Core Viewpoint - The company is accelerating its investment and expansion efforts by issuing convertible bonds to raise up to 1.5 billion yuan, aimed at enhancing its core business capabilities and achieving dual goals of capacity expansion and technological upgrades [1][2]. Group 1: Investment and Financial Strategy - The convertible bond issuance will raise funds for specific projects, including 550 million yuan for the blade casing coating project, which is expected to yield a post-tax internal rate of return of 17.25% and a payback period of 9.12 years [2]. - An additional 640 million yuan will be allocated to the advanced nuclear materials and key components intelligent upgrade project, which aims to enhance production capacity through automation and smart manufacturing systems [2]. - 450 million yuan of the raised funds will be used to supplement working capital and repay bank loans, thereby alleviating debt pressure and improving profitability [3]. Group 2: Business Performance and Growth - The company has shown steady revenue growth, with revenues of 2.198 billion yuan, 2.412 billion yuan, and 2.513 billion yuan from 2022 to 2024, reflecting year-on-year growth rates of 7.73%, 9.75%, and 4.21% respectively [5]. - In the first half of 2025, the company reported revenues of 1.384 billion yuan and a net profit of 188 million yuan, marking year-on-year increases of 9.11% and 23.91% respectively, driven by concentrated orders in the aerospace and gas turbine sectors [5][6]. - The company has developed a robust order backlog, with over 2 billion yuan in new orders signed in the first half of 2025, a 35% increase year-on-year, and a total backlog exceeding 1.5 billion yuan [5]. Group 3: Research and Development - The company has invested a total of 1.452 billion yuan in R&D from 2020 to the first half of 2025, resulting in the acquisition of 618 patents, including 146 invention patents [6]. - Continuous R&D investment has solidified the company's technological barriers, supporting its competitive position in high-end sectors such as aerospace, gas turbines, and nuclear energy [1][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Views - The company achieved a revenue growth of 9.11% year-on-year in the first half of 2025, with a net profit growth of 23.91%. The revenue for 2024 is projected to be 1.384 billion yuan, with a net profit of 188 million yuan, reflecting a year-on-year increase of 9.11% and 23.91% respectively [1][2]. - The company's core business segments are showing positive development, with a gross margin of 36.33% and a net margin of 12.24% in the first half of 2025, indicating improvements in profitability [2][12]. - The company has secured a total order backlog of 1.5 billion yuan as of June 30, 2025, driven by strong demand in the aerospace and gas turbine sectors, and strategic partnerships with major industry players [3][4]. Financial Performance Summary - In the first half of 2025, the company reported a revenue of 721 million yuan in Q2, representing a year-on-year growth of 19.05%, and a net profit of 96 million yuan, which is a 56.75% increase [1][2]. - The gross margin for the high-temperature alloy and precision cast steel segment was 38.42%, up by 1.65 percentage points year-on-year, while the nuclear power and large cast steel segment achieved a gross margin of 34.50%, up by 2.65 percentage points [2][4]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.62 yuan, with a price-to-earnings (PE) ratio of 49 [4][22]. Business Outlook - The company is positioned as a leading provider of precision castings for domestic aerospace engines and gas turbines, benefiting from the industry's upward trend. The low-altitude economy business is also making significant progress [3][4]. - The long-term outlook for the nuclear power business remains positive, with forward-looking investments in nuclear fusion technology [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown steady growth in performance, with significant contributions from its two-machine and nuclear energy businesses. In the first half of 2025, the company achieved total operating revenue of 1.384 billion yuan, a year-on-year increase of 9.11%, and a net profit attributable to shareholders of 188 million yuan, up 23.91% year-on-year [5][6] - The company is actively expanding its low-altitude economy layout, showcasing advantages in integrated development of aviation and propulsion systems. It has made progress in various projects, including the development of new engine series and drone applications [6][7] Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 1.384 billion yuan, a 9.11% increase year-on-year, and a net profit of 188 million yuan, reflecting a 23.91% growth year-on-year. The gross profit margin was 36.33%, up 1.96 percentage points year-on-year, while the net profit margin was 12.24%, an increase of 1.13 percentage points year-on-year [5][6] - The company’s operating income is projected to reach 3.021 billion yuan in 2025, with a net profit of 401 million yuan, representing a 40% year-on-year growth [4][7] Business Development - The company has become the sole supplier of Siemens Energy's gas turbine hot-end blades in China and has established strategic partnerships with GE and other major players in the aerospace and nuclear sectors. It is also involved in various nuclear power projects and has made breakthroughs in new materials for nuclear energy [6][7] - The company is focusing on the development of new engine series and drone technology, with ongoing projects such as the ES1000 large unmanned transport aircraft, which is expected to complete its first flight in the third quarter of 2025 [6][7] Investment Outlook - The company is expected to benefit from strong overseas demand and the acceleration of domestic production in its two-machine business, as well as the rapid development of its nuclear energy materials and components business. The revenue forecast for 2025-2026 has been slightly adjusted to 3.021 billion yuan and 3.645 billion yuan, respectively, with net profits of 401 million yuan and 538 million yuan [7]

（编辑 任世碧） 证券日报网讯 9月8日晚间，应流股份发布公告称，公司于近日收到中国证券监督管理委员会出具的 《关于同意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的批复》（证监许可[2025] 【1956】号），现将批复文件主要内容公告如下：一、同意公司向不特定对象发行可转换公司债券的注 册申请。二、公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案实施。三、本批复自 同意注册之日起12个月内有效。四、自同意注册之日起至本次发行结束前，公司如发生重大事项，应及 时报告上海证券交易所并按有关规定处理。 ...

一、同意公司向不特定对象发行可转换公司债券的注册申请。二、公司本次发行应严格按照报送上海证 券交易所的申报文件和发行方案实施。三、本批复自同意注册之日起12个月内有效。四、自同意注册之 日起至本次发行结束前，公司如发生重大事项，应及时报告上海证券交易所并按有关规定处理。 格隆汇9月8日丨应流股份(603308.SH)公布，公司于近日收到中国证券监督管理委员会（以下简称"证监 会"）出具的《关于同意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的批复》（证监 许可[2025]【1956】号），现将批复文件主要内容公告如下： ...

一、同意公司向不特定对象发行可转换公司债券的注册申请。二、公司本次发行应严格按照报送上海证 券交易所的申报文件和发行方案实施。三、本批复自同意注册之日起12个月内有效。四、自同意注册之 日起至本次发行结束前，公司如发生重大事项，应及时报告上海证券交易所并按有关规定处理。 格隆汇9月8日丨应流股份(603308.SH)公布，公司于近日收到中国证券监督管理委员会（以下简称"证监 会"）出具的《关于同意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的批复》（证监 许可[2025]【1956】号），现将批复文件主要内容公告如下： ...

证券代码：603308 证券简称：应流股份 公告编号：2025-028 特此公告。 安徽应流机电股份有限公司 关于向不特定对象发行可转换公司债券申请 二、公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案实 施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，公司如发生重大事项，应及时报 告上海证券交易所并按有关规定处理。 公司董事会将根据相关法律法规及上述批复文件的要求，在公司股东大会的 授权范围内办理本次向不特定对象发行可转换公司债券的相关事宜，公司将根据 该事项的进展情况，按照有关规定和要求及时履行信息披露义务。敬请广大投资 者注意投资风险 获得中国证券监督管理委员会同意注册批复的公告 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。 安徽应流机电股份有限公司(以下简称"公司")于近日收到中国证券监督管 理委员会（以下简称"证监会"）出具的《关于同意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的批复》（证监许可[2025]【1956】号），现将 批复文件主 ...

人民财讯9月8日电，应流股份（603308）9月8日晚间公告，公司近日收到中国证监会批复，同意公司向 不特定对象发行可转换公司债券的注册申请。 ...

应流股份（603308）(603308.SH)发布公告，公司于近日收到中国证券监督管理委员会(简称"证监会")出 具的《关于同意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的批复》(证监许可[2025] 【1956】号)，同意公司向不特定对象发行可转换公司债券的注册申请。 ...

智通财经APP讯，应流股份(603308.SH)发布公告，公司于近日收到中国证券监督管理委员会(简称"证监 会")出具的《关于同意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的批复》(证监许 可[2025]【1956】号)，同意公司向不特定对象发行可转换公司债券的注册申请。 ...