Yingliu Electromechanical - A: Customer updates reinforce OW case

研报英文原文证据摘录

Yingliu Electromechanical - A: Customer updates reinforce OW case

J P M O R G A N Asia Pacific Equity Research

18 June 2026

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Yingliu Electromechanical - A Overweight

603308.SS, 603308 CH

Customer updates reinforce OW case Price (17 Jun 26):Rmb63.97

Price Target (Dec-27):Rmb95.00

We remain OW on Yingliu, as recent Baker Hughes and Siemens Energy updates Infrastructure, Industrials &

reinforce its role as a strategic supplier in the global gas turbine hot-end component Transport

bottleneck. The pullback has made valuations more supportive, with the stock Jenny Qiu, CFA AC

trading at 29x FY28E P/E, below Howmet, GE Vernova and Jereh (see Table 2). (852) 2800 8503

Yingliu is China’s largest high-temperature alloy and precision casting supplier for jenny.qiu@jpmorgan.com

gas turbine and aero-engine hot-end components, and its investment case remains Karen Li, CFA

anchored on the following drivers: 1) gas turbine order conversion, 2) share gains (852) 2800-8589

at global gas turbine OEMs, 3) margin expansion from higher-value ‘casting + karen.yy.li@jpmorgan.com

coating’ delivery, and 4) an aero-engine growth cycle from 2027/2028. We see the Sunny Su

(852) 2800 8551

latest customer updates as evidence that Yingliu’s supplier role is deepening, sunny.su@jpmorgan.com

customer visibility is improving, and we believe the market should re-rate the stock

Mufan Shi

as order conversion and margin uplift translate into earnings. (852) 2800-8502

mufan.shi@jpmorgan.com