山东万通液压股份有限公司 2025 年第一次临时股东大会决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 3 月 18 日 2.会议召开地点：山东省日照市五莲县山东路 1 号山东万通液压股份有限公 司办公楼二楼会议室 3.会议召开方式：现场投票和网络投票相结合 4.会议召集人：董事会 证券代码：830839 证券简称：万通液压 公告编号：2025-042 其中通过网络投票参与本次股东大会的股东共 2 人，持有表决权的股份总数 57,338 股，占公司有表决权股份总数的 0.0485%。 （三）公司董事、监事、高级管理人员出席或列席股东大会情况 1.公司在任董事 7 人，出席 7 人； 2.公司在任监事 3 人，出席 3 人； 3.公司董事会秘书出席会议； 公司其他高级管理人员、见证律师列席会议。 二、议案审议情况 5.会议主持人：董事长王万法先生 6.召开情况合法、合规、合章程性说明： 本次股东大会的召集程序符合《公司法 ...

北京植德律师事务所 北京植德律师事务所 关于山东万通液压股份有限公司 2025年第一次临时股东大会的 关于山东万通液压股份有限公司 2025 年第一次临时股东大会的 法律意见书 植德京(会)字[2025]0017 号 二〇二五年三月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 1 法律意见书 植德京(会)字[2025]0017号 致：山东万通液压股份有限公司 北京植德律师事务所（以下简称"本所"）接受山东万通液压股份有限公司 （以下简称"公司"或"万通液压"）的委托，指派律师出席并见证公司2025年 第一次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The 2024 annual report meets expectations, with traditional business showing marginal recovery and new fields expanding aggressively [4] - The company reported a revenue of 629 million yuan in 2024, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 37.02% to 109 million yuan [4] - The company plans to distribute a cash dividend of 0.5 yuan per share and has set a shareholder return plan for the next three years, ensuring a minimum dividend payout ratio of 10% [4] Financial Data and Profit Forecast - Total revenue is projected to grow from 629 million yuan in 2024 to 1.121 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 21.1% [6] - Net profit attributable to shareholders is expected to increase from 109 million yuan in 2024 to 234 million yuan in 2027, reflecting a strong growth trajectory [6] - The gross profit margin is anticipated to improve from 27.9% in 2024 to 29.4% in 2027, indicating enhanced operational efficiency [6] Investment Analysis - The company is expected to benefit from the recovery in engineering machinery and military industries, alongside the continuous release of new products [6] - The forecast for 2025 revenue is adjusted to 765 million yuan, with net profit projected at 149 million yuan, reflecting a strong outlook for the company's traditional business [6] - The company is noted for its strong management and commitment to investor returns, reinforcing the "Buy" rating [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Insights - The 2024 annual report meets expectations, with traditional business showing marginal recovery and new sectors expanding aggressively [6]. - The company reported a revenue of 629 million yuan for 2024, a year-over-year decrease of 5.99%, while the net profit attributable to shareholders was 109 million yuan, an increase of 37.02% year-over-year [6]. - The company plans to distribute a cash dividend of 0.5 yuan per share and aims for a minimum annual dividend payout ratio of 10% over the next three years [6]. Financial Data and Profit Forecast - The total revenue forecast for 2025 is 765 million yuan, with a year-over-year growth rate of 21.7% [8]. - The net profit attributable to shareholders is projected to be 149 million yuan in 2025, reflecting a growth rate of 36.9% [8]. - The gross profit margin is expected to improve to 29.0% in 2025, up from 27.9% in 2024 [8]. - The return on equity (ROE) is forecasted to reach 20.9% in 2025 [8]. Business Performance - The company experienced a significant recovery in Q4 2024, with revenue growth of 28.3% year-over-year and a quarter-over-quarter increase of 33.6% [8]. - The gross profit margin for the company improved to 27.93% in 2024, an increase of 6.2 percentage points [8]. - The revenue from the self-dumping truck cylinder segment increased by 10.02%, while the oil-gas spring segment saw a revenue increase of 93.34% [8]. Future Growth Potential - The company is optimistic about the growth potential of oil-gas springs and is actively expanding into new business areas [8]. - The company has developed various products based on oil-gas springs for heavy mining trucks and is working on integrated oil-gas suspension systems for passenger vehicles [8]. - The company has established partnerships to enter new markets, such as hydraulic cylinders for wind turbine pitch control, indicating a focus on import substitution [8].

Investment Rating - The report maintains a "Buy" rating for companies in the automotive and real estate sectors, indicating a positive outlook for investment opportunities in these industries [8][11][12]. Core Insights - The automotive industry is undergoing significant changes, with a shift towards three distinct business models: Robotaxi operations, high-end manufacturing, and personalized brands. This evolution necessitates a reevaluation of traditional investment frameworks [4][7]. - The real estate sector is expected to experience a peak in debt restructuring in 2025, with companies possessing quality commercial assets likely to recover more swiftly through diversified strategies and asset management capabilities [8]. - The macroeconomic environment shows mixed signals, with U.S. economic data indicating resilience despite concerns over fiscal tightening under the Trump administration, which has impacted market sentiment negatively [1][19]. Summary by Sections Automotive Industry - The automotive sector is predicted to face a major framework adjustment, moving away from the traditional new car cycle focus. The next 5-10 years will be characterized by a "mobility revolution," particularly optimistic about the commercial viability of Robotaxi services [4]. - Companies will likely differentiate into three categories: Robotaxi operators, high-end manufacturers, and personalized brands, each requiring distinct valuation frameworks [7]. Real Estate Sector - The report suggests that 2025 may witness a peak in debt restructuring among real estate firms, with those having strong asset portfolios and diversified operations poised for recovery [8]. - Companies with quality holding properties and mature asset management capabilities are expected to lead the recovery process, leveraging REITs to restart financing channels [8]. Macroeconomic Overview - Recent U.S. economic data has been mixed, with non-farm employment figures slightly below expectations, yet not alarming enough to trigger recession fears. The market remains sensitive to fiscal policy changes under the current administration [1][19]. - The divergence in fiscal narratives between the U.S. and Europe is notable, with the U.S. leaning towards fiscal tightening while Europe is moving towards fiscal expansion, impacting market dynamics [1][19]. Fixed Income and Debt Instruments - The report discusses the issuance of convertible bonds by Yonggui Electric, highlighting its strategic focus on intelligent connectors and industry upgrades. The expected listing price for the convertible bond is projected between 127.77 and 142.08 yuan [3][27]. - The bond's protective features and moderate dilution impact are noted, with a recommendation for active subscription due to its favorable risk-return profile [27][28].

Group 1 - A total of 203 companies were investigated by institutions in the past five days, with significant interest in companies like Shenzhen South Circuit, Chip Source Micro, and Zoli Pharmaceutical [1] - Among the companies investigated, 46 received attention from more than 20 institutions, with Shenzhen South Circuit being the most popular, attracting 129 institutions [1] - The types of institutions involved in the investigations included 177 securities companies, 148 fund companies, and 85 private equity firms [1] Group 2 - In terms of market performance, 25 stocks among those investigated saw an increase, with Shenghong Technology, Xingtum Control, and Chaohongji leading with gains of 37.70%, 27.75%, and 18.76% respectively [2] - Nine stocks have reported annual results, with the highest net profit growth seen in Wantong Hydraulic and Xingtum Control, at 37.02% and 35.68% respectively [2] - Fourteen stocks have released preliminary reports for 2024, with significant net profit growth reported by Sitwei and Shenghong Technology, at 2651.81% and 72.94% respectively [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a 37% year-on-year growth in performance for 2024, driven by high-margin market expansion and cost reduction initiatives [2] - The revenue for 2024 is projected to be 629 million yuan, a decrease of 5.99% year-on-year, while the net profit attributable to shareholders is expected to reach 109 million yuan, an increase of 37.02% year-on-year [2] - The decline in revenue is primarily due to a slowdown in demand for energy mining equipment, but the increase in net profit is attributed to an optimized product structure and a rise in high-margin product sales [2][3] Revenue and Profitability - The company's revenue for 2023 was 668.54 million yuan, with a projected revenue of 628.52 million yuan for 2024, followed by 778.12 million yuan in 2025 [1][10] - The net profit for 2023 was 79.35 million yuan, with a forecasted increase to 108.72 million yuan in 2024 and 137.35 million yuan in 2025 [1][10] - The gross profit margin improved by 6.04 percentage points to 27.93%, and the net profit margin increased by 5.43 percentage points to 17.30% [2] Market Performance - The company has successfully expanded its overseas market, with revenue from international markets increasing by 62.71% year-on-year [2] - The sales of oil gas springs have seen a significant growth of 93.34% year-on-year, contributing to 15.81% of total revenue [3] Strategic Focus - The company focuses on four main industries: automotive, energy mining machinery, engineering machinery, and JG equipment, with a dual approach to market expansion both domestically and internationally [4] - The company is actively developing innovative products to meet market demands, particularly in the dumper truck and mechanical equipment sectors [4] Financial Projections - The projected net profit for 2025 is 137 million yuan, with further increases to 170 million yuan in 2026 and 193 million yuan in 2027 [1][10] - The earnings per share (EPS) are expected to rise from 0.67 yuan in 2023 to 0.91 yuan in 2024, reaching 1.15 yuan in 2025 [1][10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has established a strategic partnership with Pangu Intelligent to expand its business dimensions and is intensifying its layout in the humanoid robot sector [5] - In 2024, the company reported a revenue 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 focusing on the transformation of its core business towards intelligence and greening, with a significant increase in revenue from its oil and gas spring business, which grew by 93% year-on-year in 2024 [6] Financial Performance Summary - The company achieved a total revenue of 629 million yuan in 2024, a decrease of 5.99% compared to 2023, while the net profit attributable to shareholders was 109 million yuan, an increase of 37.02% [8] - The gross margin improved to 27.93%, up by 6.2 percentage points year-on-year, driven by growth in the gross margins of all three main business segments [6][8] - The company expects net profits for 2025, 2026, and 2027 to be 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][8] Business Development - The company is actively developing new customers domestically and has seen significant success in expanding its international market, with overseas revenue increasing by 63% year-on-year in 2024 [6] - The company has successfully developed new products such as the intelligent weighing full oil-gas suspension system and the candle-type suspension oil-gas spring, which are expected to enhance its market presence [6] - The strategic cooperation with Pangu Intelligent is anticipated to broaden the company's business coverage and enhance its overall competitiveness [6]

Group 1: Investor Relations Activities - The company conducted an online investor communication meeting on March 13, 2025, with participation from various securities and fund companies [3][4]. Group 2: Collaboration with Pangu Intelligent - The partnership with Pangu Intelligent, a leading manufacturer in centralized lubrication systems, is expected to enhance the company's business capabilities and overall strength [4]. - Pangu Intelligent holds over 50% market share in the domestic centralized lubrication system market for wind power applications [4]. - The company plans to issue convertible bonds totaling up to 150 million CNY, with Pangu Intelligent committing to subscribe for at least 120 million CNY [4]. Group 3: Profitability Enhancement - In 2024, the net profit attributable to shareholders reached 109 million CNY, a year-on-year increase of 37.02% [5]. - The gross margin improved by 6.20 percentage points, and the net profit margin increased by 5.43 percentage points [5]. - The company achieved a net cash flow from operating activities of 121.86 million CNY, up 84.85% year-on-year [5]. Group 4: Growth in Oil-Gas Springs - Revenue from oil-gas springs grew by 93.34% in 2024, with a compound annual growth rate of 116.46% over the past three years [6]. - The company is actively developing new oil-gas spring products for various heavy-duty vehicles and is focusing on intelligent suspension systems [6]. Group 5: Electric Cylinder Technology - The company has developed its own electric cylinder design and production technology, receiving three new utility model patents in 2024 [7]. - The company is enhancing its precision processing and detection capabilities through research on planetary roller screw technology [7]. Group 6: International Market Expansion - The overseas market revenue grew by 62.71% in 2024, with significant contributions from North America and Eastern Europe [9]. - The company has successfully exported products to various regions, including North America, South America, Africa, the Middle East, and Eastern Europe [9].