WTJX(830839) 东吴证券·2024-11-25 13:37Investment 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 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]