| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2026-013 | | --- | --- | --- | | 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 关于实施"华锐转债"赎回暨摘牌的第六次提示性公告 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： 截至 2026 年 1 月 26 日收市后，距离 2026 年 1 月 28 日（"华锐转债"最后 交易日）仅剩 2 个交易日，2026 年 1 月 28 日为"华锐转债"最后一个交易日。 最后转股日：2026 年 2 月 2 日 截至 2026 年 1 月 26 日收市后，距离 2026 年 2 月 2 日（"华锐转债"最后 转股日）仅剩 5 个交易日，2026 年 2 月 2 日为"华锐转债"最后一个转股日。 本次提前赎回完成后，"华锐转债"将自 2026 年 2 月 3 日起在上海证券 交易所摘牌。 投资者所持可转债除在规定时限内通过二级市场继续交易或按照 61.89 元/股的转股价格进行转 ...

Core Viewpoint - The company Huari Precision (688059.SH) is experiencing significant growth in its performance, with a projected net profit of 180 million to 200 million yuan for 2025, representing a year-on-year increase of 68.29% to 86.99% [1][3]. Group 1: Financial Performance - Huari Precision's net profit has fluctuated above 100 million yuan in recent years, and the projected upper limit for 2025 indicates the company may surpass the 200 million yuan mark for the first time [1][3]. - The expected net profit for 2025 is between 180 million and 200 million yuan, with a non-recurring net profit forecasted to be between 178 million and 198 million yuan, reflecting a growth of 70.64% to 89.82% [3]. - The company attributes its performance growth to improved downstream demand, enhanced product performance, and effective channel expansion, despite rising raw material costs [3]. Group 2: Market Position and Strategy - Huari Precision has been deeply involved in the tool industry for nearly two decades and has established itself as a leader in the domestic high-end market for CNC tools [2][7]. - The company is strategically expanding into the humanoid robot sector, with multiple projects related to robotics currently in development [2][5]. - The domestic market accounts for the majority of the company's revenue, with 94.60% of its main business income coming from domestic sales in the first half of 2025 [4]. Group 3: Research and Development - As a technology-intensive enterprise, Huari Precision emphasizes R&D as a core competitive advantage, with cumulative R&D expenses reaching 215 million yuan over the past five years [5][6]. - The company has 29 ongoing research projects, several of which are focused on robotics, including a project for developing cutting tools for key components in the robotics industry [5][6]. - Huari Precision has achieved significant milestones in developing cutting tools for aerospace and robotics, with ongoing efforts to enhance its product offerings in high-temperature alloy processing and precision component cutting tools [7].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a net profit attributable to shareholders of between 180 million to 200 million yuan in 2025, representing a year-on-year growth of 68.29% to 86.99% [1] - The growth in 2025 is attributed to improved downstream demand, enhanced product performance, price increases due to rising raw material costs, and effective cost control measures [1] - The company is expanding into emerging fields such as humanoid robotics and AI software, which are expected to drive future growth [2][3] Financial Performance - The company forecasts a net profit of approximately 190 million yuan in 2025, with expected growth rates of 78%, 29%, and 34% for the years 2025, 2026, and 2027 respectively [4] - Revenue is projected to increase from 759 million yuan in 2024 to 1.005 billion yuan in 2025, reflecting a growth rate of 32% [6] - The company's earnings per share (EPS) is expected to rise from 1.09 yuan in 2024 to 1.93 yuan in 2025 [6] Market Expansion - The company is actively pursuing overseas market expansion, with revenue from international markets reaching approximately 27.8 million yuan in the first half of 2025, a year-on-year increase of about 20.62% [2] - The domestic tool market has a potential replacement space of approximately 7 billion yuan, with hard alloy blades accounting for about 3 billion yuan, indicating significant growth opportunities for the company [3]

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company, Huarui Precision, is expected to achieve a net profit attributable to shareholders of 180 million to 200 million yuan in 2025, representing a year-on-year growth of 68.29% to 86.99% [1] - The growth in 2025 is driven by improved downstream demand, enhanced product performance, price increases due to rising raw material costs, and effective cost control measures [1] - The company is expanding into emerging fields such as humanoid robotics and AI software, which are expected to drive future growth [2][3] - The company is also focusing on overseas market expansion, with revenue from international markets reaching approximately 27.8 million yuan in the first half of 2025, a year-on-year increase of about 20.62% [2] Financial Summary - The projected revenues for 2025, 2026, and 2027 are 1.005 billion, 1.256 billion, and 1.492 billion yuan, respectively, with year-on-year growth rates of 32%, 25%, and 19% [6] - The net profit attributable to shareholders is forecasted to be 190 million, 246 million, and 329 million yuan for 2025, 2026, and 2027, reflecting growth rates of 78%, 29%, and 34% [6] - The company’s P/E ratios are projected to be 49, 38, and 29 for the years 2025, 2026, and 2027 [6]

（文章来源：证券日报） 证券日报网讯 1月23日，华锐精密发布公告称，自2026年1月16日至2026年1月22日期间，"华锐转债"累 计转股2，918，547股，公司总股本由95，324，869股增加至98，243，416股。公司实际控制人及其一 致行动人因公司总股本增加，其持股比例由41.92%被动稀释至40.67%，权益变动触及1%刻度。 ...

| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2026-011 | | --- | --- | --- | | 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 关于持股 5%以上的股东权益变动触及 1%刻度的提 示性公告 投资者保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 二、权益变动触及 1%刻度的基本情况 自2026年1月16日至2026年1月22日期间，"华锐转债"累计转股2,918,547 股，株洲华锐精密工具股份有限公司（以下简称"公司"）总股本由 95,324,869 股 增加至 98,243,416 股。公司实际控制人及其一致行动人因公司总股本增加，其持 | 股比例由 | | --- | | 41.92%被动稀释至 | | 40.67%，权益变动触及 1%刻度。 | | | | 变动前股 | 变动前 | 变动后股 | 变动后 | | 权益变动 | 资金来 | | --- | --- | --- | --- | --- | ...

| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2026-012 | | --- | --- | --- | | 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 关于实施"华锐转债"赎回暨摘牌的第五次提示性公告 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： 截至 2026 年 1 月 23 日收市后，距离 2026 年 1 月 28 日（"华锐转债"最后 交易日）仅剩 3 个交易日，2026 年 1 月 28 日为"华锐转债"最后一个交易日。 最后转股日：2026 年 2 月 2 日 截至 2026 年 1 月 23 日收市后，距离 2026 年 2 月 2 日（"华锐转债"最后 转股日）仅剩 6 个交易日，2026 年 2 月 2 日为"华锐转债"最后一个转股日。 本次提前赎回完成后，"华锐转债"将自 2026 年 2 月 3 日起在上海证券 交易所摘牌。 投资者所持可转债除在规定时限内通过二级市场继续交易或按照 61.89 元/股的转股价格进行转 ...

Core Viewpoint - The announcement from Huari Precision indicates a significant increase in the company's total share capital due to the conversion of bonds into shares, resulting in a dilution of the controlling shareholders' stake without triggering a mandatory takeover bid [1] Group 1: Share Capital Changes - From January 16 to January 22, 2026, a total of 2.918547 million shares were converted from "Huari Convertible Bonds," increasing the company's total share capital from 95.324869 million shares to 98.243416 million shares [1] - The controlling shareholders, including Xiao Xukai and Wang Yuqin, experienced a dilution in their ownership percentage from 41.92% to 40.67% due to the increase in total share capital [1] Group 2: Future Disclosures - The company will provide timely disclosures regarding any future changes in equity as the "Huari Convertible Bonds" remain in the conversion period [1]

Investment Rating - The report assigns a "Buy-A" rating to the company with a 6-month target price of 126.87 CNY, corresponding to a 40x PE for 2026 [2][3]. Core Insights - The company is expected to achieve a net profit of 180-200 million CNY in 2025, representing a year-on-year increase of 68.29%-86.99% [1]. - The anticipated revenue for 2025-2027 is projected to be 1.05 billion, 1.26 billion, and 1.45 billion CNY, with year-on-year growth rates of 38.3%, 20.0%, and 14.7% respectively [2]. - The company is actively exploring new opportunities in AI software, enhancing its product offerings and operational efficiency [1]. Financial Performance Summary - The company's revenue for 2025 is estimated at 1,050 million CNY, with a net profit of 188 million CNY, reflecting a net profit margin of 17.9% [3][6]. - The projected net profit for 2026 is 302 million CNY, with a net profit margin increasing to 24.0% [3][6]. - The earnings per share (EPS) for 2025 is expected to be 1.98 CNY, increasing to 3.17 CNY in 2026 [3][6]. Market Position and Strategy - The company is positioned as a leading domestic player in the tool manufacturing sector, likely to see an increase in market share and profitability as manufacturing demand stabilizes [2]. - The introduction of the "HuaRui Smart Plus" industrial software is expected to enhance processing efficiency by 5-30%, thereby optimizing management costs and extending tool lifespan [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [3][8][12]. Core Views - The company is expected to achieve significant growth in 2025, with a projected net profit of 1.80 to 2.00 billion yuan, representing a year-on-year increase of 68.29% to 86.99% [5]. - The growth is attributed to three main factors: recovery in downstream demand, price increases due to rising raw material costs, and improved operational efficiency leading to lower expense ratios [5][6]. - The company is well-positioned to benefit from industry consolidation and domestic substitution trends, particularly in the context of high tungsten carbide prices [6][7]. - The introduction of AI industrial software is expected to create a second growth curve for the company, enhancing its profitability and operational efficiency [7][8]. Financial Summary - The company forecasts revenue growth from 759 million yuan in 2024 to 2.25 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 60% from 2025 to 2026 [3][10]. - The projected net profit for 2025 is estimated at 210 million yuan, with a significant increase to 552 million yuan by 2027 [3][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 44.3 in 2025 to 16.9 in 2027, indicating improving valuation metrics as earnings grow [3][10].