Core Viewpoint - Beimo High-Tech (002985.SZ) plans to raise up to 1.97 billion yuan through a private placement to expand its production capacity for take-off and landing systems, industrialize civil aviation products, and enhance airworthiness capabilities, reflecting a strategic shift in the domestic high-end aviation manufacturing sector towards core capacity building and cost control [2][3] Group 1: Strategic Shift - The private placement is part of a broader trend in the A-share aviation manufacturing sector, where leading companies are collectively enhancing core capacities across the supply chain [3] - Beimo High-Tech's strategy is more profound compared to peers, focusing on vertical integration by building high-standard forging and precision processing capacities, thus internalizing previously outsourced processes [3][4] Group 2: Industry Benefits - The integration initiative is expected to enhance product gross margins and market competitiveness by eliminating intermediary transaction costs and supplier premiums, while also improving order response and delivery efficiency [4] - The company aims to transition from a traditional "material supplier" to a "system-level" integrator, enhancing its service offerings [4] Group 3: Strategic Timing - The end of 2025 presents a unique strategic window for Beimo High-Tech, coinciding with three overlapping industry benefits: acceleration in military aircraft upgrades, breakthroughs in domestic civil aviation, and opportunities for domestic substitution in global supply chains [5][6] - The military aircraft sector is entering a critical phase, providing private enterprises like Beimo High-Tech with increased opportunities for high-value component orders [5] - The C919 aircraft's entry into commercial operation marks a pivotal moment for domestic aviation, positioning Beimo High-Tech to secure a core supplier role in the industry [5][6] Group 4: Industry Outlook - The timing of expansion in the aviation manufacturing sector is closely linked to industry cycles, with strategic growth during periods of rising demand and technological change being essential for significant development [7] - Beimo High-Tech's comprehensive industry layout aligns with the broader trend towards high-end and autonomous development in the domestic aviation manufacturing sector [7]
北摩高科拟募资19.7亿元定增扩产 全产业链布局卡位航空制造升级窗口