隋永枫在工作中。 "这是一款实实在在的'大国重器'，在此之前一直被国外垄断。十年时间，我们培养了一支百人团 队，有了与跨国公司同台竞争的底气。他们毕业于清华大学、中国科学院大学、上海交大、西安交大、 大连理工、北航……未来我要带领我的团队和国际巨头同台竞争，与他们掰掰手腕，用我们的研发产品 证明，我们中国人一定行！" 6月18日，第二十届杭州市道德模范（平民英雄）发布会上，杭汽轮集团副总工程师、先进动力研 究院院长隋永枫一番铿锵有力的发言，令人震撼。 时间回到一个多月前。5月9日，杭汽轮自主研发的F级50兆瓦重型燃气轮机HGT51F，在临平经济 技术开发区杭汽轮燃机试验中心点火成功。 重型燃气轮机，广泛应用于发电、油气管输、舰船动力等多个领域，被誉为装备制造业"皇冠上的 明珠""能源工业的心脏"，是让无数人心潮澎湃的新时代"大国重器"。 2012年，党中央和国务院批准设立"航空发动机与燃气轮机"国家科技重大专项（简称"两机专 项"），决定集中资源、加大投入，突破核心技术瓶颈，实现我国在"两机"领域的自主可控发展。 2014年，杭汽轮集团成立燃机研究所，年仅36岁的隋永枫担任研发负责人。这支最初只有18人的团 ...

应流股份 20250617 摘要 应流股份燃气设备订单自 2022 年起显著增加，2024 年下半年加速增 长，主要受益于下游需求（特别是海外电力和天然气发电需求）快速增 长以及航空市场复苏，截至 2025 年 3 月订单已达 12 亿元，另有近 4 亿元订单待签署。 公司与贝克休斯、西门子等国际巨头建立了深度合作关系。贝克休斯长 协订单至 2024 年底超过 3,000 万美元，预计 2025 年交付 3,000 万美 元，2026 年销售预期 5,000 万美元。西门子新增多个燃机制造任务， 包括先进的 9,000HL 燃机订单，巩固了公司在高端铸造领域的地位。 公司在燃气轮机和航空发动机领域订单充足。西门子未来订单需求预计 超 5 亿元人民币，安萨尔多新增 17 个品种订单，国内东方电气、上海 电气等客户订单均达九位数以上，整体在手订单超十亿元且持续增长。 航空发动机业务快速发展，与 G1 航空签署长协至 2030 年，赛峰和罗 罗新增订单，预计未来一年赛峰需求达 2000 万美元，罗罗年底交付额 约 100 多万英镑。与商发合作涉及 80 多个产品，今年商发民航取证首 个项目在公司完成。 Q&A 请介 ...

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]

Summary of the Conference Call for 应流股份 Company Overview - 应流股份 is involved in multiple sectors including gas turbines, aviation engines, and nuclear power, with a focus on expanding its market presence and enhancing profitability through increased capacity utilization and product development [2][9][10]. Key Industry Insights Gas Turbine Sector - The gas turbine business has seen record revenue and orders, with a forecast upgrade for fiscal year 2025 due to rising electricity demand in Europe, India, and the US, particularly for small to medium-sized gas turbines [2][3]. - Potential signed projects in the gas turbine sector could reach 10 to 20 GW, indicating strong overseas order demand [2][3]. - The supply chain for gas turbine blades is tight, with core suppliers operating at full capacity, which is affecting the availability of blades for gas turbines [2][5]. Aviation Engine Sector - The aviation engine market is experiencing significant growth, driven by domestic demand for large aircraft and opportunities in Southeast Asia [6][12]. - The market size for aviation engines exceeds 100 billion RMB, with strong demand from clients like 吉祥航空, 赛峰, and 罗罗 [12]. - 应流股份 has established strategic agreements with major clients, indicating a robust pipeline for future orders [12]. Nuclear Power Sector - The nuclear power industry has seen a continuous increase in approved projects since 2019, with the share of nuclear energy in total power generation rising from approximately 4% in 2018 to about 5% currently [7][8]. - 应流股份 is well-positioned in the nuclear sector, with expected revenue growth from 4.2 to 5 billion RMB in 2025, reflecting the industry's upward trajectory [15][16]. Financial Performance - 应流股份 has shown a consistent improvement in profitability, with a significant increase in orders, particularly in the gas turbine sector, where total orders reached approximately 1.2 billion RMB [10][11]. - The company’s gross margin has improved, benefiting from capacity release and cost dilution effects [2][9]. - The expected growth rate for the nuclear power sector is between 10% to 20%, with potential for even higher growth [10]. Strategic Developments - 应流股份 has a comprehensive product coverage in gas turbine blades, with over 700 models and more than 100 projects under development [11]. - The company is focusing on domestic substitution opportunities in the heavy-duty segment, which could enhance its competitive position [5]. - The capital expenditure has been steadily increasing, indicating ongoing investments in capacity and technology [13]. Market Outlook - The overall market sentiment for the gas turbine and aviation engine sectors remains positive, with expectations for significant growth in the coming years [10][14]. - 应流股份 is strategically positioned to benefit from both domestic and international market trends, with a focus on expanding its market share in the gas turbine and aviation engine sectors [10][18]. Conclusion - 应流股份 is poised for substantial growth across its key sectors, supported by strong demand, strategic partnerships, and a focus on innovation and capacity expansion. The company’s financial health and market positioning suggest a promising outlook for investors [2][9][18].

随后，现场举行了 "连云港自主燃机试验和应用示范项目股权投资合作协议签署" 仪式。杭汽轮集团与江苏洋井石化集团达成合作，将在连云港徐圩新区 建设自研燃机示范电站项目。作为全国七大石化产业基地之一，徐圩新区计划打造万亿级石化产业集群，此次合作将实现石化基地清洁低碳生产与自主燃 机产业协同发展，为国产燃机的市场化应用提供 "杭州方案"。 征程万里风正劲，重任千钧再奋蹄。站在新的起点上，杭汽轮将以此次点火成功为契机，积极推进燃气轮机系列化，拓展全球燃机运维市场，致力于为客 户提供更高效、更环保、更智能的燃机运维服务。同时，通过"零碳"、"低碳"能源装备自主化，保障绿色低碳能源体系的可靠性，为助力杭州打造成为全 国八大燃机重点地区、推动地方燃机产业集群发展贡献"杭汽轮智慧"。 5月9日下午，杭汽轮自主研制的 50MW 重型燃气轮机点火见证暨首台套示范应用推广活动在杭汽轮燃机试验中心举行。这不仅是杭汽轮科研人员夜以继 日智慧的结晶，更是中国高端装备突破技术壁垒的重要里程碑，熊熊燃烧的火焰，点燃了中国制造向高端迈进的壮志豪情。 HGT51F是杭汽轮集团首台拥有完全自主知识产权的重型燃机，攻克了高温热部件、控制系统、总体匹 ...

5月9日下午，杭州汽轮动力集团股份有限公司自主研发的F级50兆瓦重型燃气轮机HGT51F在试验中心 车间点火成功。 十年砺剑 HGT51F是杭汽轮集团首台拥有完全自主知识产权的重型燃机，联合循环一年发电量超过4亿度，可满 足一个中等县城一年的用电量，技术指标与世界主流F级重型燃气轮机相当。随着杭汽轮正式跻身燃气 轮机领域研发阵营，浙江高端制造也迎来一次重大突破，也改变了当前国际国内重型燃气轮机格局。杭 汽轮集团副总工程师、先进动力研究院院长以及燃气轮机研发项目负责人隋永枫用一组数字向记者透露 了这次破局背后的故事。第一个数字，10年，这是杭汽轮自主研制国产重型燃气轮机的漫漫长路。这个 业内专家形容其难度堪比"十级狂风中点燃一根蜡烛"——这台杭汽轮完全自主知识产权燃机的诞生，意 味着我国高端装备制造突破长期技术封锁有了浙江实践，更对保障国家能源安全具有重要意义。 01 赛道竞速 重型燃气轮机是一种将燃料化学能转换为动力的能源转换装置，在设计、工艺、材料等方面的难度非常 大——其设计制造融合了高温材料、精密加工、气动热力等尖端技术，这不是单一技术的突破，而是国 家工业能力、能源安全和高端制造水平的综合体现。可以说 ...