Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company has achieved continuous high growth in performance, with a revenue of 2.121 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.02%. The net profit attributable to the parent company reached 294 million yuan, up 29.59% year-on-year. In Q3 2025, revenue was 738 million yuan, a 14.80% increase year-on-year, and net profit was 106 million yuan, up 41.10% year-on-year [6][12]. - The company is expanding its business in the two-machine sector, with significant order growth expected, driven by strong demand in nuclear energy and low-altitude economy sectors. The platform expansion strategy is viewed positively [2][12]. Summary by Sections Business Overview - The company has extended its main business to include high-temperature alloy products, precision cast steel parts, nuclear power, and other large cast steel components, covering high-end components, aerospace technology, and advanced materials [2]. - The company has developed a rich reserve of products, with 809 varieties completed and 129 under development as of June 2025. The inventory stood at 2.38 billion yuan, and contract liabilities were 206 million yuan as of September 2025, indicating a solid order backlog [12]. Financial Performance - The company reported a gross profit margin of 38.03% in Q3 2025, an increase of over 5 percentage points year-on-year, and a net profit margin of 13.68%, showing continued improvement in profitability [12]. - Forecasts for net profit attributable to the parent company are 430 million yuan and 600 million yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 63 and 45 times [12]. Market Position and Strategy - The company has established itself as a key player in the global two-machine industry supply chain, signing strategic cooperation agreements with major firms such as Siemens Energy, Safran Group, and Rolls-Royce [12]. - The company is focusing on high-end product and capacity construction, aiming to build a comprehensive high-end product and capacity industrial system [12].

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The current convertible bond of Yingliu Co., Ltd. raises 1.5 billion yuan. After deducting issuance fees, it will be used for the blade machining and coating project, the intelligent upgrading project of advanced nuclear energy materials and key components, and supplementing working capital and repaying bank loans. It will be listed on October 22, 2025. - The expected listing price is above 130 yuan. The bond rating of Yingliu Convertible Bond is AA+. The latest parity is 112.5 yuan. Considering the high sentiment in the convertible bond market since July and the high prosperity of the company's industry, the conversion premium rate on the listing day is expected to be between 25 - 30%, and the listing price will be above 130 yuan. If the price is below 140 yuan, it can be actively concerned [1]. Summary by Directory I. Convertible Bond Clause Analysis - The issuance scale of the company's current convertible bond is 1.5 billion yuan, with a term of 6 years. The initial conversion price is 30.47 yuan. Calculated at the initial conversion price, it can be converted into 49.2287 million A - shares of Yingliu Co., Ltd. The dilution rate of full conversion on the company's total A - share capital and non - restricted tradable shares is 7.25%. The conversion period starts from March 25, 2026, to the maturity date of the convertible bond (September 18, 2031). The original shareholder placement ratio is 78.4% [10]. - The 6 - year coupon rates of the convertible bond are 0.10% in the first year, 0.30% in the second year, 0.60% in the third year, 1.00% in the fourth year, 1.50% in the fifth year, and 2.00% in the sixth year, slightly lower than the industry average. The maturity redemption price is 109 yuan. The bond is rated AA+ for both the issuer and the bond, and there is no guarantee. The additional terms include a conversion price correction clause (15/30, 85%), a conditional redemption clause (15/30, 130%), and a put clause (30, 70%) [11][12]. - As of October 20, 2025, the latest closing price is 34.27 yuan, corresponding to a parity of 112.47 yuan. The calculated pure bond value is 97.67 yuan, with good bond - bottom protection. The yield to maturity is 2.00%, higher than the yield of the same - term treasury bond [12]. II. Underlying Stock Fundamentals - It is a private enterprise with relatively dispersed equity. As of the first half of 2025, Mr. Du Yingliu directly holds 1.71% of the company's shares and controls 27.37% through Yingliu Investment. Together with the shares held by the consistent action persons of the controlling shareholder, he controls 34.74% of the company's shares in total and serves as the chairman and general manager [13]. - The company's main products are high - temperature alloy products, precision cast steel products, nuclear power and other medium - and large - sized cast steel products, and new materials and equipment, which are mainly used in high - end equipment fields such as aerospace, gas turbines, and nuclear power. Its manufacturing technology and production equipment are domestically leading, and its products are exported to more than 40 countries and regions, serving more than 100 customers, including domestic and global industry leaders [16]. - In the first half of 2025, the company's sales revenue was 1.384 billion yuan, a year - on - year increase of 9.11%. The revenue of high - temperature alloy products and precision castings was 842 million yuan, accounting for 63%. The revenue scale of the two - engine products has been steadily increasing, and the overseas revenue accounted for 47.4% [19]. - The company's gross profit margin has remained at a high level, around 36% in the past few years. The period expenses have gradually decreased, with the management expense rate dropping to around 8%, the sales expense rate remaining at around 1%, and the financial expense rate dropping to around 4% [22]. - The company has maintained a high - intensity R & D investment, with an R & D expense rate of over 10% for many years and a long - term technical staff ratio of over 20% [26]. - The two - engine business has high industrial chain prosperity. The downstream orders in the gas turbine and aero - engine fields are growing rapidly, and the company's two - engine business orders are also growing rapidly. As of the first half of 2025, the on - hand orders exceeded 1.5 billion yuan [29][30]. - The nuclear power business is recovering. The domestic nuclear power industry has maintained a good development momentum, and the company is an important domestic supplier in the nuclear power field. It signed a strategic cooperation agreement with Shengu Nuclear Power in the first half of 2025 and won multiple nuclear energy material projects. It also holds 60% of the equity of Jubian New Materials [34]. - The company's profitability is gradually improving. As a heavy - asset industry, with the increase in capacity utilization, the company's net profit margin, asset turnover rate, and ROE have all increased. The ROE has increased from 2% to around 10% [34]. III. Analysis of Convertible Bond Fund - Raising Projects - The company's current convertible bond raises 1.5 billion yuan. After deducting issuance fees, it will be used for the blade machining and coating project, the intelligent upgrading project of advanced nuclear energy materials and key components, and supplementing working capital and repaying bank loans [1][41]. - The blade machining and coating project is an extension of the company's existing product deep - processing processes, which can improve the service life and efficiency of high - temperature alloy components and form a complete production chain. The planned construction period is 48 months, starting from July 2022 and expected to be completed in June 2026 [41]. - The intelligent upgrading project of advanced nuclear energy materials and key components produces materials that have passed national - level industry appraisals. The project is expected to be completed in October 2026, with a construction period of 24 months starting from November 2024 [41].

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]