内容概要：飞机零部件较多，近九成零部件或材料能被回收再利用，其中最有利用价值的飞机零部件包 括发动机、起落架、电子设备、作动筒等部件，经检测认证后的飞机零部件可重新回到航材市场。规范 的飞机拆解可提高飞机零部件的利用价值，降低航空企业运营成本。近年来，随着我国航空旅行需求迅 速反弹，推动了飞机的维修需求，加之原始设备制造商（OEM）的原厂供应链紧张，价格较高，这直 接推动航空公司和其他运营商对二手零部件的需求，飞机拆解业务量不断增加。此外，中国飞机拆解行 业技术水平不断提高，自动化、智能化拆解技术逐渐普及，有效提高了生产效率和产品质量，降低了人 工成本，使得企业能够处理更多的退役飞机，推动了行业市场规模的扩大。2024年中国飞机拆解行业市 场规模达到89.57亿元，同比上涨5.3%。 相关上市企业：海特高新（002023）等。 相关企业：东方航空技术有限公司、广州飞机维修工程有限公司、大新华飞机维修服务有限公司、中龙 欧飞飞机维修工程有限公司、贝迪克凌云(宜昌)飞机维修工程有限公司、厦门太古飞机工程有限公司、 华夏飞机维修工程有限公司、禧佑源航空科技集团有限公司、四川赛福威飞机维修服务有限公司等。 关键词：飞 ...

Core Viewpoint - The performance meeting held by Beijing Beimo Gaoke Friction Material Co., Ltd. highlighted significant growth in revenue driven by the landing gear, brake disc, and wheel businesses, with a notable increase in landing gear operations [1][2]. Group 1: Financial Performance - The company reported revenue growth attributed to the increase in landing gear, brake disc, and wheel businesses, with landing gear operations showing substantial growth [1]. - In the first half of the year, the company completed stage certification for two types of landing gear and began bulk deliveries, having delivered multiple units of four types of aircraft [1]. Group 2: Civil Aviation Business - The company engaged in multiple civil aviation large aircraft brake disc STC certification and ground test projects for a certain type of domestic aircraft, with plans to complete five special process certifications by the end of August [2]. - Participation in the Paris Air Show facilitated discussions with international aviation giants like Boeing, aiming to promote collaborative projects [2]. Group 3: Subsidiary Performance - The subsidiary Jinghanyu maintained stable revenue year-on-year in the first half of 2025, with net profit increasing due to cost reduction and efficiency improvement measures [2]. - Jinghanyu achieved five invention patents and completed 4,018 R&D tasks, maintaining a leading position in the military electronic component testing industry [2]. Group 4: Strategic Initiatives - The new management's civil aviation strategy includes active participation in the domestic aircraft manufacturing process and leveraging PMA supplier qualifications to meet airline maintenance needs [2]. - The strategy also involves resource integration through the subsidiary Saini Aviation to expand into the international civil aviation market by adhering to European and American quality systems [2].

Financial Performance - In the first half of 2025, the company achieved operating revenue of 460 million yuan, a year-on-year increase of 33.40% [2][3] - Net profit attributable to shareholders reached 80.98 million yuan, up 21.50% year-on-year [2] - The net profit excluding non-recurring gains and losses was 79.82 million yuan, reflecting a growth of 29.68% [2][3] - The parent company's operating revenue grew by 58.99% year-on-year [3] Business Development - The company completed phase verification for two types of landing gear and began batch deliveries, with four types of aircraft already delivered [4] - In civil aviation, multiple STC certifications for aircraft brake discs were initiated, and NADCAP certifications for various processes are expected to be completed by the end of August [5] - Participation in the Paris Air Show facilitated productive discussions with major international aviation companies, aiming to enhance collaboration [5] Cash Flow and Receivables - The net cash flow from operating activities was 131 million yuan, a significant improvement from a negative 90.73 million yuan in the same period last year [6] - Cash received from sales and services amounted to 368 million yuan, an increase of 93 million yuan year-on-year, indicating improved collection quality [6][7] Subsidiary Performance - The subsidiary Jinghan Yu maintained stable revenue, with net profit increasing due to cost control measures [8] - The subsidiary achieved breakthroughs in testing technology, securing five invention patents and completing 4,018 R&D tasks [8] Future Strategic Plans - The company aims to contribute to the domestic aircraft manufacturing strategy by leveraging its quality, service, and technical advantages [9] - Plans to expand into the civil aviation market by utilizing existing PMA supplier qualifications to meet maintenance and replacement needs [9] - Future international market cooperation will be driven through the subsidiary Saini Aviation, focusing on quality system certification and process standardization [9]

Core Viewpoint - Beijing Beimo Gaoke Friction Material Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by its landing gear, brake disc, and wheel businesses [2][3][4]. Group 1: Financial Performance - The company achieved operating revenue of 460 million yuan, a year-on-year increase of 33.40% [2]. - The net profit attributable to shareholders reached 80.9761 million yuan, up 21.50% year-on-year [2]. - The net profit excluding non-recurring gains and losses was 79.8168 million yuan, reflecting a growth of 29.68% [2]. - The parent company's operating revenue saw a remarkable increase of 58.99% year-on-year [2]. Group 2: Business Development - The landing gear segment completed phase verification for two types of landing gear and began batch deliveries, with four types of aircraft already delivered [2]. - The company expanded its landing gear production line and procured multiple processing equipment to enhance capacity [2]. - In the brake control system and wheel segment, the company successfully completed state verification and batch deliveries for certain aircraft models [3]. Group 3: Product Innovation and Market Expansion - The company is actively developing carbon-carbon and carbon-ceramic brake discs, with production lines entering the trial production phase [4]. - In the civil aviation sector, the company is conducting STC certification for multiple large aircraft brake discs and ground tests for a domestic aircraft project [4]. - The company participated in the Paris Air Show, engaging in productive discussions with major international aviation companies, aiming to accelerate cooperation projects [4].

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].