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].

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]

登录新浪财经APP 搜索【信披】查看更多考评等级 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 (二) 非经常性损益项目和金额 证券代码：603308 证券简称：应流股份 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。 √适用 □不适用 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——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——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、财务指标发生变动的情况、原 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 663 million yuan in Q1 2025, a year-on-year increase of 0.03%, and a net profit attributable to shareholders of 92 million yuan, up 1.65% year-on-year. The gross margin and net margin improved to 36.83% and 12.89%, respectively, reflecting a significant enhancement in profitability [1] - The company benefits from the rising demand in the "two machines" industry, with contract liabilities exceeding 1.2 billion yuan, indicating strong revenue growth potential for 2025. The domestic orders are expected to increase due to accelerated localization efforts in gas turbines and aviation engines [2] - The approval of nuclear power projects is expected to boost the company's revenue from nuclear main pump castings, with strategic partnerships and contracts already in place for multiple nuclear projects [3] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 663 million yuan and a net profit of 92 million yuan, with improved profitability metrics [1] Operational Analysis - The company signed long-term agreements with major clients in the "two machines" sector, leading to a significant increase in contract liabilities, which grew over 100% year-on-year to 1.76 billion yuan. This positions the company for accelerated revenue growth in 2025 [2] - The domestic market for gas turbines is expanding, with successful certification of domestically developed aircraft engines, indicating a positive trend for future orders [2] Nuclear Power Sector - The approval of five nuclear power projects is expected to enhance demand for the company's nuclear pump products, with existing contracts already in place for significant deliveries [3] Profit Forecast and Valuation - Projected revenues for 2025-2027 are 3.2 billion, 3.9 billion, and 5 billion yuan, with net profits of 450 million, 630 million, and 890 million yuan, respectively. The corresponding price-to-earnings ratios are 30, 22, and 15 [4]

Market Performance - The controllable nuclear fusion concept sector declined by 0.87%, ranking among the top losers in the concept sector, with *ST Lihang hitting the limit down [1] - Among the stocks in this sector, 27 stocks saw price increases, with Xinhongye, Yingliu Co., and HuoDuan Intelligent leading the gains at 6.83%, 3.70%, and 3.20% respectively [1] Capital Flow - The controllable nuclear fusion concept sector experienced a net outflow of 277 million yuan, with 35 stocks seeing net outflows, and 16 stocks with outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was XueRen Co., with a net outflow of 47.1 million yuan, followed by LanShi Heavy Industry, China Energy Construction, and China Nuclear Power with net outflows of 40.3 million yuan, 36.3 million yuan, and 32.4 million yuan respectively [1] Top Gainers and Losers - The top gainers in the controllable nuclear fusion concept sector included Shanghai Electric, HaiLu Heavy Industry, and Yingliu Co., with net inflows of 50.2 million yuan, 31.7 million yuan, and 28.6 million yuan respectively [1][3] - The top losers included XueRen Co. (-3.24%), LanShi Heavy Industry (-5.64%), and China Energy Construction (-0.45%) [2][3]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 662,572,873.60, a slight increase of 0.03% compared to CNY 662,403,655.72 in the same period last year[3]. - Net profit attributable to shareholders was CNY 92,043,128.70, reflecting a year-on-year increase of 1.65% from CNY 90,549,512.46[3]. - Basic earnings per share rose to CNY 0.14, up 7.69% from CNY 0.13 in the previous year[3]. - Total operating revenue for Q1 2025 was approximately ¥662.57 million, a slight increase from ¥662.40 million in Q1 2024, representing a growth of 0.03%[16]. - Net profit for Q1 2025 was approximately ¥85.40 million, slightly down from ¥85.47 million in Q1 2024, indicating a decrease of 0.08%[17]. - The company achieved a gross profit of approximately ¥243.66 million in Q1 2025, compared to ¥227.28 million in Q1 2024, marking an increase of about 7.2%[16]. - The total comprehensive income for Q1 2025 was approximately ¥94.63 million, an increase from ¥80.41 million in Q1 2024, representing a growth of about 17.6%[17]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 12,037,085,995.27, representing a 4.20% increase from CNY 11,552,201,218.57 at the end of the previous year[4]. - The company's total current assets increased to CNY 4,033,455,176.00, up from CNY 3,742,248,497.84 as of December 31, 2024, representing a growth of approximately 7.8%[11]. - Total non-current assets reached CNY 8,003,630,819.27, compared to CNY 7,809,952,720.73, showing an increase of approximately 2.5%[12]. - The company's total liabilities increased to CNY 6,872,169,654.59 from CNY 6,484,679,283.92, representing a growth of about 6.0%[13]. - The total equity attributable to shareholders rose to CNY 4,730,973,969.30 from CNY 4,626,953,629.75, reflecting an increase of approximately 2.2%[13]. Cash Flow - The net cash flow from operating activities was negative at CNY -156,957,956.73, compared to CNY -70,703,478.23 in the same period last year, indicating a significant decline[3]. - The company reported a net cash outflow from operating activities of approximately ¥156.96 million in Q1 2025, compared to an outflow of ¥70.70 million in Q1 2024, reflecting a worsening cash flow situation[20]. - Cash and cash equivalents at the end of Q1 2025 totaled approximately ¥207.12 million, down from ¥425.26 million at the end of Q1 2024, a decrease of about 51.3%[21]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,374[8]. - The largest shareholder, Huoshan Yingliu Investment Management Co., Ltd., holds 27.37% of the shares, with 90,000,000 shares pledged[8]. - The company has not reported any significant changes in shareholder participation in margin financing or securities lending activities[10]. Operational Efficiency - Total operating costs decreased to approximately ¥583.91 million in Q1 2025 from ¥599.98 million in Q1 2024, a reduction of about 2.0%[16]. - Research and development expenses for Q1 2025 were approximately ¥59.59 million, down from ¥72.05 million in Q1 2024, a decrease of about 17.2%[16]. - The company incurred a credit impairment loss of approximately ¥10.19 million in Q1 2025, significantly higher than the loss of ¥1.31 million in Q1 2024[16]. Management Assurance - The company is focused on maintaining financial transparency and accuracy in its reporting, as emphasized by the management's assurance of the report's integrity[2].

Industry Overview - The aviation engine industry is crucial for national economy and security, serving as the power source for various aircraft and representing a country's comprehensive strength [1] - Aviation engines can be categorized into several types based on thrust generation principles and oxidizer sources, including piston engines, rocket engines, ramjet engines, and turbine engines [1] Industry Chain Analysis - The aviation engine industry chain includes research and design, manufacturing (raw materials, components, complete machine manufacturing), operation, and maintenance [3] - China has established a complete research and production system for aviation engines, with key participants including universities and research institutes [4] Development History - The Chinese aviation engine industry has evolved from imitation to independent research and development, achieving significant self-innovation capabilities supported by national policies [5][8] Policy Background - The "14th Five-Year Plan" emphasizes accelerating the research and development of advanced aviation engine materials and technologies, promoting the development of civil large bypass ratio turbofan engines [10] Current Market Status - The aviation engine industry has vast market potential, with a global annual output of over 14,000 units and an estimated annual value of around $70 billion [12] - The Chinese commercial aviation engine market is expected to experience explosive growth, with projected deliveries reaching 19,000 units and a market value exceeding $300 billion over the next 20 years [12] Demand Trends - Both military and civil aviation sectors in China are witnessing an upward trend in aircraft numbers, with the military fleet expected to reach 3,309 aircraft by the end of 2024 [14] - The number of civil passenger and cargo aircraft in China has also been increasing, with approximately 4,400 aircraft expected in 2024 [15] Competitive Landscape - The aviation engine market is primarily dominated by foreign manufacturers, with significant gaps in capabilities compared to the US, Russia, and other military powers [17][19] - The global commercial aviation engine market is largely controlled by a few companies, with CFM International and Pratt & Whitney holding substantial market shares [20] Future Development Trends - The Chinese aviation engine manufacturing industry is expected to focus on independent innovation, quality improvement, international cooperation, and sustainable development [24]

股票简称：应流股份 股票代码：603308 安徽应流机电股份有限公司 （Anhui Yingliu Electromechanical Co.,Ltd.） （安徽省合肥市经济技术开发区繁华大道 566 号） 向不特定对象发行可转换公司债券 并在主板上市 募集说明书 （申报稿） 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 二〇二五年四月 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-2 重大事项提示 本公司特别提请投资者注意，在作出投资决策之前，务必仔细阅读本募集说 明书正文内容，并特别关注以下重要事项。 一、关于本次可转换公司债券发行符合发行条件 ...

证券代码：603308 证券简称：应流股份 公告编号：2025-016 安徽应流机电股份有限公司 关于向不特定对象发行可转换公司债券申请获得上海证券交 易所受理的公告 公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获得 中国证券监督管理委员会(以下简称"中国证监会")做出同意注册的决定方可实施， 最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间存在不确定 性。公司将根据该事项的进展情况，严格按照有关法律法规的规定和要求及时履行 信息披露义务。敬请广大投资者注意投资风险，理性投资。 特此公告。 安徽应流机电股份有限公司 董事会 二〇二五年四月二十五日 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4 月24日收到上海证券交易所(以下简称"上交所")出具的《关于受理安徽应流机电 股份有限公司沪市主板上市公司发行证券申请的通知》【上证上审(再融资)[2025]122 号】。上交所依据相关规定对公司报送的沪市主板上市公司发行证 ...

天禾律师 应流股份可转债法律意见书 安徽天禾律师事务所 关于安徽应流机电股份有限公司 向不特定对象发行可转换公司债券之 法律意见书 释 义 本法律意见书中，除非文义另有所指，下列简称具有如下含义： | 释义项目 | | 释义内容 | | --- | --- | --- | | 发行人、公司、应 | 指 | 安徽应流机电股份有限公司，股票在上海证券交易所上市，股票代码 | | 流股份 | | 为 603308 | | 应流有限 | 指 | 发行人前身：安徽霍山应流铸造有限公司、安徽应流铸造（集团）有 限公司、安徽应流机电有限责任公司 | | 应流铸造 | 指 | 安徽应流集团霍山铸造有限公司，系发行人全资子公司 | | 应流航源 | 指 | 安徽应流航源动力科技有限公司，系发行人全资子公司 | | 应流铸业 | 指 | 安徽应流铸业有限公司，系发行人全资子公司 | | 应流深圳 | 指 | 应流燃气轮机部件创新中心（深圳）有限公司，系发行人的全资子公 司 | | 聚变新材 | 指 | 安徽聚变新材料科技有限公司，系发行人的控股子公司 | | 天津航宇 | 指 | 天津市航宇嘉瑞科技股份有限公司，系发行人控股子公 ...