S1130525030009 yinruizhe gjzq.com.cn S1130525030012 liling3 gjzq.com.cn 130 核心观点 应流股份本期转债募集资金为 15 亿元，扣除发行费用后将用于叶片机厘加工涂层项目、先进核能材料及关键零部件 智能化升级项目、补充流动资金及偿还银行贷款。上市日期为 10 月 22 日。 预计上市价格在 130 元以上。应流转债债项评级 AA+，最新平价为 112.5 元，同平价段内可参考标的不多，考虑到 7 月以来转债市场较高的情绪以及公司所处行业较高的景气度，预计应流转债上市首日转股溢价率在 25-30%之间，上 市价格在 130 元以上，若价格低于 140 元则可以积极关注。 高端装备制造龙头企业。公司主要产品为高温合金及精密铸钢件等主要应用在航空航天、燃气轮机、核能核电等高端 装备领域，燃机客户包括海外西门子/贝克休斯等以及国内中国重燃/上海电气等；航发领域海外客户包括 GE 航空/赛 峰/罗罗等、国内客户包括中国商发/航天科工等；传统业务客户公司也已成功供货卡特彼勒/艾默生等，公司客户均为 国内外相关领域龙头、卡位重要，目前海外销售占比接近 ...

Group 1 - The company, Yingliu Holdings, announced the convening of its fifth board meeting on September 16, 2025, to discuss the formulation of the "Bond Information Disclosure Management Measures" [1] - For the first half of 2025, the revenue composition of Yingliu Holdings was as follows: high-temperature alloy products and precision cast steel products accounted for 60.84%, nuclear power and other large cast steel products accounted for 23.55%, new materials and equipment accounted for 10.56%, other businesses accounted for 4.65%, and miscellaneous business accounted for 0.4% [1] - As of the report date, the market capitalization of Yingliu Holdings was 21.1 billion yuan [1]

Summary of Yingliu Co., Ltd. Conference Call Company Overview - Yingliu Co., Ltd. has extended its business from high-temperature alloys to gas turbines and aircraft engines, enhancing product value and profit margins through hardware manufacturing and related coating services [2][5] Key Business Segments - In 2024, the revenue breakdown is as follows: - High-temperature alloys and precision castings: 59% of revenue, 63% of gross profit - Nuclear power and large cast steel components: 26% of revenue, 24% of gross profit - New materials and equipment: 9% of revenue, 8% of gross profit [2][6] Customer Base - The top five customers include Emerson (17%), Baker Hughes (8.76%), Grundfos (5.5%), Caterpillar (4.42%), and AVIC (3.8%), indicating strong recognition and long-term partnerships with these international firms [2][7] Order Book and Impact of U.S. Orders - The total order backlog is 2.274 billion yuan, with U.S. orders accounting for only 3.6% (0.82 billion yuan), indicating minimal impact on overall revenue [2][8] Financial Performance - From 2015 to 2024, revenue grew from 1.345 billion yuan to 2.513 billion yuan, with a compound annual growth rate (CAGR) of 7.2%. Net profit increased from 75 million yuan to 286 million yuan, with a CAGR of 16% [2][9] Market Opportunities - The global aviation engine market is projected to deliver over 87,000 units worth $1.5 trillion in the next 20 years, benefiting Yingliu as a key supplier for domestic aircraft engines [4][12] - Gas turbine orders are expected to increase by 102.8% in 2024, driven by AI data center demands and global energy transitions [4][13] Strategic Initiatives - Yingliu is focused on extending its industrial and value chains, moving from hardware to coatings to enhance product pricing and profit margins [5][10] - The company plans to invest 1.5 billion yuan in convertible bonds, with 550 million yuan allocated for blade and coating processing to increase production capacity [13] Nuclear Energy Sector - Yingliu is a major supplier for the nuclear power sector, with a 30% market share in the primary pump shell for the Hualong One reactor. The nuclear energy market in China has significant growth potential [14][15] Low-altitude Economy - The low-altitude economy segment is still small but has high growth potential, with investments in helicopter engine development and partnerships for logistics solutions [16][20] Future Earnings Projections - Revenue forecasts for Yingliu Aviation from 2025 to 2027 are 2.94 billion yuan, 3.5 billion yuan, and 4.81 billion yuan, with corresponding profit estimates of 400 million yuan, 530 million yuan, and 740 million yuan [21]

Core Insights - The report highlights strong revenue growth and profitability across various companies, indicating a positive market outlook for the sectors involved [6][7][13][17][20][34]. Company Summaries 应流股份 (603308.SH) - In the first half of 2025, the company achieved revenue of 1.38 billion yuan, up 9.1% year-on-year, and a net profit of 190 million yuan, up 23.9% year-on-year [6]. - The core business remains robust with a significant order backlog exceeding 2 billion yuan, driven by strategic partnerships with major global clients [6]. - The company plans to issue convertible bonds to raise up to 1.5 billion yuan for technological upgrades [6]. 天融信 (002212.SZ) - The company reported a revenue increase in Q2 2025, driven by growth in integrated machine sales [7]. - The cybersecurity market showed resilience, with significant growth in sectors such as finance and energy [9][10]. 深信服 (300454.SZ) - The company recorded a revenue of 3.009 billion yuan in H1 2025, a year-on-year increase of 11.16%, with a notable recovery in Q2 [13]. - The growth was primarily fueled by the cloud computing and IT infrastructure segments, which saw a 26.15% increase in revenue [14]. 新雷能 (300593.SZ) - The company achieved a revenue of 552 million yuan in H1 2025, reflecting a 12.93% year-on-year growth, despite a net loss [17]. - Continuous investment in R&D has maintained its competitive edge in the market [17]. 中航高科 (600862.SH) - The company reported a revenue of 2.747 billion yuan in H1 2025, up 7.87% year-on-year, with a stable profit margin [20]. - The growth in aerospace materials is attributed to the increasing demand in both military and civilian sectors [20]. 赢家时尚 - The company reported a revenue of 3.104 billion yuan in H1 2025, a decrease of 6.12% year-on-year, but managed to increase net profit by 3.19% through cost control [24]. - The online sales channel showed resilience, growing by 8.88% year-on-year [25]. 李宁 - The company achieved a revenue of 14.817 billion yuan in H1 2025, a 3.3% increase year-on-year, with a focus on maintaining healthy inventory levels [27]. - The footwear segment showed strong performance, with sales of running shoes exceeding 5.26 million pairs [27]. 凯立新材 - The company reported a revenue of 1.014 billion yuan in H1 2025, a 24.86% increase year-on-year, driven by strong sales in the pharmaceutical and basic chemical sectors [29]. - The company is focusing on expanding its market presence in the new energy sector [29]. 金山办公 (688111.SH) - The company achieved a revenue of 2.657 billion yuan in H1 2025, a 10.12% increase year-on-year, with significant growth in AI user engagement [34]. - The introduction of new AI features is expected to enhance user experience and drive further growth [34].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [7]. Core Insights - The company has shown strong performance in its core business areas, with significant revenue growth and a robust order backlog, particularly in the aerospace and nuclear sectors [4][5]. - The company reported a revenue of 1.38 billion yuan in the first half of 2025, representing a year-on-year increase of 9.1%, and a net profit of 190 million yuan, up 23.9% year-on-year [2]. - The company has secured new orders exceeding 2 billion yuan, marking a year-on-year growth of over 35%, with total orders reaching a historical high [4]. Financial Performance - In Q2 2025, the company achieved a revenue of 720 million yuan, reflecting a year-on-year increase of 19.0% and a quarter-on-quarter increase of 8.8% [2]. - The gross margin for high-temperature alloy products and precision cast steel components was 38.4%, up 1.7 percentage points year-on-year [4]. - The company expects earnings per share (EPS) for 2025, 2026, and 2027 to be 0.62, 0.88, and 1.20 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 46.3, 32.4, and 23.9 [7]. Business Segments - The high-temperature alloy and precision cast steel components generated 840 million yuan in revenue, contributing 60.8% to total revenue, with a gross margin of 38.4% [4]. - The nuclear power and other large cast steel components generated 330 million yuan in revenue, contributing 23.5% to total revenue, with a gross margin of 34.6% [4]. - The new materials and equipment segment saw a remarkable revenue increase of 74.5% year-on-year, contributing 10.6% to total revenue [4]. Market Position and Strategy - The company has established strategic partnerships with leading global clients, including Siemens Energy and Rolls-Royce Group, enhancing its market position in the aerospace sector [4]. - The company is focusing on expanding its product matrix in the low-altitude economy, particularly in areas such as turboshaft engines and hybrid power systems [5]. - The company plans to issue convertible bonds to raise up to 1.5 billion yuan for upgrading key components and advanced nuclear materials [5].

Group 1: Huangshan Capsule - The company reported a net profit of 35.55 million yuan for the first half of 2025, representing a year-on-year increase of 19.78% [1] - The operating revenue for the same period was 244 million yuan, showing a growth of 3.66% year-on-year [1] - The revenue proportion from enteric-coated gelatin capsules and plant-based hollow capsules increased from 26.17% in the previous year to 35.46% [1] Group 2: iFlytek - iFlytek plans to raise no more than 4 billion yuan through a private placement of A-shares, with the issuance subject to approval from the China Securities Regulatory Commission [2] - The company will issue no more than 100 million shares, accounting for 4.33% of the total share capital before the issuance [2] - For the first half of 2025, software and information technology services accounted for 98.16% of the company's revenue [2] Group 3: Anke Bio - Anke Bio announced the resignation of supervisor Li Chenghua due to personal reasons [3] - For the first half of 2025, the revenue composition was 73.51% from genetic engineering drugs, 16.77% from other businesses, and 9.72% from external patches [3] Group 4: Yingliu Co. - Yingliu Co. disclosed that after the release and re-pledging of shares, a total of 90 million shares have been pledged, accounting for 48.43% of the shares held by the controlling shareholder [3] - The revenue composition for the first half of 2025 included 60.84% from high-temperature alloy products and precision cast steel parts, and 23.55% from nuclear power and other large cast steel parts [3] Group 5: Wantong Technology - Wantong Technology reported a net loss of approximately 37.44 million yuan for the first half of 2025, with operating revenue of about 324 million yuan, a decrease of 5.66% year-on-year [4] - The net loss for the same period in 2024 was approximately 734,000 yuan [4] Group 6: Hefei Urban Construction - Hefei Urban Construction plans to apply for a loan of 2.1 billion yuan by mortgaging its own assets [5] - The mortgaged asset is a commercial property located in Hefei, with an assessed value of approximately 3.01 billion yuan [5] Group 7: Zhonghuan Environmental Protection - Zhonghuan Environmental Protection announced that a specific shareholder plans to reduce its holdings by no more than 15.06 million shares, which is 3.55% of the total share capital [6] Group 8: Kouzi Jiao - Kouzi Jiao reported a net profit of approximately 71.5 million yuan for the first half of 2025, with operating revenue of about 2.53 billion yuan, a decrease of 20.07% year-on-year [7] - The net profit decreased by 24.63% compared to the same period last year [7]

Group 1 - The report highlights that XPeng Motors achieved a record high gross margin in Q2 2025, with a revenue of 18.27 billion yuan, representing a year-on-year increase of 125.3% [5][6] - The gross margin for Q2 was 17.3%, up 3.3 percentage points from the same period in 2024, driven by the launch of high-priced models G6 and G9 [5][6] - The company expects to continue improving its overall gross margin in Q4 2025 with the release of new models and an increase in sales of range-extended vehicles [6][7] Group 2 - Shengnong Development reported a revenue of 8.856 billion yuan in H1 2025, a slight increase of 0.22% year-on-year, while net profit surged by 791.93% to 910 million yuan [11][13] - The company achieved growth in both production and sales, with chicken meat sales increasing by 2.5% and processed meat products by 13.21% [13] - The completion of the acquisition of Sun Valley Holdings has further optimized the supply chain and improved operational efficiency [13][14] Group 3 - Muyuan Foods reported a revenue of 76.463 billion yuan in H1 2025, a year-on-year increase of 34.46%, with net profit soaring by 1169.77% to 10.53 billion yuan [15][16] - The company sold 46.91 million pigs in H1 2025, with production costs decreasing to approximately 11.8 yuan/kg by July [16] - The company aims to reduce its overall debt by 10 billion yuan, having already decreased its total liabilities by 5.6 billion yuan by the end of Q2 2025 [15][16] Group 4 - Yanjin Food reported a revenue of 2.941 billion yuan in H1 2025, a year-on-year increase of 19.58%, with net profit rising by 16.70% to 373 million yuan [18][19] - The company’s revenue from konjac products increased by 155% to 790 million yuan, becoming a key growth driver [19][20] - The company is focusing on optimizing its cost structure and improving profitability through better product mix and channel strategies [20][21] Group 5 - Guocer Materials achieved a revenue of 2.154 billion yuan in H1 2025, a year-on-year increase of 10.29%, with net profit slightly up by 0.38% to 332 million yuan [22][24] - The company’s electronic materials segment saw a revenue increase of 23.65%, while the new energy materials segment grew by 26.36% [24][25] - The company is actively developing new materials and expanding its product offerings to meet the growing demand in various sectors [27][28] Group 6 - Yingliu Technology reported a revenue of 1.384 billion yuan in H1 2025, a year-on-year increase of 9.11%, with net profit rising by 23.91% to 188 million yuan [29][30] - The company’s new material and equipment segment experienced significant growth, with a revenue increase of 74.49% [31] - The company has secured multiple strategic partnerships in the nuclear energy sector, enhancing its order backlog [33][34] Group 7 - Shengquan Group reported a revenue of 5.351 billion yuan in H1 2025, a year-on-year increase of 15.67%, with net profit rising by 51.19% to 501 million yuan [37][38] - The company’s advanced electronic materials and battery materials segments achieved significant revenue growth, driven by increased demand [38][39] - The company is focusing on cost control and efficiency improvements to enhance profitability [39][40]

Investment Rating - The report maintains a "Buy" rating for the company [1][11][39] Core Views - The company's net profit attributable to shareholders saw a significant year-on-year increase in Q2 2025, driven by robust order growth in the gas turbine sector and ongoing projects in nuclear energy [6][7][11] - The company has secured over 2 billion yuan in new orders in the first half of 2025, reflecting a year-on-year growth of over 35%, with total revenue reaching 1.384 billion yuan, up 9.11% year-on-year [6][11] - The company is well-positioned for sustained growth, with a strong order backlog and a favorable outlook for the two-machine industry chain [11] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 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 shareholders was 96 million yuan, up 56.75% year-on-year [7] - For the first half of 2025, the company reported a net profit of 188 million yuan, a year-on-year increase of 23.91%, with a return on equity (ROE) of 3.98% [6][11] Order Growth and Industry Position - The company has established strategic partnerships with major players such as Siemens Energy and GE Aviation, securing a stable supply of components for gas turbines and expanding its product offerings in the aerospace sector [8][9] - In the nuclear energy sector, the company has signed multiple contracts for product supply, benefiting from government approvals for new nuclear power units [10] Future Projections - Revenue projections for 2025-2027 are estimated at 2.946 billion yuan, 3.610 billion yuan, and 4.441 billion yuan respectively, with net profits expected to reach 405 million yuan, 531 million yuan, and 710 million yuan [11][13]

Revenue Composition - In the first half of 2025, the revenue composition of Yingliu Holdings includes: high-temperature alloy products and precision cast steel parts accounting for 60.84%, nuclear power and other medium to large cast steel parts accounting for 23.55%, new materials and equipment accounting for 10.56%, other businesses accounting for 4.65%, and other business activities accounting for 0.4% [1] Shareholding and Pledge Information - As of the announcement date, the controlling shareholder of Yingliu Holdings, Anhui Yingliu Electromechanical Co., Ltd., holds approximately 186 million shares, all of which are tradable shares, representing 27.37% of the total share capital [3] - After the release and re-pledge of shares, Yingliu Investment has pledged a total of 90 million shares, accounting for 48.43% of its holdings and 13.25% of the total share capital [3] - Yingliu Investment and its concerted parties have pledged a total of 115 million shares, representing 47.27% of their holdings and 16.42% of the total share capital [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company [7] Core Views - In Q2 2025, the company's net profit attributable to shareholders increased by 57% year-on-year, with a total revenue of 1.384 billion yuan in H1 2025, representing a 9% growth [4][5] - The company's gross margin improved by 1.96 percentage points, and the expense control was effective, with a total expense ratio of 22.81%, down by 2.67 percentage points [5] - The "two-machine" business is thriving, with orders exceeding 1.5 billion yuan, including significant collaborations with major players like Siemens and GE [6] - The nuclear energy business has signed multiple supply contracts, and the company is focusing on low-altitude economic sectors, enhancing its competitive advantages [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 415 million, 581 million, and 789 million yuan, corresponding to current P/E ratios of 46, 33, and 24 times [5][9] Company Overview - The latest closing price is 29.01 yuan, with a total market capitalization of 19.7 billion yuan [3] - The company has a debt-to-asset ratio of 56.1% and a P/E ratio of 69.07 [3]