证券日报网讯12月23日，上大股份（301522）在互动平台回答投资者提问时表示，公司作为国内唯一掌 握高温合金返回料再生应用技术，并形成产业化、通过发动机试车考核的企业，在高返回比再生高温合 金制备和关键战略材料进口替代两个方面取得了重大突破。公司依托核心技术，实现了GH6159、 GH4141、GH4738等牌号产品的进口替代，并且部分高温合金牌号产品的技术水平已达到国内领先、国 际先进水平。公司产品已广泛应用于航空航天、燃气轮机及汽轮机、核工程、石油化工等领域，实现了 国家关键战略材料自主可控，并已深入参与我国重点研制的新一代高温合金材料的预研工作。 ...

Investment Rating - The report gives an "Accumulate" investment rating for the company [3]. Core Insights - The company is a leading enterprise in the domestic high-temperature alloy recycling technology, focusing on high-return recycling of high-temperature alloys and key strategic material import substitution [5][11]. - The company has shown significant breakthroughs in the preparation of high-temperature alloy recycling and has a strong market potential across multiple industries, including aerospace, gas turbines, and nuclear engineering [5][11]. - The company’s revenue is projected to grow from 26.57 billion yuan in 2025 to 35.60 billion yuan in 2027, with corresponding net profits of 1.19 billion yuan and 2.09 billion yuan respectively [5][6]. Financial Data and Valuation - Total revenue (in million yuan) for the years 2023 to 2027 is projected as follows: 2035, 2508, 2657, 3043, and 3560, with year-on-year growth rates of 58%, 23%, 6%, 15%, and 17% respectively [2]. - The company’s net profit for the same period is expected to be 151 million, 162 million, 119 million, 159 million, and 209 million yuan, with corresponding year-on-year growth rates of 41%, 7%, -26%, 34%, and 32% [6]. - The company’s current market capitalization is 12.6 billion yuan, with a circulating market value of 9.5 billion yuan [3]. Company Overview - The company, established in August 2007, is a key production and R&D base for high-end equipment manufacturing materials in China, focusing on high-temperature alloys and special alloy materials [11]. - The company has a diverse shareholding structure, with the main shareholder holding 15.13% of the shares [3][11]. - The company’s main products include high-temperature alloys, high-performance alloys, and high-quality special stainless steels, which are crucial for various high-end industries [17][21]. Market Demand and Growth Potential - The demand for high-temperature alloys is expected to grow significantly due to increasing defense budgets, military aircraft upgrades, and the acceleration of domestic engine replacements in the civil aviation sector [5][11]. - The aerospace sector is projected to see a rise in the number and quality of rocket launches, leading to increased demand for high-temperature alloys used in rocket engines [5][11]. - The nuclear power sector is also expected to grow rapidly due to the acceleration of nuclear power station construction and equipment exports [5][11]. Technology and Competitive Advantage - The company has developed advanced recycling technologies that significantly reduce costs and improve efficiency, achieving a quality and stability level that surpasses new materials [5][11]. - The company’s high-temperature alloy products are primarily deformation alloys, which are widely used in critical components for aerospace, nuclear engineering, and gas turbines [5][11]. - The company has established itself as a leader in the domestic market for high-temperature alloy recycling technology, with a focus on achieving high-value, high-efficiency, and high-technology recycling of strategic materials [5][11].

Group 1 - The company held an important investor relations event on September 15, 2025, via an online platform, focusing on its performance and future strategies [1] - The international business team has been established, achieving revenue of 10.65 million yuan in overseas business in the first half of 2025, surpassing the total revenue of the previous year [1] - The company is the only domestic entity mastering high-temperature alloy recycling technology, which effectively reduces material costs and improves product purity and stability [1] Group 2 - Future development plans include expanding into civil aviation and international markets while participating in the research of new nuclear power reactor types [1] - The company aims to integrate digital transformation with production management to enhance management efficiency [1]

Group 1: International Business Development - The company has established a professional international business team and is collaborating with clients from France, Germany, and Italy in aerospace, gas turbines, and oil services sectors. [2] - In the first half of 2025, the company achieved overseas revenue of 10.6543 million yuan, surpassing the total revenue of the previous year. [3] Group 2: Technological Breakthroughs - The company is the only domestic entity mastering the high-temperature alloy return material recycling technology, which has been industrialized and passed engine testing. [3] - The high return ratio of high-temperature alloy recycling effectively reduces material costs and enhances product purity and quality stability. [3] Group 3: Future Development Plans - The company plans to expand into civil aviation and international markets while participating in the development of new nuclear power reactor types. [3] - The company aims to integrate digital transformation with production management to enhance management efficiency. [3]