Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year increase of 26% in net profit attributable to shareholders for Q1-Q3 2025, supported by the issuance of convertible bonds to enhance cash flow [5][6] - The company is focusing on advanced projects such as oil-gas springs, autonomous driving systems, and humanoid robot lead screws, indicating a strong potential for growth in emerging markets [6] - The issuance of targeted convertible bonds aims to improve cash flow and support long-term development, with a net fundraising amount of approximately RMB 148.22 million [6] Financial Performance Summary - For 2025, the company expects revenue of RMB 779 million, a year-on-year growth of 23.87%, and net profit of RMB 141 million, a year-on-year growth of 29.57% [5][7] - The company's earnings per share (EPS) is projected to be RMB 1.19 for 2025, with a return on equity (ROE) of 21.56% [5][7] - The company’s total market capitalization is approximately RMB 5.97 billion, with a circulating market value of about RMB 3.29 billion [3][5]
万通液压（920839）：2025Q1-Q3归母净利润yoy+26%，向盘古智能、上汽金控等发行可转债充盈现金流