应流股份：两机及核能核电业务景气持续，布紧抓“低空+低碳”发展机遇

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 9.88 [1]. Core Views - The company is expected to benefit from the continuous growth in its aerospace and nuclear energy sectors, capitalizing on opportunities in the "low-altitude + low-carbon" development strategy [2][4]. - The company reported a revenue of 1.268 billion yuan in the first half of 2024, a year-on-year increase of 7.12%, while the net profit attributable to shareholders decreased by 5.95% to 152 million yuan [3]. - The company is actively extending its value chain and has a robust order backlog in its two-machine business, with significant growth in aerospace new materials and components [4][6]. Financial Summary - Revenue Forecast: - 2022A: 2,198 million yuan - 2023A: 2,412 million yuan - 2024E: 2,903 million yuan (20% growth) - 2025E: 3,195 million yuan (10% growth) - 2026E: 3,535 million yuan (11% growth) [1][8] - Net Profit Forecast: - 2022A: 402 million yuan - 2023A: 303 million yuan - 2024E: 409 million yuan (35% growth) - 2025E: 507 million yuan (24% growth) - 2026E: 642 million yuan (27% growth) [1][8] - Earnings Per Share (EPS): - 2022A: 0.59 yuan - 2023A: 0.45 yuan - 2024E: 0.60 yuan - 2025E: 0.75 yuan - 2026E: 0.95 yuan [1][8] - Valuation Ratios: - P/E ratios are projected to decrease from 16.7 in 2022A to 10.4 in 2026E, indicating improving valuation attractiveness [1][8]. Business Performance - The company achieved a gross margin of 34.37% in the first half of 2024, a decrease of 2.18 percentage points year-on-year, while the net profit margin was 11.11%, down by 1.49 percentage points [4][5]. - The aerospace segment saw a revenue increase of 19.65% year-on-year, while the nuclear energy materials segment grew by 18.39% [4][6]. Research and Development - The company is increasing its R&D investment, with a focus on key projects such as the domestic F-class gas turbine and aerospace engine components, with completion timelines extending into 2026 [5][6].