Core Viewpoint - The company has established a comprehensive product technology system in the field of hard alloy CNC cutting tools, developing two main product categories: CNC blades and integral tools, capable of providing products and technical services for high-end manufacturing industries such as automotive, rail transportation, aerospace, precision molds, energy equipment, engineering machinery, general machinery, and petrochemicals [1] Group 1 - The company emphasizes independent innovation by continuously increasing R&D investment and enhancing research capabilities [1] - The company strengthens collaboration with research institutions, establishing a school-enterprise joint cooperation platform to improve its fundamental research level [1] - The company will continue to invest in basic research on new substrate materials and new coating technologies while increasing the development of new products such as integral tools, tool systems, and precision complex combination tools to enhance product performance [1] Group 2 - The company aims to achieve overall strength in CNC tools that approaches or reaches the level of Japanese and Korean tool companies, further narrowing the technological gap with European and American tool enterprises through a series of technology-driven initiatives [1]

Core Viewpoint - The company has developed a comprehensive product technology system in hard alloy CNC tools, enabling it to provide products and technical services to high-end manufacturing industries such as automotive, rail transportation, aerospace, precision molds, energy equipment, engineering machinery, general machinery, and petrochemicals [1] Group 1: Product Development and Innovation - The company emphasizes independent innovation by continuously increasing R&D investment and enhancing research capabilities [1] - It strengthens collaboration with research institutions to establish joint platforms, improving its fundamental research level [1] - The company is committed to advancing basic research on new substrate materials and new coating technologies while also focusing on the development of new products such as overall tools, tool systems, and precision complex combination tools [1] Group 2: Competitive Positioning - The company aims to enhance the comprehensive performance of its products and provide reliable, cost-effective cutting tools to customers [1] - Through a series of technology-driven initiatives, the company seeks to achieve overall strength in CNC tools that approaches or matches that of Japanese and Korean tool manufacturers, while further narrowing the technological gap with European and American tool companies [1]

Summary of Huari Precision's Conference Call Company Overview - **Company**: Huari Precision - **Industry**: Tool manufacturing, specifically focusing on blades and cutting tools Key Points and Arguments Financial Performance and Outlook - Huari Precision's blade production line is operating at full capacity, with new product lines having additional capacity for release. The company maintains a cautiously optimistic outlook for revenue and profit growth over the next two years, expecting a compound annual growth rate (CAGR) of over 20% for revenue, with profit growth potentially exceeding this rate [2][3] - The company experienced significant profit growth in 2025, with net profit growth outpacing revenue growth, attributed to a strategic shift at the end of 2024 and the introduction of versatile new products [3] Raw Material Costs and Pricing Strategy - The price of tungsten carbide, a key raw material, has risen significantly since March 2025. Huari Precision has implemented multiple price increases to pass some of this cost pressure onto customers, with these price increases expected to take effect in January 2026, which will help improve overall profit margins [2][3] - The company’s overall profit margin is improving due to a 40% increase in sales prices, although the advantage from lower-cost inventory is diminishing as higher-priced raw materials are gradually incorporated [10] Market Dynamics and Competitive Landscape - The domestic and international tool markets are increasingly concentrating around leading companies, with rising raw material prices accelerating the exit of smaller firms. Huari Precision, leveraging its financial and resource advantages, is well-positioned to expand its market share [2][6] - The company’s export business is growing rapidly, with a projected 20% increase in exports for 2025, although this was below expectations due to staffing shortages, particularly in the German market [2][13] Inventory and Production Capacity - Huari Precision's raw material inventory can support production for 4 to 6 months, with additional pre-paid materials extending this to about 6 months. Finished goods inventory is approximately 2 to 3 months, and semi-finished goods inventory is around 1 month, allowing for a total production support of 10 to 12 months [9] Strategic Initiatives and Future Plans - The company is focusing on expanding its direct sales channels, particularly in emerging industries and new customers, which is expected to reduce customer development and maintenance costs [4][20] - Huari Precision is not currently considering acquisitions of similar small firms but may explore projects that are significantly different from its current product lines or in emerging production areas [11] Industry Trends and Opportunities - The global tool industry is valued at approximately 50 billion yuan, with hard alloys accounting for 60% of this market. Imported brands hold a market share of about 10 to 13 billion yuan, while domestic brands are fragmented. The current trend of rising prices is likely to benefit larger companies like Huari Precision as smaller firms struggle [16] - The company is also exploring opportunities in the robotics sector, although this segment is currently small and not separately quantified [15] Customer Segmentation and Sales Model - Huari Precision's primary downstream industries include automotive, general machinery, and aerospace, with automotive and general machinery each accounting for about one-third of sales. The company is gradually increasing its direct sales proportion, which is currently over 80% through distribution channels [23][24] Financial Projections - For the first quarter of 2026, net profit is expected to grow rapidly, contingent on the realization of price increases. Previous quarterly net profits were around 50 million yuan, with the first quarter of 2025 at approximately 29 million yuan [25] Cost Management and Financial Efficiency - Following the redemption of convertible bonds, the financial expense ratio is expected to decline significantly. Although sales expenses may rise due to increased direct sales, the overall expense ratio is anticipated to decrease, enhancing profitability [26]

Group 1 - The core viewpoint of the article highlights that the company Huari Precision's "Zhijia" industrial software integrates high-precision sensors and AI algorithms for dynamic monitoring of the entire cutting process, enhancing efficiency and safety while reducing management costs [2] Group 2 - The "Zhijia" system is designed to work alongside machine tool CNC systems without conflict, indicating its compatibility and potential for widespread adoption in the industry [2]

格隆汇2月4日丨华锐精密(688059.SH)在投资者互动平台表示，公司目前暂无AI PCB钻针产能。 ...

格隆汇2月4日丨华锐精密(688059.SH)在投资者互动平台表示，公司目前暂无AI PCB钻针产能。 ...

Core Viewpoint - The company has triggered the early redemption of its convertible bonds due to the stock price meeting specific conditions, which will lead to a change in its capital structure and shareholder equity dilution [1][2][7]. Redemption Conditions - The company's stock price has been above 130% of the conversion price for at least 15 trading days within a 30-day period, fulfilling the conditions for early redemption of the convertible bonds [1]. - The specific stock prices were 81.24 CNY and 80.46 CNY for the respective periods [1]. Redemption Procedure - The board of directors approved the early redemption on January 9, 2026, and the redemption will be executed at the face value plus accrued interest [2]. - The redemption date is set for February 2, 2026, with the total amount to be redeemed being 2,518,518.72 CNY, which includes accrued interest [3][6]. Financial Impact - The total amount of the redemption will not significantly impact the company's financial status, operating results, or cash flow [7]. - Following the redemption, the total share capital will increase to 99,986,768 shares, leading to a slight dilution of earnings per share [7]. Shareholder Changes - The conversion of the bonds has resulted in the issuance of 6,421,046 new shares, representing 14.59% of the total shares before conversion [5]. - The redemption will lead to a dilution of the holdings of the company's actual controller and their concerted parties, but it will not change the actual control of the company [10].

| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2026-020 | | --- | --- | --- | | 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"华锐转债"赎回结果暨股份变动的公告 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： 赎回数量：人民币 2,491,000 元（24,910 张） 赎回兑付总金额：2,518,518.72 元（含当期利息） 赎回款发放日：2026 年 2 月 3 日 可转债摘牌日：2026 年 2 月 3 日 于提前赎回"华锐转债"的议案》，决定行使公司可转债的提前赎回权，按照债券 面值加当期应计利息的价格对"赎回登记日"登记在册的"华锐转债"全部赎回。具 体内容详见公司于 2026 年 1 月 10 日披露在上海证券交易所网站(www.sse.com.cn) 的《关于提前赎回"华锐转债"的提示性公告》(公告编号：2025-002)。 2026 年 1 月 19 日，公司在上海证券交易所网站(www.ss ...

Group 1 - The core point of the article highlights the performance of the Zhongzheng 2000 ETF (563300), which opened with a gain of 1.17% at 1.472 yuan [1] - The top-performing stocks within the ETF include Ding Tong Technology, which rose by 2.53%, and Jiao Cheng Ultrasound, which increased by 1.85% [1] - The fund's performance benchmark is the Zhongzheng 2000 Index return, managed by Huatai-PB Fund Management Co., with a return of 45.49% since its establishment on September 6, 2023, and a monthly return of 6.52% [1]

证券研究报告 华锐精密 (688059 CH) 高端领域持续布局强化竞争优势 | 华泰研究 | | | 更新报告 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 30 日│中国内地 | 通用机械 | 目标价(人民币): | 123.97 | 随着全球制造业加速向数字化、智能化转型，华锐精密持续加码技术创新， 自主研发"智加"工业软件系统，成功实现加工全流程智能化监测与优化， 有效提升生产效率与加工质量。公司积极布局人形机器人等新兴高增长产 业，聚焦核心零部件加工环节的需求痛点，针对性研发创新刀具解决方案， 凭借技术优势抢占市场先机。此外，公司凭借多年深耕积累，构建起覆盖全 国的销售网络和经销模式，渠道布局优势显著。叠加当前原料成本上涨背景 下的行业红利，公司有望进一步强化技术壁垒，巩固市场地位，持续扩大市 场份额，充分受益于行业升级与新兴赛道发展的双重机遇。维持买入评级。 创新工业软件系统，推动切削加工数字化升级 在制造业数字化与智能化深度融合背景下，切削加工正由"经验驱动"向"数 据驱动"转变。2025 年 ...