Core Viewpoint - The casting machine industry in China is rapidly developing, becoming one of the world's leading manufacturing countries, driven by stricter environmental policies and upgraded market demands [1][3]. Industry Definition and Classification - Casting machines are mechanical devices used in the casting production process, including various processes such as molding, core making, box assembly, pouring, and cleaning [2]. Industry Development Status - In 2024, China's casting machine production is expected to reach 72,012 units, an increase of 1,061 units from 2023; demand is projected at 66,550 units, up by 1,138 units; and the market size is estimated at 48.607 billion yuan, an increase of 1.126 billion yuan from 2023. By 2025, production is anticipated to reach 73,250 units, demand 67,800 units, and market size 50 billion yuan [1][3]. Industry Trade - In 2024, China is expected to import 189 casting machines valued at 558 million yuan and export 0.57 units valued at 2.545 billion yuan [4]. Industry Chain - The upstream of the casting machine industry includes raw materials like steel, cast iron, copper, and non-metal materials, while the midstream involves R&D and manufacturing of casting machines. The downstream users span various sectors, including automotive, aerospace, rail transportation, energy equipment, and construction [4]. Development Environment - Related Policies - The casting industry is crucial for national economic development and defense. The Chinese government has implemented several policies to promote the high-quality development of the casting and forging industry, emphasizing the importance of mastering key technologies and equipment manufacturing [5]. Competitive Landscape - The Chinese casting machine industry is characterized by a large number of small and medium-sized enterprises, leading to intense competition. The market shows a trend of "head concentration and regional aggregation," with international giants like Bühler, Fuchs, and Italpresse dominating the high-end market, while domestic leaders like Lijin Technology and Yizhiming lead the mid-to-high-end market [5][6]. Representative Enterprises - Lijin Group is the world's largest manufacturer of die-casting machines, with projected revenue of 5.825 billion HKD and a net profit of 350 million HKD in 2024 [6]. - Yizhiming specializes in high polymer materials and metal forming, with a projected revenue of 893 million yuan from die-casting machines in 2024, accounting for 17.65% of total revenue [7]. Industry Development Trends - The performance of casting machines directly impacts the quality, efficiency, and cost of castings, driving the industry towards higher efficiency, greener practices, and more intelligent and diversified solutions [8].

Group 1 - The stock price of Yingliu Co., Ltd. (603308) closed at 31.42 yuan on September 12, 2025, up 1.75% from the previous week's closing price of 30.88 yuan [1] - The stock reached a nearly one-year high of 32.64 yuan during intraday trading on September 12, with a low of 29.07 yuan on September 10 [1] - The current total market capitalization of Yingliu Co., Ltd. is 21.505 billion yuan, ranking 9th out of 216 in the general equipment sector and 880th out of 5,153 in the A-share market [1] Group 2 - On September 10, 2025, Yingliu Co., Ltd. recorded a large transaction amounting to 41.5695 million yuan [2][3] - The company received approval from the China Securities Regulatory Commission for the issuance of convertible bonds to unspecified investors [2][3] - The approval is valid for 12 months from the date of registration and requires the company to report any significant events to the Shanghai Stock Exchange during the issuance process [2]

Core Viewpoint - The stock price of Yingliu Holdings has shown significant growth this year, with a year-to-date increase of 124.59%, indicating strong market performance and investor interest [2]. Financial Performance - For the first half of 2025, Yingliu Holdings 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, up 23.91% compared to the previous year [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]. Stock Market Activity - As of September 12, the stock price of Yingliu Holdings was 31.51 yuan per share, with a market capitalization of 21.396 billion yuan. The trading volume was 558 million yuan, with a turnover rate of 2.57% [1]. - The stock has seen a net outflow of 39.6399 million yuan in principal funds, with large orders showing a buy of 105 million yuan and a sell of 131 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Yingliu Holdings was 22,600, an increase of 5.56% from the previous period, with an average of 30,095 circulating shares per shareholder, down 5.27% [2][3]. - The second-largest circulating shareholder is Quan Guo Xu Yuan Mixed A, holding 32.7899 million shares, unchanged from the previous period, while Hong Kong Central Clearing Limited, the third-largest shareholder, reduced its holdings by 10.2284 million shares [3].

Group 1 - The stock price of Yingliu Co., Ltd. increased by 7.15%, reaching 31.33 CNY per share, marking a new high [2] - The total market capitalization of the company surpassed 21.274 billion CNY [2] - The trading volume amounted to 454 million CNY [2]

Core Viewpoint - The article reports a significant block trade of 41.57 million yuan in Yingliu Holdings, indicating institutional interest in the stock despite a slight decline in its market price [1] Group 1: Block Trade Details - On September 10, a block trade occurred involving 1.4039 million shares of Yingliu Holdings, with a transaction value of 41.57 million yuan [1] - The transaction price was 29.61 yuan per share, representing a premium of 1.27% over the closing price of the day [1] - Both the buyer and seller in this transaction were institutional special seats [1] Group 2: Market Performance - On the same day, Yingliu Holdings closed at 29.24 yuan, down 1.25%, with a turnover rate of 2.43% and a total trading volume of 493 million yuan [1] - The net inflow of main funds for the day was 4.99 million yuan, while the stock has seen a cumulative increase of 1.00% over the past five days, with a total net inflow of 63.81 million yuan [1] Group 3: Margin Trading Data - The latest margin financing balance for Yingliu Holdings is 329 million yuan, which has decreased by 9.59 million yuan over the past five days, reflecting a decline of 2.83% [1]

Group 1 - The company, Yingliu Co., conducted a block trade of 1.4039 million shares on September 10, with a transaction value of 41.5695 million yuan, accounting for 7.78% of the total trading volume for that day [1] - The transaction price was 29.61 yuan, which represents a premium of 1.27% compared to the market closing price of 29.24 yuan [1]

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。 ...