证券研究报告 | 公司深度 | 通用设备 投资要点 3）应流股份：2024 年燃气轮机产品接单同比增长 102.8%，已取得全球最先进型 号西门子 9000HL 型燃气轮机透平叶片开发订单；2024 年与 GE 航空航天、安萨 尔多等国际巨头签订战略协议或长协供货备忘录，2025 年 Q1 与赛峰集团、西门 子能源签署战略供货协议。技术实力已获国际认可、订单开始加速爆发。 ❑ 航空领域：行业需求向上，公司布局整机+零部件、受益大飞机+低空经济需求 1）行业：2023 年全球航空发动机市场约为 1140 亿美元，中国航空发动机市场 为 2929 亿元。据空客公司市场预测，未来 20 年内全球飞机数量将翻倍。市场竞 争格局由美国通用电气（GE）、美国普惠（PW）、英国罗罗（RR）三家垄断。 2）应流股份：主要研制生产 1000kw 以下涡轴发动机，轻型直升机、重载无人直 升机，及航空关键零部件等特种装备。有望受益国产大飞机+低空经济需求。 ❑ 核电领域：行业景气向上，公司成立合资子公司、布局核聚变方向 1）行业：2024 年全国核电发电量仅占总量的 4.73%。预计"十五五"期间，核 电装机容量达到 150GW ...

6月13日收盘，核能核电概念板块异动下行，截至目前下跌0.39%；其中七丰精工上涨27.19%，利柏 特、中广核技涨超10%，中电环保、景业智能涨超8%。 核能核电概念板块上市公司涨幅榜前十排名： 核能核电概念板块资金流向：今日（6月13日）行业主力资金净流出14.92亿元。 日期 主力净流入 超大单净流入 大单净流入 中单净流入 小单净流入 2025-06-13 -14.92亿 -8.05亿 -6.88亿 -6238.77万 16.66亿 核能核电概念板块个股资金流向：今日（6月13日）主力资金净流入金额前三名：长江电力、中广核 技、七丰精工；分别流入3.40亿、1.38亿、1.12亿。 序号 名称 今日主力净流入 1 长江电力 3.40亿 2 中广核技 1.38亿 3 七丰精工 1.12亿 4 中国核电 1.08亿 5 利柏特 8204.63万 6 通裕重工 5498.40万 7 兰石重装 5492.91万 8 中船应急 4079.57万 9 东方锆业 3804.75万 10 东方电气 3667.17万 序号 名称 最新价 涨跌幅 1 七丰精工 39.95 27.19% 2 利柏特 12.54 10.00 ...

Summary of the Conference Call for Yingliu Technology Company Overview - Yingliu Technology is a leading domestic player in the fields of gas turbine blades, combustion chamber nozzle rings, and aircraft engine blades, supplying major global companies such as GE and Siemens [2][3] Financial Performance - The company reported a non-recurring net profit of 136 million yuan in Q1 2025, with full-year revenue expected to accelerate to between 440 million and 450 million yuan, and projected revenues for the next two years to reach 600 million and over 800 million yuan, maintaining a growth rate of over 40% [2][6] - The gross margin for the two-machine business segment has consistently remained above 40% [2][6] Investment and Asset Development - As of the end of 2024, fixed assets are expected to reach 4.086 billion yuan, with ongoing construction projects around 1.6 billion yuan, and a research and development expense ratio maintained above 12% [2][5] Market Dynamics - The global gas turbine market is dominated by Mitsubishi, Siemens, Baker Hughes, and GE, which together hold approximately 80% of the market share. These leading companies are experiencing significant order growth and are actively expanding production, indicating accelerated industry demand [2][12] - Orders from major manufacturers are booked until 2029, reflecting strong future demand [2][12] Strategic Initiatives - Yingliu Technology is advancing its two-machine projects, including blade and casing processing coating projects, with expected future output value increasing to 1.5 billion yuan. Combined with nuclear energy projects, total output value is anticipated to increase by 2.1 billion yuan, enhancing production capacity and growth potential [2][7] Nuclear Energy Sector - The company has made significant strides in the nuclear energy sector, with clients including Emerson and Schlumberger. It is one of the few domestic manufacturers with nuclear-grade pump equipment qualifications [4][24] - The approval of nuclear power projects in China has remained steady, with at least 10 units expected to be approved annually, driving demand for equipment [4][24] Aerospace Sector - Yingliu Technology has established strategic partnerships with major players in the aerospace sector, including airlines and engine manufacturers, indicating a strong competitive position in this market [4][18][22] - The company has developed over 80 product varieties, including blades and structural components, and is expected to see a continuous increase in new orders due to rising demand in the aerospace market [22][23] Domestic Market Trends - China's civil aviation market is projected to grow significantly, with the number of passenger aircraft expected to exceed 10,000 in the next 20 years, positioning China as the largest single aviation market globally [20] - The domestic push for the localization of gas turbines and aircraft engines is accelerating, supported by government policies and recent technological advancements [21] Valuation Insights - Yingliu Technology's current valuation has just surpassed 30 times earnings, which is still lower compared to international leaders like GE and Howmet, whose valuations are typically between 50 to 60 times earnings. The company is expected to maintain a profit growth rate of at least 40% over the next three years [27] Conclusion - Yingliu Technology is well-positioned for growth in the gas turbine and aerospace sectors, with strong financial performance, strategic investments, and a favorable market outlook. The company's valuation appears to have significant upside potential given its growth trajectory and industry dynamics [27]

【 机构观点综评 】 方正证券指出，展望后市，小微盘占优行情特征或将延续。博时基金认为，存款 挂牌利率下移，汇率约束的缓解，货币市场以及短端利率补降可能会延续。 一、焦点锐评 1．LPR迎来年内首降，六大行同步调降存款利率 二、权益市场 1.中信证券：特朗普政策不确定性仍是大类资产配置主线 中信证券明明认为，大类资产配置方面，特朗普政策不确定性仍然是大类资产配置的主线，未来需要关 注外贸政策缓和或焦点转向内政的可能性。而在目前特朗普影响市场的模式中，"特朗普看跌期权"仍然 生效。在今年底至明年初之前，美债或为4%~5%区间震荡行情；黄金仍然是最具确定性的资产；特朗 普影响下美股的胜率仍然偏低；美元或偏弱震荡。但若特朗普政策焦点转向内部，美股和美债的拐点可 能提前到来。 2.方正证券：小微盘占优行情特征或延续 方正证券指出，展望后市，小微盘占优行情特征或将延续，主要判断依据包括：一是当前资本市场无系 统性风险，整体上A股风险偏好在不断回升。二是工业品价格持续收缩、上市公司盈利仍在筑底，经济 转型探索新方向过程仍在延续。三是流动性持续宽裕，无风险利率处于历史低位。四是新质生产力持续 发展，并购重组进一步释放市场活 ...