Summary of the Conference Call for 应流股份 Company Overview - 应流股份 is involved in multiple sectors including gas turbines, aviation engines, and nuclear power, with a focus on expanding its market presence and enhancing profitability through increased capacity utilization and product development [2][9][10]. Key Industry Insights Gas Turbine Sector - The gas turbine business has seen record revenue and orders, with a forecast upgrade for fiscal year 2025 due to rising electricity demand in Europe, India, and the US, particularly for small to medium-sized gas turbines [2][3]. - Potential signed projects in the gas turbine sector could reach 10 to 20 GW, indicating strong overseas order demand [2][3]. - The supply chain for gas turbine blades is tight, with core suppliers operating at full capacity, which is affecting the availability of blades for gas turbines [2][5]. Aviation Engine Sector - The aviation engine market is experiencing significant growth, driven by domestic demand for large aircraft and opportunities in Southeast Asia [6][12]. - The market size for aviation engines exceeds 100 billion RMB, with strong demand from clients like 吉祥航空, 赛峰, and 罗罗 [12]. - 应流股份 has established strategic agreements with major clients, indicating a robust pipeline for future orders [12]. Nuclear Power Sector - The nuclear power industry has seen a continuous increase in approved projects since 2019, with the share of nuclear energy in total power generation rising from approximately 4% in 2018 to about 5% currently [7][8]. - 应流股份 is well-positioned in the nuclear sector, with expected revenue growth from 4.2 to 5 billion RMB in 2025, reflecting the industry's upward trajectory [15][16]. Financial Performance - 应流股份 has shown a consistent improvement in profitability, with a significant increase in orders, particularly in the gas turbine sector, where total orders reached approximately 1.2 billion RMB [10][11]. - The company’s gross margin has improved, benefiting from capacity release and cost dilution effects [2][9]. - The expected growth rate for the nuclear power sector is between 10% to 20%, with potential for even higher growth [10]. Strategic Developments - 应流股份 has a comprehensive product coverage in gas turbine blades, with over 700 models and more than 100 projects under development [11]. - The company is focusing on domestic substitution opportunities in the heavy-duty segment, which could enhance its competitive position [5]. - The capital expenditure has been steadily increasing, indicating ongoing investments in capacity and technology [13]. Market Outlook - The overall market sentiment for the gas turbine and aviation engine sectors remains positive, with expectations for significant growth in the coming years [10][14]. - 应流股份 is strategically positioned to benefit from both domestic and international market trends, with a focus on expanding its market share in the gas turbine and aviation engine sectors [10][18]. Conclusion - 应流股份 is poised for substantial growth across its key sectors, supported by strong demand, strategic partnerships, and a focus on innovation and capacity expansion. The company’s financial health and market positioning suggest a promising outlook for investors [2][9][18].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is experiencing significant growth in its two-machine business, with a 102.8% increase in orders for gas turbine products in 2024. The total orders on hand for this segment exceed 1.2 billion [3] - The company is making progress in the low-altitude economy sector, covering various areas such as turboshaft engines, hybrid power systems, and general aviation airports. It has established a comprehensive operational platform with the certification of its Liu'an Jin'an Airport as the third A1 class general aviation airport in Anhui Province [3] - The company maintains a leading position in the nuclear power sector, with a focus on advanced nuclear fusion technology. It has delivered 10 units of the "Hualong One" nuclear primary pump shell in 2024 and established a joint venture for nuclear fusion materials and components [3] Financial Performance - In 2024, the company achieved an operating revenue of 2.513 billion, a year-on-year increase of 4.21%, while the net profit attributable to the parent company was 286 million, a decrease of 5.57% [1] - The gross margin and net margin for 2024 were 34.24% and 10.09%, respectively, showing a slight decline compared to the previous year. However, the gross margin is expected to improve starting from Q4 2024 due to the increased proportion of high-margin two-machine business [2] - The company has maintained a high R&D investment ratio, with R&D expenses accounting for 12.13% of total expenses in 2024 [2] Profit Forecast - The profit forecast for the company remains unchanged for 2025-2026, with net profits projected at 423 million, 568 million, and 751 million for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are 33, 25, and 19 [4]

证券代码：603308 证券简称：应流股份 公告编号：2025-017 本期超短期融资券通过簿记建档集中配售的方式在全国银行间债券市场公 开发行，募集资金主要用于补充营运资金、偿还银行借款。 特此公告。 安徽应流机电股份有限公司 董事会 二零二五年五月十五日 1 安徽应流机电股份有限公司 2025 年度第一期超短期融资券发行结果公告 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"应流股份"或"公司"）于 2025 年 5 月 14 日发行了 2025 年度第一期超短期融资券（科技创新债），现将发行结果 公告如下： | 债务融资工具 | 安徽应流机电股份有限 SCP001（科 | | | 债务融资工具 | 25 应流 | | --- | --- | --- | --- | --- | --- | | 名称 | 2025 技创新债券 | 公司 | 年度第一期科 | 简称 | 创债） | | 代码 | 012581120 | | | 债务融资工具 期限 | 180 日 | | 计息方式 | ...

Investment Rating - The report gives a "Buy" rating for the company [11]. Core Views - The company has extended its main business to include high-temperature alloy products, precision cast steel parts, nuclear power and other medium to large cast steel parts, and new materials and equipment, covering three major fields: high-end components, aerospace technology, and advanced materials [4][7]. - The company is accelerating the construction of high-end production capacity, forming a high-end product and capacity industrial system, which is expected to drive rapid growth in orders and revenue [11]. - The company has a strong position in the gas turbine market, benefiting from both overseas demand and domestic substitution, with significant growth in new orders for gas turbine components [8][11]. Summary by Sections High-end Casting Leading Enterprise - The company has established a complete production system for high-end components, focusing on the research, manufacturing, and sales of core components for high-end equipment [24][27]. - Revenue has shown steady growth since 2015, with a CAGR of 7.2% expected from 2015 to 2024 [7][11]. Gas Turbine Market - The gas turbine market is projected to grow significantly, with the global gas turbine service market expected to reach approximately $86.84 billion by 2033, with a CAGR of 8.72% from 2024 to 2033 [8][11]. - The company has received over 600 million yuan in new orders for gas turbines in 2023, marking a record high, with a projected increase of 102.8% in orders for 2024 [8][11]. Aerospace Engine Components - The turbine blades are core components in aerospace engines, with a market space of approximately 217.8 billion yuan for military aviation engines over the next five years and around 3.1 trillion yuan for civil aviation engines over the next 20 years [9][11]. Low-altitude Economy - The low-altitude economy is supported by national policies, with the company signing cooperation agreements with various aviation and airport entities [10][11]. Globalization and R&D Investment - The company has accelerated its globalization strategy, with overseas revenue expected to reach 1.124 billion yuan in 2024, showing an average annual growth rate of 8% from 2020 to 2024 [11]. - The company has maintained high R&D investment, exceeding 300 million yuan annually since 2018, and is entering a harvest period for its investments [11].

公司报告 | 年报点评报告 应流股份（603308） 证券研究报告 一季度利润符合预期，两机叶片开启陡峭成长曲线 2024 年全年：1）实现营收 25.13 亿元，同比+4.21%；实现归母净利润 2.86 亿元，同比-5.57%； 实现扣非归母净利润 2.77 亿元，同比-1.09%。2）全年毛利率 34.24%，同比-1.93pct；归母净 利润率 11.39%，同比-1.18pct；扣非归母净利润率 11.02%，同比-0.59pct。 2024Q4 单季度：1）实现营收 6.03 亿元，同比-0.31%，环比-6.14%；实现归母净利润 0.6 亿 元，同比-0.14%，环比-20.43%；实现扣非归母净利润 0.57 亿元，同比-31.45%，环比-20.96%。 2）Q4 单季度毛利率 35.35%，同比+1.37pct，环比+2.39pct；归母净利润率 9.88%，同比+0.02pct， 环比-1.77pct；扣非归母净利润率 9.37%，同比-4.26pct，环比-1.76pct。 两机业务：战略协议密集签约，开启陡峭成长曲线。两机业务在手订单和销售收入实现双双 增长，公司累计已开发完成"两 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is experiencing a steep growth curve in its two-machine business, with significant order and revenue growth. It has developed 736 types of "two-machine" products and has over 1.2 billion yuan in orders [3]. - The company has signed strategic agreements with major international players, enhancing its market position and order intake, particularly in gas turbine components and aviation engine blades [3]. - The low-altitude economy business is gradually forming orders, with steady progress in aircraft assembly and testing [4]. - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 420 million, 574 million, and 801 million yuan respectively [4]. Financial Performance Summary - For 2024, the company expects revenue of 2.513 billion yuan, a year-on-year increase of 4.21%, and a net profit of 286.38 million yuan, a decrease of 5.57% [5]. - In Q1 2025, the company achieved revenue of 663 million yuan, a slight increase of 0.03% year-on-year, and a net profit of 92 million yuan, an increase of 1.65% year-on-year [2]. - The gross profit margin for Q1 2025 was 36.83%, up 2.52 percentage points year-on-year [2]. Business Segments - The two-machine business is seeing strong growth, with a 102.8% increase in orders for gas turbine products in 2024, supported by global energy transitions and AI data center developments [3]. - The aviation engine blade segment is expanding its model reserves, with significant contributions to domestic aircraft projects [3]. - The low-altitude economy segment is progressing with engine assembly and strategic partnerships for drone systems [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met expectations, with a revenue of 660 million yuan, a year-on-year increase of 0.03%, and a net profit attributable to shareholders of 90 million yuan, up 1.7% year-on-year [3] - The company benefits from high contract liabilities, which stood at 180 million yuan at the end of Q1 2025, indicating strong demand in the gas turbine sector driven by AI [3] - The company is transitioning towards higher value-added businesses, such as blade coatings, which is expected to enhance profitability [4] - The "Two Machines" business is anticipated to be a new growth driver, with significant investments planned for blade processing and coating projects [5] - The nuclear energy sector is expected to benefit from rising demand, with investments aimed at upgrading advanced nuclear materials and components [5] - The low-altitude economy is also seen as a long-term growth opportunity due to the company's established aerospace business foundation [5] Financial Summary - The company forecasts total revenue of 3.169 billion yuan for 2025, representing a year-on-year growth of 26.08% [1] - The net profit attributable to shareholders is projected to reach 450 million yuan in 2025, reflecting a growth rate of 57.29% [1] - The earnings per share (EPS) is expected to be 0.66 yuan in 2025, with a price-to-earnings (P/E) ratio of 29.79 based on current market valuation [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 663 million yuan in Q1 2025, a year-on-year increase of 0.03%, and a net profit attributable to shareholders of 92 million yuan, up 1.65% year-on-year. The gross margin and net margin improved to 36.83% and 12.89%, respectively, reflecting a significant enhancement in profitability [1] - The company benefits from the rising demand in the "two machines" industry, with contract liabilities exceeding 1.2 billion yuan, indicating strong revenue growth potential for 2025. The domestic orders are expected to increase due to accelerated localization efforts in gas turbines and aviation engines [2] - The approval of nuclear power projects is expected to boost the company's revenue from nuclear main pump castings, with strategic partnerships and contracts already in place for multiple nuclear projects [3] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 663 million yuan and a net profit of 92 million yuan, with improved profitability metrics [1] Operational Analysis - The company signed long-term agreements with major clients in the "two machines" sector, leading to a significant increase in contract liabilities, which grew over 100% year-on-year to 1.76 billion yuan. This positions the company for accelerated revenue growth in 2025 [2] - The domestic market for gas turbines is expanding, with successful certification of domestically developed aircraft engines, indicating a positive trend for future orders [2] Nuclear Power Sector - The approval of five nuclear power projects is expected to enhance demand for the company's nuclear pump products, with existing contracts already in place for significant deliveries [3] Profit Forecast and Valuation - Projected revenues for 2025-2027 are 3.2 billion, 3.9 billion, and 5 billion yuan, with net profits of 450 million, 630 million, and 890 million yuan, respectively. The corresponding price-to-earnings ratios are 30, 22, and 15 [4]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 662,572,873.60, a slight increase of 0.03% compared to CNY 662,403,655.72 in the same period last year[3]. - Net profit attributable to shareholders was CNY 92,043,128.70, reflecting a year-on-year increase of 1.65% from CNY 90,549,512.46[3]. - Basic earnings per share rose to CNY 0.14, up 7.69% from CNY 0.13 in the previous year[3]. - Total operating revenue for Q1 2025 was approximately ¥662.57 million, a slight increase from ¥662.40 million in Q1 2024, representing a growth of 0.03%[16]. - Net profit for Q1 2025 was approximately ¥85.40 million, slightly down from ¥85.47 million in Q1 2024, indicating a decrease of 0.08%[17]. - The company achieved a gross profit of approximately ¥243.66 million in Q1 2025, compared to ¥227.28 million in Q1 2024, marking an increase of about 7.2%[16]. - The total comprehensive income for Q1 2025 was approximately ¥94.63 million, an increase from ¥80.41 million in Q1 2024, representing a growth of about 17.6%[17]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 12,037,085,995.27, representing a 4.20% increase from CNY 11,552,201,218.57 at the end of the previous year[4]. - The company's total current assets increased to CNY 4,033,455,176.00, up from CNY 3,742,248,497.84 as of December 31, 2024, representing a growth of approximately 7.8%[11]. - Total non-current assets reached CNY 8,003,630,819.27, compared to CNY 7,809,952,720.73, showing an increase of approximately 2.5%[12]. - The company's total liabilities increased to CNY 6,872,169,654.59 from CNY 6,484,679,283.92, representing a growth of about 6.0%[13]. - The total equity attributable to shareholders rose to CNY 4,730,973,969.30 from CNY 4,626,953,629.75, reflecting an increase of approximately 2.2%[13]. Cash Flow - The net cash flow from operating activities was negative at CNY -156,957,956.73, compared to CNY -70,703,478.23 in the same period last year, indicating a significant decline[3]. - The company reported a net cash outflow from operating activities of approximately ¥156.96 million in Q1 2025, compared to an outflow of ¥70.70 million in Q1 2024, reflecting a worsening cash flow situation[20]. - Cash and cash equivalents at the end of Q1 2025 totaled approximately ¥207.12 million, down from ¥425.26 million at the end of Q1 2024, a decrease of about 51.3%[21]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,374[8]. - The largest shareholder, Huoshan Yingliu Investment Management Co., Ltd., holds 27.37% of the shares, with 90,000,000 shares pledged[8]. - The company has not reported any significant changes in shareholder participation in margin financing or securities lending activities[10]. Operational Efficiency - Total operating costs decreased to approximately ¥583.91 million in Q1 2025 from ¥599.98 million in Q1 2024, a reduction of about 2.0%[16]. - Research and development expenses for Q1 2025 were approximately ¥59.59 million, down from ¥72.05 million in Q1 2024, a decrease of about 17.2%[16]. - The company incurred a credit impairment loss of approximately ¥10.19 million in Q1 2025, significantly higher than the loss of ¥1.31 million in Q1 2024[16]. Management Assurance - The company is focused on maintaining financial transparency and accuracy in its reporting, as emphasized by the management's assurance of the report's integrity[2].

股票简称：应流股份 股票代码：603308 安徽应流机电股份有限公司 （Anhui Yingliu Electromechanical Co.,Ltd.） （安徽省合肥市经济技术开发区繁华大道 566 号） 向不特定对象发行可转换公司债券 并在主板上市 募集说明书 （申报稿） 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 二〇二五年四月 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-2 重大事项提示 本公司特别提请投资者注意，在作出投资决策之前，务必仔细阅读本募集说 明书正文内容，并特别关注以下重要事项。 一、关于本次可转换公司债券发行符合发行条件 ...