证券代码：830839 证券简称：万通液压 公告编号：2025-056 山东万通液压股份有限公司 2024 年年度权益分派实施公告 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。 山东万通液压股份有限公司 2024 年年度权益分派方案已获 2025 年 4 月 2 日 召开的股东会审议通过，本次实施分配方案距离股东会审议通过的时间未超过两 个月。 现将权益分派事宜公告如下： 本次权益分派基准日合并报表归属于母公司的未分配利润为 234,128,639.93 元，母公司未分配利润为 234,143,744.38 元。本次权益分派共计派发现金红利 59,104,985.50 元。 一、权益分派方案 1、本公司 2024 年年度权益分派方案为： 以公司股权登记日应分配股数 118,209,971 股为基数（应分配总股数等于股 权登记日总股本 119,215,000 股减去回购的股份 1,005,029 股，根据《公司法》等 规定，公司持有的本公司股份不得分配利润），向参与分配的股东每 10 股派 5.00 元 ...

证券代码：830839 证券简称：万通液压 公告编号：2025-055 山东万通液压股份有限公司 股票解除限售公告 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、本次股票解除限售数量总额为 810,000 股，占公司总股本 0.6794%，可 交易时间为 2025 年 5 月 9 日。 二、本次股票解除限售的明细情况及原因 单位：股 | 序 | 股东姓名 | 是否为控 股股东、 | 董事、监 事、高级 | 本次解 | 本次解除 | 本次解除 限售股数 | 尚未解除 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 或名称 | 实际控制 人或其一 | 管理人员 | 限售原 因 | 限售登记 股票数量 | 占公司总 | 限售的股 票数量 | | | | 致行动人 | 任职情况 | | | 股本比例 | | | 1 | 厉彦文 | 否 | 否 | C | 67,500 | 0.0566% | 0 | | 2 | 姚久喜 | 否 | 否 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.67 billion yuan in Q1 2025, representing a year-on-year increase of 17.57%, and a net profit attributable to shareholders of 33.82 million yuan, up 60.72% year-on-year [1][43] - The company plans to enter the wind power sector through a partnership with Pangu Intelligent, which is expected to enhance its growth prospects [1][3] - The company has a strong focus on hydraulic cylinders, lead screws, and gas springs, with significant development potential in these areas [2][3] Financial Summary and Valuation Indicators - For the fiscal year 2024, the company reported a total revenue of 629 million yuan, a decrease of 5.99% year-on-year, while the net profit attributable to shareholders was 108.72 million yuan, an increase of 37.02% [1][43] - The projected net profits for 2025, 2026, and 2027 are 127 million yuan, 167 million yuan, and 188 million yuan, respectively, with corresponding EPS of 1.07 yuan, 1.40 yuan, and 1.58 yuan [1][12] - The current P/E ratios for 2025, 2026, and 2027 are 30.3, 23.0, and 20.5, respectively [1][5] Product Development and Market Position - The company has upgraded its military product development capabilities and is involved in several military research projects, enhancing its competitive edge in the market [2][31] - The revenue contribution from hydraulic cylinders remains significant, accounting for 62% of total revenue in 2024, while gas springs have seen a notable increase in revenue contribution, rising to 16% [3][45] - The company has developed several key technologies for hydraulic cylinders and gas springs, positioning itself as a professional supplier in the domestic mid-to-high pressure hydraulic cylinder market [38][39]

证券代码：830839 证券简称：万通液压 公告编号：2025-054 公司将按照上述问询函的要求，会同相关中介机构逐项落实并及时提交对问 询函的回复，回复内容将通过临时公告方式披露，并按照审核要求通过北交所发 行上市审核业务系统报送相关文件。 公司本次向特定对象发行可转换公司债券事项尚需通过北交所审核，并获得 中国证券监督管理委员会做出同意注册的决定后方可实施，本次发行的审核周期 及结果存在不确定性。公司将根据该事项的进展情况，严格按照有关法律法规的 规定及时履行信息披露义务，敬请广大投资者注意投资风险。 山东万通液压股份有限公司 董事会 2025 年 4 月 25 日 关于收到北京证券交易所《关于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申请文件的审核问询函》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。 山东万通液压股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日收到 北京证券交易所（以下简称"北交所"）出具的《关于山东万通液压股份有限公 司向特定对象发行可转 ...

Group 1: Financial Performance - The company reported a revenue of 167 million, a year-on-year increase of 17.57% and a quarter-on-quarter decrease of 10.14% [1] - The net profit attributable to the parent company reached 34 million, reflecting a year-on-year growth of 60.72% and a quarter-on-quarter increase of 1.97% [1] - The non-recurring net profit attributable to the parent company was 33 million, showing a year-on-year increase of 70.18% and a quarter-on-quarter rise of 1.65% [1] - The gross profit margin increased by 6.14 percentage points year-on-year, with the sales gross margin rising to 30.62% and the net profit margin to 20.31% [1] Group 2: Industry Trends - The hydraulic cylinder business is experiencing a recovery driven by the resurgence in excavator sales, which reached 61,400 units in Q1 2025, a year-on-year increase of 22.8% [2] - The oil-gas spring segment is benefiting from the growth in new energy vehicle markets, with a compound annual growth rate of 116% expected from 2022 to 2024 [2] - The company is expanding its research and development into electric cylinders and intelligent suspension systems, aiming to diversify its product offerings beyond hydraulic components [2] Group 3: Strategic Initiatives - The company is actively developing planetary roller screw technology for robotic applications and exploring new fields such as industrial automation and aerospace [3] - A strategic cooperation project with Pangu Intelligent in the wind power sector has been accepted, focusing on hydraulic systems for wind turbine pitch and yaw control [3] - Research and development efforts are underway for high-end marine equipment hydraulic technologies, including specialized hydraulic cylinders for deep-sea platforms [3] Group 4: Profit Forecast - The company maintains profit forecasts for the years 2025 to 2027, estimating net profits of 137 million, 170 million, and 193 million respectively, with corresponding price-to-earnings ratios of 30.94, 25.06, and 22.03 [3]

证券研究报告·公司点评报告·工程机械 万通液压（830839） 买入（维持） 2025 年一季报点评：油气弹簧受益新能源车 型增量市场，拓展机器人/风电/深海新应用 | [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） | 53.56 | 39.09 | 30.94 | 25.06 | 22. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's Q1 2025 net profit exceeded expectations, with revenue optimization and cost control continuing to enhance profitability [6] - Q1 2025 revenue grew by 17.6% year-on-year, while net profit attributable to shareholders increased by 60.7%, and the net profit excluding non-recurring items rose by 70.18% [6] - The report indicates a positive outlook for the company's growth driven by traditional business recovery and expansion into new sectors [6] Financial Performance Summary - Total revenue for Q1 2025 was 166.5 million yuan, with a year-on-year increase of 17.6% and a quarter-on-quarter decrease of 10.1% [6] - The net profit margin improved to 20.31%, with a gross margin of 30.62% [6] - The company has adjusted its profit forecasts upwards, expecting net profits of 153 million, 179 million, and 240 million yuan for 2025, 2026, and 2027 respectively [6][8] Business Segment Analysis - Traditional business segments such as military and oil-gas springs are experiencing high growth, supported by a sufficient order backlog [6] - The company is actively expanding into overseas markets and has seen a recovery in its coal machinery business [6] - New product developments, including collaborations in the wind power hydraulic sector, are expected to provide significant growth opportunities [6]

证券研究报告 机械设备 | 工程机械 北交所|公司点评报告 hyzqdatemark 2025 年 04 月 20 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： 请务必仔细阅读正文之后的评级说明和重要声明 事 件 ： 25Q1 实 现 营 收 1.67 亿 元 (yoy+18%/qoq-10%) ， 归 母 净 利 润 3382.47 万 元 (yoy+61%/qoq+2%)，扣非归母净利润 3301.50 万元(yoy+70%/qoq+2%)，收入端延续稳定增 长，利润端超预期。从费用端来看，25Q1 销售费用率 1.11%(yoy-0.01pcts/qoq+0.05pcts)， 管理费用率 2.57%(yoy-0.59pcts/qoq-0.71pcts），费用端控制得当。 联系人 液压油缸"小巨人"，工程机械等下游恢复，油气弹簧等新产品不断扩展。公司业务涵盖液 压产品的研发、设计、生产和销售，主要产品包括自卸车专用油缸、机械装备用缸和油气 ...

4 5 | 走进万通液压 | | --- | | 企业文化 | | 主营业务 | | 全球布局 | | 发展历程 | | 公司荣誉 | 27 29 32 | | 21 | | --- | --- | | | 22 | | 23 | | | 59 | | | --- | --- | | 66 | 55 | 84 1 2 1 2 | 42 | | --- | | 49 | | 73 | | --- | | 82 | | 83 | 2024 年度环境、社会和公司治理报告 9 10 13 15 17 39 3 3 关于本报告 《万通液压 2024 年度环境、社会和公司治理报告》是山东万通液压股份有限公司发布的首份环境、社会和公 司治理（以下简称 ESG）报告，其中详细披露与反映了公司及附属公司在经营过程中 ESG 方面的表现，本报 告的发布旨在以透明公开的方式与各利益相关方进行有效交流，系统性地回应利益相关方的期望与要求。 报告编制依据 本报告遵循北京证券交易所发布的《北京证券 交易所上市公司持续监管指引第 11 号——可持 续发展报告（试行）》，并参考联合国可持续 发展目标（SDGs）、全球报告倡议组织（GRI） ...

Financial Performance - Net profit attributable to shareholders rose by 60.72% to CNY 33,824,683.46 year-on-year[11] - Operating income grew by 17.57% to CNY 166,510,075.20 compared to the same period last year[11] - The company reported a significant increase in operating profit by 61.40% to CNY 38,477,092.50[13] - Total operating revenue for Q1 2025 reached ¥166,510,075.20, an increase from ¥141,624,864.55 in Q1 2024, representing a growth of approximately 17.5%[37] - Net profit for Q1 2025 was ¥33,824,683.46, compared to ¥21,046,067.52 in Q1 2024, reflecting a significant increase of approximately 60.5%[38] - Earnings per share for Q1 2025 were ¥0.2903, up from ¥0.1822 in Q1 2024, marking an increase of about 59.5%[38] - Total comprehensive income for Q1 2025 was ¥33,824,853.85, compared to ¥21,046,235.61 in Q1 2024, indicating strong overall performance[40] Assets and Liabilities - Total assets increased by 4.99% to CNY 801,515,885.84 compared to the end of last year[11] - The company's asset-liability ratio remained stable at 22.95%[11] - Total current assets increased to ¥582,584,866.30 as of March 31, 2025, up from ¥546,246,016.55 on December 31, 2024, representing a growth of approximately 6.9%[30] - Total non-current assets amounted to ¥218,931,019.54 as of March 31, 2025, slightly up from ¥217,165,437.95 on December 31, 2024[31] - Total liabilities increased to ¥183,921,947.64 as of March 31, 2025, compared to ¥179,793,593.44 on December 31, 2024, representing a growth of about 2.4%[32] - Shareholders' equity rose to ¥617,593,938.20 as of March 31, 2025, from ¥583,617,861.06 on December 31, 2024, indicating an increase of approximately 5.8%[32] Cash Flow - The net cash flow from operating activities decreased by 68.50% to CNY 6,221,947.38[11] - Cash flow from operating activities for Q1 2025 was CNY 6,222,264.62, a decrease of 68.4% compared to CNY 19,753,998.23 in Q1 2024[43] - Total cash inflow from operating activities in Q1 2025 was CNY 92,471,270.30, up 14.4% from CNY 80,722,285.26 in Q1 2024[43] - Cash outflow for purchasing goods and services in Q1 2025 was CNY 56,468,006.76, an increase of 39% compared to CNY 40,663,730.10 in Q1 2024[43] - The company reported a cash balance of ¥74,655,302.48 as of March 31, 2025, down from ¥83,987,191.08 on December 31, 2024, reflecting a decrease of about 11.9%[30] Shareholder Information - The total number of shares outstanding is 119,215,000, with 54.60% being unrestricted shares[19] - The largest shareholder, Wang Wanfa, holds 40,388,000 shares, representing 33.88% of total shares[21] - The proportion of shares held by the top ten shareholders is 75.67%, with no pledges or judicial freezes reported[22][21] - Core employees' shareholding decreased from 585,873 to 409,606, a reduction of 176,267 shares[19] - The number of common shareholders is 5,211[19] Corporate Actions and Commitments - The company plans to apply for a comprehensive credit limit of up to 200 million yuan from banks, with potential guarantees from controlling shareholders[26] - The company has approved a plan to issue convertible bonds totaling up to 150 million yuan, with a minimum subscription of 120 million yuan from Pangu Intelligent[27] - The company has fulfilled all disclosed commitments without any violations during the reporting period[26] - The company has not engaged in any share buyback activities during the reporting period[24] - The company has no ongoing litigation or arbitration matters during the reporting period[24] Research and Development - Research and development expenses for Q1 2025 were ¥6,052,321.52, compared to ¥5,717,501.74 in Q1 2024, indicating a rise of approximately 5.8%[37] - Research and development expenses increased to ¥6,052,321.52 in Q1 2025, compared to ¥5,717,501.74 in Q1 2024, reflecting a focus on innovation[39] Financial Stability - The weighted average return on equity based on net profit was 5.63%, up from 3.97% last year[11] - The company reported a significant increase in cash flow from operating activities, contributing to improved liquidity and financial stability[37] - The company incurred financial expenses of -¥220,937.60 in Q1 2025, an improvement from -¥96,058.76 in Q1 2024[39] - The company paid ¥10,000,000.00 in debt repayment during Q1 2025, compared to ¥30,200,000.00 in Q1 2024, indicating a reduction in financing costs[42]