基础件 应流股份（603308.SH） 增持-A(首次) 两机业务高景气，在手订单充沛 2025 年 8 月 25 日 公司研究/公司快报 事件描述 公司披露 2025 年中报。上半年，公司实现营业收入 13.8 亿元，同比 +9.1%；实现归母净利润 1.9 亿元，同比+23.9%；扣非归母净利润 1.9 亿元， 同比+25.6%。其中，25Q2 营业收入 7.2 亿元，同比+19.0%，环比+8.8%；归 母净利润 1.0 亿元，同比+56.8%，环比+4.5%；扣非归母净利润 1.0 亿元，同 比+64.1%，环比+8.3%。 事件点评 拟发行可转债募资不超过 15 亿元，用于叶片机匣加工涂层、先进核能 材料及关键零部件智能化升级项目。申请获上交所审核通过，尚需获得证监 会作出同意注册的决定后方可实施。 投资建议 公司近一年市场表现 | 市场数据: 2025年8月22日 | | --- | | 收盘价（元）： | 28.55 | | --- | --- | | 年内最高/最低（元）： | 29.50/9.37 | | 流通A股/总股本（亿）： | 6.79/6.79 | | 流通 A 股市值（亿）： | ...

风险提示：电力行业受政策调控影响较大，煤价波动可能影响公司盈利水平，新能源业务发展存在不确 定性。 上海电力是上海市主要电力能源企业，业务涵盖火力发电、新能源发电、电力销售等领域。公司隶属于 电力行业，同时涉及新能源、核能核电等业务板块。作为区域性综合能源服务商，其业务布局覆盖发 电、供热、综合能源服务等多个环节。 从资金流向来看，8月22日主力资金净流入1967.16万元，但近五个交易日整体呈现净流出状态，累计净 流出1.9亿元。当前公司总市值387.58亿元，市盈率为11.69倍。 截至8月22日收盘，上海电力报13.76元，较前一交易日上涨0.08元。当日成交量为164.13万手，成交金 额达22.48亿元，振幅达6.07%。盘中曾出现快速反弹，在早盘时段5分钟内涨幅超过2%。 ...

2025 年 08 月 22 日 公司研究 评级：买入(维持) | œ 4 | | --- | | # | | 务 | | 1 | | 研究所： | 证券分析师： | 李永磊 | S0350521080004 | | | --- | --- | --- | --- | --- | | liyl03@ghzq.com.cn | 证券分析师： | 董伯骏 | S0350521080009 | | | dongbj@ghzq.com.cn | 证券分析师： | 张钰莹 | S0350524100004 | | | zhangyy03@ghzq.com.cn | 联系人 | ： | 王鹏 | S0350125040009 | | wangp05@ghzq.com.cn | | | | | [Table_Title] Q2 归母净利润同比大增，两机订单保障持续增 长动力 ——应流股份（603308）公司动态研究 最近一年走势 | 相对沪深 | 300 | 表现 | 2025/08/21 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 应流股份 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company has achieved significant growth in Q2 2025, with revenue reaching 721 million yuan, a year-on-year increase of 19.05% and a quarter-on-quarter increase of 8.82%. The net profit attributable to the parent company for Q2 2025 was 96 million yuan, reflecting a year-on-year growth of 56.75% and a quarter-on-quarter growth of 4.53% [6][11]. - The company is expanding its business through "industrial chain extension and value chain extension," covering high-temperature alloy products, precision cast steel parts, nuclear power, and other large cast steel components, as well as new materials and equipment [2][6]. - The company has a robust order backlog exceeding 1.5 billion yuan, indicating strong growth potential in the two-machine industry and nuclear energy sectors [11]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 1.384 billion yuan, a year-on-year increase of 9.11%, and a net profit of 188 million yuan, up 23.91% year-on-year. The gross profit margin for H1 2025 was 36.3%, an increase of approximately 2 percentage points year-on-year [6][11]. Business Development - The company has signed strategic cooperation agreements with major players in the two-machine industry, including Siemens Energy, Safran Group, and Rolls-Royce Group, enhancing its position in the global supply chain [11]. - The company is actively involved in the nuclear energy sector, having signed multiple supply contracts for nuclear power projects and achieving sales of flexible shielding materials for the first time [11]. Future Outlook - The company is expected to achieve net profits of 430 million yuan and 600 million yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 42 and 30 times [11].

Core Viewpoint - Shanghai Electric's stock price increased by 10.01% to 11.76 yuan, driven by market interest in the company's involvement in the marine economy and renewable energy sectors [1]. Group 1: Company Overview - Shanghai Electric operates in the power industry, focusing on electricity production, supply, and related services, while also engaging in renewable energy, nuclear power, and solar energy [1]. - The company is recognized as a key player in the emerging marine economy, particularly in offshore wind power development [1]. Group 2: Market Activity - On August 15, the trading volume for Shanghai Electric reached 1.7536 million hands, with a total transaction value of 2.027 billion yuan [1]. - The net inflow of main funds into Shanghai Electric on August 15 was 238 million yuan, accounting for 0.72% of its circulating market value [1]. - Over the past five trading days, the cumulative net inflow was 226 million yuan, representing 0.68% of the circulating market value [1]. Group 3: Policy Environment - National authorities are formulating policies to support the development of marine economies, encouraging state-owned enterprises to participate in this sector [1]. - The policies aim to enhance financial support for emerging industries, including offshore wind power, which directly benefits companies like Shanghai Electric [1].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][22]. Core Insights - The company achieved a year-on-year revenue growth of 56.8% in Q2, reflecting a strong performance and continued optimism regarding its strategic positioning in four new productivity directions [1]. - The company is focusing on four major areas: aviation engines, gas turbines, nuclear energy new materials, and low-altitude economy, which are considered future strategic productivity drivers [6]. Financial Performance Summary - **Revenue Forecast**: Projected total revenue for 2024 is 2,513 million, increasing to 2,943 million in 2025, 3,504 million in 2026, and 4,808 million in 2027, with respective growth rates of 4.2%, 17.1%, 19.1%, and 37.2% [2][12]. - **Net Profit Forecast**: Expected net profit for 2024 is 286 million, rising to 401 million in 2025, 529 million in 2026, and 736 million in 2027, with growth rates of -5.6%, 39.9%, 32.1%, and 39.0% respectively [2][12]. - **Earnings Per Share (EPS)**: EPS is projected to be 0.42 yuan in 2024, increasing to 0.59 yuan in 2025, 0.78 yuan in 2026, and 1.08 yuan in 2027 [2][12]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 64 in 2024 to 25 in 2027, while the price-to-book (P/B) ratio is projected to decline from 3.9 to 3.1 over the same period [2][12]. Business Segment Performance - **High-Temperature Alloy and Precision Casting**: Revenue reached 8.42 billion, with a year-on-year growth of 6.41% and a gross margin of 38.42% [6]. - **Nuclear Power and Large Casting Products**: Generated 3.26 billion in revenue, up 5.57% year-on-year, with a gross margin of 34.59% [6]. - **New Materials and Equipment**: Achieved a revenue of 1.46 billion, marking a significant growth of 74.49% year-on-year, with a gross margin of 31.94% [6]. Strategic Developments - The company has deepened collaborations in the aviation engine sector with major clients like GE Aviation and China Commercial Aircraft Corporation, leading to substantial order volumes [6]. - In the gas turbine segment, the company has become the sole supplier of certain components for Siemens Energy in China, indicating a strong market position [6]. - The nuclear energy business is benefiting from stable approvals for new units, with the company making advancements in new product development [6]. - The low-altitude economy segment is expected to reach a profitability turning point, with ongoing developments in drone technology and airport operations [6].

截至2025年8月11日15时，永泰能源股价报1.45元，与前一交易日持平。该股当日开盘价为1.45元，最高 触及1.46元，最低下探至1.45元，成交量为193.11万手，成交金额达2.81亿元。 风险提示：市场有风险，投资需谨慎。 永泰能源属于电力行业，同时涉及煤化工、物联网、核能核电等多个领域。公司总市值316.36亿元，流 通市值316.36亿元。数据显示，A股市场股价低于2元的个股共有36只，永泰能源位列其中。 从资金流向来看，永泰能源当日主力资金净流出748.95万元，占流通市值的0.02%。近五个交易日累计 净流出1585.01万元，占流通市值的0.05%。 ...

Market Overview - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.72% to close at 3559 points, marking a new high for the year [1] - The Shenzhen Component Index rose by 0.86%, and the ChiNext Index increased by 0.87% [1] - Total trading volume reached 1.73 trillion yuan, an increase of 133.9 billion yuan compared to the previous trading day, with over 4000 stocks rising across the market [1] Index Performance - Shanghai Composite Index: 3559.79 (+25.31, +0.72%) [2] - Shenzhen Component Index: 11007.49 (+93.65, +0.86%) [2] - ChiNext Index: 2296.88 (+19.73, +0.87%) [2] - CSI 300: 4085.61 (+27.06, +0.67%) [2] - CSI 500: 6161.31 (+61.70, +1.01%) [2] - CSI 1000: 6612.26 (+60.18, +0.92%) [2] Sector Performance - The water conservancy and hydropower sector surged following the commencement of the Yarlung Tsangpo River downstream hydropower project, with China Power Construction (601669) and other stocks hitting the daily limit [3] - Other sectors that saw gains included civil explosives, cement and building materials, and engineering machinery [3] - The steel sector also performed well, with Bayi Steel (600581) reaching the daily limit [3] - The ultra-high voltage sector experienced a significant rise, with Anke Zhidian (300617) increasing by 20% to hit the daily limit [3] - Sectors that faced declines included cross-border payments, banking, AI, and photolithography [3]

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, which include significant stock market updates such as suspensions, increases or decreases in holdings, investment wins, acquisitions, earnings reports, and unlocks [1] - A company has successfully obtained multiple international IP licenses for domestic derivative products, with several of its millet products selling out immediately upon launch [1] - Another company has delivered samples of humanoid robot dexterous hand reducer bearings to clients, showcasing advancements in controllable nuclear fusion, solid-state batteries, nuclear energy, and state-owned enterprise reform [1] - The company focusing on innovative drugs has entered the maintenance dose phase for its semaglutide injection project, with expectations to apply for market approval in China by 2026 [1]

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, focusing on significant stock market events such as suspensions, investments, acquisitions, and performance reports [1] - A company plans to invest over 16 million yuan in building a humanoid robot data collection factory, utilizing a hyper-converged computing scheduling platform for multiple intelligent computing centers [1] - Another company is involved in humanoid robots and cloud computing, with products widely used in robotics and strategic partnerships with firms like UBTECH [1] Group 2 - A company is set to participate in establishing a joint venture focused on the localization of high-end packaging and testing equipment, supported by national funds in the semiconductor sector [1]