Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 7.776 billion yuan for the first three quarters of 2025, a year-on-year decrease of 6.59%. The net profit attributable to the parent company was 616 million yuan, down 39.72% year-on-year. The net profit after deducting non-recurring gains and losses was 534 million yuan, a decrease of 44.5% year-on-year. In Q3 2025, the revenue was 2.026 billion yuan, a year-on-year decrease of 12.01% and a quarter-on-quarter decrease of 41.18%. The net profit attributable to the parent company was 124 million yuan, down 57.57% year-on-year and 57.95% quarter-on-quarter. The net profit after deducting non-recurring gains and losses was 54 million yuan, a decrease of 80.04% year-on-year and 81.56% quarter-on-quarter [5][6][13] Summary by Sections Financial Performance - For Q1-Q3 2025, the gross profit margin was 28.32% and the net profit margin was 9.13%. In Q3 2025, the gross profit margin was 25.63% and the net profit margin was 5.46%. The fluctuation in profitability was mainly due to industry cycle adjustments and increased costs such as taxes, R&D expenses, and financial expenses [13] Market Position and Strategy - As an industry leader, the company is actively preparing its capacity to meet new demand cycles. By the end of Q3 2025, the inventory balance was 5.832 billion yuan, an increase of 17.17% compared to the beginning of the period. The balance of construction in progress was 750 million yuan, up 11.77% from the beginning of the period. The balance of contract liabilities was 241 million yuan, a decrease of 47.52% compared to the beginning of the period. The company has obtained supplier qualifications from 46 clients, including major players in the industry, and will further expand into the aerospace forging and gas turbine markets [13]

Group 1 - The company Parker New Materials (SH 605123) held its fourth board meeting on October 29, 2025, to review the proposal for revising its internal audit system [1] - For the year 2024, the revenue composition of Parker New Materials is projected to be 87.0% from the forging industry and 13.0% from other businesses [1] - As of the report date, Parker New Materials has a market capitalization of 9.1 billion yuan [1]

Group 1 - The company announced that it will hold the seventh meeting of the third board of directors on October 28, 2025 [2] - The meeting approved the proposal regarding the cash dividend plan for the first three quarters of 2025 [2]

Summary of Key Points Core Viewpoint - Sanlian Forging experienced a decline of 5.52% in its stock price, with a significant trading volume and turnover rate, indicating notable market activity and investor sentiment [2][3]. Trading Activity - The stock had a turnover rate of 36.85% and a total trading volume of 731 million yuan, with a price fluctuation of 7.51% throughout the day [2]. - Institutional investors net sold 32.75 million yuan, while retail trading desks collectively net bought 508,500 yuan [2][3]. Institutional Participation - The top five trading desks accounted for a total transaction volume of 158 million yuan, with buying transactions amounting to 62.64 million yuan and selling transactions totaling 94.89 million yuan, resulting in a net sell of 32.24 million yuan [3]. - Five institutional trading desks were involved in the buying and selling activities, with a total buying amount of 50.06 million yuan and a selling amount of 82.82 million yuan, leading to a net sell of 32.75 million yuan [3]. Fund Flow - The stock saw a net inflow of 12.85 million yuan from major funds, with large orders contributing 1.22 million yuan to the net inflow [3]. - Over the past five days, the net inflow of major funds into the stock reached 55.57 million yuan [3].

Core Insights - Sanlian Forging experienced a 2.62% increase in stock price with a turnover rate of 54.07% and a trading volume of 1.121 billion yuan, indicating significant market activity [2] - Institutional investors net sold 52.1215 million yuan, while brokerage seats collectively net bought 9.5408 million yuan, reflecting mixed investor sentiment [2] - The stock was listed on the Shenzhen Stock Exchange due to its high turnover rate, with a total of 2.49 billion yuan traded among the top five buying and selling brokerage seats [2] Trading Activity - The stock's main funds saw a net outflow of 89.5472 million yuan, with large orders contributing to a net outflow of 22.8897 million yuan and 66.6574 million yuan respectively [2] - Over the past five days, the main funds have seen a net inflow of 49.5244 million yuan, suggesting a potential recovery in investor interest [2] Institutional Participation - Six institutional specialized seats were involved in trading, with total buying amounting to 89.9682 million yuan and selling amounting to 142 million yuan, leading to a net sell of 52.1215 million yuan [2] - The top buying and selling brokerage seats included several institutional specialized seats, indicating a concentrated trading activity among institutional investors [2]

Core Viewpoint - The trading volume of Sanlian Forging reached 1.01 billion RMB, marking the highest level since September 28, 2023, with the latest stock price increasing by 2.54% and a turnover rate of 48.69% [1] Company Summary - Sanlian Forging Co., Ltd. was established on June 18, 2004, with a registered capital of 222.1856 million RMB [1]

Core Viewpoint - The demand growth in high-end manufacturing sectors such as aerospace, deep-sea equipment, and new energy is driving the global market expansion of multi-directional forging, with sales expected to increase from $1.205 billion in 2024 to $1.576 billion by 2031, reflecting a CAGR of 3.9% [1] Group 1: Industry Insights - The rapid technological development of domestic multi-directional forging positions it as a global leader [1] - The domestically developed 350MN multi-directional forging hydraulic press has horizontal force ≥130MN and vertical force ≥220MN, surpassing the international leader Wyman-Gordon's 300MN multi-directional forging machine [1] - The advancements in forging technology significantly enhance the quality of forged parts, meeting the demands of downstream applications in aerospace, high-end oil and gas, and new energy sectors [1]

Summary of the Conference Call on Dewel Company and Multi-Axis Forging Technology Industry and Company Overview - The conference call focuses on Dewel Company and its advancements in multi-axis forging technology, which is a significant innovation in the forging industry [2][4][6]. Core Points and Arguments - **Multi-Axis Forging Technology**: This advanced forging process applies forces in multiple directions (X, Y, Z axes) simultaneously, allowing for more complex and precise shape control compared to traditional forging methods [3][9]. - **Cost and Time Efficiency**: The technology can save over 50% in material costs and reduce production cycles from hours to minutes, significantly enhancing production efficiency [2][10][12]. - **Market Potential**: The multi-axis forging market has vast potential, especially in high-end manufacturing sectors such as aerospace and automotive industries. Dewel aims to expand its market share by increasing R&D investment and enhancing international cooperation [2][7][18]. - **Development Stages**: The development of multi-axis forging technology is divided into three stages: basic research and experimental validation, industrial promotion, and widespread application and upgrading [8][19]. - **Historical Context**: The technology has evolved since 2011, overcoming economic viability issues that previously limited its application to high-value, high-demand standardized production [5][11][12]. Additional Important Insights - **Material Cost Reduction**: Dewel's technology allows for the use of standard stainless steel and special steel instead of high-value materials, leading to significant cost savings [4][13]. - **Global Demand for High-End Forgings**: There is a rapid increase in global demand for high-end forgings, with Dewel expecting to deliver orders by the end of 2025 and early 2026, indicating high market recognition and future growth potential [17][18]. - **Market Size and Segmentation**: The global valve market is approximately $90 billion, with forged components accounting for about $18 billion. Dewel's potential market in forged valves could reach $7 to $8 billion [20]. - **Strategic Partnerships**: Dewel's major clients include FMC and Schlumberger Cameron, which provide a stable order volume and support market expansion [21][22]. - **Impact of Multi-Axis Forging on the Industry**: The technology is expected to redefine industry standards by reducing costs and improving product quality, potentially replacing casting products in various applications [23][24]. Future Outlook - **Long-Term Growth Potential**: Dewel's investments in technology and market strategies position it well for future growth, with expectations of becoming a leading player in the forging industry [19][27]. - **Broad Application Potential**: Multi-axis forging technology is applicable in various fields, including deep-sea, oil and gas pipelines, power generation, aerospace, and nuclear power, indicating a broad horizontal expansion capability [25][26].

Core Viewpoint - The stock of Sanlian Forging experienced an abnormal price fluctuation, with a cumulative increase of 22.78% over two consecutive trading days [1] Company Information - The company's board conducted a review and confirmed that there is no need to correct or supplement previously disclosed information [1] - No undisclosed significant information was found that could have a major impact on the company's stock trading price [1] - The company's recent operational status and internal and external business environment have not undergone significant changes [1] - During the period of stock fluctuation, the controlling shareholder and actual controller did not engage in buying or selling the company's stock [1]

Group 1 - The stock of Sanlian Forging reached the daily limit, with a turnover rate of 33.51% and a transaction volume of 598 million yuan, showing a price fluctuation of 15.17% [1][2] - Institutional investors net bought 43.51 million yuan, while the total net buying from brokerage seats amounted to 58.26 million yuan [1][2] - The stock was listed on the Shenzhen Stock Exchange due to its high turnover rate, with the top five brokerage seats contributing a total transaction volume of 186 million yuan, including a net buying of 102 million yuan [2] Group 2 - The main capital inflow for the stock was 166 million yuan, with a significant single order inflow of 171 million yuan, while large orders saw a net outflow of 4.67 million yuan [2] - Over the past five days, the main capital has net inflowed 166 million yuan [2] - Detailed trading information shows that the top buying brokerage seat was Guosheng Securities, with a buying amount of 35.25 million yuan, while the selling brokerage seat was also an institutional seat with a selling amount of 27.81 million yuan [2]