YINGLIU(603308) 长江证券·2025-05-14 05:57Investment Rating - The report gives a "Buy" rating for the company [11]. Core Views - The company has extended its main business to include high-temperature alloy products, precision cast steel parts, nuclear power and other medium to large cast steel parts, and new materials and equipment, covering three major fields: high-end components, aerospace technology, and advanced materials [4][7]. - The company is accelerating the construction of high-end production capacity, forming a high-end product and capacity industrial system, which is expected to drive rapid growth in orders and revenue [11]. - The company has a strong position in the gas turbine market, benefiting from both overseas demand and domestic substitution, with significant growth in new orders for gas turbine components [8][11]. Summary by Sections High-end Casting Leading Enterprise - The company has established a complete production system for high-end components, focusing on the research, manufacturing, and sales of core components for high-end equipment [24][27]. - Revenue has shown steady growth since 2015, with a CAGR of 7.2% expected from 2015 to 2024 [7][11]. Gas Turbine Market - The gas turbine market is projected to grow significantly, with the global gas turbine service market expected to reach approximately $86.84 billion by 2033, with a CAGR of 8.72% from 2024 to 2033 [8][11]. - The company has received over 600 million yuan in new orders for gas turbines in 2023, marking a record high, with a projected increase of 102.8% in orders for 2024 [8][11]. Aerospace Engine Components - The turbine blades are core components in aerospace engines, with a market space of approximately 217.8 billion yuan for military aviation engines over the next five years and around 3.1 trillion yuan for civil aviation engines over the next 20 years [9][11]. Low-altitude Economy - The low-altitude economy is supported by national policies, with the company signing cooperation agreements with various aviation and airport entities [10][11]. Globalization and R&D Investment - The company has accelerated its globalization strategy, with overseas revenue expected to reach 1.124 billion yuan in 2024, showing an average annual growth rate of 8% from 2020 to 2024 [11]. - The company has maintained high R&D investment, exceeding 300 million yuan annually since 2018, and is entering a harvest period for its investments [11].