文 | 挖贝网 王思宇 6月23日，浙江欣兴工具股份有限公司（简称：欣兴工具）创业板IPO获受理，并于近日进入问询阶段，保荐机构为华泰联合证券。 欣兴工具是一家孔加工刀具生产企业，产品广泛应用于钢结构工程、轨道交通、造船业等领域，被应用于秦山核电站、上海磁悬浮列车工程等。2024年营 业收入、净利润分别为4.67亿元、1.85亿元。 欣兴工具预计融资金额5.6亿元，全部用于"精密数控刀具夹具数字化工厂建设项目"。 2024年净利润1.85亿元 毛利率56% 欣兴工具聚焦于孔加工刀具中钻削刀具产品的研发、生产和销售业务，主要产品包括钢板钻、孔钻在内的环形钻削系列产品以及包括铲钻在内的实心钻削 系列产品，产品广泛应用于钢结构工程、轨道交通、造船业、能源装备、机械制造、石油工程等工程制造及数控加工领域。 招股书披露，公司产品的终端客户覆盖国家铁路、中核建设、博世、泛音等国内外企业，产品被应用于秦山核电站、上海磁悬浮列车工程、东海大桥、美 国旧金山海湾大桥、韩国釜山东大桥等国内外知名工程建设。2024年，公司前五大客户为三环进出口、B&D LTD、泛音、创科实业、E&P LTD，销售收 入合计占营业收入的比例为35. ...

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） ...

Core Viewpoint - Zhejiang Zhigao Machinery Co., Ltd. (Zhigao Machinery) is under scrutiny during its IPO process on the Beijing Stock Exchange after its previous attempt on the Shenzhen Stock Exchange was terminated, raising concerns about the authenticity of its sales revenue and overall growth potential [1][3][19] Financial Performance - Zhigao Machinery has shown moderate growth in operating performance over recent years, with revenues of 8.81 billion, 7.95 billion, 8.40 billion, and 8.88 billion from 2021 to 2024, reflecting a slow growth trend [16] - Domestic sales have declined from 8.50 billion in 2021 to 6.19 billion in 2023, while international sales surged from 189.7 million to 1.89 billion in the same period, indicating a shift towards foreign markets [16] IPO Details - The company plans to raise 3.95 billion for the construction of a high-end drilling rig production line, with a total investment of approximately 3.78 billion for this project [4][10] - The initial fundraising target was 5.36 billion, which was later reduced due to market concerns, reflecting a 26.31% decrease [10][8] Sales Model and Revenue Recognition - Zhigao Machinery employs a mixed sales model, primarily using distributors, which has led to questions about the stability of its customer base and the authenticity of its sales figures [1][16] - The company has faced scrutiny over its revenue recognition practices, particularly regarding the transition of direct sales customers to distributors, which may affect how revenue is reported [17][18] Dividend Distribution - The company has distributed a total of approximately 1.64 billion in cash dividends from 2019 to 2023, raising questions about its financial management, especially when it plans to use part of the IPO proceeds for cash flow supplementation [7][8] Project Investment Concerns - The total investment for the drilling rig production line has seen significant fluctuations, increasing by 1.90 billion over two IPO attempts, which has led to skepticism about the company's financial planning and project viability [5][9] - The company has not provided sufficient justification for the drastic changes in project investment amounts, raising concerns about the rigor of its financial assessments [11][12] Market Position and Competition - The pricing strategy for new products, particularly the intelligent underground drilling rigs, has been questioned due to a significant markup compared to historical prices, with the expected price being approximately 310.83 million per unit, which is about eight times higher than previous averages [14][15] - The company has not adequately substantiated its claims of technological advancements justifying these price increases, leading to further doubts about its competitive positioning in the market [14][15]

证券研究报告·公司点评报告·通用设备 2025Q1 公司毛利率为 32.02%，同比-0.97pct。公司毛利率小幅下降，我 们判断系收入结构变化与在建工程转固导致折旧提升。 新锐股份（688257） 2025 年一季报点评：业绩稳步提升，加速拓 展布局海外市场 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,549 | 1,862 | 2,456 | 2,929 | 3,495 | | 同比（%） | 30.89 | 20.17 | 31.94 | 19.24 | 19.32 | | 归母净利润（百万元） | 162.99 | 180.73 | 225.22 | 275.34 | 332.45 | | 同比（%） | 10.94 | 10.89 | 24.61 | 22.25 | 20.74 | | EPS-最新摊薄（元/股） | 0.90 | 1.00 | 1.24 | 1.52 | 1.84 | | P ...

Core Viewpoint - Jikai Co., Ltd. reported a steady growth in revenue for the year 2024, with total revenue reaching 383 million yuan, a year-on-year increase of 13.62% [1] Group 1: Financial Performance - For the year 2024, Jikai Co., Ltd. achieved operating income of 383 million yuan, with a main business income of 374 million yuan, reflecting a growth of 14.44% [1] - The company's transportation equipment contributed 264 million yuan to revenue, an increase of 11.38% year-on-year [1] - Safety drilling rigs and support tools recorded revenues of 76 million yuan and 27 million yuan, respectively, with growth rates of 51.60% and 63.28% compared to 2023 [1] Group 2: Industry Position and Development - Jikai Co., Ltd. is recognized as a national-level specialized and innovative "little giant" enterprise, focusing on research and development in the coal mining machinery sector [2] - The company has established a national-level technology cooperation base and holds over 170 proprietary patents, exporting products to major coal-producing countries [2] - The coal mining machinery industry is crucial for the healthy development of the coal industry, supporting structural adjustments and upgrades [1][2] Group 3: Technological Innovation - Jikai Co., Ltd. is increasing its R&D investment, with total R&D expenses reaching 20.18 million yuan, a 9.59% increase from the previous year [2] - The company has developed advanced products such as dual-arm and single-arm anchor drilling rigs, improving support efficiency by 30% and streamlining the anchoring process [2][4] - The company is also focusing on intelligent drilling solutions, including AI-based deep hole drilling rigs, enhancing operational efficiency and safety [3] Group 4: Market Strategy - Jikai Co., Ltd. aims to maintain and strengthen existing markets while actively developing new markets and strategic partnerships with quality clients [3] - The company plans to enhance its international market research efforts to stabilize and grow its export business [3][4] - The company is committed to a forward-looking product development strategy, ensuring technological advancement and core competitive advantages [4]