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 ...

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]

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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company has achieved significant growth in Q2 2025, with revenue reaching 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 the parent company for Q2 2025 was 96 million yuan, reflecting a year-on-year growth of 56.75% and a quarter-on-quarter growth of 4.53% [6][11]. - The company is expanding its business through "industrial chain extension and value chain extension," covering high-temperature alloy products, precision cast steel parts, nuclear power, and other large cast steel components, as well as new materials and equipment [2][6]. - The company has a robust order backlog exceeding 1.5 billion yuan, indicating strong growth potential in the two-machine industry and nuclear energy sectors [11]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 1.384 billion yuan, a year-on-year increase of 9.11%, and a net profit of 188 million yuan, up 23.91% year-on-year. The gross profit margin for H1 2025 was 36.3%, an increase of approximately 2 percentage points year-on-year [6][11]. Business Development - The company has signed strategic cooperation agreements with major players in the two-machine industry, including Siemens Energy, Safran Group, and Rolls-Royce Group, enhancing its position in the global supply chain [11]. - The company is actively involved in the nuclear energy sector, having signed multiple supply contracts for nuclear power projects and achieving sales of flexible shielding materials for the first time [11]. Future Outlook - The company is expected to achieve net profits of 430 million yuan and 600 million yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 42 and 30 times [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q2 2025, the company's net profit attributable to shareholders increased by 57% year-on-year, with a strong order backlog in the "two machines" business [2] - The company achieved a total revenue of 1.38 billion yuan in the first half of 2025, representing a 9% year-on-year increase, and a net profit of 190 million yuan, up 24% year-on-year [2] - The company has over 1.5 billion yuan in orders for the "two machines" business, with contract liabilities reaching 200 million yuan, a 270% year-on-year increase [2] Financial Performance - The company's gross profit margin for the first half of 2025 was 36.3%, an increase of 2.0 percentage points year-on-year, while the net profit margin was 12.2%, up 1.1 percentage points year-on-year [3] - The company’s revenue from high-temperature alloy products and precision cast steel parts was 840 million yuan, a 6.4% year-on-year increase, driven by the core "two machines" blade business [2][3] - The revenue from new materials and equipment surged by 74.5% year-on-year to 150 million yuan [2] Business Growth Drivers - The "two machines" business is expected to become a new growth driver, with significant opportunities arising from the global AI demand explosion [4] - The company has signed strategic cooperation agreements with major players like Siemens Energy and Safran Group, indicating strong growth potential in the "two machines" sector [4] - The nuclear energy business is also expanding, with multiple supply contracts signed in the first half of 2025 [4] Future Outlook - The company is investing 1.15 billion yuan in blade processing and coating project development, which is expected to enhance its core competitiveness and profitability [4] - The company anticipates a gradual increase in the proportion of high-margin "two machines" business, which will contribute to long-term profitability improvements [3][4]