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].

Company and Industry Summary Company Overview - The company has been involved in various core business segments including casting, natural engines, and nuclear power, which have seen significant changes since the beginning of the year [1][2] - The company held a conference call to discuss its quarterly performance and future strategies, marking a shift from its usual in-person meetings to a more accessible online format [1][2] Financial Performance - In Q3, the company reported a recovery in both revenue and performance compared to Q2, indicating a rapid growth phase despite previous operational pressures [2][3] - The worst operational challenges are believed to be over, with clear signs of a performance turnaround reflected in order backlogs and advance payments [3][10] - The company has received prepayments totaling 1.21 billion, a significant increase from 500 million at the end of June, indicating strong future revenue potential [10] Strategic Partnerships and Collaborations - A long-term strategic cooperation agreement was signed with a major aerospace company, which is expected to positively impact the company's future strategy and operations [4][5] - The company has been recognized as a top supplier, achieving a significant supply volume in a short time, and is looking to expand its product categories in response to customer demands [5][6] Product Development and Market Expansion - The company is actively developing new products, including high-temperature alloys and hybrid power systems, with several models already in testing phases [9][24] - There is a focus on expanding into low-altitude economy sectors, with ongoing development of turbine engines and hybrid systems [9][24] - The company aims to become a leading supplier in the high-temperature alloy sector, similar to established players in the market [8][24] Nuclear Power and Energy Sector - The nuclear power segment is expected to grow significantly, with the company involved in supplying components for various nuclear projects, including the Linglong One reactor [29][30] - The company is optimistic about the future of nuclear energy in China, with government targets aiming for a significant increase in nuclear power's share of the energy mix [29] Military and Aerospace Sector - The military sector has faced challenges but is expected to rebound, with the company maintaining a positive outlook for future orders and collaborations [32][33] - The company has been involved in supplying high-temperature alloys for aerospace applications, with a focus on maintaining strong relationships with both military and civilian clients [32][33] Future Outlook - The company is confident in its growth trajectory, with expectations of increased revenue from both existing and new business lines, including gas turbines and nuclear power components [35][36] - There is a strong belief that the company will continue to expand its market share and product offerings, driven by customer demand and strategic partnerships [35][36] Additional Insights - The company is exploring opportunities for industry consolidation and upgrades to enhance its competitive position [13][14] - There is a focus on reducing financial leverage and costs through strategic financing options, including potential bond issuance [37] This summary encapsulates the key points discussed in the conference call, highlighting the company's strategic direction, financial performance, and market opportunities across various sectors.

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 ...

(一) 前次募集资金的数额、资金到账时间 根据中国证券监督管理委员会《关于核准安徽应流机电股份有限公司非公开 发行股票的批复》（证监许可〔2019〕1440 号），本公司由主承销商国元证券 股份有限公司采用非公开发行股票方式，向特定对象非公开发行人民币普通股（A 股）股票 54,207,745 万股，发行价为每股人民币 11.36 元，共计募集资金 61,580.00 万元，坐扣承销和保荐费用 678.59 万元（其中增值税进项税 38.41 万元）后的募集资金为 60,901.41 万元，已由主承销商国元证券股份有限公司于 2019 年 11 月 6 日汇入本公司募集资金监管账户。另减除上网发行费、招股说明 书印刷费、申报会计师费、律师费、评估费等与发行权益性证券直接相关的新增 外部费用 407.99 万元后，公司本次募集资金净额为 60,531.84 万元。上述募集 资金到位情况业经天健会计师事务所(特殊普通合伙)验证，并由其出具《验资报 告》（天健验〔2019〕5-7 号）。 (二) 前次募集资金在专项账户中的存放情况 安徽应流机电股份有限公司 关于前次募集资金使用情况的公告 本公司董事会及全体董事保证 ...

一、制定股东回报规划时考虑的因素 公司股东回报规划的制定着眼于对投资者的合理回报以及公司长远和可持 续发展。在综合分析公司盈利能力、经营发展规划、股东回报、社会资金成本 及外部融资环境等因素的基础上，充分考虑公司目前及未来盈利规模、现金流 量状况、发展所处阶段、项目投资资金需求、银行信贷及债权融资环境等情况， 对利润分配作出合理的制度性安排。 安徽应流机电股份有限公司 安徽应流机电股份有限公司 关于公司未来三年（2024-2026年度）股东分红回报规划 为完善和健全公司利润分配的决策和监督机制，积极回报投资者，充分维 护公司股东权益，引导投资者形成稳定的回报预期，根据中国证监会《关于进 一步落实上市公司现金分红有关事项的通知》《上市公司监管指引第3号——上 市公司现金分红》和《公司章程》的相关规定，公司制定了《安徽应流机电股 份有限公司关于公司未来三年（2024-2026年度）股东分红回报规划》，具体内 容如下： 二、制定股东回报规划的原则 股东分红回报规划严格执行《公司章程》规定的利润分配政策，充分考虑 和听取股东、独立董事和监事的意见，重视对投资者的合理投资回报，并兼顾 公司的可持续发展，合理平衡公司自身 ...

证券代码：603308 证券简称：应流股份 公告编号：2024-034 安徽应流机电股份有限公司 第五届董事会第七次会议决议公告 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"）第五届董事会第七次会议 于 2024 年 10 月 29 日在安徽省合肥市经济技术开发区繁华大道 566 号公司会议 室召开。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 2024 年第三季度报告》。 表决结果：同意票 9 票，反对票 0 票，弃权票 0 票。 二、审议通过《关于公司符合向不特定对象发行可转换公司债券条件的议 案》 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券发 行注册管理办法》《公司债券发行与交易管理办法》以及《可转换公司债券管理 办法》等相关法律、法规、部门规章及规 ...