Core Viewpoint - The military industry sector is experiencing significant growth, with multiple stocks reaching their daily limit up, driven by upcoming events and positive performance forecasts [1]. Group 1: Market Performance - On June 25, the military sector saw strong performance, with stocks such as Zhongbing Hongjian, Hangfa Technology, and Beifang Navigation hitting their daily limit up [1]. - The upcoming grand military parade on September 3 is expected to further boost market sentiment [1]. Group 2: Profit Forecasts - According to data from Dongfang Caifu Choice, the net profit of AVIC Chengfei is projected to increase by 2971.29% by 2025 [1]. - Other companies like Huafeng Technology, Beimo Gaoke, and Ligong Navigation are also expected to see their net profits increase by over ten times by 2025 [1]. Group 3: Strategic Opportunities - Guangfa Securities emphasizes the importance of the first quarter financial report disclosures as a critical allocation window, highlighting a strategic opportunity period characterized by both domestic and foreign demand [1]. - CITIC Securities notes that global military spending is expected to rise for the tenth consecutive year in 2024, particularly in Europe and the Middle East, which may benefit Chinese military exports [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.28 CNY, based on a 48x PE for 2025 [2][3]. Core Views - The company is expected to achieve small batch production and delivery of various aircraft landing gear in 2025, indicating a significant expansion in the landing gear market [6]. - The military demand is anticipated to recover, while the civil aviation brake market presents substantial domestic replacement opportunities due to geopolitical tensions affecting supply chains [6]. - The company has established a dedicated team to improve accounts receivable collection, which is expected to enhance profitability [6]. Financial Forecasts - Revenue is projected to decline to 538 million CNY in 2024, followed by a rebound to 1,078 million CNY in 2025, representing a growth of 100.3% [2][9]. - The net profit attributable to the parent company is expected to drop to 16 million CNY in 2024, but recover to 203 million CNY in 2025, reflecting a growth of 1159.7% [2][9]. - The company's gross margin is forecasted to decrease to 49.8% in 2025, with a gradual recovery to 50.7% by 2027 [2][9]. Key Financial Metrics - The company’s earnings per share (EPS) is adjusted to 0.61 CNY for 2025, with further increases to 0.82 CNY in 2026 and 1.06 CNY in 2027 [2][9]. - The net profit margin is expected to improve from 3.0% in 2024 to 22.7% in 2027 [2][9]. - The return on equity (ROE) is projected to rise from 0.6% in 2024 to 11.5% in 2027, indicating improved profitability [2][9].

Group 1 - The 55th Paris-Le Bourget International Air and Space Show will be held from June 16 to 22, 2025, with Beijing Beimo High-Tech Materials Co., Ltd. (referred to as "Beimo High-Tech") participating and engaging with major international aerospace companies such as Boeing, Embraer, Safran Group, and Liebherr Group [1] - Beimo High-Tech aims to leverage its expertise in aircraft landing gear systems and expedite cooperation projects through high-level exchanges during the airshow [1] - The company is focusing on building a second growth curve in the civil aviation market and is actively promoting its subsidiary, Saini Aviation, as an international platform to accelerate the implementation of European and American quality system standards and process certifications [1] Group 2 - Securities research reports are generally optimistic about the military and civil aviation market outlook, with GF Securities indicating that China may become the largest single market for new aircraft deliveries globally over the next 20 years [2] - Beimo High-Tech is positioned to maintain its "ballast" status in the military friction materials sector while using the airshow as a platform to promote its global layout in high-end aviation materials [2] - The company plans to embrace global partners with a more open attitude to contribute to the high-quality development of China's aerospace industry [2]

Group 1 - North Mo High-Tech participated in the 2025 Paris Air Show, which featured over 2,500 exhibitors from 48 countries, showcasing the latest technologies in aviation, defense, and space [1] - During the air show, North Mo High-Tech engaged in productive discussions with leaders from major international aviation companies such as Boeing, Embraer, Safran, and Liebherr [1] - The company highlighted its expertise in aircraft landing gear systems and plans to expedite cooperation projects through high-level exchanges [1] Group 2 - North Mo High-Tech aims to establish a second growth curve in the civil aviation market, focusing on international expansion through its subsidiary, Saini Aviation [2] - The company is actively pursuing quality system standardization and process certification to target the global civil aviation aircraft front-end market [2] - With geopolitical tensions and trade frictions, the domestic aviation supply chain is shifting from "Global for Local" to "Local for Local," presenting unprecedented opportunities for local suppliers [2] - North Mo High-Tech intends to leverage its military technology foundation and military-civilian integration advantages to maintain its leading position in military friction materials [2] - The company plans to embrace global partners more openly to contribute to the high-quality development of China's aerospace industry [2]

Group 1 - The company held its 2024 annual shareholder meeting, electing Zhang Tianchuang as a non-independent director and chairman of the board [2] - Zhang Tianchuang has a background in military education and has held various leadership roles within the company, including general manager [2] - Multiple institutional investors attended the meeting, where the company discussed its future strategy in the civil aviation sector [2] Group 2 - The company is actively participating in the domestic production of various aircraft models, aiming to contribute to the national strategy for aircraft localization [2] - The company plans to expand its customer base in the civil aviation sector by leveraging its PMA supplier qualifications to meet maintenance and replacement needs [3] - In 2024, the company reported a revenue of 83.92 million yuan from its landing gear business, marking a year-on-year increase of 1,766.18% [3] Group 3 - The company is integrating resources through its subsidiary, Saini Aviation, to expand its international market presence in civil aviation [3] - The company has completed various certification and production processes for landing gear, laying the groundwork for future deliveries [3] - The company is also exploring new applications for titanium alloys and developing advanced lightweight technologies [3]

Group 1: Company Overview and Market Position - Beijing Beimo High-tech Friction Material Co., Ltd. is actively participating in the domestic aircraft manufacturing sector, particularly in the localization of various aircraft models [2][5]. - The company’s brake products are categorized under onboard systems, and it is currently involved in the certification stages for several models [3][4]. Group 2: Market Dynamics and Challenges - The civil aviation brake system market is predominantly monopolized by foreign giants such as Goodrich, Honeywell, and Messier Bugatti, leading to increased import costs for domestic airlines due to geopolitical tensions [4]. - As of 2024, the fleet sizes of major Chinese airlines are: Air China (930 aircraft), China Southern Airlines (917 aircraft), and China Eastern Airlines (804 aircraft), indicating significant potential for domestic product substitution in the brake system market [4]. Group 3: Future Strategic Initiatives - The company aims to leverage its product quality, service, and technological advantages to contribute to the domestic aircraft manufacturing strategy [5][6]. - Plans include expanding into the international civil aviation market through its subsidiary, Saini Aviation, by integrating existing personnel and production lines [6]. Group 4: Financial Performance and Accounts Receivable - As of the end of 2024, the accounts receivable balance was 1.546 billion yuan, a decrease of 310 million yuan compared to the end of 2023, attributed to improved customer payments [8]. - By the first quarter of 2025, accounts receivable increased to 1.578 billion yuan, reflecting a growth of 2.05% since the beginning of the year [8]. Group 5: Business Development in Aerospace - The landing gear business achieved revenue of 83.92 million yuan in 2024, marking a year-on-year growth of 1766.18% [7]. - The company is focusing on lightweight and high-performance technologies, including the application of titanium alloys and new flame spraying processes [7].

Meeting Overview - The board meeting of Beijing Beimo High-tech Friction Material Co., Ltd. was held on June 13, 2025, with all seven directors present [1] - The meeting was conducted in accordance with relevant laws and regulations [1] Board Resolutions - Zhang Tianchuang was elected as the chairman of the board for a term of three years [2] - The board established four specialized committees: Strategy, Audit, Nomination, and Compensation & Assessment, each with a three-year term [2] - Strategy Committee: Zhang Tianchuang (Chair), Zheng Tan, Ji Xuewu [2] - Audit Committee: Jiang Xiaodong (Chair), Deng Wensheng, Xiao Kai [2] - Nomination Committee: Ji Xuewu (Chair), Deng Wensheng, Zhang Tianchuang [2] - Compensation & Assessment Committee: Deng Wensheng (Chair), Jiang Xiaodong, Zhao Xiang [2] Management Appointments - Zhang Tianchuang was appointed as the general manager for a term of three years [3] - Additional appointments included: - Zheng Tan, Yang Changkun, Wang Xi, and Ren Xuelong as deputy general managers [3] - Wan Peng as the financial director [3] - Wang Xi as the board secretary [3]

Core Viewpoint - The legal opinion issued by Beijing Deheng Law Firm confirms the legality of the 2024 annual general meeting of Beijing Beimo Gaoke Friction Material Co., Ltd. and its compliance with relevant laws and regulations [1][3][7] Group 1: Meeting Procedures - The annual general meeting is scheduled for June 13, 2025, and the notice was published in various financial newspapers and on the Shenzhen Stock Exchange website [4][6] - The meeting will adopt a combination of on-site and online voting methods, with specific time slots for online voting [5][6] Group 2: Attendance and Qualifications - A total of 14 shareholders and authorized representatives attended the meeting in person, representing 170,157,916 shares, which is 51.2750% of the total voting shares [6] - An additional 221 shareholders participated via the online voting system, representing 6,478,762 shares, or 1.9523% of the total voting shares [6] Group 3: Voting Procedures and Results - The meeting's voting process was conducted in accordance with legal requirements, with results announced immediately after voting [6][7] - All proposed resolutions were approved, including a special resolution that required a two-thirds majority [7]

Core Viewpoint - The company has elected Mr. Zhao Xiang as the employee director of the fourth board of directors, ensuring compliance with regulations regarding the composition of the board [1][2]. Group 1: Company Announcement - Beijing Beimo Gaoke Friction Material Co., Ltd. has announced the election of Mr. Zhao Xiang as the employee director, effective from the date of approval at the annual general meeting [1]. - The election process was conducted through democratic voting, and the total number of employee representatives on the board does not exceed half of the total board members [1]. Group 2: Mr. Zhao Xiang's Background - Mr. Zhao Xiang, born in 1984, holds a doctoral degree from Beijing University of Science and Technology and currently serves as the deputy chief engineer of the company [2]. - He has been with the company since 2016, leading the development of brake pads for various high-speed trains and aircraft, and has obtained 13 patents during his tenure [2]. - Mr. Zhao holds 260 shares in the company and has no related party relationships with major shareholders or other board members [2][3].

Core Viewpoint - The company has completed the election of its fourth board of directors and the appointment of senior management personnel, ensuring compliance with relevant regulations and maintaining a balanced structure within the board [1][2]. Group 1: Board Composition - The fourth board of directors consists of non-independent and independent director candidates, with a term of three years starting from the approval date of the annual general meeting in 2024 [2]. - The board has established various specialized committees, with members serving a three-year term from the date of approval [2]. Group 2: Senior Management Appointments - Senior management personnel, including the general manager, deputy general managers, board secretary, financial director, and securities affairs representative, have been appointed for a three-year term [2]. - The resumes of the appointed personnel highlight their qualifications and lack of conflicts of interest, ensuring compliance with legal and regulatory requirements [5][11][25]. Group 3: Individual Profiles - Zhang Tianchuang, born in 1980, serves as the general manager and has a background in military service and multiple patents [4][15]. - Zheng Tan, born in 1982, is the deputy general manager and has contributed to significant aerospace projects, holding 330,610 shares in the company [6][18]. - Xiao Kai, born in 1981, is a deputy chief engineer with extensive experience in aviation and military vehicle brake systems, holding 439,908 shares [7][18]. - Zhao Xiang, born in 1984, is also a deputy chief engineer, involved in various high-speed train projects, holding 260 shares [10][18]. - The independent directors, Deng Wensheng and Ji Xuewu, have legal and academic backgrounds, ensuring governance and compliance [11][12].