Huarui Precision(SH:688059)2024-03-13 09:44Financial Performance - The company achieved an operating income of 18,214.31 million yuan, a year-on-year increase of 32.02% [2] - The total profit was 18,355.45 million yuan, a decrease of 1.57% compared to the previous year [2] - The net profit attributable to shareholders was 14,918.75 million yuan, down 5.00% year-on-year [2] - The net profit excluding non-recurring gains and losses decreased by 5.39% to 14,918.75 million yuan [2] R&D Advantages - The company has 125 R&D personnel, accounting for 13.60% of the total workforce, focusing on hard alloy CNC tool technology [3] - A cutting test laboratory simulating real application scenarios has been established, enhancing R&D efficiency [3] Pricing Strategy - The pricing strategy is stable, based on production costs, product performance, competitor pricing, and market conditions [3] Production Capabilities - The company maintains a complete production process from raw material preparation to final product packaging, achieving a production yield rate of over 95% [4] - The precision of the pressed blades is controlled within ±0.025 mm, meeting E-level product precision requirements [4] Sales Model - The company primarily uses a distribution model supplemented by direct sales, with significant progress in direct sales in the aerospace sector [5] Market Expansion Efforts - The company actively participates in major domestic exhibitions and academic exchanges to promote its products [5] - Efforts to expand overseas markets include participation in international exhibitions in Vietnam and Russia [5] Raw Materials - The main raw materials for hard alloy tools are tungsten carbide powder and cobalt powder, essential for high-performance applications [5] Production Mode - The production mode is based on "sales-driven production with moderate stock," ensuring quick response to customer demands [6] Distributor Incentives - Distributors are evaluated annually based on sales performance, payment timeliness, and market potential, with underperforming distributors being eliminated [6] Competitive Advantages - The company has advantages in R&D, production, equipment, distribution, and market presence, with a well-established customer base contributing to sustained growth [6] - However, there are areas for improvement in scale, service capability, and market image compared to competitors from Europe, the US, Japan, and South Korea [6]