Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a 37% year-on-year growth in performance for 2024, driven by high-margin market expansion and cost reduction initiatives [2] - The revenue for 2024 is projected to be 629 million yuan, a decrease of 5.99% year-on-year, while the net profit attributable to shareholders is expected to reach 109 million yuan, an increase of 37.02% year-on-year [2] - The decline in revenue is primarily due to a slowdown in demand for energy mining equipment, but the increase in net profit is attributed to an optimized product structure and a rise in high-margin product sales [2][3] Revenue and Profitability - The company's revenue for 2023 was 668.54 million yuan, with a projected revenue of 628.52 million yuan for 2024, followed by 778.12 million yuan in 2025 [1][10] - The net profit for 2023 was 79.35 million yuan, with a forecasted increase to 108.72 million yuan in 2024 and 137.35 million yuan in 2025 [1][10] - The gross profit margin improved by 6.04 percentage points to 27.93%, and the net profit margin increased by 5.43 percentage points to 17.30% [2] Market Performance - The company has successfully expanded its overseas market, with revenue from international markets increasing by 62.71% year-on-year [2] - The sales of oil gas springs have seen a significant growth of 93.34% year-on-year, contributing to 15.81% of total revenue [3] Strategic Focus - The company focuses on four main industries: automotive, energy mining machinery, engineering machinery, and JG equipment, with a dual approach to market expansion both domestically and internationally [4] - The company is actively developing innovative products to meet market demands, particularly in the dumper truck and mechanical equipment sectors [4] Financial Projections - The projected net profit for 2025 is 137 million yuan, with further increases to 170 million yuan in 2026 and 193 million yuan in 2027 [1][10] - The earnings per share (EPS) are expected to rise from 0.67 yuan in 2023 to 0.91 yuan in 2024, reaching 1.15 yuan in 2025 [1][10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has established a strategic partnership with Pangu Intelligent to expand its business dimensions and is intensifying its layout in the humanoid robot sector [5] - In 2024, the company reported a revenue of 629 million yuan, with a net profit attributable to shareholders of 108.72 million yuan, reflecting a year-on-year increase of 37.02% [6] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling an expected cash dividend payout of 59.10 million yuan [6] - The company is focusing on the transformation of its core business towards intelligence and greening, with a significant increase in revenue from its oil and gas spring business, which grew by 93% year-on-year in 2024 [6] Financial Performance Summary - The company achieved a total revenue of 629 million yuan in 2024, a decrease of 5.99% compared to 2023, while the net profit attributable to shareholders was 109 million yuan, an increase of 37.02% [8] - The gross margin improved to 27.93%, up by 6.2 percentage points year-on-year, driven by growth in the gross margins of all three main business segments [6][8] - The company expects net profits for 2025, 2026, and 2027 to be 141 million yuan, 186 million yuan, and 221 million yuan respectively, with corresponding EPS of 1.18 yuan, 1.56 yuan, and 1.85 yuan per share [7][8] Business Development - The company is actively developing new customers domestically and has seen significant success in expanding its international market, with overseas revenue increasing by 63% year-on-year in 2024 [6] - The company has successfully developed new products such as the intelligent weighing full oil-gas suspension system and the candle-type suspension oil-gas spring, which are expected to enhance its market presence [6] - The strategic cooperation with Pangu Intelligent is anticipated to broaden the company's business coverage and enhance its overall competitiveness [6]

Group 1: Investor Relations Activities - The company conducted an online investor communication meeting on March 13, 2025, with participation from various securities and fund companies [3][4]. Group 2: Collaboration with Pangu Intelligent - The partnership with Pangu Intelligent, a leading manufacturer in centralized lubrication systems, is expected to enhance the company's business capabilities and overall strength [4]. - Pangu Intelligent holds over 50% market share in the domestic centralized lubrication system market for wind power applications [4]. - The company plans to issue convertible bonds totaling up to 150 million CNY, with Pangu Intelligent committing to subscribe for at least 120 million CNY [4]. Group 3: Profitability Enhancement - In 2024, the net profit attributable to shareholders reached 109 million CNY, a year-on-year increase of 37.02% [5]. - The gross margin improved by 6.20 percentage points, and the net profit margin increased by 5.43 percentage points [5]. - The company achieved a net cash flow from operating activities of 121.86 million CNY, up 84.85% year-on-year [5]. Group 4: Growth in Oil-Gas Springs - Revenue from oil-gas springs grew by 93.34% in 2024, with a compound annual growth rate of 116.46% over the past three years [6]. - The company is actively developing new oil-gas spring products for various heavy-duty vehicles and is focusing on intelligent suspension systems [6]. Group 5: Electric Cylinder Technology - The company has developed its own electric cylinder design and production technology, receiving three new utility model patents in 2024 [7]. - The company is enhancing its precision processing and detection capabilities through research on planetary roller screw technology [7]. Group 6: International Market Expansion - The overseas market revenue grew by 62.71% in 2024, with significant contributions from North America and Eastern Europe [9]. - The company has successfully exported products to various regions, including North America, South America, Africa, the Middle East, and Eastern Europe [9].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has expanded its business dimensions through strategic cooperation with Pangu Intelligent, intensifying its layout in the humanoid robot sector [5] - In 2024, the company achieved an operating income of 629 million yuan, with a net profit attributable to shareholders of 108.72 million yuan, reflecting a year-on-year increase of 37.02% [6] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling an expected cash dividend payout of 59.10 million yuan [6] - The company is set to issue convertible bonds with a total amount not exceeding 150 million yuan, with Pangu Intelligent planning to subscribe for at least 120 million yuan in cash [6] Financial Performance Summary - The company's revenue from the basic business segment, particularly hydraulic cylinders for engineering machinery, faced a decline of 17.53% year-on-year, amounting to 392 million yuan [6] - The revenue from the oil and gas spring business saw a significant increase of 93.34% year-on-year, reaching 99 million yuan, with a gross margin of 43.79% [6] - The overall gross margin of the company improved to 27.93%, an increase of 6.2 percentage points year-on-year [6] - The company expects to see continued growth in its oil and gas spring business due to increasing market recognition and demand [6] Market Expansion - The company has successfully developed new clients in the domestic market while achieving a year-on-year revenue growth of 62.71% in overseas markets, reaching 76 million yuan [6] - The overseas sales of specialized hydraulic cylinders for dump trucks have shown steady growth, contributing to the overall increase in international revenue [6] Profit Forecast and Valuation - The forecasted net profits for the company from 2025 to 2027 are 141 million yuan, 186 million yuan, and 221 million yuan, respectively, with corresponding EPS of 1.18 yuan, 1.56 yuan, and 1.85 yuan per share [7] - The current price-to-earnings ratios (P/E) for the years 2025, 2026, and 2027 are projected to be 25.1, 19.0, and 16.0 times, respectively [7] - The company is actively exploring new technologies and markets, particularly in the automotive and industrial automation sectors, which is expected to drive performance improvements [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a 37% year-on-year growth in performance for 2024, driven by high-margin market expansion and cost reduction initiatives [2] - The revenue for 2024 is projected to be 629 million yuan, a decrease of 5.99% year-on-year, while the net profit attributable to shareholders is expected to reach 109 million yuan, an increase of 37.02% year-on-year [2] - The decline in revenue is primarily due to a slowdown in demand for energy mining equipment, but the increase in net profit is attributed to an optimized product structure and a higher proportion of high-margin products [2][3] Financial Performance Summary - The company reported a total revenue of 668.54 million yuan in 2023, with a projected revenue of 628.52 million yuan for 2024, followed by increases to 778.12 million yuan in 2025 and 918.26 million yuan in 2026 [1][10] - The net profit attributable to shareholders is forecasted to grow from 79.35 million yuan in 2023 to 108.72 million yuan in 2024, and further to 137.35 million yuan in 2025 [1][10] - The earnings per share (EPS) is expected to rise from 0.67 yuan in 2023 to 0.91 yuan in 2024, reaching 1.15 yuan in 2025 [1][10] Market and Product Insights - The company has successfully expanded its overseas market, with revenue from international markets increasing by 62.71% year-on-year [2] - The oil and gas spring segment has seen significant growth, with revenue increasing by 93.34% year-on-year, contributing to 15.81% of total revenue [3] - The company focuses on four main industries: automotive, energy mining machinery, engineering machinery, and JG equipment, with ongoing efforts to innovate and meet market demands [4]

公司研究 2025.03.13 万通液压（ 830839） 公司点评报告 油气弹簧持续高增，行星滚柱丝杠等新品发力新赛道 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 | 王玉 | 登记编号：S1220521010001 | | --- | --- | | 薛怀宁 | 登记编号：S1220524100008 | 推 荐 ( 维 持 ) | 公 | 司 | 信 | 息 | | | --- | --- | --- | --- | --- | | 行业 | | | | 工程机械器件 | | 最新收盘价(人民币/元) | | | | 30.05 | | 总市值(亿)(元) | | | | 35.82 | | 52 周最高/最低价(元) | | | | 30.05/8.69 | 历史表现 -24% 13% 50% 87% 124% 161% 24/3/13 24/6/12 24/9/11 24/12/11 万通液压 数据来源：wind 方正证券研究所 相关研究 《万通液压(830839)：前三季度归母净利润同 比+30.71%，油气弹簧及境外业务持续发力》 2024.10.30 事件：公司发布 2024 ...

证券研究报告·公司点评报告·工程机械 万通液压（830839） 2024 年报点评：高毛利市场增量与降本增效 并举，利润端增速显著高于营收端 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 668.54 | 628.52 | 778.12 | 918.26 | 1,062.20 | | 同比（%） | 32.46 | (5.99) | 23.80 | 18.01 | 15.68 | | 归母净利润（百万元） | 79.35 | 108.72 | 137.35 | 169.59 | 192.95 | | 同比（%） | 25.28 | 37.02 | 26.33 | 23.47 | 13.77 | | EPS-最新摊薄（元/股） | 0.67 | 0.91 | 1.15 | 1.42 | 1.62 | | P/E（现价&最新摊薄） | 44.55 | 32.51 | 25.73 | 20.84 | 18.32 | ...

Core Viewpoint - The company, Wantong Hydraulic, plans to issue convertible bonds to specific investors, including Pangu Intelligent, to raise funds for enhancing liquidity and supporting business growth [1][4]. Group 1: Convertible Bond Issuance - The convertible bonds will be issued to specific investors, including Pangu Intelligent, with a minimum subscription amount of 120 million yuan [1][4]. - The total number of convertible bonds to be issued will not exceed 1.5 million, with each bond having a face value of 100 yuan [2][9]. - The bonds will have a term of six years, and the interest rate will be determined through a bidding process [2][9]. Group 2: Financial Details - The expected total amount raised from the bond issuance is up to 150 million yuan, which will be used entirely to supplement working capital after deducting issuance costs [3][9]. - The initial conversion price of the bonds will be based on the average stock price over the previous twenty trading days and will not be lower than 120% of the last trading day's average price [3][9]. - The company does not provide bond ratings or guarantees for this issuance [3][9]. Group 3: Strategic Partnership - Pangu Intelligent is a well-known manufacturer of centralized lubrication and hydraulic systems, and the collaboration is expected to enhance Wantong Hydraulic's competitiveness in the hydraulic sector [4][10]. - The partnership aims to leverage high-end hydraulic cylinder products developed by Wantong Hydraulic to support Pangu Intelligent's hydraulic systems in the wind power sector [4][11]. - This collaboration is anticipated to foster mutual support in hydraulic products, downstream markets, and technical processes, promoting long-term healthy development for Wantong Hydraulic [4][11]. Group 4: Historical Context - Wantong Hydraulic was listed on the Beijing Stock Exchange on November 9, 2020, with an initial issuance of 14 million shares at a price of 8.00 yuan per share [4][11]. - The total amount raised from the initial public offering was 112 million yuan, with net proceeds of approximately 100.96 million yuan after expenses [4][11]. - The company has previously engaged in additional share issuance, raising a total of 128.8 million yuan from two rounds of funding [6][12]. Group 5: Recent Financial Performance - In 2024, Wantong Hydraulic reported a revenue of 629 million yuan, a decrease of 5.99% year-on-year, while net profit attributable to shareholders increased by 37.02% to 109 million yuan [6][12]. - The net profit after excluding non-recurring gains and losses was 101 million yuan, reflecting a growth of 35.11% year-on-year [6][12]. - The net cash flow from operating activities reached 122 million yuan, showing an increase of 84.85% compared to the previous year [6][12].

证券代码：830839 证券简称：万通液压 公告编号：2025-031 （一）本次发行的背景 1、积极响应国家发展政策要求，与国家产业政策高度契合，推动液压行业 高质量发展 山东万通液压股份有限公司 向特定对象发行可转换公司债券方案 的论证分析报告 二零二五年三月 万通液压 向特定对象发行可转换公司债券方案的论证分析报告 山东万通液压股份有限公司（以下简称"公司"或"万通液压"）是在北京 证券交易所上市的公司。为满足公司业务发展的资金需求，增强公司资金实力和 盈利能力，根据《公司法》《证券法》《公司章程》和中国证监会颁布的《北京证 券交易所上市公司证券发行注册管理办法》等相关法律、法规和规范性文件的规 定，公司拟向特定对象发行可转换公司债券，拟发行可转换公司债券数量不超过 150 万张（含本数），募集资金规模不超过 15,000.00 万元（含本数），用于补充 流动资金。 （本报告中如无特别说明，相关用语具有与《山东万通液压股份有限公司向 特定对象发行可转换公司债券募集说明书（草案）》中的释义相同的含义） 一、本次向特定对象发行的背景和目的 液压行业作为装备制造业的重要支撑产业，深受国家高度重视，国家相继出 ...