燃气轮机叶片

Search documents
应流股份(603308):深度报告:高端铸造龙头,受益AIDC+航空科技+核聚变产业大趋势
ZHESHANG SECURITIES· 2025-06-19 08:54
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 ...
应流股份20250617
2025-06-18 00:54
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 ...
应流股份20250612
2025-06-12 15:07
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]
应流股份20250527
2025-05-27 15:28
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].