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]

Financial Performance - The company's operating revenue for 2024 was CNY 628,514,501.51, a decrease of 5.99% compared to the previous year[3]. - The total profit for the period increased by 38.94% to CNY 123,920,672.43, while the net profit attributable to shareholders rose by 37.02% to CNY 108,720,471.01[3][5]. - The net profit excluding non-recurring gains and losses increased by 35.11% to CNY 101,431,393.53[3][5]. - Basic earnings per share grew by 35.80% to CNY 0.9229[3][5]. Assets and Equity - Total assets at the end of the reporting period reached CNY 763,411,454.50, an increase of 11.76% year-on-year[3][4]. - Shareholders' equity attributable to the company increased by 12.49% to CNY 583,617,861.06[3][4]. - The net asset value per share attributable to shareholders rose by 12.64% to CNY 4.90[3][4]. Revenue Structure and Growth - The increase in profit was primarily due to an optimized revenue structure with a higher proportion of high-margin products, leading to a 6.2 percentage point increase in overall gross margin[5]. - The company experienced growth in overseas revenue, which improved cash flow and reduced financial expenses significantly[5]. - Government subsidies related to income increased, contributing to a rise in other income[5].

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 ...

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [5][10]. Core Viewpoints - The company, Wanto Hydraulic, is recognized as a leading enterprise in oil-gas springs and has shown significant growth potential through its electric cylinder products and planetary roller screw technology [5][7]. - In 2023, the company achieved a revenue of 669 million yuan, representing a year-on-year increase of 32%, and a net profit of 79.35 million yuan, up 25% year-on-year [5][34]. - The company has successfully expanded its overseas revenue, which reached 32.64 million yuan in the first half of 2024, marking a 62% year-on-year increase [5][37]. Summary by Sections 1. Hydraulic Cylinder "Small Giant" - Wanto Hydraulic specializes in hydraulic cylinders for dump trucks, mechanical equipment, oil-gas springs, and electric cylinders, serving various industries including automotive and engineering machinery [22][26]. - The company has established a comprehensive operational model integrating R&D, production, sales, and service [32]. 2. Oil-Gas Springs vs. Air Springs - Oil-gas springs provide better safety and damping performance compared to air springs, despite being approximately twice the cost [40]. - The market for oil-gas springs in China was around 10.4 billion yuan in 2023, with increasing demand expected due to cost reduction and market penetration [40][51]. 3. Electric Cylinders - The electric cylinder market in China was approximately 1.156 billion yuan in 2022, with significant growth potential in various sectors including industrial automation and robotics [6][40]. - The company has developed a 10T electric steering cylinder and control system, enhancing its product offerings [40]. 4. Planetary Roller Screws - Compared to ball screws, planetary roller screws offer higher load capacity and longer lifespan, with the global market expected to exceed 1.6 billion USD by 2028 [7][40]. - The domestic market share for planetary roller screw manufacturers was only 19% in 2022, indicating significant growth opportunities for the company [7][40]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 105 million, 141 million, and 186 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18.5, 13.8, and 10.4 [7][10]. - The report highlights the company's competitive edge through cost reduction and efficiency improvements, particularly in its oil-gas spring business [7][11].

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]

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Insights - The company reported a net profit attributable to shareholders of 75.55 million yuan for Q1-Q3 2024, representing a year-on-year increase of 30.71%. Revenue for the same period was 443 million yuan, a decrease of 15.44% year-on-year. The increase in profit is attributed to a higher proportion of high-margin products such as oil-gas springs and overseas sales, along with cost optimization measures [4][5] - The company is expected to achieve net profits of 99 million yuan, 123 million yuan, and 144 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.83 yuan, 1.03 yuan, and 1.21 yuan. The current stock price corresponds to PE ratios of 18.9, 15.2, and 13.0 for the respective years [4][5] Financial Performance Summary - For Q1-Q3 2024, the company achieved a revenue of 443 million yuan, down 15.44% year-on-year, while the net profit attributable to shareholders was 75.55 million yuan, up 30.71% year-on-year. The net profit excluding non-recurring items was 68.95 million yuan, reflecting a growth of 24.68% year-on-year [4] - The gross margin increased by 6.13 percentage points year-on-year due to a rise in the proportion of high-margin products and a decrease in raw material costs [4] - The company’s overseas sales grew by 62.04% year-on-year, driven by new customer development and increasing demand for specialized products [5] Product Development and Market Expansion - The company has developed electric cylinders and lifting systems for dump trucks, enhancing its product offerings and market competitiveness. The oil-gas spring product line has seen a compound annual growth rate (CAGR) of 89.55% from 2021 to 2023, with a revenue of 52.29 million yuan in H1 2024, marking a 119% year-on-year increase [5][6] - The company is actively researching and developing new products, including intelligent oil-gas suspension systems, to meet the growing market demand [5][6]

证券代码：830839 证券简称：万通液压 公告编号：2024-082 山东万通液压股份有限公司 第四届监事会第九次会议决议公告 5.会议主持人：监事会主席苏金杰先生 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开符合《公司法》《公司章程》和《监事会制度》的相 关规定。 （二）会议出席情况 本公司及监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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 10 月 28 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 4.发出监事会会议通知的时间和方式：2024 年 10 月 23 日以书面方式发出 具体内容详见公司于 2024 年 10 月 28 日在北京证券交易所信息披露网站 （www.bse.cn）披露的《2024 年三季度报告》（公告编号：2024-083）。 2.议案表决结果：同意 3 票；反对 0 票；弃权 0 票。 3.回避表决情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一 ...