安徽应流机电股份有限公司 董事会 安徽应流机电股份有限公司（以下简称"应流股份"或"公司"）董事会于 近日收到公司董事、副总经理徐卫东先生提交的书面报告。因工作调动，徐卫东 先生辞去应流股份副总经理职务，但仍将继续担任公司董事。 截至本公告日，徐卫东先生持有公司股份 1,913,303 股，并将严格按照《中 华人民共和国证券法》等法律法规、部门规章的有关规定管理上述股票。 公司董事会对徐卫东先生在任职副总经理期间对公司经营发展做出的贡献 表示衷心的感谢！ 特此公告。 证券代码：603308 证券简称：应流股份 公告编号：2024-045 安徽应流机电股份有限公司关于 董事高级管理人员辞去副总经理的公告 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、准确性和完整性承担个别及连带责任。 二零二四年十二月三十一日 1 ...

证券代码：603308 证券简称：应流股份 公告编号：2024-044 一、股东股份质押基本情况 单位：万股 1 截至 2024 年 12 月 25 日，霍山衡邦投资管理有限公司（以下简称"衡邦投 资"）持有安徽应流机电股份有限公司（以下简称"应流股份"或"公司"） 30,760,225 股,占公司总股本比例为 4.53%，衡邦投资累计质押股份数为 21,500,000股，占其所持公司股份总数的69.90%,占公司总股本比例为3.17%。 霍山应流投资管理有限公司（以下简称"应流投资"）、衡邦投资、霍山衡 玉投资管理有限公司（以下简称"衡玉投资"）、霍山衡宇投资管理有限公 司（以下简称"衡宇投资"）以及杜应流先生为一致行动人，截至 2024 年 12 月 25 日应流投资及其一致行动人合并持有公司股份 235,888,643 股，占公 司总股本的 34.74%，累计质押股份数为 111,500,000 股，占应流投资及其一 致行动人所持公司股份总数的 47.27%,占公司总股本比例为 16.42%。 | - 2,150 | | --- | | - - | | 3.17% | | 合计 - - - 69.90% ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth and profitability improvements [22] Core Views - The company's gas turbine blade business is expected to benefit from the increasing demand for AI data centers, which drive higher electricity consumption globally [22] - The company has secured significant new orders in the gas turbine sector, with contract liabilities increasing by RMB 117 million in Q3 2024 [22] - The company plans to issue convertible bonds to raise up to RMB 1.5 billion for expanding production capacity and enhancing competitiveness in the aerospace and gas turbine sectors [22] Financial Projections - Revenue is projected to grow from RMB 2.71 billion in 2024E to RMB 4.075 billion in 2026E, with a CAGR of 22.6% [11][22] - Net profit attributable to shareholders is expected to increase from RMB 320 million in 2024E to RMB 554 million in 2026E, with a CAGR of 31.6% [11][22] - The company's ROE is forecasted to rise from 6.91% in 2024E to 10.66% in 2026E, reflecting improved profitability [11] Industry Analysis - Global AI server electricity consumption is projected to increase from 195 TWh in 2023 to 500 TWh by 2027, driven by the rapid growth of data centers [22] - The US electricity demand is expected to grow by 128GW (15.8%) over the next five years, primarily due to data centers and manufacturing growth [22] - Gas turbines are favored for their fast start-up, high efficiency, and strong peak-shaving capabilities, making them a key solution for stable power supply in data centers [22] Valuation - The company's PE ratio is expected to decline from 28X in 2024E to 16X in 2026E, indicating attractive valuation levels [11][22] - The PB ratio is projected to decrease from 1.93X in 2024E to 1.72X in 2026E, reflecting improved asset efficiency [11]

证券代码：603308 证券简称：应流股份 公告编号：2024-043 安徽应流机电股份有限公司关于 股东股票质押式回购交易提前购回的公告 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、准确性和完整性承担个别及连带责任。 单位：万股 二、股东及其一致行动人累计质押股份情况 截至 2024 年 12 月 19 日，衡邦投资及其一致行动人累计质押股份情况如下： 1 三、其他情况说明 公司资信状况良好，具备资金偿还能力，所持公司股票质押率处于合理水平， 质押风险可控，不会对公司生产经营产生影响。 重要内容提示： 安徽应流机电股份有限公司（以下简称"公司"或"本公司"）于 2024 年 12 月 19 日收到股东霍山衡邦投资管理有限公司（以下简称"衡邦投资"） 的通知，衡邦投资将其所持有的公司部分无限售条件流通股股票办理质押式 回购交易股份提前购回，具体情况如下： | | | 本次 | | | 是 否 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 是否为 | 解除 | ...

股东大会法律意见书 安徽天禾律师事务所 关于安徽应流机电股份有限公司 2024 年第一次临时 股东大会法律意见书 天律证 2024 第 02769 号 致：安徽应流机电股份有限公司 根据《中华人民共和国公司法》（下称"公司法"）、《中华人民共和国证券法》 （下称"证券法"）和贵公司（下称"公司"）《公司章程》《股东大会议事规则》 的规定，以及公司与安徽天禾律师事务所（以下简称"天禾"）签订的《法律顾 问合同》，天禾律师出席公司 2024 年第一次临时股东大会（下称"本次股东大 会"）并对本次股东大会相关事项进行见证，并出具法律意见。 为出具本法律意见，天禾律师审查了公司提供的以下文件： 1、公司章程、股东大会议事规则； 2、公司 2024 年 10 月 30 日第五届董事会第七次会议决议和会议记录； 3、公司 2024 年 10 月 30 日刊登于《中国证券报》《上海证券报》《证券日 报》《证券时报》和上海证券交易所网站（www.sse.com.cn）的第五届董事会第 七次会议决议公告； 4、公司 2024 年 10 月 30 日刊登于《中国证券报》《上海证券报》《证券日 报》《证券时报》和上海证券交易所网站 ...

证券代码：603308 证券简称：应流股份 公告编号：2024-042 安徽应流机电股份有限公司 2024 年第一次临时股东大会决议公告 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、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 178 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 234,644,064 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 34.5554 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长杜应流先生主持，采用现场投票与 网络投票相结合的方式进行表决。本次股东大会的召集、召开、决策程序符合《公 司法》及公司《章程》的规定。 (一) 股东大会召开的时间：2024 年 11 月 15 日 (二) 股东大会召开的地点：安徽省合肥市繁华大道 566 号公司会议室 (三) 出席会议的普通股股 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company has shown steady revenue growth with an improvement in the profitability of its main business. In the first three quarters of 2024, the company achieved revenue of 1.91 billion yuan, a year-on-year increase of 5.72%. The net profit attributable to shareholders decreased by 6.90% to 227 million yuan [1] - The company's nuclear power business is experiencing a favorable trend, with significant growth in the "two-machine" business. The nuclear energy segment reported a revenue growth of 18.39% in the first half of the year, and the "two-machine" business also maintained high growth with a revenue increase of 19.65% [1] - The company is expected to continue enhancing its main business profitability, with a forecasted net profit attributable to shareholders of 310 million yuan, 393 million yuan, and 506 million yuan for 2024, 2025, and 2026 respectively [2][4] Financial Summary - For the first three quarters of 2024, the company reported a net profit of 220 million yuan after excluding non-recurring gains and losses, reflecting a year-on-year growth of 11.59% [1] - The company's operating cash flow significantly decreased by 99.24% due to slower collections, increased inventory, and reduced recovery of bill guarantees [1] - The company has been increasing its R&D investment, with R&D expenses rising by 6.91% in the first three quarters [1] Earnings Forecast - The forecast for the company's revenue is as follows: 2.685 billion yuan in 2024, 3.077 billion yuan in 2025, and 3.540 billion yuan in 2026, with growth rates of 11.32%, 14.60%, and 15.05% respectively [2][4] - The expected earnings per share (EPS) are projected to be 0.46 yuan in 2024, 0.58 yuan in 2025, and 0.74 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 30.7, 24.2, and 18.8 [2][4] Comparable Company Valuation - The company is compared with peers such as Nuoyue Co., Ltd., China Nuclear Technology, and Jiangsu Shentong, with the current valuation level being considered overvalued compared to these companies [1][2]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a favorable outlook for investment over the next six months [1][2]. Core Views - The company is expected to benefit from a favorable market environment in its two main business segments: aerospace and nuclear energy. New products are entering a growth phase, and as capacity utilization improves, the company's profit elasticity is anticipated to gradually manifest [2]. - The low-altitude economy segment, where the company has invested for years, is expected to replicate the growth trajectory of its aerospace business, becoming a new growth driver [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.91 billion yuan, a year-on-year increase of 5.72%. The net profit attributable to shareholders was 227 million yuan, down 6.90% year-on-year, while the non-recurring net profit was 220 million yuan, up 11.59% year-on-year [1]. - In Q3 2024, the company reported revenue of 642 million yuan, a year-on-year increase of 3.06% and a quarter-on-quarter increase of 6.06%. The net profit attributable to shareholders was 75 million yuan, down 8.75% year-on-year but up 21.98% quarter-on-quarter [1]. - The company has a robust order backlog in the gas turbine sector, with approximately 800 million yuan in orders as of September 30, 2024, and new orders of 400 million yuan signed in August and September [1]. Financial Projections - The company forecasts net profits of 364 million yuan, 465 million yuan, and 574 million yuan for the years 2024, 2025, and 2026, respectively. Corresponding EPS is projected to be 0.54 yuan, 0.69 yuan, and 0.85 yuan, with P/E ratios of 26, 20, and 17 times [2][3]. - Revenue is expected to grow from 2.83 billion yuan in 2024 to 3.91 billion yuan in 2026, reflecting a compound annual growth rate of 17.5% [3][4]. Business Development - The company is expanding its nuclear energy business, maintaining a leading position in the nuclear primary pump shell casting sector and developing new products in nuclear island and conventional island categories [1]. - The company plans to issue convertible bonds to raise up to 1.5 billion yuan, primarily to invest in blade casing processing and advanced nuclear materials projects, enhancing its production capacity and meeting the growing demand for high-performance components in aerospace and gas turbine markets [1][2].

证券代码：603308 证券简称：应流股份 公告编号：2024-041 安徽应流机电股份有限公司关于召开 三、公司出席说明会的人员 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、准确性和完整性承担个别及连带责任。 重要内容提示： 一、说明会类型 安徽应流机电股份有限公司（以下简称"公司"）已于2024年10月30日披露 了公司《2024年第三季度报告》，具体内容详见2024年10月30日的《中国证券报》、 《上海证券报》、《证券时报》、《证券日报》及上海证券交易所网站 （www.sse.com.cn）。为加强与投资者的深入交流，在上海证券交易所的支持下， 公司定于2024年11月11日举行2024年第三季度业绩说明会，就投资者关心的问题 进行交流。为积极响应中国证券监督管理委员会、上海证券交易所有关中小投资 者保护工作的要求，本公司现就2024年第三季度业绩提前向投资者征集相关问 题，广泛听取投资者的意见和建议。 二、说明会召开的时间和地点 召开时间：2024年11月11日13:00-14：00 召开地点：公司将通过 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company has achieved a record high in contract liabilities and plans to issue convertible bonds to enhance its capabilities in the aviation and nuclear energy sectors [1][2]. - The company is expected to benefit from the acceleration of domestic nuclear power construction and the advancement of its two-machine business due to localization efforts [2][3]. Financial Summary - **Revenue Forecast**: The projected revenues for 2024, 2025, and 2026 are 2,737 million, 3,145 million, and 3,546 million respectively, reflecting growth rates of 13%, 15%, and 13% [1][2]. - **Net Profit Forecast**: The expected net profits for the same years are 369 million, 458 million, and 593 million, with growth rates of 22%, 24%, and 29% [1][2]. - **Earnings Per Share (EPS)**: The projected EPS for 2024, 2025, and 2026 are 0.54, 0.67, and 0.87 respectively [1][2]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratios for the forecasted years are 26X, 21X, and 16X [2][3]. Business Performance - The company reported a revenue of 6.42 billion in Q3 2024, a year-on-year increase of 3.06% [1]. - The net profit attributable to the parent company for the same period was 0.75 billion, a decrease of 8.75% year-on-year [1]. - The company has maintained a steady growth in its core businesses, including gas turbines and nuclear power components, with significant advancements in product development and delivery [1][2]. Strategic Initiatives - The company is actively expanding its product offerings in the nuclear energy sector, including advanced materials and key components, while also enhancing production efficiency through automation and smart manufacturing systems [2][3]. - The planned issuance of convertible bonds aims to raise funds for upgrading capabilities in the aviation and nuclear sectors, which is expected to support long-term growth [1][2].