Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating an expectation for the industry to outperform the overall market [7][31]. Core Insights - The defense and military industry is expected to experience robust growth in the coming years, driven by a clear upward trend in fundamentals and increased military spending due to geopolitical factors [7]. - The report highlights that the industry is entering a phase of accelerated mechanization and informatization as it approaches the centenary of the military, with a focus on quality and quantity improvements [7]. - The impact of tariff conflicts is viewed positively for the military industry, as it emphasizes the comparative advantages of domestic demand and is expected to accelerate investment in the sector [7]. - New forms of combat capabilities, including AI and robotics, are anticipated to become key growth drivers for the industry, creating new investment opportunities [7]. - The construction of remote sensing constellations and the upcoming aerospace conference are expected to boost the sector's performance [7]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.55%, while the overall market indices showed mixed results, with the Shanghai Composite Index rising by 1.19% [3][8]. - The report notes that the defense and military sector's performance ranked last among 31 primary industry categories [8]. - The top five performing stocks in the defense and military sector last week included Beimo Gaoke (up 11.94%), Taihe New Materials (up 9.38%), and others, while the worst performers included Zhenhua Technology (down 16.23%) and Hongyuan Electronics (down 13.17%) [8][16][17]. Valuation Changes - The current PE-TTM for the defense and military sector is 68.10, indicating it is in the upper range historically, with a valuation percentile of 54.04% since January 2014 [17]. - The report identifies a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [17][22]. Key Investment Targets - The report suggests increasing attention on high-end combat capabilities and new combat capabilities, with specific stocks highlighted for potential investment [7][24]. - Notable stocks include Feiliwa, Tianqin Equipment, and others in the high-end combat category, as well as Chengdu Huami and Huaying Technology in the new combat capabilities category [7][24].

Group 1 - The A-share market saw a strong performance in the large aircraft concept stocks, with several companies hitting the daily limit up, including Boyun New Materials (002297), Runbei Aerospace Technology, Aero Engine Corporation of China, and Lijun Shares (002651) [1] - Notable stock performances included Aileda (300696) rising over 8%, and Hangya Technology, Beimo High-tech increasing over 7% [1] - The market capitalization of the top performing stocks ranged from 19.41 billion to 252 billion, with Boyun New Materials reaching 40.17 billion and Aero Engine Corporation of China at 87.91 billion [2] Group 2 - Malaysia Airlines is considering purchasing Chinese-made aircraft, evaluating three models from COMAC: C909, C919, and C929 [2] - The AG600 received its type certificate on April 20, with future applications planned for logistics, personnel transport, ocean terrain exploration, and rapid firefighting tasks [3]

Core Viewpoint - The large aircraft concept is experiencing significant growth, with companies like Hangfa Technology and Longxi Co. reaching their daily price limits, indicating strong market interest and potential investment opportunities in the aerospace sector [1] Group 1: Market Performance - Hangfa Technology and Longxi Co. have hit their daily price limits, while Hangya Technology has increased by over 10%, reflecting a bullish trend in the aerospace industry [1] - Other companies such as Aileda, Kede CNC, Hangyu Technology, Beimo High-tech, and Hangfa Control also showed positive performance, indicating a broader market rally in this sector [1] Group 2: Industry Outlook - According to a report by Tianfeng Securities, China's commercial aircraft manufacturing and engine industry may be on the verge of a historic development opportunity [1] - The demand for new commercial engines in China is expected to exceed $600 billion over the next 20 years (2023-2042), averaging an annual demand of over 200 billion RMB, highlighting the vast market potential [1]

Financial Performance Expectations - The company expects a net profit attributable to shareholders of between RMB 15 million and RMB 22 million for 2024, representing a decline of 89.88% to 93.10% compared to RMB 217.43 million in the previous year[3]. - The net profit after deducting non-recurring gains and losses is projected to be between RMB 5.47 million and RMB 12.47 million, down 94.03% to 97.38% from RMB 208.95 million last year[3]. - Basic earnings per share are estimated to be between RMB 0.05 and RMB 0.07, a significant decrease from RMB 0.66 per share in the previous year[3]. Revenue and Profitability Challenges - The decline in revenue is attributed to delays in contract signing and pricing, which affected the recognition of income during the reporting period[6]. - The product mix has shifted, with a higher proportion of lower-margin products impacting overall profitability[6]. - The company is experiencing slower collection of accounts receivable due to industry factors, despite improved collections in the fourth quarter[6]. Financial Reporting - The preliminary financial data provided is subject to change and will be finalized in the 2024 annual report[7].

Investment Rating - The report maintains a "Buy" rating for the company, citing its leadership in high-end braking products and positive market expansion progress [4] Core Views - The company's revenue and net profit declined significantly in 24Q1-Q3, with revenue down 38.24% YoY to 483 million yuan and net profit down 76.10% YoY to 83.25 million yuan [1] - Revenue recognition was impacted by customer acceptance delays and product price negotiations, with inventory reaching a 5-year high of 873 million yuan by 24Q3 [1] - Despite short-term challenges, the company made significant progress in market expansion, particularly in landing gear and brake systems [3] Financial Performance - Gross margin and net margin decreased to 57.54% and 20.94% respectively in 24Q1-Q3, down 8.33pts and 29.46pts YoY [2] - Operating expenses increased, with R&D expense ratio rising 6.53pts to 14.25% [2] - Credit impairment losses of 16.68 million yuan affected net profit margin [2] Business Development - The company completed certification for certain landing gear models and achieved breakthroughs in UAV landing gear processing and testing [3] - Brake disc business secured PMA certification for a civil aircraft model and expanded customer base [3] - Brake control systems and wheels successfully passed tests and expanded to more models [3] Valuation and Forecast - Adjusted 24-26 net profit forecasts to 95 million, 188 million, and 355 million yuan respectively [4] - Current PE ratios stand at 81x, 41x, and 22x for 24-26 [4] - EPS projections for 24-26 are 0.29, 0.57, and 1.07 yuan [4] Market Data - Current share price: 23.23 yuan [6] - Total market capitalization: 7.709 billion yuan [6] - 3-month turnover rate: 74.52% [6] - 1-year price range: 16.67-39.17 yuan [6]

证券代码：002985 证券简称：北摩高科 编号：2024-002 北京北摩高科摩擦材料股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------|-----------------------------------------------------------------|-------------------------------------------------------------------------------------------| | | 特定对象调研 | □分析师会议 | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | 其他（电话交流会） | | | 活动参与人员 | | 中金公司刘中玉、刘婧，中信建投证券金姣、白海 涛、邱实、徐乐，浙商证券孙旭鹏，中信资管杨晓 | | 时间 | 宇，银杏资本张海军，中和资本冯奕健。 2024年11月01日下午2:00 | | | | | | | 地点 | 公司 | 北京市昌平区沙河工业园 ...

Financial Performance - The company's revenue for Q3 2024 was ¥138,452,578.79, a decrease of 13.17% compared to the same period last year[2] - The net profit attributable to shareholders was ¥16,606,020.29, down 83.36% year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥12,152,213.75, reflecting an 87.41% decline compared to the previous year[2] - Total operating revenue for Q3 2024 was CNY 483.20 million, a decrease of 38.3% compared to CNY 782.42 million in the same period last year[14] - Operating profit for Q3 2024 was CNY 114.89 million, down 75.1% from CNY 460.44 million in Q3 2023[15] - Net profit attributable to shareholders of the parent company was CNY 83.25 million, a decline of 76.1% from CNY 348.40 million in the previous year[15] - The total equity attributable to shareholders of the parent company decreased to CNY 2.54 billion, down 20.1% from CNY 3.19 billion year-on-year[13] - Basic earnings per share for Q3 2024 were CNY 0.2509, a decrease of 76.1% from CNY 1.0499 in the same period last year[15] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,112,595,060.04, a decrease of 10.13% from the end of the previous year[2] - Total assets decreased to CNY 4.11 billion, down 10.2% from CNY 4.58 billion year-on-year[13] - Total liabilities increased to CNY 1.47 billion, up 97.5% from CNY 741.36 million in the previous year[13] - The total current assets decreased to ¥3,152,086,160.15 from ¥3,580,618,668.81, a reduction of about 11.9%[11] - The equity attributable to shareholders decreased by 20.16% to ¥2,543,097,339.83 compared to the end of the previous year[2] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥55,645,041.40, a decline of 158.80% year-on-year[2] - The total cash inflow from operating activities for the third quarter was CNY 421,354,917.72, a decrease of 36.1% compared to CNY 659,097,170.45 in the previous year[16] - The net cash flow from operating activities was negative at CNY -55,645,041.40, contrasting with a positive CNY 94,631,107.01 in the same period last year[16] - Cash inflow from investment activities totaled CNY 80,916,016.73, down from CNY 277,429,613.27 year-over-year, indicating a decline of 70.8%[16] - The net cash flow from investment activities was CNY -675,230,164.73, compared to CNY -112,944,912.51 in the previous year, reflecting a significant increase in cash outflow[16] - Cash inflow from financing activities was CNY 312,877,025.80, a substantial increase from CNY 5,493,760.00 in the prior year[17] - The net cash flow from financing activities was CNY 184,564,730.28, compared to CNY 2,214,669.15 in the same quarter last year, showing a significant improvement[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 39,338, with the top 10 shareholders holding 49.56% of the shares[7] - Wang Shumin, the largest shareholder, holds 36.32% of the shares, amounting to 120,516,631 shares[7] Research and Development - The company's R&D expenses increased by 13.90% to ¥68,874,549.24 compared to the previous period[6] - Research and development expenses rose to CNY 68.87 million, an increase of 14.9% compared to CNY 60.47 million in Q3 2023[14] Inventory and Receivables - The inventory level rose by 21.28% to ¥873,166,623.50 compared to the beginning of the year[5] - Accounts receivable increased to ¥1,908,586,267.46 from ¥1,856,346,296.08, reflecting a growth of about 2.4%[11] - Inventory rose to ¥873,166,623.50 from ¥719,964,244.96, indicating an increase of approximately 21.2%[11] Other Financial Metrics - The company reported a significant increase in other payables by 567.04% to ¥465,496,612.62, primarily due to unpaid capital returns to minority shareholders[5] - The company experienced a 38.24% decline in operating income for the year-to-date period, totaling ¥483,199,031.40, attributed to product structure adjustments and delivery issues[5] - Deferred income tax assets increased to CNY 71.93 million, up from CNY 70.22 million in the previous year[12] - The company has a goodwill amounting to ¥194,274,636.92, remaining stable compared to the previous period[11] - The company is focusing on expanding its market presence and enhancing product development strategies[8]

证券代码：002985 证券简称：北摩高科 公告编号：2024-045 董事会认为，公司《2024 年第三季度报告》符合法律、行政法规、中国证监 会和深圳证券交易所的相关规定，内容真实、准确、完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 本议案已经公司第三届董事会审计委员会 2024 年第三次会议审议通过。 具体内容详见公司同日披露在《中国证券报》、《证券时报》、《证券日报》以 及巨潮资讯网（http://www.cninfo.com.cn）的《2024 年第三季度报告》。 北京北摩高科摩擦材料股份有限公司 第三届董事会第十二次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 北京北摩高科摩擦材料股份有限公司（以下简称"公司"或"本公司"）于 2024 年 10 月 20 日以专人送达方式，发出了关于召开公司第三届董事会第十二 次会议的通知，本次会议于 2024 年 10 月 30 日上午在公司会议室以现场会议结 合通讯方式召开。会议应出席董事 7 人，实际出席董事 7 人，公司监事及高级管 理人员列席了会议，会议 ...

一、监事会会议召开情况 北京北摩高科摩擦材料股份有限公司（以下简称"公司"）于 2024 年 10 月 20 日以专人送达方式，发出了关于召开公司第三届监事会第十次会议的通知， 本次会议于 2024 年 10 月 30 日下午在公司会议室以现场会议方式召开。会议应 出席监事 3 人，实际出席监事 3 人，部分高管列席。会议由公司监事会主席夏青 松先生主持。本次会议的召集、召开程序符合《中华人民共和国公司法》等相关 法律、行政法规、部门规章、规范性文件和《公司章程》的相关规定。 证券代码：002985 证券简称：北摩高科 公告编号：2024-046 北京北摩高科摩擦材料股份有限公司 第三届监事会第十次会议决议的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经审核，监事会认为：董事会编制和审议公司《2024 年第三季度报告》的程 序符合法律、行政法规、中国证监会及深圳证券交易所的规定，报告内容真实、 准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重 大遗漏。 1.北京北摩高科摩擦材料股份有限公司第三届监事会第十次会议决议。 特此公告。 ...

证券代码：002985 证券简称：北摩高科 公告编号：2024-044 北京北摩高科摩擦材料股份有限公司 2024年中期权益分派实施公告 本公司及董事会成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 北京北摩高科摩擦材料股份有限公司（以下简称"公司"），2024年中期权益 分派方案已获2024年9月13日召开的2024年第二次临时股东大会审议通过，现将 权益分派事宜公告如下： 一、股东大会审议通过权益分派方案等情况 1、2024 年 9 月 13 日公司召开 2024 年第二次临时股东大会审议通过《关于 公司2024年中期利润分配预案的议案》，确定公司2024年中期权益分派方案为： 以现有总股本 331,853,600.00 股为基数，向全体股东每 10 股派发现金股利 2.5 元（含税），共计分配现金股利 82,963,400.00 元（含税），剩余未分配利润 留待后续分配，本次分配不送红股，不进行资本公积金转增股本。 2、公司本次实施的权益分派方案自披露至实施期间，公司股本总额未发生 变化。若公司股本发生变化，公司权益分派方案将按照分配总额不变的原则对分 配比例进行调整。 ...