山东万竭液压股份有限公司 审计报告 和信审字(2024)第 000263 号 | 目 美 | 刷 页 | | --- | --- | | 一、审计报告 | 1-5 | | 二、已审财务报表及附注 | | | 1、合并及公司资产负债表 | 6-9 | | 2、合并及公司利润表 | 10-11 | | 3、合并及公司现金流量表 | 12-13 | | 4、合并及公司所有者权益(股东权益)变动表 | 14-17 | | 5、财务报表附注 | 18-99 | 和信会计师事务所 (特殊普通合伙) 二〇二四年四月十日 您可使用手机"扫一扫"或进入]"注册会计师行业统一监管平台（http://acc.mof.gov.cn】 山东万通液压股份有限公司 报告正文 和信审字(2024)第 000263 号 山东万通液压股份有限公司全体股东: 一、审计意见 我们审计了山东万通液压股份有限公司(以下简称万通液压)财务报表,包 括 2023年 12月 31 日的合并及公司资产负债表,2023年度的合并及公司利润表、 合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计 ...

证券代码：830839 证券简称：万通液压 公告编号：2025-065 山东万通液压股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 √特定对象调研 √现场参观 □新闻发布会 活动地点：山东省日照市五莲县山东路 1 号 参会单位：长江证券、东北证券、西南证券、财通证券、华福证券、中航证 券、开源证券、广发基金、东方基金、驼铃资产（排名不分先后） 上市公司接待人员：公司董事、副总经理、董事会秘书：王梦君女士 三、 投资者关系活动主要内容 本次投资者关系活动的主要问题及公司对问题的回复概要如下： □分析师会议 □路演活动 √其他 （投资者线上交流会） 二、 投资者关系活动情况 活动时间：2025 年 9 月 10 日 动导引车（AGV）、井下运人车/服务车、除雪车、4*4 特种车、武警车等各类车 型匹配设计对应的油气悬挂，涉及到许多不同的悬架形式，包括有麦弗逊的， 有烛式悬挂的，有纵轴悬挂的，有双横臂的，还有非独立桥的，这些都形成了 成熟产品或提供 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - In H1 2025, the company achieved a net profit attributable to shareholders of 67 million yuan, representing a year-on-year increase of 40.33%. The total operating revenue reached 344 million yuan, up 13.12% year-on-year. The growth is attributed to significant increases in all major product categories and successful overseas expansion [3][4] - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 145 million yuan, 186 million yuan, and 201 million yuan respectively, with corresponding EPS of 1.22 yuan, 1.56 yuan, and 1.69 yuan. The current stock price corresponds to P/E ratios of 33.6, 26.2, and 24.2 for the respective years [3][4] Financial Performance Summary - In H1 2025, the company reported revenue from specialized oil cylinders for dump trucks of 86.18 million yuan, a year-on-year increase of 25.95%, with a gross margin of 25.78%, up 2.62 percentage points. The mechanical equipment cylinder revenue was 183 million yuan, a 3.96% increase, with a gross margin of 26.34%, up 4.15 percentage points. The oil-gas spring revenue reached 63.48 million yuan, a 21.40% increase, with a gross margin of 49.73%, up 7.28 percentage points [4][5] - The company plans to collaborate with Pangu Intelligent to develop hydraulic cylinders for wind power, leveraging complementary technologies and industry synergies [5] Financial Projections - The financial projections for the company are as follows: - Operating revenue (million yuan): 2023A: 669, 2024A: 629, 2025E: 781, 2026E: 968, 2027E: 1,087 - Net profit attributable to shareholders (million yuan): 2023A: 79, 2024A: 109, 2025E: 145, 2026E: 186, 2027E: 201 - EPS (yuan): 2023A: 0.67, 2024A: 0.91, 2025E: 1.22, 2026E: 1.56, 2027E: 1.69 [7][9]

Market Overview - The engineering machinery sector experienced a decline of 0.28% on September 3, with Wantong Hydraulic leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers in the engineering machinery sector included: - Xugong Machinery (Code: 000425) with a closing price of 9.98, up 3.31% and a trading volume of 1.71 million shares, totaling 1.718 billion yuan [1] - Fushite (Code: 301446) closed at 30.58, up 2.62% with a trading volume of 40,300 shares, totaling 123 million yuan [1] - Anhui Heli (Code: 600761) closed at 20.16, up 2.60% with a trading volume of 307,500 shares, totaling 621 million yuan [1] - Conversely, significant decliners included: - Wantong Hydraulic (Code: 830839) closed at 39.68, down 5.59% with a trading volume of 22,200 shares, totaling 89.44 million yuan [2] - Huadong Heavy Machine (Code: 002685) closed at 8.29, down 5.26% with a trading volume of 693,500 shares, totaling 588 million yuan [2] - Shaoyang Hydraulic (Code: 301079) closed at 27.90, down 3.93% with a trading volume of 40,100 shares, totaling 114 million yuan [2] Capital Flow - The engineering machinery sector saw a net outflow of 82.3951 million yuan from institutional investors, while retail investors contributed a net inflow of 61.1566 million yuan [2] - The detailed capital flow for selected stocks showed: - Xugong Machinery had a net inflow of 1.22 billion yuan from institutional investors, while retail investors had a net outflow of 1.06 billion yuan [3] - Weiman Sealing (Code: 301161) had a net inflow of 74.8286 million yuan from institutional investors and a net outflow of 1.12 billion yuan from retail investors [3] - Fushite had a net inflow of 8.0905 million yuan from institutional investors, with a net outflow of 1.2838 million yuan from retail investors [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [1]. Core Insights - The company's H1 2025 performance exceeded expectations, with revenue of 344 million yuan, a year-over-year increase of 13.12%, and a net profit of 67.32 million yuan, reflecting a 40.33% growth [4][7]. - The report highlights significant growth in all three major business segments, with self-dumping truck special oil cylinders, mechanical equipment cylinders, and gas springs showing year-over-year increases of 25.95%, 3.96%, and 21.40% respectively [7]. - The gross margin has improved beyond expectations, with the gas spring segment achieving a gross margin of 49.73%, up 7.28 percentage points from the previous year, showcasing the company's cost reduction capabilities and product competitiveness [7]. - The company has demonstrated strong international competitiveness, with overseas revenue growth of 62.71% in 2024 and 41.24% in H1 2025 [7]. Financial Data and Profit Forecast - The company is projected to achieve total revenue of 702 million yuan in 2025, with a year-over-year growth rate of 11.7% [6]. - The net profit forecast for 2025 is 145 million yuan, reflecting a growth rate of 33.5% compared to the previous year [6]. - The report anticipates earnings per share of 1.22 yuan for 2025, with a projected price-to-earnings ratio of 35 times based on the closing price on August 27 [6][7].

New Consumption - The company achieved total operating revenue of 1.769 billion yuan in H1 2025, a year-on-year increase of 30.83% [2][8] - The total profit reached 241 million yuan, up 7.17% year-on-year, while the net profit attributable to shareholders was 186 million yuan, reflecting a growth of 5.21% [2][10] - The main brand, Marubi, maintained its position as the "No. 1 domestic brand in eye care" and the PL brand won the "Most Influential Makeup and Fragrance Brand" award [2][9] Machinery/Building Materials - The company reported operating revenue of 161 million yuan in H1 2025, a significant increase of 51.66% year-on-year, with a net profit of 23 million yuan, up 199.23% [12][15] - The balance machine business showed steady growth, while automation equipment and software information systems contributed significantly to performance [13][15] - The company is recognized as a leader in domestic balance machines, with new orders expected to increase as the company expands into high-end equipment manufacturing markets [15] Transportation - The company achieved approximately 766 million yuan in revenue in H1 2025, a decrease of 8.57% year-on-year, while the net profit was approximately 532 million yuan, an increase of 20.51% [16][17] - The main business of highways remains stable, with a significant increase in net profit in Q2 2025 due to the recovery of previously provisioned losses [16][17] - The company plans to distribute a cash dividend of 0.15 yuan per share, indicating a commitment to shareholder returns [16][18] North Exchange - The company reported revenue of 237 million yuan in H1 2025, a year-on-year increase of 7%, with a net profit of 52.68 million yuan, up 14% [20][21] - The domestic revenue grew by 31%, while overseas revenue faced challenges [21] - The company is actively developing new products in nuclear power and data center sectors, which are expected to drive future growth [21][22] Hydraulic Industry - The company achieved revenue of 344 million yuan in H1 2025, a year-on-year increase of 13%, with a net profit of 67.32 million yuan, up 40% [31][32] - The growth was driven by strong demand for dump truck cylinders and oil-gas springs, with significant improvements in gross margins [32][33] - The company is expanding into new fields such as autonomous driving and industrial robotics, indicating a strategic shift towards innovative applications [34][35]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's net profit attributable to shareholders increased by 40% year-on-year in H1 2025, driven by high growth in overseas business and cost optimization [2] - The company is actively expanding into new fields such as autonomous mining vehicles and humanoid robots, supported by a recently approved convertible bond project [4] Financial Performance Summary - In H1 2025, the company achieved total revenue of 344 million yuan, net profit of 67 million yuan, and net profit excluding non-recurring items of 66 million yuan, representing year-on-year increases of 13%, 40%, and 42% respectively [2] - The gross profit margin and net profit margin for H1 2025 were 30.56% and 19.55%, reflecting increases of 4.26 percentage points and 3.79 percentage points year-on-year [2] - Revenue from the domestic market was 298 million yuan (up 10% year-on-year), while overseas revenue reached 46 million yuan (up 41% year-on-year) [2] Business Segment Performance - The three main business segments showed growth: 1. Dump truck cylinders saw a revenue increase of 26% to 86 million yuan, with a gross margin of 25.78% [3] 2. Mechanical equipment cylinders maintained stable revenue at 183 million yuan, with a gross margin of 26.34% [3] 3. Oil and gas springs revenue grew by 21% to 63 million yuan, with a gross margin of 49.73% [3] Future Outlook - The company plans to issue a 150 million yuan convertible bond in collaboration with Pangu Intelligent, which has been approved by the Beijing Stock Exchange [4] - The company is focusing on research and development in emerging fields, including intelligent hydraulic lifting systems for autonomous mining vehicles and high-precision components for humanoid robots [4] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 to 2027 is 137 million, 170 million, and 193 million yuan respectively, with corresponding P/E ratios of 35.57, 28.81, and 25.32 [1][10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown robust growth in the first half of 2025, with a 40% year-on-year increase in net profit attributable to shareholders, driven by industry recovery and strategic product developments in intelligent oil-gas suspension and robotics [5][6] - The company's revenue for H1 2025 reached 344 million yuan, a 13% increase year-on-year, while the net profit attributable to shareholders was 67.32 million yuan, reflecting a 40% growth [6] - The report highlights significant growth in specific product lines, including a 25.95% increase in revenue from dump truck cylinders and a 21.40% increase from oil-gas springs, attributed to policy support and rising demand in the construction and new energy sectors [6] Summary by Sections Market Performance - The closing price as of August 25, 2025, was 44.56 yuan, with a total market capitalization of 5,312.22 million yuan and a circulating market value of 2,943.58 million yuan [3] Financial Performance - For H1 2025, the company reported a net cash flow from operating activities of 108.19 million yuan, a 48% increase year-on-year [6] - The sales expense ratio was 1.28%, and the management expense ratio was 2.74% [6] Revenue and Profit Forecast - The company expects net profits for 2025, 2026, and 2027 to be 141 million yuan, 185 million yuan, and 220 million yuan respectively, with corresponding P/E ratios of 37.7, 28.6, and 24.1 [7] - Revenue projections for 2025, 2026, and 2027 are 779 million yuan, 931 million yuan, and 1,102 million yuan, with growth rates of 23.87%, 19.62%, and 18.35% respectively [7] Product Development and Market Trends - The company is actively investing in R&D, with a 15.93% increase in R&D expenses in H1 2025, focusing on electric, intelligent, and systematized solutions [6] - The report notes a significant recovery in the heavy-duty dump truck market, with a 36.4% year-on-year increase in sales, and a substantial rise in new energy heavy truck sales by 184.68% [6]

Group 1 - The issuance of convertible bonds by Youji Co., Ltd. has been successfully completed, with 24 investment institutions actively participating in the subscription [1][3] - The scale of Youji's convertible bond issuance is 120 million yuan, with a term of 6 years, aimed at funding the intelligent flexible production line for valves and related technical upgrades [3] - The initial coupon rate for Youji's convertible bonds was determined through a bidding process, starting at 0.20% in the first year and increasing by 0.30% each subsequent year [3][7] Group 2 - Wantong Hydraulic's convertible bond issuance plan has resumed registration, with a proposed scale of 150 million yuan, aimed at attracting strategic partners [4] - Wantong Hydraulic reported a revenue of 344 million yuan in the first half of the year, a year-on-year increase of 13.12%, and a net profit of 67.32 million yuan, up 40.33% [4] - The funds raised from Wantong's convertible bond issuance will be used entirely to supplement working capital [4] Group 3 - The market is witnessing a growing interest in convertible bonds on the Beijing Stock Exchange, with institutions focusing on their intrinsic investment value [5] - The initial conversion price for convertible bonds on the Beijing Stock Exchange is generally set higher compared to those on the Shanghai and Shenzhen exchanges, which may affect their attractiveness [6] - The terms of convertible bonds on the Beijing Stock Exchange are stricter, with no down adjustment clauses, which may lead to a perception of lower value [7][8]

New Stock Issuance - The new stock issuance for Sanxie Electric (证券代码: 920100) is priced at 8.83[1] - Shenkou Co. (证券代码: 002633) has a tender offer period from July 29, 2025, to August 27, 2025[1] - Fushun Special Steel (证券代码: 600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] Market Alerts - Changcheng Military Industry (证券代码: 601606) is experiencing severe abnormal fluctuations[1] - ST Yanzhen (证券代码: 603389) has reported significant trading anomalies[1] - ST Zhongdi (证券代码: 000609) has been flagged for unusual trading activity[1] Other Notable Stocks - Zhanjiang Development (证券代码: 000753) and Pudong Construction (证券代码: 600284) are also under scrutiny for trading irregularities[1] - The stock of Zhaoyi Innovation (证券代码: 603986) is being monitored for potential volatility[1] - The stock of ST Suwu (证券代码: 600200) has been highlighted for its trading behavior[1]