Changjiang Securities Company Limited(000783) underwriting and recommendation Co., Ltd
About Beijing Beimo High-Tech Frictional Material Co.Ltd(002985)
Verification opinions on the extension of some investment projects with raised funds
Changjiang Securities Company Limited(000783) underwriting recommendation Co., Ltd. (hereinafter referred to as "Changjiang recommendation" and "recommendation institution") is a recommendation institution for Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) (hereinafter referred to as " Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) " and "company") to conduct initial public offering and continuous supervision of listing, According to the provisions of relevant laws and regulations such as the administrative measures for securities issuance and listing recommendation business, the guidelines for the supervision of listed companies No. 2 - regulatory requirements for the management and use of raised funds by listed companies, and the guidelines for the self discipline supervision of listed companies of Shenzhen Stock Exchange No. 1 - standardized operation of listed companies on the main board, the company has conducted a prudent verification on the extension of some of the company's investment projects with raised funds. The verification results are as follows:
1、 Basic information of raised funds
With the approval of the reply on the approval of Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) initial public offering of shares (zjxk [2020] No. 604) issued by China Securities Regulatory Commission, the company was approved to publicly issue 3754000000 ordinary shares (with a par value of RMB 1 per share) to the public. The issuance method was a combination of offline inquiry and placement to investors and online capital purchase and issuance, with an issue price of RMB 22.53 per share. As of April 22, 2020, the company has actually issued 3754000000 ordinary shares to the public, and the total amount of funds raised is 84577620000 yuan. After deducting 7169487925 yuan of issuance expenses, the net amount of funds actually raised is 77408132075 yuan. The availability of funds has been verified by Lixin Certified Public Accountants (special general partnership), and a capital verification report (xksbz [2020] No. za90148) has been issued.
2、 Progress of fund use of some projects invested with raised funds
As of December 31, 2021, the use progress of the raised funds of the company's "aircraft landing system technology R & D center construction project" is as follows:
Unit: 10000 yuan
Project Name: proposed to use the raised funds to raise the accumulated investment progress of the funds. Is there a significant change in the investment amount and capital in the feasibility of the project
Aircraft landing system technology
Construction of technology R & D center 1450 Caissa Tosun Development Co.Ltd(000796) 971 54.96% no
project
(I) details of the extension of some investment projects with raised funds
In combination with the actual construction and investment progress of the current raised capital investment project, the company plans to adjust the time when it reaches the expected usable state without changing the implementation subject, investment purpose and investment scale of the raised capital investment project, and the "construction project of aircraft landing system technology R & D center" will be extended to December 31, 2023.
(II) reasons for the delay of some investment projects with raised funds
The "construction project of aircraft landing system technology R & D center" invested by the company with raised funds is mainly due to the failure to complete the acceptance of the purchased equipment as planned due to the impact of the epidemic. The implementation content of the project has not changed.
4、 Re argumentation of investment projects with raised funds
(I) necessity of project construction
(1) It is conducive to meeting the development needs of the modernization of weapons and equipment
With the changing international situation facing China, the modernization process of our military's weapons and equipment will be accelerated, and a number of advanced weapons and equipment have begun large-scale research and development, production or assembly. In the future, it is expected that the military expenditure of our army will maintain rapid growth, the proportion of military expenditure in GDP will gradually increase, and the investment of the air force and Navy will be better than that of other military equipment, so the investment of aviation weapons and equipment will continue to increase.
The products of this project are mainly used in new military fighters, fighter bombers, bombers and transport aircraft of our army. It is an important supporting of aviation weapons and equipment. This project is conducive to meeting the development needs of the modernization of our army's weapons and equipment.
(2) The need for forward-looking technical reserves in accordance with military construction objectives and industrial development plans
According to the national defense white paper issued by the Ministry of national defense, after entering 2013, the focus of military expenditure growth has changed from "improving military support conditions" to "focusing on the construction and development of armed forces".
There are many types of military aircraft, new equipment is updated quickly, there are many technical links in aircraft landing system design, and it is difficult to tackle key technologies. There are strong requirements for the R & D ability and technology accumulation of the enterprise. The sustainable development of the company needs to focus on the development of forward-looking, leading, exploratory and subversive technologies according to the demand changes and development planning of Chinese military aircraft, so as to form the basic reserve of the company, Provide support for the R & D and upgrading of follow-up aircraft landing system products, promote the military application of civil advanced science and technology, and accelerate the transformation of cutting-edge technology into real combat effectiveness and national economy.
In order to maintain the leading technology advantage in the industry, the company needs to increase the investment in technology research and development through the implementation of this project, and make research and development reserves for forward-looking technologies, so as to improve the technical competitiveness and maintain and enhance the market competitive position.
(3) The only way to catch up with and surpass the advanced level of foreign aircraft brake control system
At present, one of the biggest developments in the field of aircraft braking control system is all electric braking. Its basic idea is to replace the existing hydraulic system including oil tank, hydraulic motor and hydraulic pipeline with electrical system. The hydraulic piston is replaced by electromechanical actuator in all electric brake. The electromechanical actuator includes a rotating motor and some mechanical devices that convert the rotating motion of the motor into linear motion. The current electric brake is heavier than the equivalent hydraulic brake, but if the whole system is considered, the electric brake has the potential advantage of weight reduction. The greater advantage is that the electric brake removes the safety brought by the potential combustion source, brings better controllability, and improves the braking efficiency.
The implementation subject of the project Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) closely follows the latest trend of international aircraft braking control system and has successfully developed the technology and application of aircraft all electric braking control system, which makes up for the lack of professional ability of aircraft braking in China. The implementation of this project is that the company takes advantage of its leading technology, continues to follow the direction of international advanced technology, expand production capacity, meet the needs of China's modern military aircraft, and continue to contribute to the growth of China's national defense.
(4) The necessary path to implement the company's strategy
Since its establishment, the company has been mainly engaged in the R & D, production and sales of landing gear and landing system of military and civil dual-use aerospace aircraft and braking products of high-end equipment such as tanks, armored vehicles and high-speed trains. After years of continuous development and innovation, the company has become one of the few enterprises in China that have achieved comprehensive research on friction materials, brake pads, braking system, wheels and landing gear and have outstanding competitive advantages.
According to the company's established development strategy, the company is committed to building a complete aircraft landing system, which can provide an overall landing system with better matching and coordination in the process of product supply. Due to the emphasis on systematic development in aircraft landing system, the company needs to carry out all-round development in the fields of braking device, braking control system, wheel and landing gear, and realize overall solutions in technology. At present, the company has established deep technology accumulation and high market share in other fields except landing gear. Therefore, it is urgent to strengthen technology accumulation and product development in the field of landing gear and improve the technical service ability in the field of landing gear products, so as to provide strong support for the construction of a complete solution of aircraft landing system.
The project will comprehensively carry out the R & D, trial production and testing of landing gear product technology, effectively improve the comprehensive competitiveness of the enterprise and expand the competitive advantage of the enterprise from many aspects. After the completion of the project, on the one hand, the R & D and test level of the company's automatic braking technology, asymmetric load anti-skid braking control technology and accessory integration technology will be enhanced; At the same time, the company will leap to a new level in terms of production scale, product structure and technical equipment level, so as to promote the substantial growth of business scale and profit level, which is conducive to the further improvement of the company's core competitiveness and market position.
(II) feasibility of project construction
(1) The national policy provides a good policy guarantee for the project
The construction of the project is in line with the guiding direction of national policies. It is a technical field in which the state focuses on accelerating breakthrough and innovation. With the strong support of national policies, it provides a strong policy feasibility guarantee for the smooth implementation of the project.
(2) The company's achievements, experience and technical accumulation in the field of aircraft brake control system provide a guarantee for the smooth implementation of the project
Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) since 2009, the research and development of aircraft brake control system has been carried out. The successful development of the brake control system of the first aircraft model has solved the most worrying problem in the use of electronic anti-skid brakes in the outfield of the Chinese army. At present, the biggest problem exposed to the outfield electronic anti-skid brake control system is that the hydraulic spray block servo valve used in the traditional aircraft anti-skid brake control system has weak anti aircraft oil cleanliness pollution ability. The hydraulic spray block servo valve has very high requirements for the oil cleanliness of the hydraulic system, and the oil cleanliness conditions for normal operation are at least above level 7. Therefore, the brake control system has very high requirements for the actual use and maintenance of outfield aircraft Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) made great efforts to overcome the difficulties, made design changes to the hydraulic servo valve with many exposed problems in the field, and obtained a number of technical patents (Patent No.: 12012180046011; 22012180046026; 32013180013169; 4201318 San Yang Ma (Chongqing) Logistics Co.Ltd(001317) 3; 5-2012sr081291), which improved the performance and reliability of the aircraft brake control system.
The successful development of anti-skid braking control system of new aircraft and all electric braking technology of aircraft have laid a foundation for our leading technology in many aspects in the same industry in China.
① The powerful DSP chip is used in Chinese small aircraft. Its multi-functional hardware and flexible software make it more convenient and reliable for the brake control system to complete real-time control;
② The on-line upgrade function of product software is added to the aircraft brake control system to provide a superior platform for product upgrade, function improvement and outfield service;
③ The jet pipe hydraulic servo valve is used in the brake control system, which greatly improves the anti hydraulic oil cleanliness pollution ability of the aircraft brake control system, and can work reliably for a long time under the condition of level 9 specified in gjb420b; ④ The design of large surplus data storage of aircraft brake control system provides a data basis for product function verification and accurate location analysis of field faults;
⑤ In the aircraft braking control system, the physical isolation redundancy control mode is adopted. The interfaces of various accessories of the anti-skid braking control system are independently distributed with hinges. The real-time control of the system anti-skid braking is simple and reliable;
⑥ The dynamic test of all electric braking inertia platform on large aircraft is successful, and the braking is safe, stable and reliable under 1 / 8 extreme state.
In 1982, foreign countries began to study the aircraft all electric brake control system. At present, all electric aircraft braking technology has been widely used in foreign military and civil aircraft, such as boeing-787-8, - 9 series, A-10, F16, X-45A, rq-4b and other fighters and UAVs. All electric braking control system devices have been used, especially on UAVs. Although the research on all electric braking technology of Chinese aircraft began in the 1980s, it is still in the stage of exploration and trial application Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) through independent research and development, it has made a breakthrough in the research of all electric braking technology for large aircraft and UAV, solved the hot spots, difficulties and key problems in the development of all electric braking technology such as motor control, torque transmission and response, narrowed the gap between us and the advanced level of foreign aircraft braking, and is of great significance to the development and application of all electric aircraft braking control system for Chinese aircraft. At present, the aircraft brake control system products independently researched, developed and produced by us have been widely used in a number of key models of aircraft, which has played an important role in China's anti-aircraft industry and laid a solid technical foundation for the research and development of all electric brake control system technology in this project.
(3) The company's early exploration in the field of landing gear technology has provided a good foundation for the smooth implementation of this project. At present, there are about 500 helicopters in service in China, and the subsequent production is still under order. During the use of this series of helicopters in the army, the landing gear system has unsolved technical and quality problems, such as the buffer is easy to get stuck, the front wheel turning force is large, oil leakage and so on. The existence of these technical quality problems has seriously affected the normal execution of flight missions by the army, and brought difficulties to the normal operation of pilots and ground maintenance. In this regard, the military has repeatedly reflected and hoped that the manufacturing unit will find out the cause of the fault as soon as possible and take effective measures to solve the problem, so as to meet the requirements of the military flight mission Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) aiming at the above problems existing in the landing gear of a certain type of helicopter, the project of tackling key technical problems of landing gear was launched. On the one hand, through structural improvement and experimental research, we can solve the existing quality problems and solve problems for the army; On the other hand, after the successful development of the project, it can be used as a production unit of landing gear spare parts of a certain type of helicopter to solve the problem of untimely supply of military spare parts and equipment. At the same time, a competitive mechanism is formed to improve the technical quality and service quality of products.
The company has made preliminary exploration on the technical problems of the landing gear of a certain type of helicopter, which not only provides preliminary demonstration and preparation for the technical research and development and product trial production of the next project, but also provides a good technical foundation for the smooth implementation of the project.
(4) Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) has met all conditions for project implementation
In terms of qualification, Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) is a designated scientific research and production unit of weapons and equipment of the equipment development department of the Military Commission. It is a professional manufacturer for the development and production of braking systems for civil military aircraft and ground equipment. The company has obtained the license and certification related to military supporting business from the military and industry competent departments and the approval of manufacturers of various types of civil aviation parts in China, which has the foundation for project implementation.
In terms of talents, the company has a first-class talent team in China. Most of the scientific researchers come from famous universities such as Beijing University of Aeronautics and Astronautics, Beijing University of science and technology, Beijing University of technology, Northwest University of technology, Central South University and so on. Most of the full-time technicians of the company's existing brake control system and landing gear projects are engaged in the structural design, test and delivery of wheel products, with rich experience in aircraft landing device design and test, and the core technicians and project management personnel have sufficient experience
