今年前三季度，武汉新锐合金工具有限公司（以下简称武汉新锐合金）实现销售收入 6.7亿元，较去年同期增长29.5％，利润增长30.1％。高速增长的一个重要原因，是新锐合金 在汉建成了国内最新的智能制造生产线。 "武汉制造基地是集团最大投资项目，拥有最新的智能制造生产线。客户参观后的签约 成功率达到80％，比参观集团总部的效果还好。"上个月，一场在上海举行的蔡甸外商投资 暨智能制造产业招商恳谈会上，新锐股份董事长吴何洪向中外企业代表介绍。 吴何洪所说的武汉制造基地即为武汉新锐合金，是一家专业从事凿岩工具与硬质合金新 材料的高新技术企业，集研发、制造、销售、服务于一体，产品广泛应用于矿山凿岩、电子 产品、航空航天、汽车加工、能源装备等技术领域。一期项目已于2022年竣工投产，二期项 目在今年9月全面投产。为揭开武汉制造基地的畅销密码，10月8日，长江日报记者走进武汉 新锐合金。 由4台机床设备组成的钎头智能化制造生产线是行业最智能的产线之一，每天可以生产 60件钎头。"硬质合金钎头是采掘工程和石方工程中使用的凿岩工具组件。在它面前再坚硬 在武汉新锐合金展区中央的沙盘边，公司相关负责人张学军向前来参观的客户介 绍：" ...

Group 1 - The core point of the news is that Liu Yong, a senior executive of Xinrui Co., plans to reduce his shareholding due to personal financial needs, with a maximum reduction of 750,000 shares, accounting for 0.2971% of the company's total share capital [1][2] - The planned reduction period is from July 30, 2025, to October 29, 2025, and the shares to be reduced are from the pre-IPO holdings [2] - Xinrui Co. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 27, 2021, with an issuance of 23.2 million shares at a price of 62.30 yuan per share, and the stock is currently trading below its IPO price [2][3] Group 2 - The total amount raised by Xinrui Co. during the IPO was 1.445 billion yuan, with a net amount of 1.352 billion yuan, exceeding the original plan by 670 million yuan [2] - The company has announced dividend plans, including a 4-for-10 bonus share and a pre-tax dividend of 5 yuan per share in 2023, 4 yuan in 2024, and 3 yuan in 2025 [3] - The total issuance costs for Xinrui Co. amounted to 93.8367 million yuan, with underwriting and sponsorship fees of 76.8819 million yuan paid to Minsheng Securities and Dongwu Securities [3]

Core Viewpoint - Suzhou New锐合金工具 Co., Ltd. reported significant growth in both domestic and international revenues for 2024, with domestic revenue reaching 1.031 billion yuan, up 34.56% year-on-year, and international revenue at 782 million yuan, up 6.02% year-on-year [2][3]. Revenue and Growth Analysis - The company's total revenue for 2024 was 1.812 billion yuan, a 20.57% increase from 2023 [3]. - The breakdown of revenue by product category shows: - Rock drilling tools and related services: 846.79 million yuan, up 8.57% - Hard alloys: 527.74 million yuan, up 14.74% - Cutting tools: 244.55 million yuan, up 138.12% - Oil service products: 149.47 million yuan, up 10.40% - Other products: 43.65 million yuan, up 73.98% [3][4]. Product-Specific Performance - The company’s main products include: - **Rock Drilling Tools**: Revenue from roller bits was stable, with a slight decrease in average price due to changes in customer structure [6]. - **Top Hammer Drilling Tools**: Revenue increased by 16.86%, driven by market positioning and product quality improvements [6]. - **Drill Rods**: Sales volume increased by 28.35%, but average price decreased by 8.89% due to product structure adjustments [7]. - **Drill Bits**: Significant growth in sales volume by 124.76%, with a notable increase in R&D investment [8]. - **Diamond Core Bits**: Revenue increased by 8.44%, supported by rising demand in mining exploration [11]. Market Trends and Competitive Landscape - The hard alloy and tool industry is characterized by increasing competition both domestically and internationally, with a diverse range of products and specifications available [4]. - The company is focusing on expanding its market share by enhancing product quality and service solutions, particularly in the mid-to-high-end market segments [6][8]. Distribution and Sales Model - The company employs a mixed sales model, primarily direct sales complemented by distributors, with a notable increase in the proportion of revenue from distributors, which rose to 38.42% in 2024 from 25.12% in 2021 [19][20]. - The management of distributors is structured to ensure compliance with company standards and to maintain product integrity in the market [17][18]. Financial Integrity and Audit Procedures - The company has implemented rigorous audit procedures to ensure the authenticity of its international revenue, with 61.37% of international sales subjected to verification processes [24].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 528 million yuan in Q1 2025, representing a year-on-year increase of 33.94%. The net profit attributable to shareholders was 46 million yuan, up 7.45% year-on-year. The growth in revenue is attributed to increased market expansion and stable growth in hard alloy and oil service products, along with the consolidation of revenue from newly acquired companies [2] - The gross margin slightly decreased to 32.02%, down 0.97 percentage points year-on-year, primarily due to changes in revenue structure and increased depreciation from ongoing projects. The net profit margin was 10.66%, down 2.01 percentage points, mainly due to rising expense ratios [3] - The company is accelerating the enhancement of its product matrix and expanding its overseas channels. It has integrated Drillco, which adds a range of drilling tools to its portfolio, and is deepening its cutting tool product layout with the acquisition of another company. The company participated in 13 international exhibitions in 2024 to boost its global presence and established a subsidiary in Dubai to enhance its sales network in the Middle East and Africa [4] Financial Summary - The company forecasts total revenue of 2,456 million yuan for 2025, with a year-on-year growth rate of 31.94%. The net profit attributable to shareholders is projected to be 225.22 million yuan, reflecting a growth rate of 24.61% [1][10] - The earnings per share (EPS) is expected to reach 1.24 yuan in 2025, with a price-to-earnings (P/E) ratio of 16.94 based on the current price [1][10] - The company’s total assets are projected to grow to 4,858 million yuan by 2026, with a debt-to-asset ratio of 35.91% [10]