8月27日下午3点，北京北摩高科摩擦材料股份有限公司举行业绩说明会，接受了兴业证券、华安证券、 信达澳亚基金、长盛基金、华夏久盈资产、招银理财等9家机构及1位个人投资者的调研。北摩高科实际 控制人王淑敏，副总经理、董事会秘书王习现场接待。 关于半年报，公司表示营业收入增长得益于起落架、刹车盘和机轮业务同比增长，起落架业务增长幅度 较大。 上半年，北摩高科新完成两型起落架的阶段鉴定工作并开始批量交付，已完成四型机多架份交付，同时 扩充生产线、采购设备以提升产能，下半年起落架业务有望实现更多交付。 民航业务方面，上半年公司开展多个型号民航大飞机刹车盘的STC取证及某型国产飞机项目刹车盘地面 台架试验，子公司赛尼航空和天津全顺进行多项NADCAP认证申请筹备，预计8月底前完成五类特殊过 程的资质认证，有望提升民用市场产值。此外，公司上半年参与巴黎航展，与美国波音公司等国际航空 巨头交流洽谈，计划推动合作项目实施。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限 ...

证券代码：002985 证券简称：北摩高科 北京北摩高科摩擦材料股份有限公司 投资者关系活动记录表 民航方面，公司上半年陆续开展多个型号民航大飞机 刹车盘的 STC 取证，以及某型国产飞机项目刹车盘的地面 台架试验。民航特种工艺认证方面，开展热处理、无损检 测、表面处理、火焰喷涂、喷丸等多项 NADCAP 认证，上半 年，公司子公司赛尼航空和天津全顺完成了 NADCAP 认证的 申请和筹备，预计8月底前完成五类特殊过程的 NADCAP 资 质认证，或将大力提升民用市场领域的产值，助力公司进 入全球顶级供应链。 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他（电话交流会） | | 活动参与人员 | 兴业证券 石础 | | | 华安证券 邓承佯 | | | 信达澳亚基金 陈一博 | | | 长盛基金 王柄方 | | | 长盛基金 钱文礼 | | | 长盛基金 滕光耀 | | | 华夏久盈资产 谢达成 | | | 招银理财 姚思劼 | | | 个人投资者 孙迅 ...

本报讯 （记者李乔宇）8月27日，北京北摩高科摩擦材料股份有限公司（以下简称"北摩高科"）披露 2025年半年度报告。公告显示，今年上半年，北摩高科实现营业收入4.60亿元，同比增长33.40%；实现 归属于上市公司股东的净利润8097.61万元，同比增长21.50%，实现归属于上市公司股东的扣除非经常 性损益的净利润7981.68万元，同比增长29.68%，其中，母公司营业收入同比增长58.99%。 公告显示，今年上半年，北摩高科营业收入增长的主要原因为公司的起落架业务、刹车盘业务和机轮业 务同比均实现一定增长。 从具体业务来看，起落架方面，2025年上半年，北摩高科新完成两型起落架的阶段鉴定工作，并同步开 始批量交付。截至目前已完成四型机多架份的批量交付。同时，北摩高科扩充起落架生产线，逐步提升 产能，配套采购多项起落架加工设备，为后续的产品交付提供保障。 刹车控制系统及机轮方面，2025年上半年，北摩高科某两型机机轮完成状态鉴定并批量交付，某型机起 落架、机轮完成阶段鉴定并小批交付，某型机起落架、某两型机机轮、某型机温度压力监控离冷却装置 装机试飞成功，其余若干型号研制工作进展顺利。同时，刹车控制系统、 ...

Group 1: Company Overview and Market Position - Beijing Beimo High-tech Friction Material Co., Ltd. is actively participating in the domestic aircraft manufacturing sector, particularly in the localization of various aircraft models [2][5]. - The company’s brake products are categorized under onboard systems, and it is currently involved in the certification stages for several models [3][4]. Group 2: Market Dynamics and Challenges - The civil aviation brake system market is predominantly monopolized by foreign giants such as Goodrich, Honeywell, and Messier Bugatti, leading to increased import costs for domestic airlines due to geopolitical tensions [4]. - As of 2024, the fleet sizes of major Chinese airlines are: Air China (930 aircraft), China Southern Airlines (917 aircraft), and China Eastern Airlines (804 aircraft), indicating significant potential for domestic product substitution in the brake system market [4]. Group 3: Future Strategic Initiatives - The company aims to leverage its product quality, service, and technological advantages to contribute to the domestic aircraft manufacturing strategy [5][6]. - Plans include expanding into the international civil aviation market through its subsidiary, Saini Aviation, by integrating existing personnel and production lines [6]. Group 4: Financial Performance and Accounts Receivable - As of the end of 2024, the accounts receivable balance was 1.546 billion yuan, a decrease of 310 million yuan compared to the end of 2023, attributed to improved customer payments [8]. - By the first quarter of 2025, accounts receivable increased to 1.578 billion yuan, reflecting a growth of 2.05% since the beginning of the year [8]. Group 5: Business Development in Aerospace - The landing gear business achieved revenue of 83.92 million yuan in 2024, marking a year-on-year growth of 1766.18% [7]. - The company is focusing on lightweight and high-performance technologies, including the application of titanium alloys and new flame spraying processes [7].

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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [6]. Core Insights - The company experienced a significant decline in revenue in 2024, with a total revenue of 538 million yuan, down 43.62% year-on-year, and a net profit attributable to shareholders of 16 million yuan, down 92.57% [1][2]. - In Q1 2025, the company reported a revenue of 262 million yuan, reflecting a year-on-year increase of 9.27%, and a net profit of 53.8 million yuan, although this was still a decline of 26.72% compared to the previous year [1][2]. - The company’s landing gear business is expected to ramp up, with significant revenue potential as various models reach important application milestones [3]. - The domestic aviation brake products are poised to benefit from the trend of localization and self-sufficiency in the aviation supply chain, particularly as domestic airlines face rising import costs [4]. Summary by Sections Financial Performance - In 2024, the company’s revenue from various segments included 163 million yuan from aircraft brake control systems, 210 million yuan from wheels, 65.83 million yuan from testing, and 83.62 million yuan from landing gear, with respective year-on-year changes of -60.60%, -35.98%, -65.80%, and +1766.18% [2]. - The gross margins for these segments were 56.08%, 63.46%, 64.90%, and 13.91% respectively, indicating a shift towards lower-margin products [2]. Business Development - The company has made progress in the research and delivery of multiple landing gear types, with expectations for continued revenue growth in 2025 [3]. - A new surface treatment production line for military and civilian large aircraft landing gear has been put into operation, which is expected to enhance cost efficiency and support production and delivery timelines [3]. Market Outlook - The report forecasts a recovery in net profit, projecting 188 million yuan in 2025, 355 million yuan in 2026, and 461 million yuan in 2027, with corresponding EPS estimates of 0.57, 1.07, and 1.39 yuan [4][5]. - The company’s current stock price corresponds to a PE ratio of 47x for 2025, 25x for 2026, and 19x for 2027, suggesting potential for valuation improvement as earnings recover [4][5].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, primarily due to delayed contract signings and an increase in the proportion of lower-margin landing gear business, but anticipates a recovery in demand and growth in the coming years [1][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 538 million yuan, a year-over-year decrease of 43.62%, and a net profit of 16.15 million yuan, down 92.57% year-over-year [1]. - The company's various business segments experienced revenue declines, with the aircraft brake control systems and wheels generating 163 million yuan (down 60.60%), testing and inspection services at 210 million yuan (down 35.98%), and brake discs at 66 million yuan (down 65.80%) [2]. - The landing gear business, however, saw a remarkable increase in revenue to 84 million yuan, a year-over-year growth of 1766.18%, marking it as a new growth curve for the company [2]. Group 2: Future Outlook - For Q1 2025, the company reported revenue of 262 million yuan, a year-over-year increase of 9.27%, while net profit was 54 million yuan, down 26.72% due to increased R&D expenses and credit impairment losses [3]. - The company expects demand in the military aircraft sector to gradually recover, with significant growth anticipated in the wheels and brake discs segments, and the landing gear business emerging as a new growth point [3]. - The civil aviation brake business is expected to benefit from domestic substitution opportunities, particularly as the cost of imported materials rises, leading to potential rapid growth [3]. Group 3: Profit Forecast and Valuation - The company forecasts net profits of 249 million yuan, 351 million yuan, and 459 million yuan for 2025-2027, reflecting a downward adjustment due to increased R&D investment and a higher proportion of lower-margin landing gear revenue [4]. - The target price for the company is set at 40.60 yuan, based on a 54 times PE ratio for 2025, indicating a significant increase from the previous target of 23.46 yuan [4].

Core Viewpoint - Beijing Beimo High-Tech Friction Material Co., Ltd. (referred to as "Beimo High-Tech") reported significant declines in multiple financial metrics for the year 2024, including a 92.57% drop in net profit and a 207.51% increase in financial expenses, indicating a challenging operational environment that warrants investor attention [1][3][10]. Revenue Performance - In 2024, Beimo High-Tech achieved operating revenue of 537,899,353.73 yuan, a decrease of 43.62% from 954,016,301.63 yuan in the previous year, primarily due to delays in contract signing and pricing [2]. - Military product revenue was 473,341,934.65 yuan, down 35.55%, while civilian product revenue fell 70.59% to 64,557,419.08 yuan [2]. - Key product revenues saw significant declines, with aircraft brake control systems and wheels down 60.60%, brake discs down 65.80%, and testing income down 35.98% [2]. Profitability Analysis - The net profit attributable to shareholders was 16,154,211.77 yuan, a sharp decline of 92.57% from 217,431,178.89 yuan in the previous year, driven by revenue decline, changes in product mix, and slower accounts receivable collections [3]. - The net profit excluding non-recurring gains and losses was 6,156,135.22 yuan, down 97.05% from 208,948,387.28 yuan, indicating severe deterioration in core profitability [4]. Earnings Per Share - Basic earnings per share dropped to 0.05 yuan, a decrease of 92.42% from 0.66 yuan in the previous year, reflecting a significant reduction in shareholder returns [5]. - The diluted earnings per share, excluding non-recurring items, was only 0.02 yuan, further highlighting the challenges in core business profitability [6]. Expense Overview - Financial expenses surged by 207.51% to 7,799,648.09 yuan, primarily due to increased interest expenses from loans related to the acquisition of minority interests in Jinghan Yu [10]. - Sales expenses decreased by 16.42% to 29,347,420.78 yuan, potentially due to adjustments in sales strategies [7]. - Management expenses also fell by 19.45% to 62,202,563.96 yuan, suggesting cost control measures [8]. Research and Development - R&D expenses decreased by 32.78% to 57,603,921.26 yuan, representing 10.71% of operating revenue, indicating a need for balance between cost control and innovation [11]. - The number of R&D personnel decreased by 18.72% to 165, with a notable drop in the number of undergraduate staff, which may impact innovation capabilities [12]. Cash Flow Analysis - Operating cash flow net decreased by 8.03% to 184,515,302.06 yuan, primarily due to reduced sales collections [13]. - Investment cash flow net decreased by 27.30% to -109,729,044.51 yuan, reflecting a more cautious investment strategy [14]. - Financing cash flow net saw a dramatic decline of 13,006.27% to -422,283,601.29 yuan, largely due to borrowings for acquisitions and cash dividends [15].