北摩高科：业绩重回增长轨道-20260319

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 long-term growth potential in the civil products market [1]. Summary by Sections Financial Performance - In 2025, the company's takeoff and landing system products generated revenue of RMB 614 million, a year-over-year increase of 96.21%, while the inspection and testing business achieved revenue of RMB 252 million, up 20.06% year-over-year [2]. - The gross margin for takeoff and landing system products was 40.97%, down 5.69 percentage points from 2024, primarily due to the increased revenue share from lower-margin landing gear business [2]. Product Development - Multiple landing gear models are in various stages of development, with some entering batch production and others undergoing ground testing [3]. - The civil aviation subsidiary has obtained several NADCAP special process certifications, enhancing the company's capabilities in the civil aviation sector [3]. Cash Flow and Capital Raising - The company has 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 company plans to raise approximately RMB 1.97 billion through a private placement to enhance its core competitiveness, focusing on expanding landing gear production capacity and civil aviation product industrialization [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].