Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has achieved significant results in transitioning military products to civilian use, particularly in the oil-gas spring sector, and is actively expanding into the robotics market with planetary roller screws [5] - The company is expected to benefit from an increase in sales scale due to improved penetration rates in downstream markets and the continued rollout of new products in various civilian applications [6][8] Financial Summary - The projected net profit for the company from 2024 to 2026 is estimated to be 109 million, 141 million, and 186 million yuan, corresponding to P/E ratios of 27.0, 20.8, and 15.8 times respectively [6] - The company focuses on the domestic mid-to-high pressure cylinder market, serving major industries such as automotive, energy extraction machinery, engineering machinery, and military equipment [6] - The company anticipates a revenue of 629 million yuan in 2024, reflecting a year-on-year decrease of 5.99%, while net profit is expected to grow by 37.02% to 109 million yuan [8] Market Performance - The closing price of the company's stock is 24.59 yuan, with a total market capitalization of 2,931.50 million yuan and a circulating market value of 1,600.60 million yuan [3]

证券代码：830839 证券简称：万通液压 公告编号：2025-003 山东万通液压股份有限公司 2024 年年度业绩快报公告 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、2024 年年度主要财务数据和指标 单位：元 | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 营业收入 | 628,514,501.51 | 668,544,386.06 | -5.99% | | 利润总额 | 123,920,672.43 | 89,187,619.43 | 38.94% | | 归属于上市公司股东的净利润 | 108,720,471.01 | 79,347,699.87 | 37.02% | | 归属于上市公司股东的扣除非经常 | 101,431,393.53 | 75,074,185.24 | 35.11% | | 性损益的净利润 | | | | | 基本每股收益 | 0.9229 | 0.6796 | 35.80% | | 加权平均净资产 ...

证券代码：830839 证券简称：万通液压 公告编号：2025-002 山东万通液压股份有限公司 关于获得发明专利证书的公告 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、基本情况 授权公告日：2025年2月14日 授权公告号：CN 118769782 B 二、对公司的影响 本项专利属于车辆减震技术领域，可实现悬架装置阻尼特性连续、实时、无 级可调，另外可以平衡重型车辆不同载荷状态下的刚度特性，保障了重型车辆在 不同载荷条件与路面状况下的舒适性与稳定性。该专利的取得，展现了公司在油 气弹簧产品领域的又一技术突破，进一步巩固了公司在细分行业的技术领先地位， 有利于油气弹簧产品市场的进一步开拓。 山东万通液压股份有限公司（以下简称"公司"）于2025年2月14日获得国家 知识产权局颁发的1项发明专利证书，具体情况如下： 发明名称：一种重型车辆变阻尼变刚度油气弹簧装置 专利号：ZL 2024 1 0995118.6 专利权人：山东万通液压股份有限公司；山东大学 2025年2月17日 截至本公告日止，公司 ...

证券研究报告 机械设备 | 工程机械 北交所|首次覆盖报告 hyzqdatemark 2025 年 01 月 09 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | | | 01 | 月 | 日 | 08 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 16.26 | | | | | | 一 年 / 最 低 | 最 | 高 | | | 内 | 25.15/8.15 | | | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | 1,938.44 | | | | | | 流通市值（百万元） | | | | | | 1,058.39 | | | | | | 总股本（百万股） | | | | | | 119.22 | ...

Investment Rating - No rating provided for the company [4] Core Views - The company achieved a revenue of 443.21 million yuan in 2024Q1-Q3, a year-on-year decrease of 15.44%, while net profit attributable to the parent company increased by 30.71% to 75.55 million yuan [1] - Gross margin for 2024Q1-Q3 was 27.12%, an increase of 6.13 percentage points year-on-year, and net profit margin attributable to the parent company was 17.05%, an increase of 6.02 percentage points [1] - In 2024Q3, the company achieved a revenue of 138.73 million yuan, a year-on-year decrease of 22.60%, while net profit attributable to the parent company increased by 27.12% to 27.57 million yuan [1] - Gross margin for 2024Q3 was 28.93%, an increase of 8.13 percentage points year-on-year, and net profit margin attributable to the parent company was 19.88%, an increase of 7.77 percentage points [1] - The company's high-margin products and overseas revenue contributed to a 30.71% increase in profit for the first three quarters of 2024 [4] Financial Performance - Revenue for 2020-2023 was 317.89 million yuan, 335.63 million yuan, 504.72 million yuan, and 668.54 million yuan, respectively, with year-on-year growth rates of 1.34%, 5.58%, 50.38%, and 32.46% [3] - Net profit attributable to the parent company for 2020-2023 was 60.41 million yuan, 42.66 million yuan, 63.34 million yuan, and 79.35 million yuan, respectively, with year-on-year growth rates of 47.88%, -29.39%, 48.47%, and 25.28% [3] - Gross margin for 2020-2023 was 30.27%, 26.14%, 21.80%, and 21.89%, respectively [3] - ROE for 2020-2023 was 18.96%, 10.49%, 14.48%, and 16.23%, respectively [3] - Earnings per share for 2020-2023 were 0.97 yuan, 0.36 yuan, 0.55 yuan, and 0.68 yuan, respectively [3] - P/E ratio for 2020-2023 was 16.47, 26.92, 12.40, and 18.71, respectively [3] Market Data - Closing price on 2024/11/22 was 20.93 yuan [2] - Total share capital was 119.22 million shares, with 65.09 million shares in circulation [2] - Net assets were 550.46 million yuan, and total assets were 723.44 million yuan [2] - Net assets per share were 4.62 yuan [2] Company Overview - The company is engaged in the R&D, production, and sales of hydraulic products, including dump truck cylinders, machinery cylinders, and air springs [4] - The company has developed core technologies and holds a series of independent intellectual property rights, making it a professional supplier of medium and high-pressure cylinders in China [4] - The company's products are widely used in automotive, energy mining equipment, construction machinery, and military equipment [4] - As of November 22, 2024, the company's market capitalization was 2.495 billion yuan, with a P/E (TTM) of 25.70 times [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][12]. Core Views - The company, established in July 2004, has deep expertise in hydraulic cylinders and is recognized as a "little giant" enterprise specializing in niche markets. Its main products include hydraulic cylinders for dump trucks, machinery, and gas springs, with significant revenue contributions from each category [3][4]. - The gas suspension market presents a potential space worth billions, with the company entering a high-growth phase. The gas suspension system offers advantages over traditional systems, and the company has established a leading position in technology and application [4][5]. - The company is actively expanding its electric cylinder product line, which is expected to become a new growth point in various advanced fields [5][6]. Summary by Sections 1. Company Overview - The company has been focused on hydraulic cylinders for 20 years, with a diversified product portfolio and stable partnerships with well-known clients in various industries, including military and mining [3][4]. - The company has a strong control structure with the founder holding a significant stake, ensuring stable governance and execution [39]. 2. Gas Suspension Growth - The gas suspension system is gaining traction, transitioning from military applications to commercial vehicles, with the company leading in this technology [4][50]. - The revenue from gas springs has shown remarkable growth, with projections indicating continued expansion in the heavy-duty vehicle market [4][5]. 3. Traditional Business Performance - The company’s traditional hydraulic cylinder business is recovering, supported by favorable fiscal policies and overseas market expansion, which is enhancing profit margins [5][6]. - The company has seen a shift in revenue sources, with a notable increase in overseas sales contributing to overall profitability [5][6]. 4. Electric Cylinder Development - The electric cylinder segment is being developed for applications in precision machinery, robotics, and other advanced fields, with the company making significant progress in R&D [5][6]. - The company aims to leverage its military technology for civilian applications, positioning itself for future growth in this area [5][6]. 5. Financial Projections - The company is projected to achieve revenues of 633 million, 777 million, and 910 million yuan for 2024, 2025, and 2026, respectively, with net profits expected to grow correspondingly [6][12].

Investment Rating - Buy (首次) [1] Core Views - The company is a leading domestic supplier of medium and high-pressure oil cylinders, focusing on its core business and expanding globally [2] - The company has a strong advantage in hydraulic oil cylinders and is proactively laying out electric cylinders and planetary roller screws [3] - The company's oil-gas springs, a military-to-civilian product, are experiencing rapid growth with significant potential in the civilian market [4] Company Overview - Founded in 2004, the company specializes in R&D, production, sales, and service of medium and high-pressure oil cylinders, with products widely used in automotive, mining equipment, construction machinery, and military equipment [30] - The company has established stable partnerships with industry leaders such as Hongchang Special Vehicle and Zhengzhou Coal Mining Machinery [30] - The company has achieved significant technological advancements and holds multiple patents, including those for oil-gas springs and electric cylinders [106] Industry Analysis - Hydraulic oil cylinders are a key component of hydraulic systems, accounting for 36% of the total value of hydraulic products in 2021 [59] - The global hydraulic oil cylinder market is expected to grow from $7.2 billion in 2022 to $9.2 billion by 2029, with a CAGR of 2.7% [59] - The engineering machinery sector is the largest downstream market for hydraulic oil cylinders, accounting for 35.5% of the market in 2022 [65] Product Segments Hydraulic Oil Cylinders - The company has developed lightweight, standard-load, and heavy-duty front-mounted cylinders, with significant growth in overseas markets [80] - The company has achieved full coverage of major domestic coal mining machinery models and is a core supplier to Zhengzhou Coal Mining Machinery [84] Oil-Gas Springs - Oil-gas springs are a key component of oil-gas suspension systems, offering superior performance compared to traditional suspension systems [89] - The company has a first-mover advantage in oil-gas springs, with applications expanding from mining vehicles to heavy-duty transport vehicles and potentially to passenger vehicles [106] Electric Cylinders and Planetary Roller Screws - The company is developing electric cylinders for specific military applications and is actively researching planetary roller screw technology [86] - Electric cylinders and planetary roller screws have broad applications in industrial automation, robotics, and unmanned vehicles [73] Financial Performance - The company's revenue grew from 317.89 million yuan in 2020 to 668.54 million yuan in 2023, with a CAGR of 28.12% [44] - Net profit attributable to the parent company increased from 60 million yuan in 2020 to 79.35 million yuan in 2023, with a CAGR of 9.52% [44] - The company's oil-gas spring business revenue grew by 119% year-on-year in the first half of 2024, reaching 52.29 million yuan [106] Future Outlook - The company is expected to achieve revenue of 675.03 million yuan in 2024, with a year-on-year growth of 0.97% [112] - Net profit attributable to the parent company is expected to reach 104.08 million yuan in 2024, with a year-on-year growth of 31.17% [112] - The company's oil-gas spring business is expected to continue its rapid growth, with revenue projected to reach 258.80 million yuan by 2026 [112]

Investment Rating - The investment rating for the company is "Buy" [3][4]. Core Insights - The company has shown a continuous optimization of its product structure and steady progress in expanding overseas markets, particularly in the hydraulic cylinder sector, which opens up growth opportunities [2]. - In Q3 2024, the company achieved a revenue of 139 million yuan, a year-on-year decrease of 22.60%, while the net profit attributable to the parent company was 28 million yuan, an increase of 27.12% year-on-year [2]. - The gross profit margin improved to 28.93%, up 1.24 percentage points from Q2, and the net profit margin increased to 19.88%, up 3.35 percentage points from Q2, indicating enhanced profitability [2]. - The company’s oil-gas spring products have shown significant advantages in various performance metrics, leading to a compound annual growth rate of 89.55% in revenue from 2021 to 2023, with H1 2024 revenue exceeding the total for 2023 [2]. - The overseas market expansion is progressing well, with products being sold in North America, South America, the Middle East, and Eastern Europe, contributing to revenue diversification and reducing domestic market pressure [2]. - The company’s financial forecasts for 2024-2026 project revenues of 632 million, 799 million, and 980 million yuan, respectively, with net profits of 107 million, 154 million, and 198 million yuan [3][4]. Financial Summary - The company reported total revenue of 443 million yuan for the first three quarters of 2024, a decrease of 15.44% year-on-year, while the net profit attributable to the parent company was 76 million yuan, an increase of 30.71% [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.90 yuan, 1.30 yuan, and 1.66 yuan, respectively [3][6]. - The company’s return on equity (ROE) is expected to improve from 18.53% in 2024 to 23.70% in 2026 [3][6].

Group 1: Revenue Growth - The revenue from oil-gas spring products increased by 119.00% year-on-year in the first half of 2024, continuing the growth trend into the third quarter [2] - The company’s core product, the oil-gas spring, has maintained rapid sales growth due to its advantages in driving comfort, safety, maneuverability, and handling [1] Group 2: Production Capacity - Current production capacity for oil-gas springs cannot meet market demand, prompting the company to expand and upgrade its automated production lines [3] - The automated production lines, once operational, are expected to significantly enhance production capacity and efficiency for oil-gas springs [3] Group 3: International Market Performance - In the first three quarters of 2024, overseas sales of core products, including specialized oil cylinders for dump trucks, showed rapid growth [4] - The company aims to achieve substantial growth in overseas market revenue by delivering oil-gas spring products in the fourth quarter [4] Group 4: Future Growth Drivers - Future revenue growth is anticipated from the application of oil-gas springs in new fields and vehicle models, as well as accelerated expansion into international markets [5] - The company is committed to continuous innovation and development of new products, including electric cylinders, to enhance market presence in high-end applications [5]

证券代码：830839 证券简称：万通液压 公告编号：2024-084 山东万通液压股份有限公司 投资者关系活动记录表 | --- | |--------------------------------------------------------------------| | | | 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、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 √现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2024 年 11 月 8 日 活动地点：山东省日照市五莲县山东路 1 号 参会单位：东吴证券、长江证券、财信证券（上述排名不分先后） 上市公司接待人员：公司董事、副总经理、董事会秘书：王梦君女士 三、 投资者关系活动主要内容 本次投资者关系活动的主要问题及公司对问题的回复概要如下： 问题 1：请问公司油气弹簧产品今年前三季度的收入增长情况如何？ 回答：油气弹簧产品凭借在驾驶舒适性、安全性、 ...