北摩高科（002985）：业绩重回增长轨道

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 44.65 [1]. Core Views - The company has returned to a growth trajectory, achieving a revenue of RMB 918 million in 2025, representing a year-over-year increase of 70.66%, and a net profit of RMB 200 million, reflecting a significant year-over-year increase of 1138.28% [1]. - The growth in revenue and profit is attributed to the recovery in defense construction needs and the successful transition from a component supplier to a system-level supplier in the aerospace sector [1][2]. - The company is expected to continue its growth in the aerospace field, with a strong outlook for its civil products business [1]. Summary by Sections Financial Performance - In 2025, the company generated revenue of RMB 918 million, with a year-over-year growth of 70.66%. The net profit reached RMB 200 million, marking a year-over-year increase of 1138.28% [1]. - The fourth quarter of 2025 saw revenue of RMB 268 million, a year-over-year increase of 389.21% and a quarter-over-quarter increase of 40.46% [1]. Business Segments - The takeoff and landing system products generated revenue of RMB 614 million in 2025, up 96.21% year-over-year, while the inspection and testing business achieved revenue of RMB 252 million, a 20.06% increase year-over-year [2]. - The takeoff and landing system products had a gross margin of 40.97%, which decreased by 5.69 percentage points from the previous year due to the higher revenue contribution from lower-margin landing gear business [2]. Development and Innovation - Multiple landing gear models are in various stages of development, with some entering batch production and others undergoing flight tests [3]. - The company’s subsidiary has obtained several NADCAP special process certifications, enhancing its capabilities in the civil aviation sector [3]. Cash Flow and Financial Health - The company improved its cash flow management, reducing accounts receivable from RMB 1.999 billion at the end of 2023 to RMB 1.482 billion [4]. - The operating cash flow for 2025 was RMB 378 million, significantly up from RMB 185 million in 2024 [4]. Profit Forecast and Valuation - The forecasted net profit for 2026-2028 is RMB 269 million, RMB 368 million, and RMB 469 million, respectively, with a compound annual growth rate of 32.87% [5]. - The target price has been adjusted to RMB 44.65, based on a price-to-earnings ratio of 55 times for 2026 [5].