Core Viewpoint - Beimo High-tech (002985.SZ) is strengthening its core competitiveness in the aviation industry through a significant fundraising plan of up to 1.97 billion yuan for capacity expansion and product industrialization projects [1][3]. Group 1: Fundraising and Investment Projects - Beimo High-tech plans to raise no more than 1.97 billion yuan through a private placement, with net proceeds allocated to projects including the expansion of takeoff and landing system capacity, civil aviation product industrialization, and enhancing airworthiness capabilities for large civil aircraft [3][4]. - The investment in the takeoff and landing system capacity expansion project totals 1.005 billion yuan, with 888 million yuan from the raised funds, aimed at improving production scale and quality [3]. - The civil aviation product industrialization project has a total investment of 338 million yuan, with 304 million yuan planned from the fundraising, providing capacity support for the expansion of civil aviation business [3]. - The airworthiness capability enhancement project for large civil aircraft will require 205 million yuan, with 188 million yuan from the raised funds, aimed at improving technical services to meet market demands [4]. - Additionally, 590 million yuan will be allocated to supplement working capital, increasing the company's financial reserves [5]. Group 2: Financial Performance - In the first three quarters of 2025, Beimo High-tech achieved operating revenue of 650 million yuan, a year-on-year increase of 34.6%, and a net profit attributable to shareholders of 128 million yuan, up 53.2% year-on-year [6]. - The net profit excluding non-recurring gains and losses reached 126 million yuan, reflecting a significant year-on-year increase of 71.08%, indicating that profit growth outpaced revenue growth [6]. - The net cash flow from operating activities turned positive at 219 million yuan, a substantial improvement from a negative 55.65 million yuan in the same period of 2024 [6]. Group 3: Research and Development - Beimo High-tech's R&D expense ratio reached 10.42% in the first three quarters of 2025, continuing to solidify its technological barriers [2][7]. - R&D expenses decreased by 1.56% year-on-year to 67.8 million yuan, while the R&D expense ratio remained high, indicating a focus on innovation as a key driver for business development [7]. - The company has consistently increased its R&D expense ratio from 6.71% in 2021 to 10.71% in 2024, demonstrating a commitment to enhancing its technological capabilities [7].
北摩高科抛19.7亿定增加码主业 研发费用率10.42%夯实技术壁垒