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 | ...

Core Insights - The Chinese aviation engine industry has achieved significant technological breakthroughs, focusing on three main areas: material processing, component manufacturing, and complete engine production [1][3]. Group 1: Technological Breakthroughs - Major companies in the aviation engine materials processing sector include Beijing Steel Research Technology Co., Ltd., which produces high-temperature alloys and precision castings for aerospace applications [2]. - In the component manufacturing sector, companies like Sichuan Chengfa Aviation Technology Co., Ltd. and Xi'an Aero Engine (Group) Co., Ltd. have developed various engine components, including turbine engines and combustion chamber parts [2][3]. - The complete engine manufacturing sector is represented by companies such as Guizhou Liyang Aviation Engine (Group) Co., Ltd., which has produced over 20 models of aviation turbine engines [3]. Group 2: Domestic Production and Development - China has established a relatively complete aviation engine research and production system, capable of developing various types of engines, including turboprop, turbojet, turbofan, and turboshaft engines [3]. - The domestically developed WS-20 engine is now used in the Y-20 transport aircraft, marking a significant step towards the complete domestic production of military aircraft engines [4]. Group 3: Market Position and Future Outlook - In the global military aircraft market, China ranks third with 3,309 military aircraft, accounting for 6% of the total, following the United States and Russia [6]. - The global fleet size is projected to grow from 20,563 aircraft in 2021 to 47,531 by 2041, with a shift towards the Chinese and Asia-Pacific markets [9].

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].

Core Viewpoint - The launch of the Technology Innovation Bonds in China's interbank market has received a positive response, with significant participation from various technology companies and investment institutions, indicating a strong demand for innovative financing solutions in the tech sector [1][3]. Group 1: Market Response and Participation - The Technology Innovation Bonds were officially launched on May 9, with 36 companies announcing a total issuance of 21 billion yuan, and 14 companies registering for an additional 18 billion yuan [1][3]. - The event featured a centralized roadshow with participation from multiple technology firms and investment institutions, highlighting the collaborative effort to promote these bonds [1][3]. - The initial response from institutional investors has been enthusiastic, suggesting a robust market appetite for these bonds [1]. Group 2: Issuer Details - Among the first 50 issuers, 26 technology companies are expected to issue bonds totaling 23.5 billion yuan, while 24 investment institutions plan to issue bonds worth 15.5 billion yuan [3][4]. - Notable issuers include both private enterprises like Luxshare Precision and public companies such as BOE Technology Group, covering a wide range of sectors including artificial intelligence and biomedicine [4][5]. - The geographical distribution of issuers spans 13 provinces, indicating a nationwide interest in the bonds [4]. Group 3: Fund Utilization - The funds raised through these bonds are primarily aimed at enhancing liquidity, supporting R&D, and facilitating comprehensive operational development for the issuing companies [3][7]. - Investment institutions are expected to use the funds for equity investments in technology sectors, ensuring that at least 50% of the raised capital is directed towards technology-focused enterprises [7][8]. - The flexibility in fund usage is a key feature of the Technology Innovation Bonds, allowing issuers to address specific financial needs [6][7]. Group 4: Risk Mitigation and Support Mechanisms - The issuance of Technology Innovation Bonds is supported by various risk-sharing mechanisms, including credit enhancement tools provided by financial institutions [10][12]. - The central bank has introduced a risk-sharing tool to support long-term financing for equity investment institutions, enhancing the credibility and market acceptance of these bonds [13][14]. - The involvement of diverse underwriting teams and the introduction of innovative credit risk mitigation measures are expected to improve the attractiveness of these bonds to investors [10][12].

Core Insights - The article discusses the development and current state of the aviation engine industry in China, highlighting the complete manufacturing system that has been established [1][2]. Industry Overview - The aviation engine industry includes research and design, manufacturing (raw materials, components, complete machine manufacturing), operation, and maintenance [1]. - Key participants in research and design include major universities and research institutes, such as Beihang University and Nanjing University of Aeronautics and Astronautics [2]. - The complete machine manufacturing segment is primarily dominated by China Aviation Engine Group, while raw material processing involves companies like Fushun Special Steel and Baosteel [2][4]. Regional Distribution - The distribution of aviation engine manufacturing companies is mainly concentrated in inland regions of China, with titanium alloy material leaders located in Shaanxi and other material representatives in Jiangsu [4]. Company Performance - Aviation Power (航发动力) leads the industry with projected revenue of 44.994 billion yuan in 2024, with an average gross margin of around 25% across the industry [5][7]. - Other notable companies include: - AVIC Heavy Machinery (中航重机) with revenue of 8.108 billion yuan and a gross margin of 23.69% [7]. - AVIC Control (航发控制) with revenue of 4.882 billion yuan and a gross margin of 28.11% [7]. - AVIC Technology (航发科技) with revenue of 2.572 billion yuan and a gross margin of 16.09% [7]. - Yingliu Co. (应流股份) with revenue of 1.208 billion yuan and a gross margin of 34.24% [7]. Investment Trends - Recent investment trends in the aviation engine industry focus on enhancing the supply chain and improving technological capabilities [9]. - Aviation Power has invested in multiple subsidiaries to strengthen its industry chain, while AVIC Heavy Machinery has acquired stakes in precision casting companies to enhance its technical strength [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Views - The company is experiencing a steep growth curve in its two-machine business, with significant order and revenue growth. The total orders in hand exceed 1.2 billion yuan, and the company has signed strategic agreements with major international players [3]. - The low-altitude economy business is gradually forming orders, with steady progress in aircraft assembly and testing. The company has also obtained a general airport usage permit for its subsidiary, enhancing its operational capabilities [4]. - The financial forecast has been adjusted, with expected net profits for 2025-2027 projected at 420 million, 574 million, and 801 million yuan respectively [4]. Financial Performance Summary - For 2024, the company is expected to achieve 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 reported revenue of 663 million yuan, a slight increase of 0.03% year-on-year, and a net profit of 92 million yuan, up 1.65% year-on-year [2]. - The gross profit margin for 2024 is projected at 34.24%, down 1.93 percentage points year-on-year, while the net profit margin is expected to be 11.39%, down 1.18 percentage points [5]. Business Development - The company has developed 736 types of "two-machine" products and is currently working on 166 more. The strong growth in gas turbine blade orders is driven by global energy transitions and AI data center construction [3]. - The company has expanded its product offerings in the aviation sector, including the assembly and testing of engines and the development of hybrid power systems for drones [4].

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].

安徽应流机电股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603308 证券简称：应流股份 (二)非经常性损益项目和金额 √适用 □不适用 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人杜应流、主管会计工作负责人涂建国及会计机构负责人项希兰（会计主管人员）保证季度报 告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、 ...

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]