Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1.268 billion yuan in H1 2024, a year-on-year increase of 7.12%, while the net profit attributable to shareholders was 152 million yuan, a decrease of 5.95%. The non-recurring net profit attributable to shareholders was 149 million yuan, an increase of 13.61% [2][6] - The "Two Machines" business continues to grow, with aerospace new materials and components revenue increasing by 19.65% year-on-year in H1 2024. The company has made technological breakthroughs in the gas turbine sector and is supplying key components for the C919 and C929 aircraft [6] - The approval of 11 new nuclear power units in August 2024 is expected to gradually release demand for nuclear power equipment and materials. The company's nuclear energy new materials and components business saw a revenue increase of 18.39% year-on-year in H1 2024 [6] - The low-altitude economy products are opening up growth opportunities, with successful developments in engine optimization and assembly [6] - The company forecasts revenues of 2.878 billion, 3.311 billion, and 3.621 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 384 million, 495 million, and 607 million yuan, indicating a compound annual growth rate (CAGR) of 26.06% over three years [6][7] Financial Data Summary - In 2024E, the company expects revenue of 2.878 billion yuan, a growth rate of 19.34%, and a net profit of 384 million yuan, with a growth rate of 26.51% [7] - The earnings per share (EPS) for 2024E is projected to be 0.57 yuan, with a price-to-earnings (P/E) ratio of 17.4 [7] - The company’s total assets are expected to reach 10.923 billion yuan by 2024, with a debt-to-asset ratio of 55.91% [4][9]

买入（维持评级） 业绩简评 8 月 27 日，公司发布 24 年中报，1H24 公司实现收入 12.68 亿元， 同比+7.12%，归母净利润 1.52 亿元，同比-5.95%。公司 2Q24 实 现收入 6.06 亿元，同比+5.08%，实现归母净利润 0.61 亿元，同 比-23.33%。 经营分析 两机业务持续高增，1H24 收入同比+19.65%。根据公司公告：（1） 在燃气轮机领域，公司为 E/F/H/J 级等多种型号燃气轮机开发热 端产品，功率范围覆盖 12MW-400MW 主要型号，客户覆盖全球主要 燃机巨头，产品范围覆盖高温合金单晶、定向和等轴晶各类动叶、 导叶、护环等。（2）在航空发动机业务领域，公司继续为 C919、 C929 稳定供应高温合金叶片、机匣、轴承座等核心零部件；受益 海外航空市场需求增长，公司继续满负荷生产 LAEP 系列发动机机 匣，与 G、S 公司的合作关系更加密切，订单规模进一步扩大。 核电核准组数实现突破，看好公司核能核电业务长期增长。根据 公司公告，22 和 23 年，国常会均核准 10 台核电机组；24 年 8 月， 国常会核准了 11 台核电机组，看好未来核电设 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,268,082,783.79, representing a 7.12% increase compared to ¥1,183,767,919.12 in the same period last year[10]. - The net profit attributable to shareholders of the listed company was ¥151,929,941.08, a decrease of 5.95% from ¥161,547,149.21 in the previous year[10]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥148,842,548.80, which is a 13.61% increase from ¥131,016,256.07 in the same period last year[10]. - The net cash flow from operating activities was -¥23,314,153.35, compared to ¥148,641,115.41 in the previous year, indicating a significant change[10]. - Basic earnings per share for the first half of 2024 were ¥0.22, down 8.33% from ¥0.24 in the same period last year[11]. - The company reported a 15.79% increase in basic earnings per share after deducting non-recurring gains and losses, rising to ¥0.22 from ¥0.19 in the previous year[11]. - The company reported a comprehensive income total of ¥136,164,473.23, compared to ¥160,332,737.24 in the first half of 2023, reflecting a decrease of 15.1%[61]. - The company reported a net loss of CNY 940.17 thousand in comprehensive income, indicating a significant decline compared to the previous period[78]. Assets and Liabilities - Total assets increased by 9.00% to ¥11,417,667,370.74 from ¥10,474,818,233.24 at the end of the previous year[10]. - The company's total assets reached ¥6,718,588,330.21, an increase of 17.9% from ¥5,698,191,938.86 year-over-year[58]. - The total liabilities increased to ¥3,040,948,986.54, up 49.3% from ¥2,038,832,248.16 year-over-year[58]. - The total equity attributable to shareholders rose to CNY 4.57 billion, compared to CNY 4.46 billion, an increase of about 2.5%[55]. - The company's long-term borrowings increased to 2,948.27 million RMB, a rise of 46.80% compared to the previous year[24]. - The total liabilities increased to CNY 6.38 billion from CNY 5.54 billion, reflecting a growth of about 15.3%[55]. Cash Flow and Investments - The net cash flow from operating activities was -23.31 million RMB, compared to 148.64 million RMB in the same period last year[22]. - Cash and cash equivalents at the end of the reporting period were 635.59 million RMB, a significant increase of 149.61% year-on-year[23]. - The company reported a total cash balance of RMB 635,590,657.06 at the end of the period, up from RMB 254,634,437.40 at the beginning, representing a growth of 149.8%[145]. - The net increase in cash and cash equivalents for the first half of 2024 was 47,662,193.91 RMB, a decrease of 78.9% compared to 225,966,624.48 RMB in the first half of 2023[69]. - The company has made substantial investments in new product and technology development, achieving notable recognition from clients and industry awards[19]. Research and Development - The company's R&D expenses amounted to 160.02 million RMB, reflecting a growth of 14.49% year-on-year[22]. - The company completed the development of 555 product varieties and is currently developing 145 additional varieties in the aerospace sector[20]. - The company actively participated in advanced reactor and nuclear fusion fields, establishing a joint venture for industrial research in Q1 2024[20]. - The company has established a complete high-end component manufacturing industry chain and holds over a hundred patents and proprietary technologies[16]. Environmental Compliance - Anhui Yingliu Casting Co., Ltd. is a key monitored enterprise for environmental protection in Liu'an City, with a valid pollution discharge permit until July 22, 2028[31]. - The company has implemented waste gas treatment facilities that comply with the secondary standards of the Comprehensive Emission Standard of Air Pollutants (GB16297-1996) and the Industrial Furnace and Kiln Air Pollutant Emission Standard (GB9078-1996)[32]. - Wastewater treatment meets the first-level discharge standards of the Comprehensive Discharge Standard for Wastewater (GB8978-1996), with no exceedance of pollutant discharge concentrations[33]. - The company has established an emergency response plan for environmental incidents, enhancing its ability to manage and mitigate environmental emergencies[35]. Shareholder and Corporate Governance - The company plans to implement a three-year shareholder return plan from 2024 to 2026, as approved in the annual general meeting[30]. - The controlling shareholder has pledged to conduct any related transactions fairly and reasonably, adhering to market rules and protecting the interests of all shareholders[42]. - The company guarantees the accuracy and completeness of its prospectus, committing to compensate investors for any losses due to false statements or omissions[42]. - The company has committed to avoiding any direct or indirect competition with its main business, ensuring that no related parties engage in competitive activities[40]. Legal and Regulatory Matters - There were no significant lawsuits or arbitration matters during the reporting period[47]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[46]. - The company has not disclosed any significant financing components in its contracts, indicating straightforward transaction pricing[132]. Accounting Policies and Financial Reporting - The financial statements have been prepared in accordance with the enterprise accounting standards, ensuring a true and complete reflection of the company's financial status[84]. - The company has not recognized any share-based payments or preferred stock in its financial reporting[130]. - The company has not reported any significant write-offs for long-term receivables during the period[171]. - The company has established criteria for distinguishing between research and development phases, focusing on planned investigations versus commercial production[121].

安徽应流机电股份有限公司（以下简称"公司"）第五届董事会第五次会议 于 2024 年 8 月 27 日在安徽省合肥市经济技术开发区繁华大道 566 号公司会议室 召开。会议应到董事 9 名，实际参会董事 9 名。会议的召开符合有关法律、行政 法规、部门规章、规范性文件和公司章程的规定。 会议由公司董事长杜应流先生主持，与会董事经过认真审议后以记名投票方 式做出如下决议： 证券代码：603308 证券简称：应流股份 公告编号：2024-026 安徽应流机电股份有限公司 第五届董事会第五次会议决议公告 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个别及连带责任。 一、 审议通过《安徽应流机电股份有限公司 2024 年半年度报告及摘要》。 本议案已经公司第五届董事会审计委员会第四次会议审议通过，并同意提交 董事会审议。 表决结果： 同意票 9 票、反对票 0 票、弃权票 0 票。 特此公告。 安徽应流机电股份有限公司董事会 二零二四年八月二十八日 1 ...

证券代码：603308 证券简称：应流股份 公告编号：2024-027 安徽应流机电股份有限公司 第五届监事会第五次会议决议公告 本公司监事会及全体监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"）第五届监事会第五次会议于 2024 年 8 月 27 日在公司会议室召开。会议应到监事 3 名，实际参会监事 3 名。 会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 会议由监事会主席叶玉军先生主持，与会监事经过认真审议后以投票表决方 式做出如下决议： 一、审议通过《安徽应流机电股份有限公司 2024 年半年度报告及摘要》。 表决结果： 同意票 3 票、反对票 0 票、弃权票 0 票。 公司监事会对公司2024年半年度报告进行了认真审核，提出如下审核意见： 2、公司2024年半年度报告的内容和格式符合中国证监会和上海交易所的各 项规定，其内容真实、准确、完整，不存在任何虚假记载、误导性陈述或重大遗 漏,报告客观的反映了公司2024年上半年度的经营管理和财务状况等事项； 1 1、 ...

证券代码：603308 证券简称：应流股份 公告编号：2024-025 安徽应流机电股份有限公司 关于控股股东部分股票质押展期的公告 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： 霍山应流投资管理有限公司（以下简称"应流投资"）、霍山衡邦投资管理 有限公司（以下简称"衡邦投资"）、杜应流先生、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"）为一致行动人，截至 2024 年 8 月 23 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%；本次股份质押 展期后，应流投资及其一致行动人累计质押股份数为 116,000,000 股，占应 流投资及其一致行动人所持公司股份总数的 49.18%,占公司总股本比例为 17.08%。 | 单位：万股 | | --- | | | | | 本次质 | 本次质 | 占其 | 占公 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | ...

具体内容详见公司于 2024 年 4 月 24 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《应流股份关于修订<公司章程>的公告》。 证券代码：603308 证券简称：应流股份 公告编号：2024-024 安徽应流机电股份有限公司 关于变更注册资本并完成工商变更登记的公告 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 2024 年 4 月 23 日、 2024 年 5 月 17 日分别召开第五届董事会第四次会议、2023 年年度股东大会， 审议通过了《安徽应流机电股份有限公司章程修正案》议案。因公司回购股份注 销事宜，公司注册资本由 683,146,921 元变更为 679,036,441 元，股份总数由 683,146,921 股变更为 679,036,441 股，根据《公司法》《证券法》《上市公司 章程指引》等法律、法规、规范性文件的规定，公司对《公司章程》中的有关条 款进行修订。 1 住所：安徽省合肥市经济技术开发区繁华大道 56 ...

证券代码：603308 证券简称：应流股份 公告编号：2024-023 A 股每股现金红利 0.12 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/9 | － | 2024/7/10 | 2024/7/10 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 17 日的 2023 年年度股东大会审议通过。 二、 分配方案 安徽应流机电股份有限公司 2023 年年度权益分派实施 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： 每股分配比例 （2）派送红股或转增股本的，由中国结算上海分公司根据股权登记日上海证券交易所收 市后登记在册股东持股数，按比例直接计入股东账户。 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 ...

资产负债表(百万元) 2022 2023 2024E 2025E 2026E 利润表(百万元) 2022 存货 1,430.55 1,857.23 1,761.31 2,458.77 2,485.76 销售费用 35.61 固定资产 3,152.21 3,284.10 3,489.67 3,491.21 3,483.44 资产/信用减值损失 0.10 非流动资产合计 6,018.08 7,155.06 6,318.12 6,309.00 6,286.66 营业利润 393.03 其他 371.94 593.75 473.03 552.04 503.26 所得税 5.45 资本公积 1,936.24 1,936.24 1,936.24 1,936.24 1,936.24 营业收入 7.73% 净利率 18.28% 资产负债率 51.83% 速动比率 0.83 总资产周转率 0.23 每股净资产 6.29 EV/EBITDA 23.08 公司报告 | 首次覆盖报告 一般声明 特别声明 | --- | --- | --- | --- | |--------------|----------------------- ...

天律证 2024 第 01143 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 2023 年年度股东大会(下称"本次股东大会") 并对本次股东大会相关事项进行见证，出具法律意见。 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 2023 年年度 股东大会法律意见书 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 4 月 23 日第五届董事会第四次决议和会议记录； 3、公司 2024 年 4 月 23 日第五届监事会第四次决议和会议记录； 4、公司 2024 年 4 月 24 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 四次会议决议公告； 5、公司 2024 年 4 月 24 日刊登于《中国证券报》、《上海 ...