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 ...

证券代码：603308 证券简称：应流股份 公告编号：2024-042 安徽应流机电股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 178 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 234,644,064 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 34.5554 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长杜应流先生主持，采用现场投票与 网络投票相结合的方式进行表决。本次股东大会的召集、召开、决策程序符合《公 司法》及公司《章程》的规定。 (一) 股东大会召开的时间：2024 年 11 月 15 日 (二) 股东大会召开的地点：安徽省合肥市繁华大道 566 号公司会议室 (三) 出席会议的普通股股 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company has shown steady revenue growth with an improvement in the profitability of its main business. In the first three quarters of 2024, the company achieved revenue of 1.91 billion yuan, a year-on-year increase of 5.72%. The net profit attributable to shareholders decreased by 6.90% to 227 million yuan [1] - The company's nuclear power business is experiencing a favorable trend, with significant growth in the "two-machine" business. The nuclear energy segment reported a revenue growth of 18.39% in the first half of the year, and the "two-machine" business also maintained high growth with a revenue increase of 19.65% [1] - The company is expected to continue enhancing its main business profitability, with a forecasted net profit attributable to shareholders of 310 million yuan, 393 million yuan, and 506 million yuan for 2024, 2025, and 2026 respectively [2][4] Financial Summary - For the first three quarters of 2024, the company reported a net profit of 220 million yuan after excluding non-recurring gains and losses, reflecting a year-on-year growth of 11.59% [1] - The company's operating cash flow significantly decreased by 99.24% due to slower collections, increased inventory, and reduced recovery of bill guarantees [1] - The company has been increasing its R&D investment, with R&D expenses rising by 6.91% in the first three quarters [1] Earnings Forecast - The forecast for the company's revenue is as follows: 2.685 billion yuan in 2024, 3.077 billion yuan in 2025, and 3.540 billion yuan in 2026, with growth rates of 11.32%, 14.60%, and 15.05% respectively [2][4] - The expected earnings per share (EPS) are projected to be 0.46 yuan in 2024, 0.58 yuan in 2025, and 0.74 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 30.7, 24.2, and 18.8 [2][4] Comparable Company Valuation - The company is compared with peers such as Nuoyue Co., Ltd., China Nuclear Technology, and Jiangsu Shentong, with the current valuation level being considered overvalued compared to these companies [1][2]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a favorable outlook for investment over the next six months [1][2]. Core Views - The company is expected to benefit from a favorable market environment in its two main business segments: aerospace and nuclear energy. New products are entering a growth phase, and as capacity utilization improves, the company's profit elasticity is anticipated to gradually manifest [2]. - The low-altitude economy segment, where the company has invested for years, is expected to replicate the growth trajectory of its aerospace business, becoming a new growth driver [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.91 billion yuan, a year-on-year increase of 5.72%. The net profit attributable to shareholders was 227 million yuan, down 6.90% year-on-year, while the non-recurring net profit was 220 million yuan, up 11.59% year-on-year [1]. - In Q3 2024, the company reported revenue of 642 million yuan, a year-on-year increase of 3.06% and a quarter-on-quarter increase of 6.06%. The net profit attributable to shareholders was 75 million yuan, down 8.75% year-on-year but up 21.98% quarter-on-quarter [1]. - The company has a robust order backlog in the gas turbine sector, with approximately 800 million yuan in orders as of September 30, 2024, and new orders of 400 million yuan signed in August and September [1]. Financial Projections - The company forecasts net profits of 364 million yuan, 465 million yuan, and 574 million yuan for the years 2024, 2025, and 2026, respectively. Corresponding EPS is projected to be 0.54 yuan, 0.69 yuan, and 0.85 yuan, with P/E ratios of 26, 20, and 17 times [2][3]. - Revenue is expected to grow from 2.83 billion yuan in 2024 to 3.91 billion yuan in 2026, reflecting a compound annual growth rate of 17.5% [3][4]. Business Development - The company is expanding its nuclear energy business, maintaining a leading position in the nuclear primary pump shell casting sector and developing new products in nuclear island and conventional island categories [1]. - The company plans to issue convertible bonds to raise up to 1.5 billion yuan, primarily to invest in blade casing processing and advanced nuclear materials projects, enhancing its production capacity and meeting the growing demand for high-performance components in aerospace and gas turbine markets [1][2].

证券代码：603308 证券简称：应流股份 公告编号：2024-041 安徽应流机电股份有限公司关于召开 三、公司出席说明会的人员 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 一、说明会类型 安徽应流机电股份有限公司（以下简称"公司"）已于2024年10月30日披露 了公司《2024年第三季度报告》，具体内容详见2024年10月30日的《中国证券报》、 《上海证券报》、《证券时报》、《证券日报》及上海证券交易所网站 （www.sse.com.cn）。为加强与投资者的深入交流，在上海证券交易所的支持下， 公司定于2024年11月11日举行2024年第三季度业绩说明会，就投资者关心的问题 进行交流。为积极响应中国证券监督管理委员会、上海证券交易所有关中小投资 者保护工作的要求，本公司现就2024年第三季度业绩提前向投资者征集相关问 题，广泛听取投资者的意见和建议。 二、说明会召开的时间和地点 召开时间：2024年11月11日13:00-14：00 召开地点：公司将通过 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company has achieved a record high in contract liabilities and plans to issue convertible bonds to enhance its capabilities in the aviation and nuclear energy sectors [1][2]. - The company is expected to benefit from the acceleration of domestic nuclear power construction and the advancement of its two-machine business due to localization efforts [2][3]. Financial Summary - **Revenue Forecast**: The projected revenues for 2024, 2025, and 2026 are 2,737 million, 3,145 million, and 3,546 million respectively, reflecting growth rates of 13%, 15%, and 13% [1][2]. - **Net Profit Forecast**: The expected net profits for the same years are 369 million, 458 million, and 593 million, with growth rates of 22%, 24%, and 29% [1][2]. - **Earnings Per Share (EPS)**: The projected EPS for 2024, 2025, and 2026 are 0.54, 0.67, and 0.87 respectively [1][2]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratios for the forecasted years are 26X, 21X, and 16X [2][3]. Business Performance - The company reported a revenue of 6.42 billion in Q3 2024, a year-on-year increase of 3.06% [1]. - The net profit attributable to the parent company for the same period was 0.75 billion, a decrease of 8.75% year-on-year [1]. - The company has maintained a steady growth in its core businesses, including gas turbines and nuclear power components, with significant advancements in product development and delivery [1][2]. Strategic Initiatives - The company is actively expanding its product offerings in the nuclear energy sector, including advanced materials and key components, while also enhancing production efficiency through automation and smart manufacturing systems [2][3]. - The planned issuance of convertible bonds aims to raise funds for upgrading capabilities in the aviation and nuclear sectors, which is expected to support long-term growth [1][2].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][10]. Core Views - The company reported a revenue of 1.91 billion RMB for the first three quarters of 2024, a year-on-year increase of 5.72%, while the net profit attributable to shareholders was 227 million RMB, a decrease of 6.90% [1]. - In Q3 2024, the company achieved a revenue of 642 million RMB, up 3.06% year-on-year, and a net profit of 75 million RMB, down 8.75% year-on-year, but up 22.95% quarter-on-quarter [1]. - The company has a significant order backlog of approximately 800 million RMB, with new orders of 400 million RMB signed in August and September 2024 alone, indicating strong future revenue growth potential [2]. - The company plans to issue convertible bonds to raise up to 1.5 billion RMB for expansion projects, which will enhance its core competitiveness in the aerospace and gas turbine components sector [2]. Summary by Sections Performance Review - For the first three quarters of 2024, the company achieved a revenue of 1.91 billion RMB, a 5.72% increase year-on-year, and a net profit of 227 million RMB, a 6.90% decrease year-on-year [1]. - In Q3 2024, the revenue was 642 million RMB, reflecting a 3.06% year-on-year increase and a 5.94% quarter-on-quarter increase, while the net profit was 75 million RMB, down 8.75% year-on-year but up 22.95% quarter-on-quarter [1]. Operational Analysis - The company has signed a significant number of new orders in Q3 2024, leading to a notable increase in contract liabilities, which reached 171 million RMB, an increase of 117 million RMB from the previous quarter [2]. - The company is involved in the localization of gas turbine components, with major clients including leading domestic and international firms, indicating a strong market position [2]. - The company is expected to benefit from a large market opportunity, with new gas turbine orders projected to exceed 137 billion USD over the next decade [2]. Profit Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 2.764 billion RMB, 3.265 billion RMB, and 3.865 billion RMB, respectively, with net profits expected to be 390 million RMB, 468 million RMB, and 580 million RMB, respectively [3]. - The corresponding price-to-earnings ratios are projected to be 24, 20, and 16 times for the years 2024, 2025, and 2026 [3].

然后给我们在晚上八点钟时间解读一下公司的三级报然后是几块核心业务的一些最新进展那么应该说从今年年初以来到上周公司的一些核心的铸造板块然后包括自然的发动机业务包括核电确实有比较多的这个都是变化那么后面我们就把时间交给杜总 首先感谢大家的时间在这大晚上也来听我这边介绍一下公司的一个情况在进来之前我刚刚跟黄老师还在开玩笑 确实没有搞过这种形式因为我也看不知道也不知道今天有哪些朋友参加确实很多朋友也知道我们印度一般情况下很少在这种定期报告之后召开这种一对多的这种线上活动一般情况下更多的是搞这种线下的交流或者是一对一的这种活动这种可能情况更多一点或者是露眼拜访各位的公司这种情况都可以 但是今天非常感谢东方正义学院的安排召开了这个电话的会议主要我是想先花一点时间把公司的一些情况介绍一下 以及把我们一些最新的进展还有未来的布局再做一个介绍因为过去一段时间可能都是静默期有一个多月的静默期很多一些新的情况我们也不方便讲也是就着这个机会我先做一个简单的汇报首先既然是单季度的业绩的相关情况介绍了我先回顾一下今年前三个季度的业绩的情况今天的披露的时间比较早可能三点半左右就披露出来的 这是以前也没有办法想的一个事情确实也比较早今年三季 ...

Core Viewpoint - The company plans to issue convertible bonds to raise up to 1.5 billion yuan, which will be used for various projects including blade casing processing coating, advanced nuclear materials, and working capital replenishment, aiming to enhance profitability and competitiveness [1][2]. Group 1: Investment Projects - The blade casing processing coating project will be implemented by the company's wholly-owned subsidiary, with a total investment of 1.15 billion yuan, utilizing 550 million yuan from the raised funds [1]. - The advanced nuclear materials and key components intelligent upgrade project will involve a total investment of 640 million yuan, with 500 million yuan from the raised funds, aimed at enhancing production capacity for various nuclear materials [3]. - The company aims to improve product quality and meet high-temperature standards through advanced processing and coating techniques for high-temperature alloy castings [1][2]. Group 2: Market Position and Client Relationships - The company has established strong relationships with core clients in the aerospace engine and gas turbine sectors, including General Electric, Siemens, and China National Nuclear Corporation, which enhances its market position [2][3]. - The company’s products have high entry barriers and long certification times, leading to stable long-term partnerships once it becomes a qualified supplier [2]. Group 3: Financial Strategy - The company plans to use 450 million yuan of the raised funds to replenish working capital and repay bank loans, which will alleviate debt pressure and optimize the asset-liability structure [4][5]. - The gradual conversion of convertible bonds is expected to reduce financial costs and enhance profitability [5].

证券代码：603308 证券简称：应流股份 公告编号：2024-040 安徽应流机电股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 召开的日期时间：2024 年 11 月 15 日 14 点 00 分 召开地点：安徽省合肥市繁华大道 566 号公司会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2024 年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 15 日 至 2024 年 11 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 ...