Core Viewpoint - The stock price of Yingliu Co., Ltd. has shown significant growth this year, with a notable increase in both revenue and net profit, indicating strong business performance and investor interest [2][3]. Group 1: Stock Performance - As of September 30, Yingliu's stock price increased by 2.13% to 33.50 CNY per share, with a trading volume of 1.67 billion CNY and a turnover rate of 0.75%, resulting in a total market capitalization of 22.748 billion CNY [1]. - Year-to-date, Yingliu's stock price has risen by 138.77%, with a 3.49% increase over the last five trading days, 11.18% over the last 20 days, and 44.15% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Yingliu achieved a revenue of 1.384 billion CNY, representing a year-on-year growth of 9.11%, while the net profit attributable to shareholders was 188 million CNY, reflecting a 23.91% increase [2]. - Since its A-share listing, Yingliu has distributed a total of 558 million CNY in dividends, with 250 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Yingliu was 22,600, an increase of 5.56% from the previous period, with an average of 30,095 circulating shares per shareholder, a decrease of 5.27% [2]. - The second-largest circulating shareholder is the Quan Guo Xu Yuan Three-Year Holding Period Mixed A Fund, holding 32.79 million shares, unchanged from the previous period, while the Hong Kong Central Clearing Limited, the third-largest shareholder, reduced its holdings by 10.23 million shares to 32.07 million shares [3].

Core Viewpoint - Anhui Yingliu Group has transformed from a small factory in the mountainous area to a national-level specialized and innovative "little giant" enterprise, representing high-end manufacturing in revolutionary old areas [1][2] Group 1: Company Development - Yingliu Group has evolved from producing simple castings to focusing on high-end components, nuclear materials, and aerospace technology, maintaining a growth trend with 80% of its business coming from green energy equipment [1] - The company has invested 1.57 billion yuan in a new intelligent production line, with over 100 million yuan dedicated to environmental protection, demonstrating its commitment to green development [1] Group 2: Research and Innovation - The company has invested 1.04 billion yuan in R&D, collaborating on 28 projects with 16 universities and research institutions, successfully overcoming several key technologies [1] - Yingliu Group's 120-600 kW hybrid power system has completed testing and flight trials, indicating its capability in designing and producing large power hybrid systems [1] Group 3: Market Expansion and Social Responsibility - Yingliu Group has extended its industrial chain and enhanced its value chain, exporting products to 42 countries and serving over 100 global industry leaders, breaking foreign monopolies on technologies such as aerospace engine blades and nuclear power station pump shells [2] - The company has implemented an energy management system that has improved energy utilization efficiency by over 30% [2] - The company emphasizes environmental protection as a social responsibility, focusing on intelligent empowerment and high-end development to promote green transformation in traditional manufacturing [2]

Investment Rating - The mechanical industry is rated as "Outperform" relative to the market, maintaining a strong performance compared to the CSI 300 index [2]. Core Insights - The mechanical sector has shown a positive trend, with a 5.23% increase in the CITIC mechanical sector in September, outperforming the CSI 300 index by 3.08 percentage points [4][11]. - Key sub-sectors such as lithium battery equipment, semiconductor equipment, and forklifts have experienced significant growth, with increases of 49.22%, 24.73%, and 17.72% respectively [4][11]. - The report emphasizes the importance of focusing on domestic demand-driven sectors with stable fundamentals, high dividends, and solid earnings, particularly in engineering machinery and high-speed rail equipment [5]. Summary by Sections 1. Mechanical Sector Performance - As of September 25, 2025, the CITIC mechanical sector rose by 5.23%, ranking 4th among 30 CITIC primary industries [11]. - All three sub-sectors recorded positive growth, with notable increases in lithium battery and semiconductor equipment [4][11]. 2. Engineering Machinery - In August, excavator sales reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales growing by 14.8% [21][32]. - Loader sales also increased by 13.3% year-on-year, with total sales of 9,440 units in August [33]. - The report suggests that the engineering machinery sector is in a recovery phase, driven by equipment upgrades and favorable policies [39]. 3. Robotics - Industrial robot production in August was 63,747 units, reflecting a 14.4% year-on-year growth, while metal cutting machine tool production increased by 16.4% [40]. - The report highlights the upward cycle in the robotics industry, with significant growth expected in humanoid robots and automation technologies [46][51]. - Key players in the robotics sector, such as Estun and core component suppliers, are recommended for investment [51].

Core Points - The stock price of Yingliu Co., Ltd. increased by 2.03% on September 25, reaching 33.66 CNY per share, with a total market capitalization of 22.856 billion CNY [1] - The company has seen a significant stock price increase of 139.91% year-to-date, with a 5.25% rise in the last five trading days and a 47.44% increase over the past 60 days [1] - Yingliu Co., Ltd. specializes in the research, production, and sales of high-end components for specialized equipment, primarily serving industries such as oil and gas, clean energy, and high-end machinery [1] Financial Performance - For the first half of 2025, Yingliu Co., Ltd. reported a revenue of 1.384 billion CNY, reflecting a year-on-year growth of 9.11%, and a net profit attributable to shareholders of 188 million CNY, which is a 23.91% increase compared to the previous year [2] - The company has distributed a total of 558 million CNY in dividends since its A-share listing, with 250 million CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Yingliu Co., Ltd. increased by 5.56% to 22,600, while the average number of circulating shares per shareholder decreased by 5.27% to 30,095 shares [2] - The second-largest circulating shareholder is Quan Guo Xu Yuan Mixed A Fund, holding 32.79 million shares, while Hong Kong Central Clearing Limited is the third-largest, holding 32.07 million shares, having decreased its holdings by 10.23 million shares [3]

重要内容提示： 安徽应流机电股份有限公司（以下简称"发行人"或"公司"）公开发行可转 换公司债券（以下简称"可转债"）已获得中国证券监督管理委员会证监许可〔2025〕 1956号文核准。华泰联合证券有限责任公司（以下简称"华泰联合证券"、"主承 销商"或"保荐人（主承销商）"）为本次发行的保荐人（主承销商）。本次发行的 可转债简称为"应流转债"，债券代码为"113697"。 | 类别 | 认购数量（手） | 放弃认购数量（手） | | --- | --- | --- | | 原股东 | 1,175,694 | 0 | | 网上社会公众投资者 | 316,746 | 7,560 | | 网下机构投资者 | - | - | | 主承销商包销数量（放弃 | | 7,560 | | 认购总数量） | | | | 发行数量合计 | | 1,500,000 | 证券代码：603308 证券简称：应流股份 公告编号：2025-036 安徽应流机电股份有限公司 公开发行可转换公司债券发行结果公告 保荐人（主承销商）：华泰联合证券有限责任公司 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 ...

Group 1 - The company announced a restriction on single-day purchases exceeding 1000 yuan for its funds starting from September 29, 2025, with the right to refuse such applications [1] - Normal redemption and other business operations will continue during the restriction period, with normal purchase operations resuming on October 9, 2025 [1] - Investors can find more details on the company's website or by calling customer service [1] Group 2 - The company participated in the priority placement of convertible bonds issued by Anhui Yingliu Electromechanical Co., Ltd., which involves related party transactions due to the underwriting by its affiliate [3] - The announcement complies with relevant laws and regulations, as well as the fund's contract and prospectus [3] - The company disclosed information regarding its public funds' participation in the bond issuance in accordance with regulatory requirements [3]

Core Points - Anhui Yingliu Electromechanical Co., Ltd. is issuing convertible bonds to unspecified investors [1] - The issuance is being managed by Huatai United Securities Co., Ltd. as the lead underwriter [2] Summary by Sections - **Issuance Details** - The company conducted an online lottery for the convertible bonds on September 22, 2025, with a total of 324,306 winning numbers [1] - Each winning number allows the purchase of one hand (1,000 yuan) of the convertible bonds [1] - **Regulatory Compliance** - The lottery was conducted under the principles of openness, fairness, and justice, supervised by representatives from relevant units [1] - The results were notarized by the Shanghai Dongfang Notary Office [1]

安徽应流机电股份有限公司 向不特定对象发行可转换公司债券 网上中签结果公告 保荐人（主承销商）：华泰联合证券有限责任公司 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。 根据《安徽应流机电股份有限公司向不特定对象发行可转换公司债券发行公 告》，本次发行的发行人安徽应流机电股份有限公司（以下简称"应流股份"）及 本次发行的保荐人（主承销商）华泰联合证券有限责任公司于 2025 年 9 月 22 日 （T+1 日）主持了应流股份可转换公司债券（以下简称"应流转债"）网上发行中 签摇号仪式。摇号仪式按照公开、公平、公正的原则在有关单位代表的监督下进行， 摇号结果经上海市东方公证处公证。现将中签结果公告如下： | 末尾位数 | 中签号码 | | --- | --- | | 末"5"位数 | 68977,18977,37882 | | 末"6"位数 | 774295,899295,649295,524295,399295,274295,149295,024295 | | 末"7"位数 | 3619375,6119375,8619375, ...

Core Viewpoint - The stock price of Yingliu Co., Ltd. has shown significant growth this year, with a year-to-date increase of 125.66% as of September 22, 2023, indicating strong market performance and investor interest [2]. Company Overview - Yingliu Co., Ltd. is located in Hefei Economic and Technological Development Zone, Anhui Province, and was established on April 25, 2006, with its listing date on January 22, 2014 [2]. - The company specializes in the research, production, and sales of high-end components for specialized equipment, with applications in oil and gas, clean and efficient power generation, engineering, mining machinery, and other high-end equipment sectors [2]. - The revenue composition of the company includes 53.59% from mechanical equipment components, 43.94% from pump and valve parts, and 2.48% from other sources [2]. Financial Performance - For the first half of 2025, Yingliu Co., Ltd. achieved a revenue of 1.384 billion yuan, representing a year-on-year growth of 9.11%, while the net profit attributable to shareholders was 188 million yuan, reflecting a year-on-year increase of 23.91% [2]. - The company has distributed a total of 558 million yuan in dividends since its A-share listing, with 250 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Yingliu Co., Ltd. was 22,600, an increase of 5.56% from the previous period, with an average of 30,095 circulating shares per shareholder, a decrease of 5.27% [2]. - The top ten circulating shareholders include institutional investors, with the second-largest being Quan Guo Xu Yuan Mixed A, holding 32.79 million shares, unchanged from the previous period [3].

Summary of Conference Call Notes Company Overview - **Company**: Anhui Yingliu Electromechanical Co., Ltd. (应流股份) - **Industry**: Advanced Industrial Equipment, specifically focusing on gas turbines and components for aerospace, nuclear power, oil, and gas sectors - **Market Position**: Leading supplier of castings in China, with approximately 50% of revenue from overseas markets, primarily in developed countries [17][18] Key Points and Arguments Industry Demand and Growth - **AI Capital Expenditure**: Increased capital expenditure from major US cloud computing companies (Amazon, Microsoft, Alphabet, Meta, Oracle) is expected to drive gas turbine demand, with projections for 2025-2027 capital spending up by 8-24% compared to previous estimates [2][3] - **Gas Turbine Demand**: Anticipated annual increase of 1-2 GW in gas turbine demand due to AI-related capital expenditures, leading to a projected $500 million expansion in the blade market from 2025-2027 [2] - **Mitsubishi Heavy Industries**: Announced a 100% increase in gas turbine production capacity over the next two years, indicating strong global demand for gas turbines [2] Financial Projections - **Revenue Growth**: Updated revenue forecasts for 2026-2027 indicate a growth of 3-6% in revenue and 5-7% in profit, with earnings per share (EPS) estimates revised to be 12-18% higher than consensus [1][4] - **Target Price Adjustment**: Target price raised from Rmb 35.30 to Rmb 40.10, based on a 44x PE ratio for 2026E, aligning with global peers [1][4] Valuation Metrics - **Current Valuation**: The company's current stock price corresponds to a 34x PE ratio for 2026E and a 45% CAGR for 2025-2027 earnings, suggesting room for upward valuation adjustments [4][12] - **Comparative Analysis**: The company’s relative PE valuation is at 0.76x compared to global peers, indicating a narrowing discount but still presenting potential for further appreciation [9][12] Risks and Considerations - **Downside Risks**: Key risks include weaker-than-expected global gas turbine and aircraft demand, lower product yield during upgrades, slower-than-expected capacity expansion, and refinancing risks due to high net debt levels [18] Additional Important Information - **Stock Performance**: As of September 16, 2025, the stock price was Rmb 31.01, with a market capitalization of Rmb 21.1 billion (approximately $2.96 billion) [5] - **Earnings Forecasts**: EPS estimates for 2025E, 2026E, and 2027E are Rmb 0.59, Rmb 0.88, and Rmb 1.25 respectively, reflecting a growth trajectory [6][14] - **Financial Health**: The company maintains a net debt to EBITDA ratio of 5.9x for 2025E, indicating a manageable debt level relative to earnings [15] This summary encapsulates the critical insights from the conference call, highlighting the company's growth potential, market dynamics, and financial outlook while addressing associated risks.