Core Viewpoint - The company focuses on high-temperature alloys for aerospace engines and gas turbines, with significant growth in international expansion and revenue from key sectors like aerospace and gas turbines [1][2]. Group 1: Business Overview - The company's high-temperature alloy business includes both cast and deformed alloys, with applications across various industries such as aerospace, gas turbines, energy, oil and gas, shipping, and automotive [1]. - The aerospace and gas turbine sectors are identified as primary growth drivers, with projected revenue growth of 14.89% and 47.48% year-on-year for 2024, respectively [1]. Group 2: International Expansion - The company's international strategy has shown significant results, with overseas revenue reaching 262 million yuan in 2024, marking a substantial increase of 128.69% year-on-year [1]. - Collaborations have been established with major global players such as Rolls-Royce, Safran, Honeywell, Collins Aerospace, and Baker Hughes, which are expected to support ongoing customer acquisition and growth [1]. Group 3: Investment Logic - The global civil aviation and gas turbine markets are currently in a supply-demand imbalance, providing opportunities for domestic companies to leverage their production capacity and delivery advantages [2]. - The aging fleet of civil aircraft and gas turbines is driving demand for maintenance, particularly for high-temperature alloy components used in engine hot-end parts [2]. - The company is expected to see a rapid increase in overseas market share due to its competitive advantages in delivery times and pricing, supported by long-term agreements that stabilize supplier relationships [2]. - International business is projected to generate 300 million yuan in revenue in 2024, reflecting a year-on-year growth of 70% [2]. - The domestic production of aircraft engines is anticipated to provide mid-term growth opportunities, particularly in specialized fields and maintenance needs [2]. Group 4: Financial Projections - Earnings per share (EPS) forecasts for the company are projected at 0.49, 0.75, and 1.05 yuan for the years 2025 to 2027, respectively [2]. - Based on the company's position, growth potential, and comparable company valuations, a price-to-earnings (PE) ratio of 45 is suggested for 2025, leading to a target price of 22.20 yuan per share, with a recommendation to "buy" [2].

Core Viewpoint - Wuxi has transformed from a historical industrial city to a modern manufacturing powerhouse through the integration of industry and finance, supported by government policies and local investment institutions [9][10][17]. Group 1: Industrial Development - Wuxi has 211 listed companies, with 124 on the A-share market, contributing significantly to Jiangsu province's economy despite a population of less than 8 million [8]. - The city has developed a "465" modern industrial cluster focusing on IoT, integrated circuits, biomedicine, and software services, producing leading companies like WuXi AppTec and Changdian Technology [8][10]. - Wuxi's industrial evolution is marked by the establishment of key enterprises and the active role of state-owned investment institutions in nurturing these companies [10][11]. Group 2: Financial Integration - Local financial institutions have played a crucial role in supporting industrial growth, with Wuxi's state-owned investment firms actively participating in venture capital and equity investments [10][12]. - Wuxi Venture Capital Group, established in 2000, has invested in numerous companies, with 45 of its portfolio companies listed on domestic A-shares, including 13 on the Sci-Tech Innovation Board [11][12]. - The city has created a comprehensive financial ecosystem that includes various funding stages, from seed to private equity, facilitating the growth of over 110 listed companies [12][16]. Group 3: Policy Support - The local government has shifted from a leading role to a guiding one, providing essential support for companies navigating the capital market [17][18]. - Wuxi has implemented policies to promote mergers and acquisitions, with 15 projects completed in the first quarter of 2023, totaling 369.29 billion yuan [18][20]. - The city aims to become a hub for innovative mergers and acquisitions by 2027, with a target of completing at least 60 projects and achieving a total transaction volume exceeding 600 billion yuan [19][20].

Core Viewpoint - Jiangsu Longda Superalloy Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to provide clarifications and corrections related to its financial disclosures and operational performance [1]. Financial Performance - The company reported significant revenue growth in the aerospace, gas turbine, and automotive turbocharger sectors, with increases of 46.64%, 67.34%, and 52.34% respectively [1]. - Other business revenues amounted to 85.724 million yuan [1]. - The company adjusted its financial data, ensuring that the corrections do not impact the overall financial status or cash flow for the years 2023 and 2024 [1]. Revenue Structure - The revenue structure for 2024 shows a notable increase in the aerospace sector, driven by demand from key domestic aerospace manufacturers [5]. - The gas turbine sector also experienced substantial growth, attributed to increased demand from domestic and international high-temperature alloy material service providers [9]. - The automotive turbocharger sector's revenue decreased from 16.08% in 2022 to 3.4% in 2024, indicating a shift in market dynamics [1]. Client Performance - The top five clients in the aerospace sector contributed significantly to revenue, with notable sales increases observed from key clients [6]. - The company’s sales to client one in the aerospace sector increased dramatically, reflecting a growing demand for domestic civil aviation engine materials [5]. - In the gas turbine sector, sales to client nine surged due to increased high-temperature alloy demand, highlighting the impact of domestic projects on revenue growth [9]. Sales Model Analysis - The company categorizes its sales into direct sales and dealer models, with direct sales representing end-user transactions and dealer sales involving trade merchants [3]. - Adjustments in sales models have been made to better reflect the operational realities and market conditions [3].

Core Viewpoint - Jiangsu Longda Superalloy Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding discrepancies in its 2023 and 2024 annual reports, particularly concerning revenue and cost data adjustments [1]. Revenue and Cost Analysis - The company's revenue from the aerospace, gas turbine, and automotive turbine sectors decreased by 16.08% to 3.4% in 2024, while other sectors saw a revenue decline to 405.63 million yuan, a year-on-year decrease [1]. - The adjustments made to the revenue and cost data do not affect the overall financial statements and are detailed in the company's correction announcement [1]. - The company reported a gross margin change of 0.99% for the overall business, with specific changes in the aerospace sector showing a 6.15% increase, while the gas turbine sector saw a 1.09% increase [1]. Industry Performance - The aerospace sector's revenue growth from 2022 to 2024 was driven by significant demand from key domestic manufacturers and forging plants, with a 14.89% increase noted in 2024 [3][4]. - The gas turbine sector's sales increased significantly due to rising demand from domestic and international high-temperature alloy service providers, with notable growth in sales to key clients [6][7]. - The automotive turbine sector also experienced growth, primarily due to increased supply to important casting plants, although there was a slight decline in sales in 2024 compared to 2023 [8]. Client Performance - The top five clients in the aerospace sector contributed significantly to revenue, with notable sales increases to key clients, reflecting the company's strong position in high-temperature alloy supply [4][5]. - In the gas turbine sector, sales to major clients increased due to heightened demand for high-temperature alloys, particularly in light of geopolitical factors affecting international markets [6][7]. - The automotive turbine sector's client base showed substantial sales growth, particularly from new projects and increased supply agreements [8].

Core Viewpoint - The company, Jiangsu Longda Superalloy Co., Ltd., issued a correction announcement regarding its 2023 and 2024 annual reports, clarifying errors in the management discussion and analysis sections without affecting the overall financial statements [1][2]. Financial Performance Summary - The company reported a total operating income of 1,106,434,345.46 CNY for the reporting period, with a breakdown of income by industry showing significant growth in the gas turbine and oil & gas chemical sectors [3][5]. - The aerospace sector's operating income was 296,452,645.20 CNY, showing a slight decrease of 0.13% year-on-year, while the gas turbine sector saw a substantial increase of 112.4% to 159,496,325.38 CNY, attributed to increased sales orders [5][10]. - The oil & gas chemical sector's income rose by 57.68% to 83,792,748.56 CNY, driven by increased sales of deformed high-temperature alloys [5][10]. Cost Analysis - The cost of sales for the aerospace sector increased by 34.88%, primarily due to higher sales volumes of high-temperature alloys, particularly deformed high-temperature alloys [14][15]. - The gas turbine sector's cost of sales surged by 184.80%, influenced by increased demand in the domestic market and the impact of the Russia-Ukraine conflict on international markets [15]. - The oil & gas chemical sector's cost rose by 79.32%, reflecting the growth in sales volume of deformed high-temperature alloys [15]. Regional Performance - Domestic operating income reached 1,008,619,362.03 CNY, a 20.26% increase year-on-year, while international income was 97,814,983.43 CNY, marking a 93.06% increase, attributed to the company's global market expansion [5][10]. - The domestic sales gross margin decreased by 3.55%, while the international sales gross margin decreased by 4.71%, mainly due to fluctuations in raw material prices [5][10]. Sales Model Analysis - Direct sales accounted for 1,084,063,513.87 CNY, a 31.97% increase, with a gross margin of 31.97%, while the distribution model generated 22,370,831.59 CNY, reflecting a 20.56% increase [5][11]. - The gross margin for direct sales decreased by 3.09%, attributed to changes in product structure and raw material prices [5][10].

江苏隆达超合金股份有限公司 关于 2023 年年度及 2024 年年度报告的更正公告 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、准确性和完整性依法承担法律责任。 江苏隆达超合金股份有限公司（以下简称"公司"）分别于 2024 年 4 月 26 日 及 2025 年 4 月 26 日在上海证券交易所网站（www.sse.com.cn）披露了《江苏隆 达超合金股份有限公司 2023 年年度报告》及《江苏隆达超合金股份有限公司 2024 年年度报告》（以下简称"《2023 年年度报告》"及"《2024 年年度报告》"）。 证券代码：688231 证券简称：隆达股份 公告编号：2025-028 因前期工作人员疏忽，导致《2023 年年度报告》及《2024 年年度报告》中 "第三节 管理层讨论与分析"之"五、报告期内主要经营情况"之"(一)主营 业务分析--2.收入和成本分析"中的"(1).主营业务分行业、分产品、分地区、 分销售模式情况"和"(4).成本分析表"以及"第十节 财务报告"之"七、合 并财务报表项目注释"之"61、营业收入和营业成本"中的"(2) ...

江苏隆达超合金股份有限公司 2023 年度审计报告 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5-8, 12 and 23, Block ArUDC Times Building, No. 8 Xinye Road, Qiargiang New City, Hangzhou Tel. 0571-88879999 www.zhcpa.cn 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 报告编码:浙240RXYPQWV g 审计报告 中汇会审[2024]4826号 江苏隆达超合金股份有限公司全体股东; 一、审计意见 我们审计了江苏隆达超合金股份有限公司(以下简称隆达股份公司)财务报 表,包括2023年12月31日的合并及母公司资产负债表,2023年度的合并及母公司 利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及财务报 表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了隆达股份公司2023年12月31日的合并及母公司财务状况以及2023年度 的合并及 ...

国信证券股份有限公司 关于江苏隆达超合金股份有限公司 2024 年年度报告的信息披露监管问询函回复的核查意见 江苏隆达超合金股份有限公司（以下简称"公司"或"隆达股份"）于近日收到 上海证券交易所下发的《关于对江苏隆达超合金股份有限公司 2024 年年度报告 的信息披露监管问询函》（上证科创公函【2025】 0219 号）（以下简称"问询 函"）。国信证券股份有限公司（以下简称"国信证券"或"持续督导机构"）作为 隆达股份的持续督导机构，现对问询函提及的相关问题出具专项意见如下： 1、公司在对《问询函》的核查过程中发现，因前期工作人员疏忽，导致《2023 年年度报告》及《2024 年年度报告》中"第三节 管理层讨论与分析"之"五、报告 期内主要经营情况"之"(一)主营业务分析--2.收入和成本分析"中的"(1).主营业务 分行业、分产品、分地区、分销售模式情况"和"(4).成本分析表"以及"第十节 财 务报告"之"七、合并财务报表项目注释"之"61、营业收入和营业成本"中的"(2). 营业收入、营业成本的分解信息"、《2024 年年度报告》中"第三节 管理层讨论 与分析"之"一、经营情况讨论与分析"中相关数据 ...

国联民生证券承销保荐有限公司 关于江苏隆达超合金股份有限公司 2024 年年度报告的信息披露监管问询函回复的核查意见 江苏隆达超合金股份有限公司（以下简称"公司"或"隆达股份"）于近日收到 上海证券交易所下发的《关于对江苏隆达超合金股份有限公司 2024 年年度报告 的信息披露监管问询函》（上证科创公函【2025】 0219 号）（以下简称"问询 函"）。国联民生证券承销保荐有限公司（以下简称"国联民生保荐"或"持续督导 机构"）作为隆达股份的持续督导机构，现对问询函提及的相关问题出具专项意 见如下： 1、公司在对《问询函》的核查过程中发现，因前期工作人员疏忽，导致《2023 年年度报告》及《2024 年年度报告》中"第三节 管理层讨论与分析"之"五、报告 期内主要经营情况"之"（一）主营业务分析--2.收入和成本分析"中的"（1）主营 业务分行业、分产品、分地区、分销售模式情况"和"（4）.成本分析表"以及"第 十节 财务报告"之"七、合并财务报表项目注释"之"61、营业收入和营业成本"中 的"（2）.营业收入、营业成本的分解信息"、《2024 年年度报告》中"第三节 管 理层讨论与分析"之"一、经营情况讨 ...

rs ll r st 江苏隆达超合金股份有限公司 2024 年度审计报告 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 您可使用手机"扫一扫"或进入"注册会 x | | 页 次 | | --- | --- | | 一、审计报告 | 1-7 | | 二、财务报表 | 8-19 | | (一) 合并资产负债表 | 8-9 | | (二) 合并利润表 | 10 | | (三) 合并现金流量表 | 11 | | (四) 合并所有者权益变动表 | 12-13 | | (五) 母公司资产负债表 | 14-15 | | (六) 母公司利润表 | 16 | | (七) 母公司现金流量表 | 17 | | (八) 母公司所有者权益变动表 | 18-19 | | 三、财务报表附注 | 20-131 | 三、财务报表 ...