialty Steel Leader - Established in 1981, the company has evolved from cutting tools to high-speed steel, mold steel, and titanium alloys, achieving vertical integration in the high-speed steel cutting tool industry [20][21]. - The company launched China's first large-scale powder metallurgy production line in 2019, becoming the only domestic enterprise capable of large-scale production in this field [20][21]. Powder Metallurgy - The company is tapping into a vast domestic replacement market for powder metallurgy, with applications in aerospace and automotive sectors [2][19]. - Current production capacity for powder metallurgy has reached 5,000 tons, with plans to expand to 10,000 tons [2][66]. - The company has developed a new high-nitrogen steel patent, which is expected to penetrate high-end markets such as aerospace and robotics [2][19]. Titanium Alloys - The company is entering the 3C (computer, communication, consumer electronics) market, leveraging the lightweight and high-strength properties of titanium alloys [2][19]. - Production capacity for titanium alloys has reached 7,000 tons, with plans for an IPO to further expand operations [2][19]. Financial Forecast - The company is projected to generate revenues of 5.1 billion, 5.6 billion, and 6.0 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 464 million, 533 million, and 577 million yuan [3][30]. - The expected price-to-earnings ratios for these years are 11.18, 9.73, and 8.99, indicating strong growth potential [3][30]. Market Perception - The market tends to view the company through the lens of traditional steel manufacturing, overlooking its differentiated competitive advantages in specialty steel [17][18]. - The company is expected to benefit from the structural growth in the specialty steel sector, which is less sensitive to macroeconomic fluctuations compared to traditional steel [18][19].

厦门钨业 20250427 • 厦门钨业 2024 年营收同比下降，但归属净利润同比增长 8%至 17.28 亿 元，连续五年增长。总资产达 455 亿元，同比增长 15.76%，归属净资产 增长 42%至 159 亿元，加权平均净资产收益率为 14.36%。 • 钨钼板块贡献了公司主要营收和利润，钨价整体上行，钨矿价格创近 13 年新高。2024 年全国钨精矿开采总量控制指标同比增长，但 2025 年第 一批指标同比减少，硬质合金和光伏用钨丝需求增长。 • 公司切削工具销售收入同比增长 7%，销量增长 2%，产品均价提升。在 3C、航空航天、新能源汽车领域毛利率小幅提升至 43%。泰国基地切削 刀具项目预计 2025 年投产，成都布局新的刀具产能。 • 稀土市场价格震荡下行，但下游应用需求坚挺。公司稀土板块营收同比下 降 19%，但销量增长，利润总额同比增长 67%。磁性材料在新能源汽车 市场销量同比增长 16%，国内市场占有率达 41%，全球市场占有率接近 30%。 • 电池材料市场供应过剩，原材料价格走弱。公司能源新材料营收同比下降 23%，但钴酸锂销量同比增长 34%，国内市占率提升至 50%，三元材 ...