研发攻坚打开长期增长空间 公司以"技术突破"为核心战略，高研发投入与产学研协同推动产品迭代，截至2025 年6 月30 日，公司 累计申请境内外知识产权共计 118 项 ，已获授权 89 项 ，有效专利 67项 （其中发明专利32 项）。2025 年上半年，公司新增 1 项基体材料牌号、1 项PVD 涂层材料、4 项PVD 涂层工艺及1 项CVD 涂层工 艺，并在高精密3C 行业刀具、新型铣钻系列刀具、微小径整体刀具、机器人精密零部件加工刀具等多 个方向完成开发或批量测试。此外，在研项目涵盖航空难加工材料切削刀具涂层、高温条件下切削硬质 材料性能改性、硬质合金材料信息数据库与集成计算平台建设等，均处于中试或小试阶段，目标是提升 刀具寿命、性能稳定性与开发效率。 高端刀具国产替代领军，核心技术实力强劲 切削刀具是机械制造的基础环节，占机械加工工作量约90%，在汽车、模具、通用机械、能源装备、轨 道交通及航空航天等领域不可或缺。中国刀具行业市场规模在2016 年至2023 年间呈现波动增长趋势， 2023 年中国刀具行业市场规模达到492 亿元，增速为6.12%.全球高端刀具长期由欧美及日韩厂商垄断， 但近年来国 ...

2025 年 09 月 25 日 高端刀具国产替代加速，研发突破打开成长空间 —华锐精密（688059.SH）公司动态研究报告 买入(首次) 投资要点 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2 0 2 5-0 9-2 4 | | --- | --- | | 当前股价（元） | 78.46 | | 总市值（亿元） | 68 | | 总股本（百万股） | 87 | | 流通股本（百万股） | 87 | | 52 周价格范围（元） | 40.22-83.11 | | 日均成交额（百万元） | 131.15 | 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 200 (%) 华锐精密 沪深300 相关研究 ▌高端刀具国产替代领军，核心技术实力强劲 切削刀具是机械制造的基础环节，占机械加工工作量约 90%，在汽车、模具、通用机械、能源装备、轨道交通及航空 航天等领域不可或缺。中国刀具行业市场规模在 2016 年至 2023 年间呈现波动增长趋势，2023 年中国刀具行业市场规模 达到 492 亿元，增速为 6.12%.全球高端刀 ...

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Huarui Precision, indicating a significant increase in revenue and net profit for the first half of 2025 [2] - As of August 26, Huarui Precision's stock price increased by 2.09%, with a trading volume of 342 million yuan, and a net financing buy of -19.29 million yuan [1] - The company has a total financing and securities balance of 295 million yuan, with a financing balance of 294 million yuan, representing 5.08% of its market capitalization [1] Group 2 - For the first half of 2025, Huarui Precision achieved an operating income of 519 million yuan, reflecting a year-on-year growth of 26.48%, and a net profit attributable to shareholders of 85.46 million yuan, up 18.80% year-on-year [2] - The company has distributed a total of 236 million yuan in dividends since its A-share listing, with 140 million yuan distributed over the past three years [3] - As of June 30, the number of shareholders increased to 5,165, a rise of 26.97%, with an average of 16,875 circulating shares per person, up 10.27% [2]

Summary of Xiamen Tungsten Industry Conference Call Company Overview - **Company**: Xiamen Tungsten Industry - **Date**: August 22, 2025 Key Financial Performance - **Net Profit**: The company reported a net profit attributable to shareholders of 580 million yuan for Q2 2025, with a non-recurring profit of 923 million yuan, representing a year-on-year growth of 7.53% [2][3] - **Total Assets**: As of June 30, 2025, total assets reached 47.1 billion yuan, an increase of 3.64% from the previous year [2][5] - **Net Assets**: Shareholder equity was 16.3 billion yuan, up 2.32% year-on-year [2][5] - **Return on Equity**: The weighted average return on equity was 15.96%, down 2.79 percentage points due to refinancing impacts [2][5] - **Cash Flow**: Operating cash flow was approximately 800 million yuan, a decrease attributed to increased inventory [2][5] Revenue Breakdown by Segment - **Tungsten and Molybdenum**: Contributed 46% of total revenue and 75% of total profit [6] - **Energy New Materials**: Accounted for nearly 40% of revenue and 20% of profit [7] - **Rare Earths**: Contributed 14% of revenue and about 7% of profit [8] Market Dynamics - **Tungsten Prices**: The average price of domestic black tungsten concentrate was approximately 150,000 yuan/ton, with APT prices reaching a historical high of 222,900 yuan/ton, reflecting a year-on-year increase of 12.23% [8] - **Market Position**: The company maintains a strong position in the tungsten market, with APT and other products ranking among the top domestically [9] Segment Performance Highlights - **Cutting Tools**: Revenue grew by approximately 13%, with a profit increase of 29%. Key customer sales rose by 50%, and overseas revenue saw significant growth [10] - **Rare Earths**: Prices for neodymium-praseodymium oxide increased by 12%, while the company achieved a 40% increase in domestic sales of magnetic materials [16] - **Battery Materials**: Revenue reached 7.534 billion yuan, up 18%, with lithium cobalt oxide sales increasing by 57% [20] Strategic Initiatives - **Investment Projects**: The company invested 977 million yuan in various projects, including 656 million yuan in wood business and 155 million yuan in rare earth projects [21] - **Future Plans**: The company aims to achieve 5 billion yuan in revenue from the cutting tools business within five years through organic growth and acquisitions [29] Challenges and Risks - **Cost Pressures**: Rising raw material prices pose challenges to cost control, although the company is optimizing supply chain management [40] - **Market Demand**: Despite healthy demand, there are concerns about customer hesitance due to rising prices, which could affect order volumes [44] Conclusion - **Outlook**: The company is well-positioned in the tungsten and rare earth markets, with strong financial performance and strategic initiatives aimed at growth. However, it must navigate cost pressures and market dynamics to maintain its competitive edge.