Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The demand for gas turbines is increasing due to the AI data center boom, leading to a significant rise in the company's order backlog [2][3] - The company achieved a revenue of 2.513 billion yuan in 2024, a year-on-year increase of 4.2%, while the net profit attributable to shareholders was 286.38 million yuan, a decrease of 5.57% year-on-year [2][5] - The company has over 1.2 billion yuan in orders for its "two machines" business, with a strong growth of 102.8% in gas turbine product orders [3][5] Revenue and Profitability - The company's revenue from high-temperature alloy products and precision cast steel components reached 1.47 billion yuan in 2024, up 6.7% year-on-year [2] - The sales gross margin for 2024 was 34.2%, a decrease of 1.9 percentage points year-on-year, while the net profit margin was 10.1%, down 1.5 percentage points year-on-year [4] - The company is expected to see a significant increase in profitability as it extends its business downstream in the blade industry chain [4][5] Future Growth Drivers - The "two machines" business is expected to become a new growth driver, benefiting from the global AI demand surge [5] - The company plans to invest 1.15 billion yuan in blade processing and coating projects to enhance its core competitiveness and profitability [5] - The nuclear energy sector is anticipated to grow, with the company investing 640 million yuan in advanced nuclear materials and key component upgrades [5] Financial Forecasts - The company's net profit forecasts for 2025 and 2026 have been adjusted to 450 million yuan and 626 million yuan, respectively, with a new forecast for 2027 at 863 million yuan [5] - The corresponding price-to-earnings ratios for the current market capitalization are projected to be 28x for 2025, 20x for 2026, and 15x for 2027 [5]

近期应流股份（603308）发布2024年年报，证券之星财报模型分析如下： 经营概况 公司的有息负债为48.48亿元，同比增长16.19%，有息资产负债率为37.96%。财务费用占近3年经营性现 金流均值的比例高达121.8%，表明公司在债务偿还方面面临一定挑战。 主营业务构成 发展回顾与未来展望 公司在2024年积极落实各项战略部署，特别是在科技创新方面取得了显著进展。公司新增发明专利40 件，实用新型专利38件，累计有效专利近600件。公司还与多家国际行业巨头签订了战略协议或长协供 货备忘录，进一步拓展了国际市场。 然而，公司在现金流管理和债务偿还方面仍需加强，以确保未来的可持续发展。 应流股份在2024年的年报中显示，公司营业总收入为25.13亿元，同比上升4.21%，但归母净利润为2.86 亿元，同比下降5.57%。扣非净利润为2.77亿元，同比下降1.09%。从单季度数据来看，第四季度营业总 收入为6.03亿元，同比下降0.31%，归母净利润为5957.68万元，同比下降0.14%，扣非净利润为5652.57 万元，同比下降31.45%。 主要财务指标 应收账款与现金流 公司应收账款体量较大，当期应 ...

2025年4月1日，应流股份(603308.SH)发布2024年年度报告。截至2025年3月31日，共有137个机构投资 者披露持有应流股份A股股份，合计持股量达3.41亿股，占应流股份总股本的50.15%。其中，前十大机 构投资者包括霍山应流投资管理有限公司、招商银行股份有限公司-泉果旭源三年持有期混合型证券投 资基金、霍山衡邦投资管理有限公司、霍山衡胜投资管理中心(有限合伙)、科威特政府投资局-自有资 金、香港中央结算有限公司、中国工商银行股份有限公司-农银汇理新能源主题灵活配置混合型证券投 资基金、瑞众人寿保险有限责任公司-自有资金、南方中证1000ETF、国泰中证军工ETF，前十大机构投 资者合计持股比例达44.42%。相较于上一季度，前十大机构持股比例合计下跌了0.54个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括农银新能源混合A、汇丰晋信双核策 略混合A，持股增加占比达0.12%。本期较上一季度持股减少的公募基金共计2个，包括南方中证 1000ETF、中银证券凌瑞6个月持有期混合A，持股减少占比达0.26%。本期较上一季度新披露的公募基 金共计126个，主要包括国泰中证军工 ...

Core Viewpoint - The company reported a decline in net profit despite revenue growth, indicating ongoing challenges in profitability and cost management. Revenue Performance - The company achieved total revenue of 2.513 billion yuan in 2024, a year-on-year increase of 4.21%, significantly slowing from 9.75% in 2023 [2] - Net profit attributable to shareholders was 286 million yuan, down 5.57% year-on-year, continuing a downward trend from a 24.50% decline in 2023 [2] - The non-recurring net profit was 277 million yuan, reflecting a decrease of 1.09%, indicating a persistent weakening in the core business profitability [2] High-end Equipment Manufacturing - The company made progress in high-end equipment manufacturing, particularly in the aviation engine and gas turbine sectors, with gas turbine hot-end component orders increasing by 102.8% [3] - Despite a significant increase in order volume, the gross profit for 2024 was 861 million yuan, down 1.26%, with a gross margin of 34.26%, lower than 36.16% in 2023 [3] - The company invested heavily in R&D, adding 40 invention patents and 38 utility model patents during the reporting period, but this did not translate into significant profit growth [4] Nuclear Energy Business - The company delivered 10 units of the "Hualong One" nuclear primary pump shell and developed the world's first modular metal insulation layer for reactor pressure vessels [5] - Despite growth in nuclear energy orders, the revenue contribution from this sector remains small, and high R&D and production costs have led to low profitability [5] - The competitive landscape in the nuclear energy sector is intensifying, posing challenges to the company's market share and profitability [5] Low-altitude Economy - The company has made initial strides in the low-altitude economy, with its subsidiary obtaining a general airport operating license for Liu'an Jin'an Airport [6] - Strategic cooperation with Beijing Institute of Technology aims to develop high-efficiency hybrid power systems for various platforms [6] - However, the profitability outlook in the low-altitude economy remains uncertain due to the nascent stage of market demand and business models, alongside increasing competition [6] Overall Assessment - The company has made progress in high-end equipment manufacturing, nuclear energy, and low-altitude economy sectors, but the continuous decline in net profit indicates that profitability has not improved effectively [6] - There is a need for the company to enhance cost control and profitability measures to address the intensifying market competition [6]

表决结果： 同意票 3 票、反对票 0 票、弃权票 0 票。 上述议案尚需提交本公司股东大会审议。 证券代码：603308 证券简称：应流股份 公告编号：2025-005 安徽应流机电股份有限公司 第五届监事会第八次会议决议公告 本公司监事会及全体监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"公司"）第五届监事会第八次会议于 2025 年 3 月 31 日在公司会议室召开。会议应到监事 3 名，实际参会监事 3 名。 会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 会议由监事会主席叶玉军先生主持，与会监事经过认真审议后以投票表决方 式做出如下决议： 一、审议通过《安徽应流机电股份有限公司监事会工作报告》。 二、审议通过《安徽应流机电股份有限公司 2024 年度内部控制评价报告》。 表决结果： 同意票 3 票、反对票 0 票、弃权票 0 票。 三、审议通过《安徽应流机电股份有限公司 2024 年度财务决算报告》。 表决结果： 同意票 3 票、反对票 0 票、弃权票 0 票。 上 ...

证券代码：603308 证券简称：应流股份 公告编号：2025-004 安徽应流机电股份有限公司 第五届董事会第八次会议决议公告 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个别及连带责任。 安徽应流机电股份有限公司（以下简称"公司"）第五届董事会第八次会议 于 2025 年 3 月 31 日在公司会议室以现场方式召开。会议应到董事 9 名，实际参 会董事 9 名。会议的召开符合有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。 会议由公司董事长杜应流先生主持，与会董事经过认真审议后以记名投票方 式做出如下决议： 一、审议通过《安徽应流机电股份有限公司总经理工作报告》。 表决结果： 同意票 9 票、反对票 0 票、弃权票 0 票。 表决结果： 同意票 9 票、反对票 0 票、弃权票 0 票。 五、审议通过《安徽应流机电股份有限公司 2024 年度内部控制评价报告》。 1 二、审议通过《安徽应流机电股份有限公司董事会工作报告》。 表决结果： 同意票 9 票、反对票 0 票、弃权票 0 票。 上述议案尚需提交本公司股东大会审议。 ...

证券代码：603308 证券简称：应流股份 公告编号：2025-006 安徽应流机电股份有限公司 2024 年度利润分配方案的公告 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。 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3月31日召开第五届董事会第八次会议，审议通过了董事会拟定的公司2024年 度利润分配方案，并决定将上述方案提交公司2024年年度股东大会审议，具体内 容如下： 一、利润分配方案内容 经天健会计师事务所审计，公司 2024 年度归属于母公司所有者的净利润为 286,380,775.62 元，按母公司本期实现净利润之 10%提取法定盈余公积 13,186,162.77 元，提取法定盈余公积后,公司本年度归属于母公司所有者可供 股东分配的利润为 273,194,612.85 元。 为了回报股东、与全体股东共享公司经营成果，在兼顾公司发展和股东利益 的前提下，根据《中华人民共和国公司法》及《安徽应流机电股份有限公司章程》 等有关规定，公司拟以 2024 年度利润分配股权登记日的总 ...

Financial Performance - The company's operating revenue for 2024 reached ¥2,513,461,464.22, representing a 4.21% increase compared to ¥2,411,934,403.59 in 2023[21] - The net profit attributable to shareholders of the listed company decreased by 5.57% to ¥286,380,775.62 from ¥303,263,111.42 in the previous year[21] - The net profit after deducting non-recurring gains and losses was ¥276,881,638.91, a slight decrease of 1.09% from ¥279,937,058.61 in 2023[21] - Basic earnings per share for 2024 decreased by 4.55% to CNY 0.42 compared to CNY 0.44 in 2023[23] - The weighted average return on equity fell to 6.33% in 2024 from 6.95% in 2023, a decrease of 0.62 percentage points[23] - The company's revenue for the reporting period reached RMB 2.51 billion, an increase of 4.21% compared to the previous year, while net profit attributable to shareholders was RMB 286 million, a decrease of 5.57%[42] - The company's net profit for 2024 was CNY 131,861,627.69, a decrease of 11.9% compared to CNY 149,689,103.33 in 2023[192] - Total comprehensive income for 2024 was CNY 133,815,263.75, down from CNY 148,742,323.81 in 2023, reflecting a decline of 10.0%[192] - Operating profit for 2024 was CNY 146,519,218.25, compared to CNY 164,933,016.10 in 2023, indicating a decrease of 11.2%[192] Cash Flow - The net cash flow from operating activities significantly dropped by 57.55% to ¥99,271,376.37 from ¥233,866,051.01 in the previous year[22] - The company’s cash flow from operating activities showed a significant improvement, with a net cash inflow of CNY 97.6 million in the fourth quarter[26] - Cash flow from operating activities for 2024 was CNY 99,271,376.37, significantly lower than CNY 233,866,051.01 in 2023, representing a decline of 57.6%[194] - Cash inflow from operating activities totaled CNY 2,305,368,840.58 in 2024, down from CNY 2,385,005,798.11 in 2023, a decrease of 3.3%[194] - Cash outflow from operating activities was CNY 2,206,097,464.21 in 2024, compared to CNY 2,151,139,747.10 in 2023, an increase of 2.6%[194] - Cash flow from financing activities generated a net inflow of CNY 683,929,359.20 in 2024, compared to CNY 229,393,191.76 in 2023, an increase of 198.5%[195] Assets and Liabilities - The total assets increased by 10.29% to ¥11,552,201,218.57 compared to ¥10,474,818,233.24 at the end of 2023[22] - The total liabilities increased by 114.23% for non-current liabilities due to the approaching maturity of long-term borrowings[57] - The company's total assets amounted to CNY 11,552,201,218.57 as of December 31, 2024, up from CNY 10,474,818,233.24 in 2023, representing a growth of approximately 10.3%[183] - Total liabilities reached CNY 6,484,679,283.92 in 2024, compared to CNY 5,539,224,422.29 in 2023, marking an increase of around 17.1%[182] - Long-term borrowings increased to CNY 2,235,066,164.39 in 2024, compared to CNY 2,008,292,053.38 in 2023, indicating a rise of about 11.3%[182] Research and Development - Total R&D investment amounted to ¥354,369,683.62, representing 14.10% of total revenue[52] - The total number of R&D personnel is 765, accounting for 15.29% of the company's total workforce[53] - Research and development expenses for 2024 were ¥304,884,687.20, compared to ¥293,264,421.19 in 2023, indicating a 4.67% increase[187] - The company added 40 invention patents and 38 utility model patents during the reporting period, totaling nearly 600 effective patents[29] Strategic Initiatives - The company plans to distribute a cash dividend of ¥0.07 per share, totaling approximately ¥47,532,550.87 based on a total share capital of 679,036,441 shares[6] - The company has signed strategic supply agreements with major international players, including GE Aviation and Siemens Energy, enhancing its global presence[30] - The company is actively involved in the development of high-temperature alloy products, significantly shortening core component procurement times[32] - The company plans to accelerate research on advanced heavy gas turbine blade technology and expand its aviation engine component offerings, alongside increasing R&D efforts in nuclear materials[68] Governance and Compliance - The company maintains a robust governance structure, ensuring compliance with relevant laws and regulations, and has not faced any regulatory penalties during the reporting period[72] - The board of directors is structured to ensure effective oversight and compliance with legal requirements, with various committees in place to enhance governance[73] - The company has established a transparent information disclosure system to ensure all shareholders have equal access to information, enhancing investor relations[74] - The company has established a compensation and assessment committee to align remuneration with industry standards and company performance[81] Environmental Responsibility - The company invested approximately $3.68 million in environmental protection during the reporting period[109] - The company has established noise control measures, with monitored noise levels at the factory boundary complying with the relevant standards[115] - The company has reduced carbon emissions by 13,500 tons through various measures, including the use of photovoltaic power generation and energy-saving technologies[120] - The company has implemented a self-monitoring scheme for environmental impact, with regular third-party assessments confirming compliance with national standards for pollutants[118] Shareholder Relations - The company successfully completed the share repurchase and cancellation, demonstrating commitment to protecting investor interests[36] - The total cash dividends paid over the last three fiscal years amounted to approximately $249.93 million[102] - The total amount spent on share repurchases and cancellations over the last three fiscal years was about $51.99 million[102] - The cumulative total of cash dividends and share repurchases over the last three fiscal years reached approximately $301.92 million, representing a cash dividend payout ratio of 91.37% of the average net profit of $330.44 million during the same period[102]

证券代码：603308 证券简称：应流股份 1 安徽应流机电股份有限公司 关于公司向不特定对象发行可转换公司债 券的论证分析报告 （修订稿） 二〇二五年三月 第一节 本次发行证券及其品种选择的必要性 安徽应流机电股份有限公司（以下简称"公司"、"发行人"或"应流股 份"）是在上海证券交易所主板上市的公司。结合自身实际情况，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司证券发行注册管理办法》（以下简称"《注 册管理办法》"）等有关法律、法规和规范性文件的规定，拟通过向不特定对象 发行可转换公司债券（以下简称"可转债"）的方式募集资金。 一、本次发行证券选择的品种 本次发行证券的种类为可转换为公司A股股票的可转换公司债券。该可转债 及未来转换的A股股票将在上交所上市。 二、本次发行证券的必要性 3 第二节 本次发行对象的选择范围、数量和标准的适当性 一、本次发行对象的选择范围的适当性 本次可转债的具体发行方式由股东大会授权董事会或董事会授权人士与保荐 机构（主承销商）协商确定。 （一）本次发行证券募集资金的必要性 本次向不特定对象发行可转 ...

证券代码：603308 证券简称：应流股份 安徽应流机电股份有限公司 关于公司向不特定对象发行可转换公司债券预案 （修订稿） 二〇二五年三月 公司声明 1、本公司及董事会全体成员保证本预案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。 2、本次向不特定对象发行可转换公司债券完成后，公司经营与收益的变化 由公司自行负责；因本次向不特定对象发行可转换公司债券引致的投资风险由投 资者自行负责。 3、本预案是公司董事会对本次向不特定对象发行可转换公司债券的说明， 任何与之相反的声明均属不实陈述。 4、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 5、本预案所述事项并不代表审核、注册部门对于本次向不特定对象发行可 转换公司债券相关事项的实质性判断、确认、批准。本预案所述本次向不特定对 象发行可转换公司债券相关事项的生效和完成尚待上海证券交易所发行上市审 核并报经中国证监会注册。 1 一、本次发行符合向不特定对象发行证券的说明 根据《公司法》《证券法》《上市公司证券发行注册管理办法》及《可转换 公司债券管理办法》等法律、法规及规范 ...