2024年05月09 证券研究报告|公司研究|军工公司点评 股市有风险入市雷迷慎 请务必阅读正文之后的免责声明部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航产融大 厦中航证券有限公司 公司网址：www.avicsec.com 联系电话:010-59219558专真:010-59562637 [证券研究报告] ②检测试验,该业务主体为子公司京瀚禹,此业务 2023年收入(3.27 亿元,-25.73%）大幅下降，主要系部分检测试验价格下降所致,毛利率 (60.06%，-9.44pcts) 有所下降。京瀚禹为扩大在军用装备检验检测领域 的影响力，持续拓展环境试验领域, 新增北京环境试验中心, 并于 2023年 11 月完成 CNAS 取证; ③刹车盘（副）, 收入（1.92亿元, +42.94%）大幅增长, 主要系民航 客户拓展所带来业务规模的提升，但民品业务的低毛利率也导致此业务毛 利率（51.92%，-34.01pcts）有所下降。另外，公司 2023年参加巴黎航展 和迪拜航展，签订了若干型号飞机机轮、刹车等产品采购和定制开发协议， 或为公司带来业绩新增量，民航业务将加速成为公司业绩增长的第二曲线 ...

Internal Control and Governance - The company has established a comprehensive internal control system, including departments such as R&D center, testing center, quality management, and finance, ensuring clear responsibilities and mutual checks among departments[28] - The company has implemented strict authorization and approval procedures for monetary fund transactions, with clear separation of incompatible positions and regular reconciliation of bank accounts[32] - Procurement processes are regulated through internal control systems, including procedures for supplier selection, contract negotiation, and payment approval[33] - The company has established asset management systems, including fixed asset management and inventory control, to ensure proper use and accurate accounting of assets[34] - The company's governance structure complies with Chinese laws and regulations, with no discrepancies found, and it continues to strengthen governance mechanisms for long-term development[1] - The company maintains independence from its controlling shareholder in terms of assets, personnel, finance, and operations, ensuring an independent business system[2] - The company's internal audit and risk assessment mechanisms are in place to ensure effective control and supervision of business operations[29] - The company has established a "Foreign Investment Management System" to strictly control investment risks, with investment decision-making authority determined based on the size of the investment according to the "Shareholders' Meeting Rules" and "Board of Directors Rules"[35] - The company has a strict confidentiality system in place, including education, personnel management, and information system management, to comply with national security laws and regulations[56] - The company has a well-established capital management system, with large-scale financing strictly following application and approval procedures to control financial risks and reduce capital costs[57] - The company has implemented a "Sales and Receivables Management System" to standardize sales, delivery, collection, and after-sales service processes[58] - The company has a "Comprehensive Budget Management System" to organize and coordinate all business activities effectively, reflecting future sales, costs, and cash flows in a planned manner[59] - The company has a "Foreign Guarantee Decision System" to define guarantee principles and standards, ensuring timely understanding of the financial status of the guaranteed party to prevent potential risks[60] - No significant defects in non-financial reports and financial reports, with 0 defects reported[63] - The company has strengthened supplier management and improved customer satisfaction, with the customer satisfaction index increasing year by year[68] - The company reported no违规对外担保情况 during the reporting period[95] - The company's董事会和管理层 focused on improving效益 and竞争实力, ensuring the delivery of key projects and fulfilling national defense responsibilities[88] - The company maintained a strong focus on股东及投资者权益保护,职工权益保护, and安全生产, with regular activities and measures to ensure compliance and safety[88] - The company's audit procedures included evaluating the effectiveness of internal controls related to revenue recognition and conducting analytical reviews of sales revenue[136] - The company's credit policy and accounts receivable management internal controls were assessed for effectiveness[158] - Identified and assessed risks of material misstatement in financial statements due to fraud or error, and designed audit procedures to address these risks[195] - Concluded on the appropriateness of management's use of the going concern assumption and assessed any significant uncertainties regarding the company's ability to continue as a going concern[196] - Communicated with governance regarding the planned audit scope, timing, and significant audit findings, including identified internal control deficiencies[198] Executive Compensation and Incentives - The company's executive compensation is structured with a base salary and performance-based pay, linked to annual targets and market standards[15] - The total pre-tax compensation for directors, supervisors, and senior management in the reporting period amounted to 612.23 million[17] - The company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place during the reporting period[27] Financial Performance and Reporting - The company's total operating income for 2023 was 9.54 billion yuan, with revenue recognized when the customer obtains control of the goods[136] - The company's profit distribution plan is to distribute a cash dividend of 0.7 yuan per 10 shares, with a total base of 331,853,600 shares[101] - The company's audit report confirmed that the financial statements for 2023 were prepared in accordance with Chinese accounting standards and fairly reflect the company's financial status[133] - The company's audit report was issued by Xin Hui Shi Bao Zi [2024] No. ZA90638, confirming the accuracy and completeness of the financial statements[133] - The company's revenue recognition policy was reviewed and compared with industry peers to ensure compliance with accounting standards[136] - Accounts receivable original value as of December 31, 2023, was 2,182.9954 million yuan, with a bad debt provision of 326.6492 million yuan[158] - The company's revenue recognition for military products is confirmed upon acceptance by military representatives, while revenue for other clients is confirmed upon delivery and receipt of customer acceptance documents[158] - The company's bad debt provision ratio was analyzed for reasonableness, comparing the provision amount with the accounts receivable balance[158] - The company's revenue recognition for testing services is confirmed upon delivery of test reports to clients[158] - The company's revenue recognition process was reviewed, including sales contracts, delivery documents, and customer acceptance records[158] - The company's revenue was analyzed for reasonableness by comparing product revenue, cost, and gross margin with the previous period[158] - The company's accounts receivable aging and customer creditworthiness were analyzed to assess the reasonableness of bad debt provisions[158] - The company's revenue cutoff testing was performed to ensure revenue was recorded in the correct accounting period[158] - The company's financial statements received a standard unqualified audit opinion from the audit firm[155] - Total assets increased to 4,575,915,430.84 from 4,189,824,587.09, reflecting growth in the company's asset base[172] - Fixed assets grew to 454,593,753.08 from 399,655,976.72, indicating significant investment in infrastructure[172] - Construction in progress surged to 111,179,003.94 from 60,312,940.85, highlighting ongoing expansion projects[172] - Total current liabilities rose to 652,124,787.56 from 517,193,923.38, showing an increase in short-term obligations[172] - Net profit for the period stood at 170,372,127.88, down from 235,022,193.06 in the previous period[184] - Basic earnings per share decreased to 0.51 from 0.71, reflecting a decline in profitability[184] - Credit impairment losses amounted to -101,332,277.21, a significant increase from -38,149,050.34, indicating higher credit risk[184] - Total non-current assets increased to 995,296,762.03 from 906,997,576.84, driven by growth in fixed assets and construction in progress[172] - Long-term equity investments remained stable at 482,000,000.00, showing no change from the previous period[176] - Deferred tax assets increased to 70,220,742.50 from 49,277,358.79, reflecting higher tax benefits recognized[172] Shareholder and Investor Relations - The company's total shares remained unchanged at 331,853,600, representing 100.00% of the total shares[87] - The company's actual controller and shareholders made commitments regarding share lock-up and减持 restrictions, with specific conditions on减持 price and volume[71][91] - The company's top 10 shareholders include new additions such as Wu Xiaoming, who holds 2,071,800 shares, accounting for 0.62% of the total shares[121] - The company's actual controller, Wang Shumin, has no other domestic or foreign listed companies under her control in the past 10 years[125] - The company's top 10 shareholders did not engage in any repurchase agreements during the reporting period[121] - The company's controlling shareholder did not change during the reporting period[114] Environmental and Social Responsibility - The company emphasized its commitment to environmental protection, safety, and social responsibility, including measures to reduce carbon emissions[88] Subsidiaries and Expansion - The company added a new wholly-owned subsidiary, Tianjin Quanshun Metal Surface Treatment Co., Ltd., during the reporting period[74] Audit and Compliance - The company's境内会计师事务所报酬 was 1.05 million yuan, with立信会计师事务所 providing连续7 years of审计 services[75]

长江证券承销保荐有限公司 关于北京北摩高科摩擦材料股份有限公司 2023 年度募集资金存放与使用情况的专项核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"、"保荐机构"）作为 北京北摩高科摩擦材料股份有限公司（以下简称"北摩高科"、"公司"）首次 公开发行股票并上市持续督导的保荐机构，根据《上市公司监管指引第2号——上 市公司募集资金管理和使用的监管要求》《深圳证券交易所上市公司自律监管指 引第1号——主板上市公司规范运作》等有关法律法规的规定，对北摩高科2023年 度募集资金存放和使用情况进行了核查，具体情况如下： 一、募集资金基本情况 1、实际募集资金金额和资金到位情况 经中国证券监督管理委员会《关于核准北京北摩高科摩擦材料股份有限公司 首次公开发行股票的批复》（证监许可〔2020〕604号）的核准，公司获准向社会 公开发行人民币普通股股票37,540,000.00股（每股面值为人民币1元），发行方式 为采用网下向投资者询价配售和网上资金申购发行相结合的方式，每股发行价格 为人民币22.53元。 截至2020年4月22日，公司实际已向社会公开发行人民币普通股37,540,000.00 股，募集资金 ...

的专项报告 信会师报字[2024]第 ZA90640 号 关于京北摩高科摩擦材料股份有 限公司非经营性资金占用及其他 关联资金往来情况的专项报告 信会师报字[2024]第 ZA90640 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.eov.c 报告编码 关于北京北摩高科摩擦材料股份有限公司 非经营性资金占用及其他关联资金往来情况 北京北摩高科摩擦材料股份有限公司全体股东: 我们审计了北京北摩高科摩擦材料股份有限公司(以下简称"北 摩高科公司")2023年度的财务报表,包括 2023年 12月 31 日的合并 及母公司资产负债表、2023 年度合并及母公司利润表、合并及母公 司现金流量表、合并及母公司所有者权益变动表和相关财务报表附注, 并于 2024 年 4 月 24 日出具了报告号为信会师报字[2024]第 ZA90638 号的无保留意见审计报告。 北摩高科公司管理层根据中国证券监督管理委员会《上市公司监 管指引第 8 号 -- 上市公司资金往来、对外担保的监管要求》(证监 会公告〔2022〕26 号)和《深圳证券交易所上市公司自律监管指南 第 1 号 -- ...

一、关于控股股东及其他关联方占用公司资金、公司对外担保情况的专项说 明和独立意见 根据《上市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要 求》等的规定和要求，我们作为公司的独立董事，本着对公司、全体股东及投资 者负责的态度，对公司报告期内公司控股股东及其他关联方占用资金的情况和公 司对外担保情况进行了认真负责的核查，发表独立意见如下： 1、2023 年度报告期内，公司与控股股东及其他关联方的资金往来均为正常 的经营性资金往来，不存在控股股东及其他关联方违规占用公司资金的情况，也 不存在以前期间发生延续至报告期的控股股东及其他关联方违规占用公司资金 的情况； 2、2023 年度报告期内，公司未发生对外担保，也没有延续到报告期的对外 担保事项。公司没有为控股股东、实际控制人及其他关联方、任何法人单位、非 法人单位或个人提供担保。 二、审议通过《关于公司<2023 年度募集资金存放与使用情况的专项报告> 的议案》 经认真核查，我们认为： 公司董事会编制的《关于公司 2023 年度募集资金存放与实际使用情况的专 项报告》真实、客观地反映了公司 2023 年度募集资金存放与实际使用的情况。 报告期内，公 ...

证券代码：002985 证券简称：北摩高科 公告编号：2024-008 北京北摩高科摩擦材料股份有限公司（以下简称"公司"或"本公司"）于 2024 年 04 月 14 日以专人送达方式，发出了关于召开公司第三届董事会第九次 会议的通知，本次会议于 2024 年 04 月 24 日上午在公司会议室以现场结合通讯 方式召开。会议应出席董事 7 人，实际出席董事 6 人，董事长王淑敏因私缺席本 次董事会，公司监事及高级管理人员列席了会议。会议由公司副董事长王飞女士 主持。本次会议的召集、召开程序符合《中华人民共和国公司法》等相关法律、 行政法规、部门规章、规范性文件和《公司章程》的相关规定。 二、董事会会议审议情况 与会董事经过认真讨论，形成如下决议： 1、审议通过《关于公司 2023 年度总经理工作报告的议案》 与会董事认真听取了总经理张天闯所作的《公司 2023 年度总经理工作报告》， 认为该报告客观、真实地反映了 2023 年度公司经营管理层落实董事会决议、管 理生产经营、执行公司各项制度等方面的工作及取得的成果。 董事会同意此议案。 北京北摩高科摩擦材料股份有限公司 第三届董事会第九次会议决议的公告 本公 ...

证券代码：002985 证券简称：北摩高科 公告编号：2024-016 北京北摩高科摩擦材料股份有限公司 关于会计估计变更的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、根据《企业会计准则第 28 号--会计政策、会计估计变更和差错更正》的 相关规定，北京北摩高科摩擦材料股份有限公司（以下简称"公司"或"本公司"） 对本次会计估计变更采用未来适用法进行会计处理，无需对已披露的财务报告进 行追溯调整，不会对以前年度财务状况和经营成果产生影响。 2、经公司财务部门初步测算，本次会计估计变更后，预计公司 2024 年的固 定资产折旧费用减少约 2,338.05 万元人民币，归属于母公司所有者的净利润增 加约 1,743.89 万元人民币。最终影响金额以经审计的金额为准。 一、会计估计变更情况概述 公司固定资产的折旧采用年限平均法计提，根据控股子公司北京京瀚禹电子 工程技术有限公司（以下简称"京瀚禹"）生产设备的实际使用情况，及参考行 业同类生产设备的行情和实际使用情况，将部分"固定资产-生产设备"的预计 使用年限由 5 年变更为 10 年，根 ...

证券代码：002985 证券简称：北摩高科 公告编号：2024-012 北京北摩高科摩擦材料股份有限公司 关于拟续聘公司 2024 年年度审计机构的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 北京北摩高科摩擦材料股份有限公司（以下简称"公司"或"本公司"）于 2024 年 4 月 24 日召开第三届董事会第九次会议、第三届监事会第七次会议，分 别审议通过了《关于拟续聘公司 2024 年年度审计机构的议案》，该议案尚需提交 公司 2023 年年度股东大会审议，现将相关事宜公告如下： 一、拟聘任会计师事务所事项的情况说明 立信会计师事务所（特殊普通合伙）（以下简称"立信"）的相关从业资格符 合《中华人民共和国证券法》的规定，具有丰富的上市公司审计工作经验，已连 续多年为公司提供审计服务。在过去的审计服务中，坚持独立审计准则，能够勤 勉尽责，严格遵循相关法律、法规和政策，按进度顺利完成公司各项审计工作。 出具的各项报告能够客观、公正、公允地反映公司财务情况和经营结果，较好地 履行了审计机构职责，从专业角度维护了公司及股东的合法权益。为保持审计业 务的一致性 ...

北京北摩高科摩擦材料股份有限公司 2023 年度独立董事述职报告 （季学武） 各位股东及股东代表： 本人（季学武）作为北京北摩高科摩擦材料股份有限公司的独立董事，严格 按照《公司法》、《北京北摩高科摩擦材料股份有限公司公司章程》（以下简称"《公 司章程》"）、《北京北摩高科摩擦材料股份有限公司独立董事工作制度》等有关规 定，勤勉尽责、充分发挥独立董事的独立性、专业性作用，有效维护了公司整体 利益和全体股东，尤其是中小股东的合法权益。2023 年度具体履职情况报告如 下： 一、独立性情况 在担任公司独立董事期间，本人任职符合《上市公司独立董事管理办法》第 六条规定的独立性要求，不存在影响独立性的情况。 二、出席会议情况 2023 年度，公司共计召开了 3 次股东大会和 3 次董事会会议。 本人作为公司的独立董事，本着勤勉、对全体股东负责的态度，充分发挥专 业所长，认真审阅公司提交的相关会议资料，听取管理层的汇报，积极参与并发 表了自己的意见和建议。2023 年度，本人对历次董事会的各项提案均投了赞成 票，没有反对、弃权的情形。 2023 年度，本人参加公司董事会及股东大会情况： 董事会 股东大会 应出席 次数 ...

北京北摩高科摩擦材料股份有限公司 2024 年第一季度报告 北京北摩高科摩擦材料股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 3.第一季度报告是否经审计 1 一、主要财务数据 | --- | --- | --- | --- | |------------------------------------------------------|------------------|------------------|--------------------------------| | □是 否 | 本报告期 | 上年同期 | 本报告期比上年同期增减 （ % ） | | 营业收入（元） | 240,048,930.35 | 314,660,585.53 | -23.71% | | 归属于上市公司股东的净利 润（元） | 73,411,283.08 | 135,016,606.20 | -45.63% | | ...