证券代码：688231 证券简称：隆达股份 公告编号：2025-030 江苏隆达超合金股份有限公司 第二届董事会第十四次会议决议公告 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。 一、董事会会议召开情况 江苏隆达超合金股份有限公司（以下简称"公司"）第二届董事会第十四次 会议通知已于 2025 年 7 月 27 日以邮件方式发出，会议于 2025 年 8 月 1 日在公 司会议室以现场结合通讯方式召开。会议应参与表决董事 9 名，实际参与表决董 事 9 名。会议由董事长浦益龙先生主持，公司全体监事、部分高级管理人员列席 了本次会议。本次会议的召集、召开程序符合《中华人民共和国公司法》等相关 法律法规和《江苏隆达超合金股份有限公司章程》（以下简称"《公司章程》"）的 规定，表决形成的决议合法、有效。 二、董事会会议审议情况 经与会董事审议，逐项表决，形成决议如下： 特此公告。 江苏隆达超合金股份有限公司董事会 （一） 审议通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》 同意公司及子公司在确保募集资金安全的前提下 ...

格隆汇8月1日丨隆达股份(688231.SH)公布，公司及子公司拟使用额度不超过人民币6亿元（含本数）的 暂时闲置募集资金进行现金管理，使用期限自董事会审议通过之日起12个月内有效，在上述额度和期限 内，资金可以循环滚动使用。 ...

及实际控制人发生变化，不会对公司治理结构及持续经营产生重大影响。 特此公告。 江苏隆达超合金股份有限公司董事会 证券代码：688231 证券简称：隆达股份 公告编号：2025-029 江苏隆达超合金股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度 的提示性公告 无锡国联产业升级投资中心（有限合伙）保证向本公司提供的信息真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 权益变动方向 比例增加□ 比例减少√ 权益变动前合计比例 8.73% 权益变动后合计比例 7.94% 本次变动是否违反已作出的承 是□ 否√ 诺、意向、计划 是否触发强制要约收购义务 是□ 否√ 一、 信息披露义务人及其一致行动人的基本信息 □控股股东/实际控制人及其一致行动人 √其他 5%以上大股东及其一致行动人 投资者及其一致行动人的身份 □合并口径第一大股东及其一致行动人（仅适用 于无控股股东、实际控制人） □其他______________（请注明） 信息披露义务人名称 投资者身份 统一社会信用代码 □ 控股股东/实控人 无锡国联产业升级 ...

的提示性公告 无锡国联产业升级投资中心（有限合伙）保证向本公司提供的信息真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 一、 信息披露义务人及其一致行动人的基本信息 证券代码：688231 证券简称：隆达股份 公告编号：2025-029 江苏隆达超合金股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | √其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人信息 | 信息披露义务人名称 | 投资者身份 | 统一社会信用代码 | □ | 控股股东/实控人 | | --- | --- | --- | --- | --- | | 无锡国联产业升级投 | □ | 控股股东/实控人的一致 | 91320200MA1Q24E11H | 资中心（有限合伙） ...

格隆汇7月30日丨隆达股份(688231.SH)公布，截至2025年7月29日，国联产投通过集中竞价方式减持公 司股份195.27万股，占公司总股本比例由8.73%减少至7.94%，权益变动触及1%刻度。 ...

Core Viewpoint - The company focuses on high-temperature alloys for aerospace engines and gas turbines, with significant growth in international expansion and revenue from key sectors like aerospace and gas turbines [1][2]. Group 1: Business Overview - The company's high-temperature alloy business includes both cast and deformed alloys, with applications across various industries such as aerospace, gas turbines, energy, oil and gas, shipping, and automotive [1]. - The aerospace and gas turbine sectors are identified as primary growth drivers, with projected revenue growth of 14.89% and 47.48% year-on-year for 2024, respectively [1]. Group 2: International Expansion - The company's international strategy has shown significant results, with overseas revenue reaching 262 million yuan in 2024, marking a substantial increase of 128.69% year-on-year [1]. - Collaborations have been established with major global players such as Rolls-Royce, Safran, Honeywell, Collins Aerospace, and Baker Hughes, which are expected to support ongoing customer acquisition and growth [1]. Group 3: Investment Logic - The global civil aviation and gas turbine markets are currently in a supply-demand imbalance, providing opportunities for domestic companies to leverage their production capacity and delivery advantages [2]. - The aging fleet of civil aircraft and gas turbines is driving demand for maintenance, particularly for high-temperature alloy components used in engine hot-end parts [2]. - The company is expected to see a rapid increase in overseas market share due to its competitive advantages in delivery times and pricing, supported by long-term agreements that stabilize supplier relationships [2]. - International business is projected to generate 300 million yuan in revenue in 2024, reflecting a year-on-year growth of 70% [2]. - The domestic production of aircraft engines is anticipated to provide mid-term growth opportunities, particularly in specialized fields and maintenance needs [2]. Group 4: Financial Projections - Earnings per share (EPS) forecasts for the company are projected at 0.49, 0.75, and 1.05 yuan for the years 2025 to 2027, respectively [2]. - Based on the company's position, growth potential, and comparable company valuations, a price-to-earnings (PE) ratio of 45 is suggested for 2025, leading to a target price of 22.20 yuan per share, with a recommendation to "buy" [2].

Core Viewpoint - Wuxi has transformed from a historical industrial city to a modern manufacturing powerhouse through the integration of industry and finance, supported by government policies and local investment institutions [9][10][17]. Group 1: Industrial Development - Wuxi has 211 listed companies, with 124 on the A-share market, contributing significantly to Jiangsu province's economy despite a population of less than 8 million [8]. - The city has developed a "465" modern industrial cluster focusing on IoT, integrated circuits, biomedicine, and software services, producing leading companies like WuXi AppTec and Changdian Technology [8][10]. - Wuxi's industrial evolution is marked by the establishment of key enterprises and the active role of state-owned investment institutions in nurturing these companies [10][11]. Group 2: Financial Integration - Local financial institutions have played a crucial role in supporting industrial growth, with Wuxi's state-owned investment firms actively participating in venture capital and equity investments [10][12]. - Wuxi Venture Capital Group, established in 2000, has invested in numerous companies, with 45 of its portfolio companies listed on domestic A-shares, including 13 on the Sci-Tech Innovation Board [11][12]. - The city has created a comprehensive financial ecosystem that includes various funding stages, from seed to private equity, facilitating the growth of over 110 listed companies [12][16]. Group 3: Policy Support - The local government has shifted from a leading role to a guiding one, providing essential support for companies navigating the capital market [17][18]. - Wuxi has implemented policies to promote mergers and acquisitions, with 15 projects completed in the first quarter of 2023, totaling 369.29 billion yuan [18][20]. - The city aims to become a hub for innovative mergers and acquisitions by 2027, with a target of completing at least 60 projects and achieving a total transaction volume exceeding 600 billion yuan [19][20].

Core Viewpoint - Jiangsu Longda Superalloy Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to provide clarifications and corrections related to its financial disclosures and operational performance [1]. Financial Performance - The company reported significant revenue growth in the aerospace, gas turbine, and automotive turbocharger sectors, with increases of 46.64%, 67.34%, and 52.34% respectively [1]. - Other business revenues amounted to 85.724 million yuan [1]. - The company adjusted its financial data, ensuring that the corrections do not impact the overall financial status or cash flow for the years 2023 and 2024 [1]. Revenue Structure - The revenue structure for 2024 shows a notable increase in the aerospace sector, driven by demand from key domestic aerospace manufacturers [5]. - The gas turbine sector also experienced substantial growth, attributed to increased demand from domestic and international high-temperature alloy material service providers [9]. - The automotive turbocharger sector's revenue decreased from 16.08% in 2022 to 3.4% in 2024, indicating a shift in market dynamics [1]. Client Performance - The top five clients in the aerospace sector contributed significantly to revenue, with notable sales increases observed from key clients [6]. - The company’s sales to client one in the aerospace sector increased dramatically, reflecting a growing demand for domestic civil aviation engine materials [5]. - In the gas turbine sector, sales to client nine surged due to increased high-temperature alloy demand, highlighting the impact of domestic projects on revenue growth [9]. Sales Model Analysis - The company categorizes its sales into direct sales and dealer models, with direct sales representing end-user transactions and dealer sales involving trade merchants [3]. - Adjustments in sales models have been made to better reflect the operational realities and market conditions [3].

Core Viewpoint - Jiangsu Longda Superalloy Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding discrepancies in its 2023 and 2024 annual reports, particularly concerning revenue and cost data adjustments [1]. Revenue and Cost Analysis - The company's revenue from the aerospace, gas turbine, and automotive turbine sectors decreased by 16.08% to 3.4% in 2024, while other sectors saw a revenue decline to 405.63 million yuan, a year-on-year decrease [1]. - The adjustments made to the revenue and cost data do not affect the overall financial statements and are detailed in the company's correction announcement [1]. - The company reported a gross margin change of 0.99% for the overall business, with specific changes in the aerospace sector showing a 6.15% increase, while the gas turbine sector saw a 1.09% increase [1]. Industry Performance - The aerospace sector's revenue growth from 2022 to 2024 was driven by significant demand from key domestic manufacturers and forging plants, with a 14.89% increase noted in 2024 [3][4]. - The gas turbine sector's sales increased significantly due to rising demand from domestic and international high-temperature alloy service providers, with notable growth in sales to key clients [6][7]. - The automotive turbine sector also experienced growth, primarily due to increased supply to important casting plants, although there was a slight decline in sales in 2024 compared to 2023 [8]. Client Performance - The top five clients in the aerospace sector contributed significantly to revenue, with notable sales increases to key clients, reflecting the company's strong position in high-temperature alloy supply [4][5]. - In the gas turbine sector, sales to major clients increased due to heightened demand for high-temperature alloys, particularly in light of geopolitical factors affecting international markets [6][7]. - The automotive turbine sector's client base showed substantial sales growth, particularly from new projects and increased supply agreements [8].

Core Viewpoint - The company, Jiangsu Longda Superalloy Co., Ltd., issued a correction announcement regarding its 2023 and 2024 annual reports, clarifying errors in the management discussion and analysis sections without affecting the overall financial statements [1][2]. Financial Performance Summary - The company reported a total operating income of 1,106,434,345.46 CNY for the reporting period, with a breakdown of income by industry showing significant growth in the gas turbine and oil & gas chemical sectors [3][5]. - The aerospace sector's operating income was 296,452,645.20 CNY, showing a slight decrease of 0.13% year-on-year, while the gas turbine sector saw a substantial increase of 112.4% to 159,496,325.38 CNY, attributed to increased sales orders [5][10]. - The oil & gas chemical sector's income rose by 57.68% to 83,792,748.56 CNY, driven by increased sales of deformed high-temperature alloys [5][10]. Cost Analysis - The cost of sales for the aerospace sector increased by 34.88%, primarily due to higher sales volumes of high-temperature alloys, particularly deformed high-temperature alloys [14][15]. - The gas turbine sector's cost of sales surged by 184.80%, influenced by increased demand in the domestic market and the impact of the Russia-Ukraine conflict on international markets [15]. - The oil & gas chemical sector's cost rose by 79.32%, reflecting the growth in sales volume of deformed high-temperature alloys [15]. Regional Performance - Domestic operating income reached 1,008,619,362.03 CNY, a 20.26% increase year-on-year, while international income was 97,814,983.43 CNY, marking a 93.06% increase, attributed to the company's global market expansion [5][10]. - The domestic sales gross margin decreased by 3.55%, while the international sales gross margin decreased by 4.71%, mainly due to fluctuations in raw material prices [5][10]. Sales Model Analysis - Direct sales accounted for 1,084,063,513.87 CNY, a 31.97% increase, with a gross margin of 31.97%, while the distribution model generated 22,370,831.59 CNY, reflecting a 20.56% increase [5][11]. - The gross margin for direct sales decreased by 3.09%, attributed to changes in product structure and raw material prices [5][10].