YINGLIU(SH:603308) Guoxin Securities·2025-09-09 07:38Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Views - The company achieved a revenue growth of 9.11% year-on-year in the first half of 2025, with a net profit growth of 23.91%. The revenue for 2024 is projected to be 1.384 billion yuan, with a net profit of 188 million yuan, reflecting a year-on-year increase of 9.11% and 23.91% respectively [1][2]. - The company's core business segments are showing positive development, with a gross margin of 36.33% and a net margin of 12.24% in the first half of 2025, indicating improvements in profitability [2][12]. - The company has secured a total order backlog of 1.5 billion yuan as of June 30, 2025, driven by strong demand in the aerospace and gas turbine sectors, and strategic partnerships with major industry players [3][4]. Financial Performance Summary - In the first half of 2025, the company reported a revenue of 721 million yuan in Q2, representing a year-on-year growth of 19.05%, and a net profit of 96 million yuan, which is a 56.75% increase [1][2]. - The gross margin for the high-temperature alloy and precision cast steel segment was 38.42%, up by 1.65 percentage points year-on-year, while the nuclear power and large cast steel segment achieved a gross margin of 34.50%, up by 2.65 percentage points [2][4]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.62 yuan, with a price-to-earnings (PE) ratio of 49 [4][22]. Business Outlook - The company is positioned as a leading provider of precision castings for domestic aerospace engines and gas turbines, benefiting from the industry's upward trend. The low-altitude economy business is also making significant progress [3][4]. - The long-term outlook for the nuclear power business remains positive, with forward-looking investments in nuclear fusion technology [3][4].