Investment Rating - The investment rating for the company is "Hold" (downgraded) [1] Core Views - The company reported a revenue of 629 million yuan in 2024, a decrease of 5.99% year-on-year, while the net profit attributable to shareholders increased by 37.02% to 109 million yuan [4] - The company is optimizing its product structure, which has led to a significant increase in net profit, supported by a decrease in raw material prices and automation upgrades [6] - The domestic engineering machinery market shows signs of recovery, with excavator sales increasing by 52.8% year-on-year in February, indicating a positive trend for the company's related products [6] - The company is actively launching new products, including oil-gas spring products and electric cylinders, which are expected to open up growth opportunities [6] Financial Performance - The company’s total revenue for 2023 was 668.54 million yuan, with a projected revenue of 784.09 million yuan for 2025, reflecting a growth rate of 24.75% [8] - The net profit for 2023 was 79.35 million yuan, with an expected increase to 144.36 million yuan by 2025, indicating a growth rate of 32.78% [8] - The company's comprehensive gross margin improved by 6.20 percentage points year-on-year, driven by the increase in high-margin product revenue [6] Market Outlook - The engineering machinery industry is expected to continue its positive trajectory, benefiting from sustained demand growth and policy support [6] - The company has established a partnership with a leading manufacturer in the lubrication systems sector, which is anticipated to enhance its market position in the hydraulic cylinder segment [6]

Group 1: Investor Relations Activity - The company held an annual performance briefing on March 26, 2025, via an online platform, attended by investors [3] - Key company representatives included the Chairman, General Manager, and Financial Director [3] Group 2: Market Expansion and Product Development - The company is expanding into the new energy vehicle and wind power sectors, with strategic partnerships to enhance product offerings [4] - A strategic cooperation agreement was signed with Pangu Intelligent for joint research in wind power hydraulic systems [4] - The company reported a 62.71% year-on-year increase in overseas sales, attributed to successful international market expansion [6] Group 3: Financial Performance and Shareholder Returns - The company has distributed a total of 136.15 million CNY in cash dividends over the past three years, representing 162.46% of the average annual net profit attributable to shareholders [10] - The proposed cash dividend for 2024 is 5 CNY per 10 shares, totaling approximately 59.11 million CNY, with a cash dividend ratio of 54.36% [11] Group 4: Research and Development Initiatives - The company is focusing on the development of planetary roller screw technology for robotic applications, aiming to enhance precision processing capabilities [5] - Ongoing projects in deep-sea technology and high-end marine equipment are in the research phase, with no bulk orders yet [5] Group 5: Future Outlook and Strategic Planning - The company aims to maintain a high gross profit margin through cost reduction and efficiency improvements, while also expanding its international market presence [9] - Plans for a convertible bond issuance are underway, pending shareholder and regulatory approvals [7] - The company is committed to enhancing its market value through brand building and effective communication with investors [11]

Core Viewpoint - Shandong Wantong Hydraulic Co., Ltd. reported significant improvements in profitability and financial health for 2024, with a net profit of 109 million yuan, a year-on-year increase of 37.02%, and a strong cash flow from operating activities of 122 million yuan, reflecting ongoing operational quality improvements [1][2]. Financial Performance - In 2024, the company achieved a record net profit of 109 million yuan, marking a 37.02% increase compared to 2023, and has maintained high growth for three consecutive years [1]. - The net cash flow from operating activities reached 122 million yuan, representing an 84.85% year-on-year growth, indicating improved operational quality [1]. - The asset-liability ratio stood at 23.55%, showcasing a robust asset structure and excellent debt repayment capability [1]. Future Business Plans - The company plans to focus on five key areas for future operations, including enhancing existing products and exploring new fields such as electric cylinders and intelligent oil-gas suspension systems [2]. - Emphasis will be placed on innovation-driven development, increasing R&D investment, and enriching the product matrix to enhance competitiveness [2]. - Lean management will be prioritized to improve management efficiency and achieve sustainable development through cost management and resource optimization [2]. Digital Transformation - The company aims to drive innovation through digital transformation, focusing on digital manufacturing, design, and management as core areas for future growth [3]. - Key growth points for 2025 and beyond include expanding oil-gas spring products into new applications, accelerating overseas market development, and responding to the recovery in the engineering machinery sector [3]. Shareholder Returns - The company maintains a generous dividend policy, with a cash dividend distribution plan of 5 yuan per 10 shares for 2024, totaling approximately 59.11 million yuan, resulting in a cash dividend ratio of 54.36% [4][5]. - Over the past three years, the company has distributed a total of 136.15 million yuan in cash dividends, representing 162.46% of the average annual net profit attributable to shareholders [5]. - The company’s controlling shareholder has not reduced their holdings since the IPO and has no plans to do so, emphasizing a commitment to shareholder value [5].

Core Viewpoint - The company has achieved significant growth in 2024, with record net profits and a strong focus on expanding both domestic and international markets while enhancing product development and collaboration across business segments [1][2][3]. Financial Performance - The company reported a total revenue of 629 million yuan and a net profit attributable to shareholders of 109 million yuan, representing a year-on-year increase of 37.02% [1]. - The net cash flow from operating activities reached 122 million yuan, showing an impressive growth of 84.85% year-on-year [1]. Product Development and Market Strategy - The company is focusing on four main industries: automotive, energy extraction machinery, engineering machinery, and JG equipment, while advancing high-end, intelligent, and green technologies [1]. - The oil and gas spring product line has seen a significant increase in standardization and series development, with revenue growth of 93.34% year-on-year [1][2]. - The company is actively developing new oil and gas spring products for various vehicle types, including heavy-duty mining trucks and special transport vehicles, to meet market demands for intelligent and safe driving [2]. International Market Expansion - The company has made notable progress in international market expansion, with overseas revenue increasing by 62.71% year-on-year due to successful promotion of customized products [3]. - Future plans include enhancing international trade sales platforms and deepening cooperation with global clients to increase the share of overseas revenue [4].

证券代码：830839 证券简称：万通液压 公告编号：2025-044 山东万通液压股份有限公司 2024 年年度报告业绩说明会预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 说明会类型 山东万通液压股份有限公司（以下简称"公司"）于 2025 年 3 月 12 日在 北 京 证 券 交 易 所 指 定 信 息 披 露 平 台 （ www.bse.cn ）《 中 国 证 券 报 》 （www.cs.com.cn）、《上海证券报》（中国证券网 www.cnstock.com）披露了《2024 年年度报告》（公告编号：2025-019）及《2024 年年度报告摘要》（公告编号： 2025-018），为方便广大投资者更深入了解公司 2024 年年度经营业绩的具体情 况，公司拟召开 2024 年年度报告业绩说明会。 （二）会议召开地点 本次年度报告业绩说明会将采用网络远程的方式召开，投资者可登陆全景 网"投资者关系互动平台"（https://ir.p5w.net）参与本次年度报告业绩说明会。 三 ...

山东万通液压股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 3 月 18 日 2.会议召开地点：山东省日照市五莲县山东路 1 号山东万通液压股份有限公 司办公楼二楼会议室 3.会议召开方式：现场投票和网络投票相结合 4.会议召集人：董事会 证券代码：830839 证券简称：万通液压 公告编号：2025-042 其中通过网络投票参与本次股东大会的股东共 2 人，持有表决权的股份总数 57,338 股，占公司有表决权股份总数的 0.0485%。 （三）公司董事、监事、高级管理人员出席或列席股东大会情况 1.公司在任董事 7 人，出席 7 人； 2.公司在任监事 3 人，出席 3 人； 3.公司董事会秘书出席会议； 公司其他高级管理人员、见证律师列席会议。 二、议案审议情况 5.会议主持人：董事长王万法先生 6.召开情况合法、合规、合章程性说明： 本次股东大会的召集程序符合《公司法 ...

北京植德律师事务所 北京植德律师事务所 关于山东万通液压股份有限公司 2025年第一次临时股东大会的 关于山东万通液压股份有限公司 2025 年第一次临时股东大会的 法律意见书 植德京(会)字[2025]0017 号 二〇二五年三月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 1 法律意见书 植德京(会)字[2025]0017号 致：山东万通液压股份有限公司 北京植德律师事务所（以下简称"本所"）接受山东万通液压股份有限公司 （以下简称"公司"或"万通液压"）的委托，指派律师出席并见证公司2025年 第一次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The 2024 annual report meets expectations, with traditional business showing marginal recovery and new fields expanding aggressively [4] - The company reported a revenue of 629 million yuan in 2024, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 37.02% to 109 million yuan [4] - The company plans to distribute a cash dividend of 0.5 yuan per share and has set a shareholder return plan for the next three years, ensuring a minimum dividend payout ratio of 10% [4] Financial Data and Profit Forecast - Total revenue is projected to grow from 629 million yuan in 2024 to 1.121 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 21.1% [6] - Net profit attributable to shareholders is expected to increase from 109 million yuan in 2024 to 234 million yuan in 2027, reflecting a strong growth trajectory [6] - The gross profit margin is anticipated to improve from 27.9% in 2024 to 29.4% in 2027, indicating enhanced operational efficiency [6] Investment Analysis - The company is expected to benefit from the recovery in engineering machinery and military industries, alongside the continuous release of new products [6] - The forecast for 2025 revenue is adjusted to 765 million yuan, with net profit projected at 149 million yuan, reflecting a strong outlook for the company's traditional business [6] - The company is noted for its strong management and commitment to investor returns, reinforcing the "Buy" rating [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Insights - The 2024 annual report meets expectations, with traditional business showing marginal recovery and new sectors expanding aggressively [6]. - The company reported a revenue of 629 million yuan for 2024, a year-over-year decrease of 5.99%, while the net profit attributable to shareholders was 109 million yuan, an increase of 37.02% year-over-year [6]. - The company plans to distribute a cash dividend of 0.5 yuan per share and aims for a minimum annual dividend payout ratio of 10% over the next three years [6]. Financial Data and Profit Forecast - The total revenue forecast for 2025 is 765 million yuan, with a year-over-year growth rate of 21.7% [8]. - The net profit attributable to shareholders is projected to be 149 million yuan in 2025, reflecting a growth rate of 36.9% [8]. - The gross profit margin is expected to improve to 29.0% in 2025, up from 27.9% in 2024 [8]. - The return on equity (ROE) is forecasted to reach 20.9% in 2025 [8]. Business Performance - The company experienced a significant recovery in Q4 2024, with revenue growth of 28.3% year-over-year and a quarter-over-quarter increase of 33.6% [8]. - The gross profit margin for the company improved to 27.93% in 2024, an increase of 6.2 percentage points [8]. - The revenue from the self-dumping truck cylinder segment increased by 10.02%, while the oil-gas spring segment saw a revenue increase of 93.34% [8]. Future Growth Potential - The company is optimistic about the growth potential of oil-gas springs and is actively expanding into new business areas [8]. - The company has developed various products based on oil-gas springs for heavy mining trucks and is working on integrated oil-gas suspension systems for passenger vehicles [8]. - The company has established partnerships to enter new markets, such as hydraulic cylinders for wind turbine pitch control, indicating a focus on import substitution [8].