万通液压（830839.BJ）

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]