Investment Rating - The report assigns an "Outperform" rating to the company, marking it as the first coverage [5][40]. Core Insights - The company is a leading domestic precision casting enterprise for aviation engines and gas turbines, benefiting from a booming gas turbine industry and a full order book [1][2]. - The company has achieved a revenue CAGR of 9.82% and a net profit CAGR of 30.94% from 2017 to 2023, indicating stable growth over the years [1][14]. - The company plans to issue convertible bonds to raise 1.5 billion yuan for projects related to blade casing processing and nuclear materials, which will enhance its market position [3][40]. Summary by Sections Company Overview - The company has established a comprehensive high-end component production system, covering various processes including casting, welding, and surface treatment, with products widely used in aerospace, gas turbines, and nuclear energy sectors [11][12]. Financial Analysis - The company’s revenue and profit have shown steady growth, with a net profit margin increasing from 4.11% in 2017 to 11.54% in 2023 [21][14]. - The company’s revenue is projected to reach 26.22 billion yuan in 2024, with a growth rate of 8.7% [27][30]. Profit Forecast - The forecasted net profits for 2024, 2025, and 2026 are 305 million yuan, 423 million yuan, and 568 million yuan, respectively, reflecting growth rates of 0.7%, 38.4%, and 34.4% [29][40]. Valuation and Investment Recommendations - The reasonable valuation range for the company is estimated to be between 18.60 and 21.70 yuan, corresponding to a PE ratio of 30-35x for 2025 [5][40]. - The company is expected to benefit from the rising demand in the gas turbine industry and the growth in data centers, enhancing its revenue potential [2][39].

Summary of Conference Call Industry Overview - The conference call primarily discusses the gas turbine industry, highlighting key players such as Mitsubishi, Siemens, and GE, which dominate the global market with a combined market share of approximately 80% [1][20][21]. Key Points and Arguments 1. **Market Growth**: The gas turbine market has seen significant growth in orders over the past two decades, with major companies like Siemens and Mitsubishi reporting substantial increases in new orders [1][20]. 2. **Energy Structure**: In North America, natural gas power plants account for 43% of total electricity consumption, with data centers showing even higher reliance on gas turbines for power generation [2][15]. 3. **Technological Requirements**: The high-temperature components of gas turbines are critical for efficiency, lifespan, and stability, representing 20-30% of the total machine value [3][13]. 4. **Market Concentration**: The industry is highly concentrated, with leading companies like PCC and HWM controlling over 50% of the market share [4][20]. 5. **Application of Gas Turbines**: Gas turbines are favored for their quick startup times and lower emissions compared to other power generation methods, making them suitable for AI data centers that require stable power supply [7][16]. 6. **Future Projections**: The demand for gas turbines is expected to grow significantly, with projections indicating a compound annual growth rate (CAGR) of over 20% in the coming years, driven by the AI sector [8][10][26]. 7. **Domestic Market Dynamics**: In China, the gas turbine market is also expanding, with a notable increase in domestic production and a shift towards local sourcing of components [11][30]. 8. **Investment Opportunities**: The call recommends investing in companies like Yingliu Co., which has shown rapid revenue growth and is well-positioned to benefit from the industry's upward trend [6][31]. Additional Important Content - **Order Trends**: Companies are experiencing a surge in orders, with some reporting year-on-year increases of over 40% [21][24]. - **Production Capacity**: Major players are expanding production capacities, with plans to increase output by 30% over the next two years [22][23]. - **Technological Advancements**: Recent advancements in domestic gas turbine technology have led to successful prototypes and increased competitiveness in the global market [11][30]. - **Market Share Dynamics**: The market is witnessing a shift as domestic companies gain ground against established foreign competitors, driven by government support and technological improvements [28][30]. This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the gas turbine industry and its future potential.

Investment Rating - The report assigns a "Buy" investment rating for the company [4]. Core Insights - The company is positioned to benefit from the accelerated localization of gas turbine technology and the growth of the nuclear power sector, which is expected to enhance its core competitiveness and create new growth opportunities [4][5]. - The company plans to issue 1.5 billion yuan in convertible bonds to fund projects related to blade casing processing coatings and advanced nuclear materials, which are anticipated to contribute to its performance [4]. - The nuclear power industry is projected to grow, with installed capacity expected to reach approximately 70 million kilowatts by 2025, providing a favorable environment for the company's products [5]. - The company has a robust order backlog, with over 800 million yuan in gas turbine orders and 450 million yuan in nuclear energy orders, indicating strong demand and potential for revenue growth [6]. - The company's expense ratio has shown a declining trend, which is expected to enhance profitability despite slight decreases in gross margin due to rising costs [6]. Financial Projections - Revenue forecasts for the company are 2.756 billion yuan in 2024, 3.203 billion yuan in 2025, and 3.724 billion yuan in 2026, reflecting growth rates of 14.3%, 16.2%, and 16.3% respectively [11]. - The projected earnings per share (EPS) are 0.52 yuan for 2024, 0.67 yuan for 2025, and 0.85 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 33.1, 26.1, and 20.5 [9][11].

证券代码：603308 证券简称：应流股份 公告编号：2025-001 安徽应流机电股份有限公司 关于申请发行超短期融资券获准注册的公告 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。 公司将按照《非金融企业债务融资工具注册发行规则》《非金融企业债务融 资工具注册工作规程》《非金融企业债务融资工具信息披露规则》及有关规则指 引规定，履行信息披露义务。 特此公告。 安徽应流机电股份有限公司董事会 二零二五年一月七日 安徽应流机电股份有限公司（以下简称"公司"）于 2024 年 11 月 15 日召开 2024 年第一次临时股东大会审议通过了《关于拟注册和发行中期票据和超短期 融资券的议案》，同意公司向中国银行间市场交易商协会（以下简称"交易商协 会"）申请注册发行人民币不超过人民币 5 亿元（含 5 亿元）的超短期融资券。 具体内容详见公司披露的《应流股份 2024 年第一次临时股东大会决议公告》（公 告编号：2024-042）。 近日，公司收到交易商协会签发的《接受注册通知书》（中市协注【2024】 SCP404 号）， ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the performance and outlook of Yingliu, a company primarily involved in high-end equipment manufacturing, particularly in the military and energy sectors, including gas turbines and nuclear power components [1][2][3]. Key Points and Arguments Growth Acceleration - Yingliu is expected to experience accelerated growth in 2024, with projected profits of 300 million yuan and 400 million yuan in 2025, indicating a growth rate of approximately 30% [1][2]. - The company's stock price has significantly decreased, leading to a more normalized valuation compared to its previous high PE ratios of 70-80 times [1]. Business Segmentation - Yingliu's business can be divided into traditional and emerging segments, with a focus on high-end equipment parts, particularly in oil and gas, and engineering and mining sectors [2][3]. - The traditional segment has seen stagnant revenue over the past decade, primarily due to a lack of expansion, while the emerging segment, particularly in nuclear power, is expected to contribute significantly to future growth [4][5]. Client Base and Market Dynamics - The company has a strong focus on overseas clients, with major customers including Caterpillar and Metso, contributing significantly to its revenue [2][3][4]. - The shift towards domestic nuclear power projects is expected to enhance the company's revenue from domestic markets, which had previously been dominated by overseas clients [5][6]. Financial Performance and Cost Structure - Yingliu's financial structure includes high fixed asset investments and substantial financial costs, with annual interest expenses around 130-140 million yuan [14][15]. - The gross margin for traditional business is approximately 30%, while emerging businesses, particularly in high-end equipment, exceed 40% [11][12]. Market Opportunities - The global market for gas turbines and aircraft engines is estimated to be around 150 billion USD, with significant growth potential for Yingliu as it expands its capabilities in these areas [16][17]. - The company is positioned to benefit from the increasing demand for nuclear power components, with expected revenue growth from this segment [12][13]. Strategic Partnerships - Yingliu has established strategic partnerships with major players in the aerospace sector, including agreements with GE and Safran for the supply of engine components, which are expected to contribute to revenue growth in the coming years [20][21]. Additional Important Insights - The company has faced challenges due to geopolitical factors affecting its military and aerospace segments, which may impact future growth [18][19]. - The transition of manufacturing capabilities from developed to developing countries, particularly China, is a significant trend that Yingliu is positioned to capitalize on, given its focus on high-end manufacturing [8][9]. This summary encapsulates the key insights from the conference call, highlighting Yingliu's growth prospects, market dynamics, financial performance, and strategic positioning within the high-end equipment manufacturing industry.

安徽应流机电股份有限公司 董事会 安徽应流机电股份有限公司（以下简称"应流股份"或"公司"）董事会于 近日收到公司董事、副总经理徐卫东先生提交的书面报告。因工作调动，徐卫东 先生辞去应流股份副总经理职务，但仍将继续担任公司董事。 截至本公告日，徐卫东先生持有公司股份 1,913,303 股，并将严格按照《中 华人民共和国证券法》等法律法规、部门规章的有关规定管理上述股票。 公司董事会对徐卫东先生在任职副总经理期间对公司经营发展做出的贡献 表示衷心的感谢！ 特此公告。 证券代码：603308 证券简称：应流股份 公告编号：2024-045 安徽应流机电股份有限公司关于 董事高级管理人员辞去副总经理的公告 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。 二零二四年十二月三十一日 1 ...

证券代码：603308 证券简称：应流股份 公告编号：2024-044 一、股东股份质押基本情况 单位：万股 1 截至 2024 年 12 月 25 日，霍山衡邦投资管理有限公司（以下简称"衡邦投 资"）持有安徽应流机电股份有限公司（以下简称"应流股份"或"公司"） 30,760,225 股,占公司总股本比例为 4.53%，衡邦投资累计质押股份数为 21,500,000股，占其所持公司股份总数的69.90%,占公司总股本比例为3.17%。 霍山应流投资管理有限公司（以下简称"应流投资"）、衡邦投资、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"）以及杜应流先生为一致行动人，截至 2024 年 12 月 25 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%，累计质押股份数为 111,500,000 股，占应流投资及其一 致行动人所持公司股份总数的 47.27%,占公司总股本比例为 16.42%。 | - 2,150 | | --- | | - - | | 3.17% | | 合计 - - - 69.90% ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth and profitability improvements [22] Core Views - The company's gas turbine blade business is expected to benefit from the increasing demand for AI data centers, which drive higher electricity consumption globally [22] - The company has secured significant new orders in the gas turbine sector, with contract liabilities increasing by RMB 117 million in Q3 2024 [22] - The company plans to issue convertible bonds to raise up to RMB 1.5 billion for expanding production capacity and enhancing competitiveness in the aerospace and gas turbine sectors [22] Financial Projections - Revenue is projected to grow from RMB 2.71 billion in 2024E to RMB 4.075 billion in 2026E, with a CAGR of 22.6% [11][22] - Net profit attributable to shareholders is expected to increase from RMB 320 million in 2024E to RMB 554 million in 2026E, with a CAGR of 31.6% [11][22] - The company's ROE is forecasted to rise from 6.91% in 2024E to 10.66% in 2026E, reflecting improved profitability [11] Industry Analysis - Global AI server electricity consumption is projected to increase from 195 TWh in 2023 to 500 TWh by 2027, driven by the rapid growth of data centers [22] - The US electricity demand is expected to grow by 128GW (15.8%) over the next five years, primarily due to data centers and manufacturing growth [22] - Gas turbines are favored for their fast start-up, high efficiency, and strong peak-shaving capabilities, making them a key solution for stable power supply in data centers [22] Valuation - The company's PE ratio is expected to decline from 28X in 2024E to 16X in 2026E, indicating attractive valuation levels [11][22] - The PB ratio is projected to decrease from 1.93X in 2024E to 1.72X in 2026E, reflecting improved asset efficiency [11]

证券代码：603308 证券简称：应流股份 公告编号：2024-043 安徽应流机电股份有限公司关于 股东股票质押式回购交易提前购回的公告 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。 单位：万股 二、股东及其一致行动人累计质押股份情况 截至 2024 年 12 月 19 日，衡邦投资及其一致行动人累计质押股份情况如下： 1 三、其他情况说明 公司资信状况良好，具备资金偿还能力，所持公司股票质押率处于合理水平， 质押风险可控，不会对公司生产经营产生影响。 重要内容提示： 安徽应流机电股份有限公司（以下简称"公司"或"本公司"）于 2024 年 12 月 19 日收到股东霍山衡邦投资管理有限公司（以下简称"衡邦投资"） 的通知，衡邦投资将其所持有的公司部分无限售条件流通股股票办理质押式 回购交易股份提前购回，具体情况如下： | | | 本次 | | | 是 否 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 是否为 | 解除 | ...

股东大会法律意见书 安徽天禾律师事务所 关于安徽应流机电股份有限公司 2024 年第一次临时 股东大会法律意见书 天律证 2024 第 02769 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 2024 年第一次临时股东大会（下称"本次股东大 会"）并对本次股东大会相关事项进行见证，并出具法律意见。 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 10 月 30 日第五届董事会第七次会议决议和会议记录； 3、公司 2024 年 10 月 30 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 七次会议决议公告； 4、公司 2024 年 10 月 30 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 ...