上 市 公 司 国防军工 2025 年 11 月 06 日 派克新材 (605123) ——高端锻件核心供应商，军民双轮驱动打开成长空间 投资要点： ⚫ 风险提示：市场竞争加剧风险、军品业务波动风险、原材料价格波动的风险 财务数据及盈利预测 | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,213 | 2,681 | 3,514 | 4,183 | 4,939 | | 同比增长率（%） | -11.2 | 8.0 | 9.4 | 19.1 | 18.1 | | 归母净利润（百万元） | 264 | 237 | 326 | 400 | 471 | | 同比增长率（%） | -46.4 | -3.8 | 23.7 | 22.6 | 17.8 | | 每股收益（元/股） | 2.18 | 1.96 | 2.69 | 3.30 | 3.89 | | 毛利率（%） | 18.7 | 16.5 | 19.2 | 19.7 | 20.0 | | ROE（%） | 6.0 | ...

Core Viewpoint - Parker New Material's stock price has shown a significant increase of 35.70% year-to-date, indicating strong market performance despite recent fluctuations in trading volume and net capital outflow [2][1]. Company Overview - Parker New Material, established on June 29, 2006, and listed on August 25, 2020, is located in Wuxi, Jiangsu Province, China. The company specializes in the research, production, and sales of metal forgings [2]. - The company's revenue composition includes: 38.84% from power forgings, 24.63% from aerospace forgings, 16.15% from petrochemical forgings, 9.69% from scrap sales, 9.39% from other forgings, 1.16% from entrusted processing, 0.12% from entrusted research and testing, and 0.02% from other income [2]. Financial Performance - For the first half of 2025, Parker New Material achieved operating revenue of 1.778 billion yuan, representing a year-on-year growth of 8.08%. The net profit attributable to shareholders was 175 million yuan, reflecting a growth of 6.19% [2]. - Since its A-share listing, the company has distributed a total of 399 million yuan in dividends, with 312 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Parker New Material was 14,800, a decrease of 1.72% from the previous period. The average circulating shares per person increased by 1.75% to 8,198 shares [2]. - Among the top ten circulating shareholders, Guotou Ruijin National Security Mixed A ranked fourth with 2.109 million shares, an increase of 387,000 shares from the previous period. Hong Kong Central Clearing Limited ranked sixth with 861,800 shares, a decrease of 294,300 shares [3].