北摩高科(002985)：起落架业务有望放量 民航刹车制动产品迎国产化机遇

Core Viewpoint - The company experienced a significant decline in revenue and net profit in 2024, but showed signs of recovery in Q1 2025, with expectations for growth in specific business segments [1][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 538 million yuan, a year-on-year decrease of 43.62%, and a net profit attributable to shareholders of 16.15 million yuan, down 92.57% year-on-year [1]. - In Q1 2025, the company reported revenue of 262 million yuan, an increase of 9.27% year-on-year, and a net profit of 53.8 million yuan, a decrease of 26.72% year-on-year [1]. - The company faced short-term performance pressure due to lower revenue, a higher proportion of lower-margin landing gear business, and slower payment collection influenced by industry factors, leading to a credit impairment loss of 131 million yuan in 2024 [1]. Group 2: Business Development - The company made significant progress in the research and delivery of various landing gear types, with expectations for continued revenue growth in 2025 [2]. - In 2024, a specific type of landing gear began batch production and delivery, and preparations for batch production of two other types are underway, with small batch deliveries expected in 2025 [2]. - The launch of a surface treatment production line for large aircraft landing gear is expected to enhance cost efficiency and support the research, production, and delivery of landing gear products [2]. Group 3: Market Trends - The company is positioned to benefit from the domestic substitution trend in civil aviation brake systems, as international suppliers dominate the market [3]. - The increase in domestic aircraft production capacity, particularly with the C919 program, is expected to enhance the company's opportunities in the civil aviation supply chain [3]. - Profit forecasts for the company indicate a net profit of 188 million yuan in 2025, 355 million yuan in 2026, and 461 million yuan in 2027, with corresponding EPS of 0.57, 1.07, and 1.39 yuan [3].