Group 1: Financial Performance - In Q3 2024, the company achieved revenue of 174.10 million CNY, a decrease of 24.46% compared to the same period last year [2] - The net profit attributable to the parent company was 5.12 million CNY, down 88.17% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 4.54 million CNY, a decline of 89.46% compared to the previous year [2] Group 2: R&D Investment - R&D expenses from 2021 to 2023 were 24.91 million CNY, 41.56 million CNY, and 60.87 million CNY, showing an upward trend [3] - In the first three quarters of 2024, R&D expenses amounted to 46.11 million CNY, accounting for 7.89% of revenue [3] Group 3: Market Strategy and Product Pricing - The company maintains a stable pricing strategy based on production costs, product performance, competitor pricing, and market conditions [3] - In 2024, the company is actively participating in major domestic exhibitions and industry associations to promote its products [3] Group 4: Competitive Advantages and Disadvantages - Competitive advantages include a well-rounded R&D team, complete production processes, and a robust distribution network [4] - Disadvantages compared to European, American, and Japanese companies include scale, overall service capability, and market image [4] Group 5: Industry Overview - The global cutting tool market distribution is as follows: general machinery 35%, automotive 34%, aerospace 12%, molds 4%, and others 15% [4] - The company's main revenue sources are from the mold, automotive, and general machinery industries, with ongoing efforts in aerospace and energy equipment sectors [4] Group 6: Future Development Strategy - The company focuses on independent R&D and continuous innovation, aiming to enhance its position in the hard alloy CNC tool market [5] - Plans include increasing R&D investment, expanding product lines, and developing customized cutting solutions [5] Group 7: Industry Trends - Future trends in the cutting tool industry will require higher standards for tool materials, coatings, and structures to meet modern machining demands [6] - The ability to provide comprehensive metal cutting service solutions will become increasingly important for tool manufacturers [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance in Q3 2024 has declined due to a sluggish manufacturing sector, with a year-on-year revenue decrease of 24.46% in Q3 [2] - The company's profitability has been under pressure, with a gross profit margin of 39.64% for the first three quarters of 2024, down 4.46 percentage points year-on-year [3] - The company is gradually releasing capacity from its fundraising projects and convertible bond projects, which opens up long-term growth potential in overseas markets [4] - The profit forecast for 2024-2026 has been revised downwards due to slower-than-expected recovery in the manufacturing sector, with net profit estimates adjusted to 1.21 billion, 1.83 billion, and 2.49 billion respectively [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 585 million, a year-on-year decrease of 0.52%, and a net profit of 77 million, down 27.06% year-on-year [2] - The gross profit margin for Q3 was 32.68%, reflecting a significant decline compared to the previous year [3] Capacity and Market Expansion - The completion of IPO fundraising projects has alleviated capacity constraints and enhanced product structure, which is expected to meet the rapidly growing market demand [4] - The company has accelerated its overseas market expansion, achieving a 43.11% year-on-year increase in overseas revenue in the first half of 2024 [4] Profit Forecast and Valuation - The revised net profit forecasts for 2024, 2025, and 2026 are 1.21 billion, 1.83 billion, and 2.49 billion respectively, with corresponding P/E ratios of 26, 17, and 12 times [5]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a recovery in profitability and performance alongside the cyclical recovery of the manufacturing sector [4]. Core Views - The company's performance in Q3 2024 was significantly impacted by the seasonal downturn in the industry and low manufacturing sentiment, with a year-on-year revenue decrease of 24.46% and a net profit decline of 88.17% [2][3]. - The tool industry is viewed as a leading sector for cyclical recovery, with expectations that improved capacity utilization will enhance profitability once the industry sentiment reverses [3]. - The report adjusts profit forecasts for 2024 to 2026, projecting net profits of 1.29 billion, 2.09 billion, and 2.58 billion RMB respectively, reflecting a recovery in the manufacturing sector due to government stimulus policies [4]. Summary by Sections Company Performance - For Q3 2024, the company reported revenue of 1.74 billion RMB, down 24.46% year-on-year, and a net profit of 0.05 billion RMB, down 88.17% year-on-year [1][2]. - The overall revenue for the first nine months of 2024 was 5.85 billion RMB, a slight decrease of 0.52% compared to the previous year [1]. Industry Context - The manufacturing sector's profitability has declined by 3.5% year-on-year in the first nine months of 2024, with a notable drop of 27.1% in September [2]. - The tool industry is considered a barometer for manufacturing sentiment, and despite current challenges, it is expected to be a priority sector for recovery as economic stimulus measures are implemented [3]. Financial Projections - The company is expected to achieve net profits of 1.29 billion RMB in 2024, 2.09 billion RMB in 2025, and 2.58 billion RMB in 2026, with corresponding price-to-earnings ratios of 24X, 15X, and 12X respectively [4]. - The report indicates a potential for a "double boost" in profitability and valuation recovery as the industry sentiment improves [3].

Financial Performance - The company's operating revenue for Q3 2024 was ¥174,095,528.50, a decrease of 24.46% compared to the same period last year[3] - The net profit attributable to shareholders for Q3 2024 was ¥5,118,661.04, down 88.17% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥4,535,224.81, a decline of 89.46% compared to the previous year[3] - Basic earnings per share for Q3 2024 were ¥0.08, representing an 88.22% decrease year-on-year[4] - Total operating revenue for the first three quarters of 2024 was CNY 584,515,170.55, a decrease of 0.18% compared to CNY 587,552,377.07 in the same period of 2023[14] - Net profit for the first three quarters of 2024 was CNY 77,056,396.02, down 27.1% from CNY 105,643,306.55 in the previous year[15] - The total comprehensive income for the third quarter of 2024 was CNY 77,056,396.02, a decrease of 27.1% compared to CNY 105,643,306.55 in the same period of 2023[16] - Basic and diluted earnings per share for the third quarter of 2024 were CNY 1.25, down from CNY 1.71 in the third quarter of 2023, representing a decline of 26.9%[16] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,515,796,557.72, an increase of 13.82% from the end of the previous year[4] - The total assets of the company reached CNY 2,515,796,557.72, an increase of 13.8% from CNY 2,210,392,397.43 at the end of the previous year[13] - Total liabilities increased to CNY 1,213,659,595.37, up 27.2% from CNY 953,954,242.38 year-on-year[13] - The total liabilities rose to CNY 1,210,524,151.02, an increase of 27.5% compared to CNY 948,830,486.76 in the previous year[22] - The equity attributable to shareholders increased to CNY 1,302,136,962.35, up 3.6% from CNY 1,256,438,155.05[13] - The total equity increased to CNY 1,301,273,705.67, up 3.5% from CNY 1,256,903,253.40 year-over-year[22] Cash Flow - The company reported a net cash flow from operating activities of ¥4,773,203.39 for the year-to-date period[3] - Cash flow from operating activities for the first three quarters of 2024 was CNY 4,773,203.39, a significant improvement from a negative cash flow of CNY -5,583,442.63 in the same period of 2023[18] - Cash inflow from operating activities totaled CNY 341,257,380.86, slightly up from CNY 338,920,652.73 in the first three quarters of 2023[17] - Cash outflow from operating activities decreased to CNY 336,484,177.47 from CNY 344,504,095.36 in the previous year, indicating improved cost management[18] - The company reported a net cash outflow from investing activities of CNY -186,450,181.99 for the first three quarters of 2024, compared to CNY -38,043,793.28 in the same period of 2023[18] - Cash inflow from financing activities totaled 264,800,000.00, while cash outflow was 115,054,351.85, resulting in a net cash flow of 149,745,648.15[26] Research and Development - Research and development expenses totaled ¥15,517,832.38, a decrease of 5.32% compared to the same period last year[4] - The proportion of R&D expenses to operating revenue increased to 8.91%, up 1.80 percentage points year-on-year[4] - Research and development expenses for the first three quarters were CNY 46,109,880.76, slightly decreased from CNY 46,284,354.25 in the same period last year[15] - Research and development expenses for the first three quarters of 2024 were CNY 46,109,880.76, slightly down from CNY 46,284,354.25 in 2023[23] Shareholder Information - The total number of common shareholders at the end of the reporting period is 3,717[8] - The company has no significant changes in the participation of major shareholders in margin trading or securities lending[9] Future Outlook and Strategy - The company plans to continue focusing on market expansion and new product development to drive future growth[15] - The company has not provided specific future guidance or outlook for the upcoming quarters[10] - The company reported no significant new strategies or mergers and acquisitions during the reporting period[10] - There are no new product developments or technological advancements mentioned in the report[10] Financial Changes - The company's cash and cash equivalents decreased from ¥80,695,939.30 at the end of 2023 to ¥49,025,288.34 as of September 30, 2024, representing a decline of approximately 39.1%[10] - Accounts receivable increased significantly from ¥341,963,133.07 in 2023 to ¥442,649,107.76 in 2024, marking an increase of about 29.4%[11] - Inventory rose from ¥308,298,639.54 in 2023 to ¥405,195,104.18 in 2024, reflecting an increase of approximately 31.5%[11] - The total current assets increased from ¥966,013,003.40 in 2023 to ¥1,097,641,573.41 in 2024, indicating a growth of around 13.6%[11] - Fixed assets grew from ¥1,020,475,147.41 in 2023 to ¥1,126,836,974.94 in 2024, representing an increase of about 10.4%[11] - The company reported a significant increase in short-term loans, which rose to CNY 270,971,545.54 from CNY 70,056,833.34, indicating a shift in financing strategy[13] - The company reported a significant increase in short-term borrowings, which rose to CNY 270,971,545.54 from CNY 70,056,833.34, marking a 286.5% increase[22] - The company’s financial expenses increased to CNY 27,390,393.67, compared to CNY 21,300,485.73 in the previous year, reflecting a rise of 28.7%[23] Accounting Standards - The company has adopted new accounting standards starting in 2024, which may impact financial reporting[27]

| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2024-081 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 株洲华锐精密工具股份有限公司 关于召开2024年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 29 日（星期五）下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2024 年 11 月 22 日（星期五）至 2024 年 11 月 28 日（星期 四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资 者关系邮箱 zqb@huareal.com.cn 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 株洲华锐精密工具股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 | 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2024-078 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 株洲华锐精密工具股份有限公司 第三届董事会第八次会议决议公告 经审核，董事会认为：公司 2024 年第三季度报告的编制和审议程序符合相 关法律法规及《公司章程》等内部规章制度的规定；公司 2024 年第三季度报告 的内容与格式符合相关规定，公允地反映了公司 2024 年第三季度的财务状况和 经营成果等事项；2024 年第三季度报告编制过程中，未发现公司参与第三季度 报告编制和审议的人员有违反保密规定的行为；董事会全体成员保证公司 2024 年第三季度报告披露的信息真实、准确、完整，不存在任何虚假记载、误导性陈 述或重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 表决结果：7 票同意，0 票反对，0 票弃权。 具体内容详见公司同日刊登在上海证券交易所网站（www.sse.com ...

株洲华锐精密工具股份有限公司 | 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2024-080 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 公司对存货采用成本与可变现净值孰低计量，按照存货成本高于可变现净值 单位：元 币种：人民币 序号 报表项目 2024 年前三季度 计提金额 备注 1 信用减值损失 8,958,843.54 应收票据坏账损失、应收账款坏 账损失、其他应收款坏账损失。 2 资产减值损失 9,576,825.00 存货跌价损失 合计 - 18,535,668.54 - 的差额计提存货跌价准备。公司直接用于出售的存货，在正常生产经营过程中以 该存货的估计售价减去估计的销售费用和相关税费后的金额确定其可变现净值。 经测试，2024 年前三季度公司合计计提存货跌价损失 957.68 万元。 关于2024年前三季度计提减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、2024 年前三季度计提减值准备情况概述 根据《企业会 ...

| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2024-079 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 株洲华锐精密工具股份有限公司 第三届监事会第四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 具体内容详见公司同日刊登在上海证券交易所网站（www.sse.com.cn）的 《2024 年第三季度报告》。 特此公告。 株洲华锐精密工具股份有限公司监事会 2024 年 10 月 31 日 株洲华锐精密工具股份有限公司（以下简称"公司"）第三届监事会第四会议 于 2024 年 11 月 30 日在公司会议室召开，会议通知已于 2024 年 10 月 23 日以专 人、邮寄及电子邮件等方式发出。本次会议应出席监事 3 人，实际出席监事 3 人，会议由监事会主席林孝良先生主持。本次会议的召集、召开方式符合相关法 律、行政法规、部门规章、规范性文件和《株洲华锐精密工具股份有限公司章程》 （以下简称"公司章程" ...

Group 1: Research and Development - The company's R&D expenses for the first half of 2024 amounted to 30.59 million CNY, representing a year-on-year increase of 2.33% [1] - Despite the increase in total R&D investment, the proportion of R&D expenses relative to operating income has decreased [1] - The company plans to maintain steady investment in R&D to ensure technological leadership and innovation capabilities [1] Group 2: Coating Technology - The company has developed unique coating technologies, including "sticking pile bonding" and "needle-like crystal transition," which enhance the bonding strength of CVD coatings [2] - These technologies ensure good adhesion between TiCN and Al2O3 coatings, achieving a reasonable transition between crystal systems [2] Group 3: Tax Incentives and Financial Impact - The company benefits from specific tax incentives, which positively impact its financial status [2] - Details regarding these tax incentives can be found in the company's regular reports [2] Group 4: Market Position and Brand Influence - The company has been recognized as a national-level "specialized and innovative" enterprise, affirming its technological strength and innovation capabilities [2] - The company aims to leverage this recognition to enhance brand influence and expand market share through increased R&D investment and collaboration with research institutions [2] Group 5: Shareholder Structure and Stock Issuance - The company has converted all restricted shares into freely tradable shares, which may affect stock price and shareholder structure [3] - The company is in the process of issuing A-shares to specific investors to strengthen financial capabilities and support strategic development [3] Group 6: Product Standards and Market Competitiveness - The company's core products have reached advanced levels in processing precision, efficiency, and service life, entering the domestic mid-to-high-end market traditionally dominated by European, American, and Japanese brands [3] - The company aims to enhance its overall strength in hard alloy CNC blades to match or exceed the standards of top brands [3] Group 7: Financial Performance - In the first half of 2024, the company achieved operating revenue of 410.42 million CNY, reflecting a year-on-year growth of 14.93% [4]

| 证券代码：688059 | 证券简称：华锐精密 公告编号：2024-074 | | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | 株洲华锐精密工具股份有限公司 二、拟聘任专项审计机构的基本情况 （一）机构信息 1、基本信息 关于向特定对象发行 A 股股票变更专项审计机构的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 株洲华锐精密工具股份有限公司（以下简称"公司"）于 2024 年 10 月 9 日分 别召开第三届董事会审计委员会第二次会议、第三届董事会第七次会议，审议通 过了《关于向特定对象发行 A 股股票变更专项审计机构的议案》，为顺利推进 公司 2024 年度向特定对象发行 A 股股票事宜，根据股东大会的授权，公司董事 会同意聘任中审众环会计师事务所（特殊普通合伙）（以下简称"中审众环"） 为公司 2024 年度向特定对象发行 A 股股票事项的专项审计机构，由其为公司本 次向特定对象发行 A 股股票提供专项审计服务。本次审议的事项在股东大会授 权范围内，无需提交公司股东大会 ...