应流股份 20251016 摘要 应流股份受益于 AI 驱动的燃气轮机需求激增，海外数据中心建设带动 GEV 和西门子能源订单大幅增长，公司二季度业绩迎来拐点，但叶片环 节扩产意愿弱，加剧供给紧张，为公司带来市场机遇。 北美 AI 算力投资超预期，英伟达等巨头加大投资力度，推动燃气轮机需 求上行。海外涡轮叶片企业产能紧张，应流股份获得更多海外龙头客户 订单，且订单持续超预期增长。 航空发动机领域同样快速增长，GE 航空、赛峰、罗罗等主机厂订单已排 至未来 6-7 年，产能严重不足，带动上游零部件采购量增加，应流股份 在航空发动机领域获得更多业务机会。 预计应流股份 2025 年利润约 4.4 亿元，同比增长超 50%，未来两年利 润有望分别超过 6 亿元和 8 亿元，2027 年接近 9 亿元。公司当前市场 份额仅约 1%，未来提升空间巨大，成长潜力可期。 应流股份自 2015 年起向高端化转型，专注于燃气轮机涡轮叶片及航空 发动机叶片与机匣，两级业务占比提升至 40%以上，预计 2027 年达 60%左右，高毛利业务占比提高，提升整体盈利能力。 Q&A 应流股份在机械行业中的地位和发展历程如何？ 应流股份在 ...

Core Viewpoint - The performance of the Zhongzheng 1000 ETF Enhanced (561280) shows a slight decline of 0.53% as of the midday close, indicating market volatility and mixed performance among its constituent stocks [1] Group 1: Fund Performance - The Zhongzheng 1000 ETF Enhanced (561280) closed at 1.505 yuan with a trading volume of 3.3888 million yuan [1] - Since its establishment on August 31, 2023, the fund has achieved a return of 51.06%, with a monthly return of 3.28% [1] Group 2: Stock Performance - Among the top holdings, Xiangdian Co. fell by 1.99%, while Haoyuan Pharmaceutical rose by 2.10% [1] - Other notable stock movements include: Xinqianglian down 0.27%, Chujian New Materials up 7.18%, Nanwei Software down 1.95%, Zhenlei Technology down 2.95%, Zhenxin Technology down 1.10%, Yingliu Co. up 7.01%, Hongsoft Technology down 1.67%, and Bojun Technology down 0.72% [1]

Core Viewpoint - The performance of the Zhongzheng 1000 ETF Enhanced (561280) has shown a slight decline at the opening, with a reported drop of 0.33% to 1.517 yuan, indicating market volatility and investor sentiment towards the fund's holdings [1] Group 1: Fund Performance - The Zhongzheng 1000 ETF Enhanced (561280) has a performance benchmark based on the Zhongzheng 1000 Index return [1] - Since its establishment on August 31, 2023, the fund has achieved a return of 52.12% [1] - Over the past month, the fund has recorded a return of 5.46% [1] Group 2: Major Holdings - Key stocks in the fund include Xiangdian Co., which opened down 0.55%, and Haoyuan Pharmaceutical, which fell by 1.15% [1] - Other notable stocks include Xinqianglian, which rose by 0.43%, and Chujian New Materials, which increased by 0.40% [1] - The fund also holds shares in Nanwei Software, Zhenlei Technology, and Hongsoft Technology, with varying performance [1]

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical equipment industry [3] Core Viewpoints - The mechanical equipment industry is entering the "AI Era," which will create significant investment opportunities centered around AI infrastructure and AI empowerment [4][15] - The report highlights the historical performance of the mechanical equipment sector during previous five-year plans, indicating that each era has distinct characteristics that influence investment opportunities [6][10] Summary by Sections 1. Review of Five-Year Plans - The mechanical equipment industry has shown varying performance across the past four five-year plans, with significant growth during the Eleventh Five-Year Plan (642% increase) and a decline during the Thirteenth Five-Year Plan (-21% decrease) [6][7] - The industry ranked second among 28 sectors during the Eleventh Five-Year Plan and seventh during the Fourteenth Five-Year Plan, reflecting its evolving significance [7][8] 2. AI Infrastructure: Driving Demand for PCB Equipment, AIDC, Liquid Cooling, and Semiconductor Equipment - The AI computing revolution is expected to drive structural growth in PCB demand, with a projected annual growth rate of 16.3% for AI server-related HDI from 2023 to 2028 [19] - The report anticipates that the global PCB market will reach $73.565 billion in 2024, with a 5.8% year-on-year increase, and $94.661 billion by 2029 [19] - AI servers significantly increase the unit value of PCBs, with a single AI server PCB valued at $500-$800, compared to $200-$300 for traditional servers [20] - The report identifies challenges in capacity expansion, including long delivery times for high-end equipment and complex process validations [21] 3. AI Empowerment: The Rise of Embodied Intelligent Robots - The report discusses the practical applications of embodied intelligent robots in industrial logistics, elderly care, and specialized environments, emphasizing their potential to improve efficiency and safety [4][15] - It highlights the importance of technical feasibility and cost-effectiveness in the deployment of these robots [4] 4. Investment Recommendations - The report suggests focusing on AI infrastructure and AI empowerment as key investment directions for the mechanical equipment industry during the Fifteenth Five-Year Plan [4][15] - Specific recommendations include AI PCB equipment, AIDC power generation equipment, liquid cooling solutions, and semiconductor equipment [4][15] 5. Related Listed Companies - The report provides insights into key companies in the PCB equipment sector, such as Dazhu CNC, Chipbond Technology, and Dongwei Technology, highlighting their market performance and technological advancements [40][41]

根据中国证券监督管理委员会《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注册的批复》（证监许可〔2025〕1956 号），安徽应流 机电股份有限公司（以下简称"应流股份"或"公司"）向不特定对象发行了 1,500.00 万张可转换公司债券，每张面值为人民币 100.00 元，募集资金总额为人民 币 150,000.00 万元。扣除各项发行费用（不含税）人民币 1,866.36 万元，实际募集 资净额为人民币 148,133.64 万元。上述募集资金已于 2025 年 9 月 25 日全部到账， 天健会计师事务所（特殊普通合伙）于 2025 年 9 月 25 日对本次募集资金到账情况 进行了审验，并出具了天健验〔2025〕5-5 号《验证报告》。 二、募集资金专户存储监管协议的签订情况和募集资金专户的开立情况 证券代码：603308 证券简称：应流股份 公告编号：2025-037 安徽应流机电股份有限公司 关于签订募集资金专户存储监管协议的公告 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法律责任。 一、募集资金基本 ...

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].

以"退城进园"为抓手，应流集团投资15.7亿元新建智能化生产线，其中环保投入超亿元，充分彰显绿色 发展的决心。 在地处大别山腹地安徽省六安市霍山县的安徽应流集团智能化车间里，机械手平稳运转，精密加工着航 空发动机叶片。这家从山区小厂起步的企业，如今已成长为国家级专精特新"小巨人"企业，成为革命老 区崛起的高端制造优秀代表。 应流集团的成功蜕变，是六安市推动传统产业转型升级、聚焦科技创新、发展高端制造业的生动缩影。 从生产简单铸件起步，逐步迈向高端部件、核能材料和航空科技三大主业，应流集团走出一条绿色与创 新协同并进的发展道路，近年来业务一直保持增长趋势，其中80%源于绿色能源装备业务。 围绕国家高水平科技自立自强战略，聚焦核电、航天航空、燃气轮机等重点领域，应流集团投入研发资 金10.4亿元，开展28项产学研合作，与16家高校院所协同攻关，成功突破多项关键技术。其120—600千 瓦级混合动力系统已完成测试与试飞，部分产品投入应用，标志着其具备完整大功率混合动力系统设计 生产能力。 "环境保护是企业必须承担的社会责任。"应流集团有关负责人蒲伟表示，公司作为集团实施价值链延伸 战略、实现产业高端化发展的平台，着 ...

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].

截至6月30日，应流股份股东户数2.26万，较上期增加5.56%；人均流通股30095股，较上期减少5.27%。 2025年1月-6月，应流股份实现营业收入13.84亿元，同比增长9.11%；归母净利润1.88亿元，同比增长 23.91%。 分红方面，应流股份A股上市后累计派现5.58亿元。近三年，累计派现2.50亿元。 资金流向方面，主力资金净流入365.73万元，特大单买入2115.25万元，占比10.89%，卖出754.00万元， 占比3.88%；大单买入3598.56万元，占比18.53%，卖出4594.07万元，占比23.66%。 应流股份今年以来股价涨139.91%，近5个交易日涨5.25%，近20日涨22.98%，近60日涨47.44%。 资料显示，安徽应流机电股份有限公司位于安徽省合肥市经济技术开发区繁华大道566号，成立日期 2006年4月25日，上市日期2014年1月22日，公司主营业务涉及 专用设备高端零部件的研发、生产、销 售,产品应用于石油天然气、清洁高效发电、工程和矿山机械及其他高端装备领域。主营业务收入构成 为：机械装备构件53.59%，泵及阀门零件43.94%，其他2.48%。 ...

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 ...