证券代码：603308 证券简称：应流股份 公告编号：2025-012 安徽应流机电股份有限公司 关于向不特定对象发行可转换公司债券摊薄即期回报与填 补措施及相关主体承诺（修订稿）的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 安徽应流机电股份有限公司（以下简称"公司"）拟向不特定对象发行可转 换公司债券。根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益 保护工作的意见》（国办发〔2013〕110 号）《国务院关于进一步促进资本市场健 康发展的若干意见》（国发〔2014〕17 号）以及《关于首发及再融资、重大资产 重组摊薄即期回报有关事项的指导意见》（证监会公告〔2015〕31 号）等文件的 有关规定，为保障中小投资者知情权、维护中小投资者利益，公司就本次向不特 定对象发行可转换公司债券（以下简称"可转债"）摊薄即期回报的影响进行了认 真分析，并提出了具体的填补回报措施，相关主体对发行人填补回报措施能够得 到切实履行作出了承诺。具体如下： 一、本次发行摊薄即期回报对公司主要财务指标影响的测算 （一）主要 ...

证券代码：603308 证券简称：应流股份 公告编号：2025-013 安徽应流机电股份有限公司 关于召开 2024 年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年年度股东大会 召开的日期时间：2025 年 4 月 22 日 14 点 00 分 召开地点：安徽省合肥市繁华大道 566 号公司会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年4月22日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 22 日 至 2025 年 4 月 22 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的 ...

安徽应流机电股份有限公司 2024 年年度股东大会 会议资料 二零二五年四月 应流股份 2024 年年度股东大会会议资料 安徽应流机电股份有限公司 2024年年度股东大会须知 为维护安徽应流机电股份有限公司（以下简称"公司"）全体股东的合法 权益，确保本次股东大会的正常秩序和议事效率，保证大会顺利进行,根据中国 证券监督管理委员会发布的《上市公司股东大会规则》、《上市公司治理准则》、 《安徽应流机电股份有限公司章程》（以下简称"公司章程"）、《安徽应流 机电股份有限公司股东大会议事规则》（以下简称"股东大会议事规则"）等 有关规定，特制定本次会议须知如下： 一、会议按照法律、法规、有关规定和公司章程、股东大会议事规则的规 定进行，请参会人员自觉维护会议秩序，防止不当行为影响其他股东合法权益。 二、参会股东（或股东代理人）应严格按照本次会议通知所记载的会议登 记方法及时全面的办理会议登记手续及有关事宜。 三、出席大会的股东（或股东代理人）依法享有发言权、质询权、表决权 等权利，但需由公司统一安排发言和解答。 四、出席大会的股东（或股东代理人）要求在会议上发言，应当在出席会 议登记日或出席会议签到时，向公司登记。 ...

Financial Performance - The basic earnings per share for 2024 is 0.4200 yuan, a decrease of 4.55% compared to 0.4400 yuan in 2023 [1] - The net profit for 2024 is 2.86 billion yuan, down 5.61% from 3.03 billion yuan in 2023 [1] - The operating revenue for 2024 is 25.13 billion yuan, an increase of 4.19% from 24.12 billion yuan in 2023 [1] - The return on equity for 2024 is 6.33%, a decline of 8.92% from 6.95% in 2023 [1] - The net asset per share for 2024 is 6.81 yuan, up 4.29% from 6.53 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 31,531.33 million shares, accounting for 46.43% of the circulating shares, with an increase of 817.90 million shares compared to the previous period [1] - The largest shareholder is Huoshan Yingliu Investment Management Co., Ltd., holding 18,582.50 million shares, which is 27.37% of the total share capital [2] - New entrants among the top shareholders include the Kuwait Government Investment Authority with 923.64 million shares and Ruizhong Life Insurance Co., Ltd. with 769.28 million shares [2] Dividend Distribution - The company plans to distribute a dividend of 0.70 yuan per share (including tax) [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leader in the high-end casting sector, with its "two-machine" business model creating new growth drivers. It has established itself as a key supplier for top global clients in the gas turbine and aerospace engine manufacturing sectors [8][10]. - The company's revenue has shown steady growth, with a compound annual growth rate (CAGR) of 9.8% from 2017 to 2023, increasing from 1.38 billion to 2.41 billion yuan. The net profit attributable to shareholders has grown at a CAGR of 31.0% during the same period [8][10]. - The report highlights the company's strong positioning in the nuclear power sector, with a significant increase in revenue from this segment, which reached 380 million yuan in 2023, up 17% year-on-year [8][10]. Summary by Sections 1. High-End Casting Sector and "Two-Machine" Business - The company has successfully transitioned from casting to high-end component manufacturing, establishing partnerships with leading global clients such as Emerson and Caterpillar [16]. - The "two-machine" business, which includes aerospace engines and gas turbines, has become a significant revenue driver, contributing 33% of total revenue in 2023 [18][20]. 2. Traditional Business Stability - The traditional business, which focuses on high-end equipment components, has maintained stable revenue around 1.2 billion yuan from 2020 to 2023, with a gross margin of 30.8% in 2023 [44][48]. - The company serves a diverse range of industries, including oil and gas, engineering machinery, and medical equipment, ensuring a broad customer base [44][45]. 3. Growth in "Two-Machine" Business - The "two-machine" business has seen a remarkable CAGR of 45% from 2019 to 2023, significantly outpacing overall revenue growth [28][31]. - The company is actively involved in the domestic gas turbine localization process, collaborating with major players like GE and Siemens [8][10]. 4. Nuclear Power Sector Growth - The nuclear power sector has experienced a resurgence, with the company positioned as a key supplier of critical components for nuclear power plants, achieving a revenue of 380 million yuan in 2023 [8][10]. - The report notes a steady increase in the number of approved nuclear power units in China, indicating a favorable market environment for the company's nuclear materials business [8][10]. 5. Profitability and Investment Outlook - The company's profitability has improved significantly, with net profit projections of 360 million, 460 million, and 585 million yuan for 2024, 2025, and 2026, respectively [1][8]. - The report anticipates that the company's ongoing investments in high-end component manufacturing will enhance its competitive edge and profitability [39][42].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leader in the high-end casting sector, with its "two-machine" business model creating new growth drivers. It has established itself as a supplier of high-end components for major global clients in the gas turbine and aerospace engine sectors [8]. - The company's revenue has shown steady growth, with a compound annual growth rate (CAGR) of 9.8% from 2017 to 2023, increasing from 1.38 billion to 2.41 billion yuan. The net profit attributable to shareholders has grown at a CAGR of 31.0% during the same period [8][26]. - The report highlights the company's strong positioning in the nuclear power sector, with a significant increase in revenue from this segment, which reached 380 million yuan in 2023, up 17% year-on-year [8]. Summary by Sections 1. High-End Casting Sector and "Two-Machine" Business - The company has expanded from casting to high-end components, establishing a strong foothold in high-temperature alloys and precision equipment, serving industries such as oil and gas, engineering machinery, and defense [16]. - The "two-machine" business, which includes aerospace engines and gas turbines, accounted for 33% of total revenue in 2023, showcasing the company's commitment to high-tech manufacturing [18][20]. 2. Traditional Business Stability - The traditional business, which focuses on high-end equipment components, has maintained stable revenue around 1.2 billion yuan from 2020 to 2023, with a gross margin of 30.8% in 2023 [44][48]. - The company has a diverse client base across various sectors, including oil and gas, engineering, and medical equipment, ensuring steady demand for its products [44]. 3. "Two-Machine" Business Growth - The gas turbine segment is highlighted as a key area for growth, with the company collaborating with international leaders like GE and Siemens to localize production of critical components [8][52]. - The aerospace engine segment is also expected to benefit from the ongoing push for domestic production, with the company having acquired advanced technologies to enhance its capabilities [8][52]. 4. Nuclear Power Sector Growth - The report notes a resurgence in nuclear power approvals in China, with the company positioned as a key supplier of nuclear components, achieving a revenue of 380 million yuan in this sector in 2023 [8][4]. - The company is actively investing in its nuclear materials business to meet the growing demand for clean energy solutions [8]. 5. Profitability and Investment Outlook - The company's net profit is projected to reach 360 million, 460 million, and 585 million yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 37, 29, and 23 times [1][8]. - The report emphasizes the company's focus on high-value projects, including advanced materials and intelligent manufacturing systems, to enhance its competitive edge [42].

证券代码：603308 证券简称：应流股份 公告编号：2025-003 安徽应流机电股份有限公司 关于控股股东部分股票质押展期的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 二、控股股东及其一致行动人累计质押股份情况 截止本公告披露日，应流投资及其一致行动人累计质押股份情况如下： 1 单位：万股 股东名 称 持股数量 持股比 例(%) 本次质 押前累 计质押 数量 本次质 押后累 计质押 数量 占其所 持股份 比例 (%) 占公司 总股本 比例 (%) 已质押股份情况 未质押股份情况 已质押 股份中 限售股 份数量 已质押 股份中 冻结股 份数量 未质押 股份中 限售股 份数量 未质押 股份中 冻结股 份数量 | 应流投 | 18,582.50 | 27.37% | 9,000 | 9,000 | 48.43% | 13.25% | 0 | 0 | 0 | 0 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资 | | ...

证券代码：603308 证券简称：应流股份 公告编号：2025-002 公司将根据资金需求和市场情况择机选择发行中期票据，并按照《非金融企 业债务融资工具注册发行规则》《非金融企业债务融资工具注册工作规程》《非 金融企业债务融资工具信息披露规则》及有关规则指引规定，履行信息披露义务。 特此公告。 安徽应流机电股份有限公司 董事会 二零二五年二月八日 安徽应流机电股份有限公司（以下简称"公司"）于 2024 年 11 月 15 日 召开 2024 年第一次临时股东大会审议通过了《关于拟注册和发行中期票据和超 短期融资券的议案》，同意公司向中国银行间市场交易商协会（以下简称"交易 商协会"）申请注册发行人民币不超过人民币 25 亿元（含 25 亿元）的中期票 据。具体内容详见公司披露的《应流股份 2024 年第一次临时股东大会决议公告》 （公告编号：2024-042）。 近日，公司收到交易商协会签发的《接受注册通知书》（中市协注【2025】 MTN91 号），交易商协会同意接受公司中期票据注册，现就有关事项公告如下： 一、公司中期票据注册金额为 25 亿元，注册额度自本通知书落款之日起 2 年内有效，由交通银行股 ...

Investment Rating - The report assigns an "Outperform" rating to the company, marking it as the first coverage [5][40]. Core Insights - The company is a leading domestic precision casting enterprise for aviation engines and gas turbines, benefiting from a booming gas turbine industry and a full order book [1][2]. - The company has achieved a revenue CAGR of 9.82% and a net profit CAGR of 30.94% from 2017 to 2023, indicating stable growth over the years [1][14]. - The company plans to issue convertible bonds to raise 1.5 billion yuan for projects related to blade casing processing and nuclear materials, which will enhance its market position [3][40]. Summary by Sections Company Overview - The company has established a comprehensive high-end component production system, covering various processes including casting, welding, and surface treatment, with products widely used in aerospace, gas turbines, and nuclear energy sectors [11][12]. Financial Analysis - The company’s revenue and profit have shown steady growth, with a net profit margin increasing from 4.11% in 2017 to 11.54% in 2023 [21][14]. - The company’s revenue is projected to reach 26.22 billion yuan in 2024, with a growth rate of 8.7% [27][30]. Profit Forecast - The forecasted net profits for 2024, 2025, and 2026 are 305 million yuan, 423 million yuan, and 568 million yuan, respectively, reflecting growth rates of 0.7%, 38.4%, and 34.4% [29][40]. Valuation and Investment Recommendations - The reasonable valuation range for the company is estimated to be between 18.60 and 21.70 yuan, corresponding to a PE ratio of 30-35x for 2025 [5][40]. - The company is expected to benefit from the rising demand in the gas turbine industry and the growth in data centers, enhancing its revenue potential [2][39].

Summary of Conference Call Industry Overview - The conference call primarily discusses the gas turbine industry, highlighting key players such as Mitsubishi, Siemens, and GE, which dominate the global market with a combined market share of approximately 80% [1][20][21]. Key Points and Arguments 1. **Market Growth**: The gas turbine market has seen significant growth in orders over the past two decades, with major companies like Siemens and Mitsubishi reporting substantial increases in new orders [1][20]. 2. **Energy Structure**: In North America, natural gas power plants account for 43% of total electricity consumption, with data centers showing even higher reliance on gas turbines for power generation [2][15]. 3. **Technological Requirements**: The high-temperature components of gas turbines are critical for efficiency, lifespan, and stability, representing 20-30% of the total machine value [3][13]. 4. **Market Concentration**: The industry is highly concentrated, with leading companies like PCC and HWM controlling over 50% of the market share [4][20]. 5. **Application of Gas Turbines**: Gas turbines are favored for their quick startup times and lower emissions compared to other power generation methods, making them suitable for AI data centers that require stable power supply [7][16]. 6. **Future Projections**: The demand for gas turbines is expected to grow significantly, with projections indicating a compound annual growth rate (CAGR) of over 20% in the coming years, driven by the AI sector [8][10][26]. 7. **Domestic Market Dynamics**: In China, the gas turbine market is also expanding, with a notable increase in domestic production and a shift towards local sourcing of components [11][30]. 8. **Investment Opportunities**: The call recommends investing in companies like Yingliu Co., which has shown rapid revenue growth and is well-positioned to benefit from the industry's upward trend [6][31]. Additional Important Content - **Order Trends**: Companies are experiencing a surge in orders, with some reporting year-on-year increases of over 40% [21][24]. - **Production Capacity**: Major players are expanding production capacities, with plans to increase output by 30% over the next two years [22][23]. - **Technological Advancements**: Recent advancements in domestic gas turbine technology have led to successful prototypes and increased competitiveness in the global market [11][30]. - **Market Share Dynamics**: The market is witnessing a shift as domestic companies gain ground against established foreign competitors, driven by government support and technological improvements [28][30]. This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the gas turbine industry and its future potential.