Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.28 CNY, based on a 48x PE for 2025 [2][3]. Core Views - The company is expected to achieve small batch production and delivery of various aircraft landing gear in 2025, indicating a significant expansion in the landing gear market [6]. - The military demand is anticipated to recover, while the civil aviation brake market presents substantial domestic replacement opportunities due to geopolitical tensions affecting supply chains [6]. - The company has established a dedicated team to improve accounts receivable collection, which is expected to enhance profitability [6]. Financial Forecasts - Revenue is projected to decline to 538 million CNY in 2024, followed by a rebound to 1,078 million CNY in 2025, representing a growth of 100.3% [2][9]. - The net profit attributable to the parent company is expected to drop to 16 million CNY in 2024, but recover to 203 million CNY in 2025, reflecting a growth of 1159.7% [2][9]. - The company's gross margin is forecasted to decrease to 49.8% in 2025, with a gradual recovery to 50.7% by 2027 [2][9]. Key Financial Metrics - The company’s earnings per share (EPS) is adjusted to 0.61 CNY for 2025, with further increases to 0.82 CNY in 2026 and 1.06 CNY in 2027 [2][9]. - The net profit margin is expected to improve from 3.0% in 2024 to 22.7% in 2027 [2][9]. - The return on equity (ROE) is projected to rise from 0.6% in 2024 to 11.5% in 2027, indicating improved profitability [2][9].

Group 1 - The 55th Paris-Le Bourget International Air and Space Show will be held from June 16 to 22, 2025, with Beijing Beimo High-Tech Materials Co., Ltd. (referred to as "Beimo High-Tech") participating and engaging with major international aerospace companies such as Boeing, Embraer, Safran Group, and Liebherr Group [1] - Beimo High-Tech aims to leverage its expertise in aircraft landing gear systems and expedite cooperation projects through high-level exchanges during the airshow [1] - The company is focusing on building a second growth curve in the civil aviation market and is actively promoting its subsidiary, Saini Aviation, as an international platform to accelerate the implementation of European and American quality system standards and process certifications [1] Group 2 - Securities research reports are generally optimistic about the military and civil aviation market outlook, with GF Securities indicating that China may become the largest single market for new aircraft deliveries globally over the next 20 years [2] - Beimo High-Tech is positioned to maintain its "ballast" status in the military friction materials sector while using the airshow as a platform to promote its global layout in high-end aviation materials [2] - The company plans to embrace global partners with a more open attitude to contribute to the high-quality development of China's aerospace industry [2]