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]

Investment Rating - The investment rating for the company is "Buy" [3][4]. Core Insights - The company has shown a continuous optimization of its product structure and steady progress in expanding overseas markets, particularly in the hydraulic cylinder sector, which opens up growth opportunities [2]. - In Q3 2024, the company achieved a revenue of 139 million yuan, a year-on-year decrease of 22.60%, while the net profit attributable to the parent company was 28 million yuan, an increase of 27.12% year-on-year [2]. - The gross profit margin improved to 28.93%, up 1.24 percentage points from Q2, and the net profit margin increased to 19.88%, up 3.35 percentage points from Q2, indicating enhanced profitability [2]. - The company’s oil-gas spring products have shown significant advantages in various performance metrics, leading to a compound annual growth rate of 89.55% in revenue from 2021 to 2023, with H1 2024 revenue exceeding the total for 2023 [2]. - The overseas market expansion is progressing well, with products being sold in North America, South America, the Middle East, and Eastern Europe, contributing to revenue diversification and reducing domestic market pressure [2]. - The company’s financial forecasts for 2024-2026 project revenues of 632 million, 799 million, and 980 million yuan, respectively, with net profits of 107 million, 154 million, and 198 million yuan [3][4]. Financial Summary - The company reported total revenue of 443 million yuan for the first three quarters of 2024, a decrease of 15.44% year-on-year, while the net profit attributable to the parent company was 76 million yuan, an increase of 30.71% [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.90 yuan, 1.30 yuan, and 1.66 yuan, respectively [3][6]. - The company’s return on equity (ROE) is expected to improve from 18.53% in 2024 to 23.70% in 2026 [3][6].

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]

证券代码：830839 证券简称：万通液压 公告编号：2024-084 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 □业绩说明会 □媒体采访 √现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2024 年 11 月 8 日 活动地点：山东省日照市五莲县山东路 1 号 参会单位：东吴证券、长江证券、财信证券（上述排名不分先后） 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： 问题 1：请问公司油气弹簧产品今年前三季度的收入增长情况如何？ 回答：油气弹簧产品凭借在驾驶舒适性、安全性、 ...

隐证券 北交所信息更新 北 交 所 研 究 万通液压（830839.BJ） 2024 年 10 月 30 日 油气弹簧及境外销售收入等占比增加，Q1-3 归母净利润+30.71% ——北交所信息更新 投资评级：买入（维持） 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 | --- | --- | |-------------------------|------------| | 日期 | 2024/10/30 | | 当前股价 ( 元 ) | 16.37 | | 一年最高最低 ( 元 ) | 17.20/6.85 | | 总市值 ( 亿元 ) | 19.52 | | 流通市值 ( 亿元 ) | 10.66 | | 总股本 ( 亿股 ) | 1.19 | | 流通股本 ( 亿股 ) | 0.65 | | 近 3 个月换手率 (%) | 99.36 | 北交所研究团队 北 交 所 信 息 更 新 开 源 证 券 证 券 研 究 报 告 三季报公布，Q1-3 归母净利润 7,554.92 万元+30.71%，维持"买入"评级 万通液压发布三季报，2024Q1-3 ...

证券简称: 万通液压 WT.UX 山东万通液压股份有限公司 SHANDONG WANTONG HYDRAULIC CO.,LTD. 证券代码:830839 □□□□□□□□□□□ 000000000 □□□□□ 0000 日日 □□ 000000000000 □ (0) 00 00000000000 □□ ▷▷▷▷▷ ロロロロロロロロロロロロロロロ 2 万通液压微信公众平台 山东万通液压股份有限公司 2024 年第三季度报告 公告编号：2024-083 第一节 重要提示 公司董事、监事、高级管理人员保证本报告所载资料不存在虚假记载、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责任。 公司负责人王万法、主管会计工作负责人厉建慧及会计机构负责人（会计主管人员）厉建慧保证 季度报告中财务报告的真实、准确、完整。 本季度报告未经会计师事务所审计。 本季度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，投资者及相关人士均应 对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 | --- | --- | --- | |------------------------ ...

证券代码：830839 证券简称：万通液压 公告编号：2024-081 山东万通液压股份有限公司 第四届董事会第十次会议决议公告 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：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：现场及通讯 4.发出董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 5.会议主持人：董事长王万法先生 6.会议列席人员：监事、高级管理人员 7.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《董事会制度》的相 关规定。 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 董事顾亮、李美文、王月虎因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于公司<2024 年第三季度报告>的议案》 1.议案内容： 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 ...

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 ...