派克新材:竞争力突出军品优势明显，业绩持续稳定增长

Paike New Materials: Outstanding Competitiveness, Obvious Military Advantages, Sustained and Stable Growth in Performance

国内金属锻件研发、生产和销售的领先厂商、少数几家可供应航空、航天、舰船等领域环形锻件的高新技术企业之一无锡派克新材料科技股份有限公司（605123.SH）今日于上交所主板上市，成为锻造行业领域又一登陆资本市场、军民融合的新锐企业。

Wuxi Paike New Materials Technology Co., Ltd. (605123. SH), a leading manufacturer in research and development, production and sales of metal forgings in China and one of the few high-tech enterprises that can supply ring forgings in aviation, aerospace, ships and other fields, was listed on the main board of Shanghai Stock Exchange today, becoming another new enterprise in the forging industry that has landed in the capital market and integration of defense and civilian technologies.

此次派克新材拟在A股公开发行2700万股，募集资金其中3亿元用来补充流动资金，5.8亿元用于航空发动机及燃气轮机用热端特种合金材料及部件的建设，其余用于研发中心的建设。如下图1：

This time Paike New Materials plans to issue 27 million shares in A shares, of which 300 million yuan will be used to supplement working capital, 580 million yuan will be used for the construction of hot-end special alloy materials and components for aero-engines and gas turbines, and the rest will be used for the construction of research and development centers. Figure 1 below:

本次募投项目建设完成后，将有利于改善派克新材研发条件，加快关键技术的研发进度，巩固技术优势，同时推动研发成果的产业化，为派克新材不断拓宽应用领域提供技术支持，更好地适应企业经营发展的需求，构建企业可持续发展能力及盈利能力。

After the construction of this offering and investment project is completed, It will help to improve the research and development conditions of Paike New Materials, speed up the research and development progress of key technologies, consolidate the technological advantages, promote the industrialization of research and development results, provide technical support for Paike New Materials to continuously expand the application fields, better meet the needs of enterprise management and development, and build the sustainable development capability and profitability of the enterprise.

竞争力突出军品优势明显，业绩持续稳定增长

Outstanding competitiveness, obvious military advantages, sustained and steady growth in performance,

派克新材成立于2006年6月，是国内少数几家可以为航空发动机、航天运载火箭及导弹、卫星、燃气轮机等高端装备提供配套特种合金精密环形锻件产品的企业之一，主营业务为辗制环形锻件、自由锻件、精密模锻件等各类金属锻件，可应用于航空、航天、船舶、电力、石化以及其他各类机械等多个行业领域。

Paike New Materials was established in June 2006. It is one of the few enterprises in China that can provide special alloy precision ring forgings for high-end equipment such as aerospace engines, space launch vehicles, missiles, satellites, gas turbines, etc. Its main business is rolling ring forgings, free forgings, precision die forgings and other kinds of metal forgings, which can be used in many industries such as aviation, aerospace, ships, electric power, petrochemical and other kinds of machinery.

目前派克新材已掌握了异形截面环件整体精密轧制技术、特种环件轧制技术、超大直径环件轧制技术等多项核心技术，具备较强的产品研发和制造能力，可以满足不同领域的客户对产品质量和工艺设计的严苛要求，并拥有发明专利31项，已先后通过了武器装备承制单位资格认证、ISO9001质量管理体系认证、航空质量管理体系认证、NADCAP热处理认证等质量体系认证，以及英国、韩国、美国、挪威、日本、意大利、法国、德国等多国船级社认证。

At present, Paike New Material has mastered a number of core technologies such as overall precision rolling technology for rings with shaped cross-section, special ring rolling technology and oversized diameter ring rolling technology, and have strong product development and manufacturing capabilities to meet the strict requirements of customers in different fields for product quality and process design. It also has 31 invention patents and has successively passed the qualification certification of weapons and equipment manufacturing units, ISO9001 quality management system certification, aviation quality management system certification, NADCAP heat treatment certification and other quality system certification, as well as the certification of classification societies in Britain, South Korea, the United States, Norway, Japan, Italy, France, Germany and other countries.

派克新材民品业务一直是其业绩增长引擎。主要包括民用船舶、石化、电力以及其他机械等行业用锻件。2017－2019年，派克新材民品营收分别为3.39亿元、4.78亿元、5.25亿元，占总营收的比重分别为75.2%、79.53%、65.32%。其中石化锻件为重中之重，营收分别为1.1亿元、2.17亿元、2.77亿元，营收增长率分别为67.62%、97.28%、27.73%，占总营收比重分别为24.40%、36.17%、34.53%，是派克新材的拳头产品。

Paike New Materials and civilian products business has been the engine of its performance growth. It mainly includes forgings for civil ships, petrochemical, electric power and other machinery industries. From 2017 to 2019, Paike's revenue from new materials and civilian products was 339 million yuan, 478 million yuan and 525 million yuan respectively, accounting for 75.2%, 79.53% and 65.32% of the total revenue respectively. Among them, petrochemical forgings are the most important, with revenue of 110 million yuan, 217 million yuan and 277 million yuan respectively, with revenue growth rates of 67.62%, 97.28% and 27.73% respectively, accounting for 24.40%, 36.17% and 34.53% of the total revenue respectively. They are the fist products of Paike New Materials.

2013年派克新材形开始进军军工领域，目前产品已覆盖航空领域在役及在研阶段的多个型号航空发动机，在航天领域参与了长征系列及远征上面级等系列型号运载火箭和多个型号导弹的研制和配套，在舰船领域参与配套的某型号燃气轮机已在部分海军舰艇列装。当前派克新材军品营收迅速攀升，2019年已达2.79亿元，占总营收比例达34.68%，主要客户有中国航发、航天科技、航天科工等国内军工龙头企业。

In 2013, Paike New Materials began to enter the military industry. At present, the products have covered many types of aero-engines in service and in research in the aviation field. In the aerospace field, they have participated in the development and matching of series of launch vehicles and missiles such as the Long March series and the upper stage of the expedition. A certain type of gas turbine that has participated in the matching in the ship field has been installed in some naval ships. The current Paike New Materials military revenue is rapidly climbing and has reached 279 million yuan in 2019, accounting for 34.68% of total revenue, with major customers such as China Aerospace Development, Aerospace Science and Technology, Aerospace Science and Industry and other leading domestic military enterprises.

2017－2019年，派克新材收入占比较大的主要产品收入构成情况，如下图2：

From 2017 to 2019, Paike New Material revenue accounted for a relatively large proportion of the revenue composition of major products, as shown in Figure 2 below:

2017年至2019年派克新材的各项主要财务指标均保持持续稳定的增长势头，其中营业收入年均复合增长率为35.15％，归母净利润年均复合增长率为70.08％。业绩的增长主要受下游行业需求爆发的驱动，随着近年来“两机专项”等重大政策的实施，以航空航天为代表的新一代高端装备等新兴战略产业得到国家政策的大力支持，此外军用飞机升级换代、重大航天工程的推进等都促成了派克新材的业绩持续增长。如下图3：

From 2017 to 2019, all the major financial indicators of Paike New Materials maintained a sustained and stable growth momentum, with the average compound annual growth rate of operating income being 35.15% and the average compound annual growth rate of net profit attributable to the parent being 70.08%. The growth in performance was mainly driven by the explosion of demand in downstream industries. The growth of performance is mainly driven by the explosion of demand in the downstream industry, with the implementation of the "two aircraft special" and other major policies in recent years, aerospace as the representative of a new generation of high-end equipment and other emerging strategic industries are strongly supported by national policies, in addition to the upgrading of military aircraft, major aerospace projects, etc. have contributed to Pike New Material's performance continues to grow. Figure 3 below.

2020年上半年，派克新材营业利润、利润总额及净利润均同比有一定幅度的下滑，主要原因为受2020年新冠疫情影响，一季度的生产和销售受到一定程度的冲击，但4-6月份，营业收入、营业利润、利润总额及净利润均同比增长，原因是为2020年二季度，新冠疫情对公司的不利影响基本消除，公司加紧组织生产和销售，且在手订单充足，二季度收入及利润较去年同期有所增长。如下图4：

In the first half of 2020, Paike New Materials' operating profit, total profit and net profit all declined to a certain extent year on year, The main reason is affected by the new crown epidemic in 2020, Production and sales in the first quarter were hit to a certain extent, However, from April to June, operating income, operating profit, total profit and net profit all increased year-on-year. The reason was that in the second quarter of 2020, the adverse effects of the new crown epidemic on the Company were basically eliminated. The Company stepped up the organization of production and sales and had sufficient orders in hand. The income and profit in the second quarter increased compared with the same period last year. Figure 4 below:

行业发展环境良好，公司未来前景可期

The development environment of the industry is good, and the company's future prospects can be expected.

作为装备制造业的基础与支柱，在国家政策支持和市场发展的推动下，我国锻造行业规模已稳居全球第一。

As the foundation and pillar of the equipment manufacturing industry, under the support of national policies and the promotion of market development, China's forging industry has firmly ranked first in the world.

随着装备制造业的快速发展，我国锻件产量持续保持高位，2018年，我国锻件总产量达1,208.11万吨，连续多年成为全球锻件的第一大生产国和消费国。近几年来，我国锻件产量情况如下图5：

With the rapid development of the equipment manufacturing industry, China's forgings production continues to remain high, and in 2018, the total output of forgings in China reached 12,081,100 tons, becoming the world's top producer and consumer of forgings for many years. In recent years, the output of forgings in China is shown in Figure 5 below.

从全球锻件产量分布来看，我国目前仍一家独大。根据中国锻压协会的统计，2019年我国锻件产量占全球总产量比重为40.1%，大幅度超过其他国家份额，预计到2025年全球占比将达到45%。与此同时，随着行业内优秀企业的不断突破和创新，我国锻造技术特别是高端锻造技术近几年亦有亮眼表现，部分产品已打破国外垄断，逐步实现了国产化替代，并且在航空航天、核电设备锻件等高端领域已达到国际先进水平。

From the global production distribution of forgings, China is still a dominant country. According to the statistics of China Forging and Press Association, in 2019, China's forging production accounted for 40.1% of the total global production, substantially exceeding the share of other countries, and is expected to reach 45% of the global share by 2025. At the same time, with the continuous breakthroughs and innovations of outstanding enterprises in the industry, China's forging technology, especially high-end forging technology in recent years also has a bright performance, some products have broken the foreign monopoly, and gradually realized the localization of alternative, and in aerospace, nuclear power equipment forgings and other high-end areas have reached the international advanced level.

锻件产品作为装备制造业所必须的关键基础部件，其下游主要为航空、航天、船舶、电力、石化以及其他机械等行业的成套设备制造商，最终应用于国民经济和国防工业的各相关行业。基于锻造行业在国民经济中的基础地位，是关系到国家安全和国家经济命脉的不可或缺的战略性行业，改革开放以来，政府和行业主管部门在政策上均给予了大力支持，对高端锻造技术的重视程度亦在不断提高。2015年以来，国家颁布了《国民经济和社会发展第十三个五年规划纲要》，基于上述政策，中国锻压协会颁布了《中国锻压行业“十三五”发展纲要》等政策，为行业发展提供了有力的政策支持和引导。

Forging products as the key basic components necessary for the equipment manufacturing industry, its downstream mainly for the aviation, aerospace, shipping, electric power, petrochemical and other machinery and other industries of complete sets of equipment manufacturers, and ultimately used in the national economy and national defense industry in various related industries. Based on the basic position of the forging industry in the national economy, it is a strategic industry that is related to national security and the lifeline of the national economy, since the reform and opening up, the government and industry authorities have given strong support in policy, and the importance of high-end forging technology has been increasing. Based on the above policies, China Forging and Press Association has promulgated the "Thirteenth Five-Year Plan" and other policies, which provide strong policy support and guidance for the development of the industry.

随着近年来国际格局的不断变化，为提高我国应对国际形势变化能力，我国需要继续加强国防投入，以保障我国现代化建设及国家安全。国防投入的加大将会提高军事装备的需求，从而带动军工锻件行业的不断发展。

With the continuous changes in the international landscape in recent years, in order to improve China's ability to cope with changes in the international situation, China needs to continue to strengthen the investment in national defense, in order to protect our modernization and national security. Increased investment in national defense will improve the demand for military equipment, thus driving the continuous development of the military forgings industry.

总体而言，锻造行业作为国民经济及国防工业发展的基础行业，在当前我国经济发展转型及国防建设大力推进的背景下，发展前景十分广阔，为派克新材业务持续拓展、战略目标完成提供良好的外部环境。未来三年，派克新材将秉承“敬业、激情、创新、学习”的企业精神，按照“市场引导、 创新驱动、人才强企、质量制胜”的发展思路，不断提高企业自主创新能力，促进军品民品协调发展，通过生产管理流程再造，推进精细化管理，建立流程化、信息化、智能化的企业管理体系，大力实施科技先导、人才强企，努力把公司建成具有独特核心竞争力和重大影响力的高端锻件产品制造商，给投资者带来可观的回报。

In general, the forging industry, as a basic industry for the development of national economy and national defense industry, has a very broad development prospect under the background of China's economic development transformation and national defense construction, which provides a good external environment for Pike New Material's continuous business expansion and strategic goals completion. In the next three years, Pike New Material will adhere to the enterprise spirit of "dedication, passion, innovation and learning", in accordance with the development idea of "market-led, innovation-driven, talent-strong, quality-winning", continuously improve the enterprise's independent innovation capability, promote the coordinated development of military and civilian products. Through production management process reengineering, promoting refinement management, establishing process-oriented, informationized and intelligent enterprise management system, vigorously implementing technology-oriented and talent-strong enterprise, we will strive to build the company into a high-end forging product manufacturer with unique core competitiveness and significant influence, and bring considerable returns to investors.