伴随中国核电建设提速，凭借三代核电主泵、四代核电主氦风机的技术优势，有望借行业增长持续获 益。 投资建议：公司是工业特种电机的行业龙头，受益能效升级与设备更新政策推动，核电领域竞争优势突 出，看好公司未来的成长空间，预计2025-2027 年归母净利润分别为3.70、4.86、5.70 亿元，EPS 分别 为0.53、0.70、0.82 元/股，P/E 分别为23、17、15 倍，维持"买入"评级。 风险提示：1、市场竞争加剧2、原材料价格波动风险3、核电发展不及预期。 二季度业绩环比改善，期间费用影响短期业绩。分业务来看，25H1 公司电动机及服务、核电产品分别 实现营收18.25/6.27 亿元，同比-2.25%/ +13.26%；毛利率分别为20.34%/ 25.49%，同比+1.25/-4.35pct。 从季度来看，25Q2 公司实现营业总收入13.41 亿元，同比+0.96%，环比+16.01%；实现归母净利润0.77 亿元，同比-6.02%，环比+40.00%；扣非归母净利润0.72 亿元，同比-1.63%，环比+75.61%，Q2 业绩环 比有明显改善。25H1 销售/管理/研发/财务费用率分别 ...

华金证券股份有限公司周涛,贺朝晖近期对佳电股份（000922）进行研究并发布了研究报告《25Q2业绩环 比改善，中标核电项目》，给予佳电股份买入评级。 佳电股份 投资要点 事件：公司发布2025年中报，2025H1实现营业收入24.97亿元，同比+0.63%，实现归母净利润1.32亿元， 同比-24.50%，实现归母扣非净利润1.13亿元，同比-30.96%。 二季度业绩环比改善，期间费用影响短期业绩。分业务来看，25H1公司电动机及服务、核电产品分别实 现营收18.25/6.27亿元，同比-2.25%/+13.26%；毛利率分别为20.34%/25.49%，同比+1.25/-4.35pct。从季度 来看，25Q2公司实现营业总收入13.41亿元，同比+0.96%，环比+16.01%；实现归母净利润0.77亿元，同 比-6.02%，环比+40.00%；扣非归母净利润0.72亿元，同比-1.63%，环比+75.61%，Q2业绩环比有明显改 善。25H1销售/管理/研发/财务费用率分别为4.46%/3.92%/2.70%/0.62%，同比+0.43/+0.39/-0.21/+0pct。销售 费用为1.11亿元，同 ...

财务报表中对有大幅变动的财务项目的原因说明如下：货币资金变动幅度为-26.36%,原因:满足中小企业 付款条例，以银行存款形式支付中小企业货款；应付票据及易信通到期还款。应收款项变动幅度为 14.82%,原因:已结算未到期影响。合同资产变动幅度为12.25%,原因:已完工尚未结算款影响。在建工程 变动幅度为-19.05%,原因:在建工程完工转固定资产无形资产。短期借款变动幅度为-68.45%,原因:以货币 资金偿还短期借款。销售费用变动幅度为17.27%,原因:电动机板块不及预期，内部考核金额同比变动。 管理费用变动幅度为11.74%,原因:本期劳务费、信息化费用增加，上期回购限制性股票转回股份支付。 所得税费用变动幅度为20.34%,原因:受动装公司当期所得税费用影响。经营活动产生的现金流量净额变 动幅度为-85.94%,原因:满足中小企业付款条例，以银行存款形式支付中小企业货款；应付票据及易信通 到期还款。投资活动产生的现金流量净额变动幅度为-19.64%,原因:购建固定资产支出增加。现金及现金 等价物净增加额变动幅度为-415.23%,原因:经营活动净流量增加4.4亿元。 据证券之星公开数据整理，近期佳 ...

Core Viewpoint - The recent financial report of Jiadian Co., Ltd. (000922) indicates a slight increase in total revenue but a significant decline in net profit, highlighting potential concerns regarding cash flow and receivables management [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 2.497 billion yuan, a year-on-year increase of 0.63% [1]. - Net profit attributable to shareholders was 132 million yuan, down 24.5% compared to the previous year [1]. - The gross profit margin decreased to 22.38%, a decline of 1.57% year-on-year [1]. - The net profit margin also fell to 6.97%, down 17.2% from the previous year [1]. - The total of selling, administrative, and financial expenses amounted to 225 million yuan, representing 9.0% of revenue, an increase of 12.76% year-on-year [1]. - Earnings per share decreased to 0.20 yuan, down 31.97% year-on-year [1]. Cash Flow and Receivables - The company reported a significant increase in accounts receivable, which reached 1.659 billion yuan, accounting for 646.87% of the latest annual net profit [1][6]. - The net cash flow from operating activities saw a drastic decline of 85.94%, attributed to payments made to small and medium-sized enterprises [2]. - The cash and cash equivalents net increase was down 415.23%, indicating severe cash flow challenges [2]. Investment and Market Position - The company’s return on invested capital (ROIC) was reported at 7.21%, indicating average capital returns [6]. - The company has faced seven years of losses since its listing, suggesting a generally poor investment outlook [6]. - The primary revenue driver for the company is marketing, necessitating a thorough examination of the underlying factors influencing this dynamic [6]. Fund Holdings - The largest fund holding Jiadian Co., Ltd. is the "Zhaoshang Heyue Stable Pension One-Year Holding Mixed Fund (FOF) A," with 285,600 shares held, showing no change in position [4].

公司报告 | 半年报点评 应流股份（603308） 证券研究报告 25Q2 利润高增，两机叶片订单开启加速放量 2025 年 H1：1）实现营收 13.84 亿元，同比+9.11%；实现归母净利润 1.88 亿元，同比+23.91%；实 现扣非归母净利润 1.87 亿元，同比+25.6%。2）实现毛利率 36.33%，同比+1.96pct；归母净利润率 13.61%，同比+1.63pct；扣非归母净利润率 13.51%，同比+1.77pct。3）期间费用率为 22.81%，同比 -2.67pct，销售/管理/研发/财务费用率分别为 1.4%、8.19%、9.17%、4.05%，同比分别变动-0.08、 +1.42、-3.45、-0.56pct。 2025Q2 单季度：1）实现营收 7.21 亿元，同比+19.05%，环比+8.82%；实现归母净利润 0.96 亿元， 同比+56.75%，环比+4.53%；实现扣非归母净利润 0.97 亿元，同比+64.11%，环比+8.27%。2）Q2 单季度毛利率 35.86%，同比+1.43pct，环比-0.97pct；归母净利润率 13.34%，同比+3.21pct，环 ...

Summary of the Conference Call for 应流股份 Company Overview - 应流股份 is a leading enterprise in high-end casting, primarily engaged in the manufacturing of high-end components such as gas turbine blades, aircraft engine blades, nuclear power products, and low-altitude economy-related products [4][19]. Financial Performance - In 2024, 应流股份 achieved revenue of 2.5 billion yuan, a year-on-year increase of 4%, while profit was 290 million yuan, down 5.6% year-on-year [2][6]. - The decline in profit is attributed to increased investments in the two-machine business and new fields, leading to higher capital expenditures [2][6]. - Fixed assets reached approximately 4 billion yuan, with ongoing construction nearing 1.4 billion yuan, resulting in significant depreciation [2][6]. - Current gross margin is around 34%, with a net margin of 10%, expected to gradually increase to over 40% and net margins to 15%-20% in the future [6]. Market Dynamics - The gas turbine market is experiencing significant growth, driven by increased demand influenced by AI, particularly in Europe and the US [2][9]. - Gas turbines are the primary power generation equipment in data centers in Europe and the US, accounting for nearly 70% of the market [10]. - The global gas turbine market is projected to be approximately 200 billion yuan in 2024, with the blade market alone estimated at 50 billion yuan [10]. Industry Trends - The capital expenditure of the four major cloud service providers in North America is expected to reach 212 billion USD in 2024, with a projected increase to 320 billion USD in 2025, reflecting a year-on-year growth rate of 50% [11]. - The gas turbine market is dominated by GE, Siemens, and Mitsubishi Heavy Industries, which collectively hold nearly 90% market share [12]. Strategic Initiatives - 应流股份 plans to issue 1.5 billion yuan in convertible bonds to enhance the production capacity of gas turbine and aircraft engine blade coating processes, aiming to increase output and average selling price (ASP) [2][8]. - The company has secured over 1.2 billion yuan in orders for gas turbine blades by the end of 2024, doubling compared to 2023 [3][13]. Competitive Landscape - The aircraft engine market is significantly larger than the gas turbine market, with the global aircraft engine manufacturing market exceeding 1 trillion yuan, compared to approximately 200 billion yuan for gas turbines [14]. - The order-to-sales ratio in the aircraft engine industry has increased from 0.8 in 2019 to 2.1 in 2024, indicating rapid growth [17]. Future Outlook - 应流股份 anticipates revenues of over 400 million yuan, 550 million yuan, and 740 million yuan for 2025, 2026, and 2027, respectively, with corresponding valuations of 48x, 35x, and 26x [5][21]. - The company is well-positioned to capitalize on the growing demand in the gas turbine and aircraft engine sectors, with a clear growth trajectory and high market potential [21]. Additional Insights - 应流股份 has established long-term strategic partnerships with GE Aviation and Safran, enhancing customer engagement and product development [18]. - The traditional casting business accounts for approximately 45% of the company's revenue, generating about 1.2-1.3 billion yuan annually with a stable gross margin of around 30% [20]. This summary encapsulates the key points from the conference call, highlighting the company's financial performance, market dynamics, strategic initiatives, and future outlook.

Group 1 - The core focus of the US-China trade talks in London is the rare earth issue, which has become a critical point of contention amid the complex evolution of US-China relations and global economic adjustments [1][5] - The US delegation includes key figures such as Treasury Secretary Yellen, Commerce Secretary Raimondo, and Trade Representative Tai, indicating the importance and complexity of the negotiations [3] - The US is facing economic challenges, including slowing growth and rising inflation, which necessitate a search for certainty through these negotiations [3] Group 2 - The unexpected early exit of Treasury Secretary Yellen from the talks raised speculation about the progress of the negotiations, with some suggesting that most agendas may have been settled [5] - The US has expressed a desire for China to restore rare earth supply levels to those before April, indicating a reliance on China for rare earth materials [5][7] - China's firm stance on rare earth export controls is based on the dual-use nature of these materials, and it is unlikely to agree to restore supplies fully, especially for military applications [7][8] Group 3 - The negotiations are seen as a test of both parties' sincerity and determination, emphasizing the need for equal, mutually beneficial, and respectful communication to foster stable bilateral trade relations [8]

Group 1 - The core viewpoint of the news is that Gao Yi Asset recently conducted research on a listed company, Jiu Li Special Materials, highlighting its growth in the nuclear power product market and plans for global expansion [1] - Jiu Li Special Materials emphasized its position as a major global supplier and its increased investment in R&D for nuclear-grade products following the acquisition of EBK [1] - The company aims to enhance its market competitiveness through organizational optimization, brand improvement, and customer recognition [1] Group 2 - Future capital expenditures will focus on smart manufacturing and digital transformation, with investments in high-end material R&D and intelligent production lines [1] - The company plans to balance ordinary and high-end products to increase product added value and international market share [1] - Key factors for improving profitability include technological innovation, product structure optimization, market expansion, and business synergy [1]

Group 1: Company Overview and Market Position - The company has a comprehensive nuclear product line, including various equipment and piping for nuclear levels 1, 2, and 3, as well as non-nuclear grades [2] - The company aims to strengthen its position in the nuclear market by actively exploring new application areas and investing in R&D for nuclear-grade products [2][3] Group 2: Strategic Actions Post-Acquisition - Following the acquisition of EBK, the company focuses on optimizing organizational structure and enhancing brand image and customer recognition [3] - The company is implementing effective measures to promote resource integration and enhance competitiveness in the composite pipe market [3] Group 3: Globalization Strategy - The company's overseas revenue growth is primarily driven by pipeline steel projects and EBK sales performance [3] - Future globalization strategies include establishing overseas regional headquarters and expanding branches in emerging markets [3] Group 4: Key Drivers for Profit Growth - Core factors driving profit growth include breakthroughs in technological innovation, particularly in high-end products like high-temperature and corrosion-resistant materials [3] - The company plans to enhance product value through structural optimization and expansion into deep processing areas [3] Group 5: Capital Expenditure Plans - The company will accelerate smart manufacturing and digital transformation, focusing on high-end material R&D and intelligent production line construction [3] - Investment will prioritize high-value-added areas to achieve self-sufficiency in high-end materials and expand international market influence [3] Group 6: High-End Product Market Development - The utilization rate and sales performance of high-end product lines have been gradually increasing due to new customer acquisition and application exploration [4] - The company will balance ordinary and high-end products, using ordinary products as a market foundation while focusing on technological innovation and cost control [4]

Group 1: Financial Performance - The company's Q1 2025 revenue decreased by 21.31% compared to the same period last year, with ordinary and intelligent products revenue at 29.93 million CNY, down 11.52% [4] - Nuclear product revenue was 14.14 million CNY, a decline of 37.92% year-on-year, attributed to a decrease in project orders and delivery schedules [4] Group 2: Revenue Trends - Revenue for ordinary and intelligent products from 2022 to 2024 was 172.39 million CNY, 159.46 million CNY, and 168.40 million CNY respectively, showing a 5.61% increase in 2024 compared to 2023, but a 2.31% decrease from 2022 [5] - The company aims to enhance revenue through new product launches and market strategies [5][6] Group 3: Nuclear Product Development - The company has been involved in the civil nuclear power sector since the 1980s, developing various nuclear-grade valve actuators [8] - Future plans include addressing specific application environments in nuclear power, such as sodium fire and high magnetic fields, to meet the demand for miniaturization and intelligent operation [9] Group 4: Market Share and Opportunities - The company holds a significant market share in the nuclear sector, benefiting from early certifications and product development [10] - Five new nuclear projects were approved in April 2025, which are expected to increase the company's nuclear product orders [11] Group 5: Industry Outlook - Nuclear energy is a strategic choice for achieving carbon neutrality in China, with projections indicating that by 2035, nuclear power generation could account for approximately 10% of the energy mix [13] - The nuclear power sector is expected to expand, contributing to economic growth and technological advancements [13]