Core Viewpoint - Convertible bonds are increasingly accepted and recognized in the market as a financing tool that balances equity and debt characteristics [1] Group 1: Company Announcements - Weibo Hydraulic plans to raise 100 million yuan through a private placement of convertible bonds for project construction and working capital [2][3] - The funds will be used for the development of high-end intelligent hydraulic power systems and core components, as well as the establishment of a research and development center [2] - The project aims to enhance production capacity, core competitiveness, and diversify product offerings, thereby increasing the company's resilience and profitability [2] Group 2: Market Trends - Weibo Hydraulic's announcement marks the third convertible bond refinancing project disclosed in the North Exchange this year, following announcements from Youji Co. and Wantong Hydraulic [3] - Youji Co. plans to raise 120 million yuan for technology upgrades and expansion projects, aligning with national industrial policies and enhancing market competitiveness [3] - Wantong Hydraulic aims to raise 150 million yuan, with a significant portion expected to be subscribed by Pangu Intelligent [4] Group 3: Industry Developments - The North Exchange is expanding its range of financing tools, including various types of bonds such as convertible bonds, green bonds, and bonds supporting rural revitalization [5] - The China Securities Regulatory Commission has emphasized the importance of developing the North Exchange to attract innovative small and medium-sized enterprises [5] - The North Exchange's convertible bond market is expected to grow rapidly, although its unique positioning may limit its overall market scale [6]

作为兼顾股性和债性的融资品种，可转债以其独特的优势，逐步受到市场主体的接受和认可。 4月26日，北交所上市公司威博液压披露可转债再融资预案，拟通过向特定对象发行可转换公司债券，募集资金 1亿元，用于项目建设和补充流动资金。据证券时报记者统计，威博液压披露的可转债再融资预案是继优机股 份、万通液压后，今年以来北交所市场披露的第三单可转债再融资项目。 年内3家北交所上市公司公布可转债发行预案 据威博液压的公告，公司此次拟通过向特定对象发行可转换公司债券，募集资金1亿元，用于高端智能液压动力 系统及核心部件、研发中心建设项目和补充流动资金。 威博液压主要从事液压动力单元及核心部件的研发、生产与销售，构建起以直流电机、交流电机、外啮合齿轮 泵、内啮合齿轮泵、溢流阀、缓冲阀等核心元件为主导的集成式液压动力单元产品体系。 公司表示，高端智能液压动力系统及核心部件项目将依托于公司现有生产场地、已有的技术基础及生产管理经 验，通过购置先进生产制造设备，以满足高端智能液压动力系统及核心部件生产的工艺及技术需求，项目建成 后，将提升公司高端产品的生产能力，增强公司核心竞争力，同时丰富公司产品种类，增加公司抗风险能力以 及盈利能力 ...

装备制造 [Table_ReportDate] 2025 年 4 月 28 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 逆变器 3 月出口保持增长 [Table_ReportType]装备制造行业周报（4 月第 4 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 行业数据 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率 ...

Investment Rating - The report maintains a positive outlook on the engineering machinery sector, indicating stable growth in exports and suggesting continued investment opportunities in this area [2][3]. Core Insights - The engineering machinery sector saw a first-quarter export value of $12.92 billion, reflecting a year-on-year increase of 7.61% [2]. - In the photovoltaic sector, the prices of main materials have declined, but inverter exports in March reached $633 million, up 5.68% year-on-year, with strong demand from Europe and Asia [2]. - The humanoid robot industry is experiencing rapid development, highlighted by significant showcases at the Shanghai Auto Show, indicating a potential new growth phase for the sector [2]. Summary by Sections Engineering Machinery - The first quarter of 2025 saw stable growth in engineering machinery exports, with a total export value of $12.92 billion, a 7.61% increase year-on-year [2]. - Emerging markets such as Africa, Latin America, Southeast Asia, and the Middle East are experiencing faster growth compared to mature markets [2]. Photovoltaic Sector - The prices of photovoltaic materials have dropped significantly, while inverter exports in March totaled $633 million, marking a 5.68% increase year-on-year [2]. - European markets showed a recovery in demand, particularly in Germany, the UK, and Italy, contributing to the growth in inverter exports [2]. Humanoid Robots - The Shanghai Auto Show showcased advancements in humanoid robots, with significant improvements in functionality and design from domestic manufacturers [2]. - The report suggests focusing on high-value segments with strong technological barriers, such as components for humanoid robots [2].

证券代码：830839 证券简称：万通液压 公告编号：2025-054 公司将按照上述问询函的要求，会同相关中介机构逐项落实并及时提交对问 询函的回复，回复内容将通过临时公告方式披露，并按照审核要求通过北交所发 行上市审核业务系统报送相关文件。 公司本次向特定对象发行可转换公司债券事项尚需通过北交所审核，并获得 中国证券监督管理委员会做出同意注册的决定后方可实施，本次发行的审核周期 及结果存在不确定性。公司将根据该事项的进展情况，严格按照有关法律法规的 规定及时履行信息披露义务，敬请广大投资者注意投资风险。 山东万通液压股份有限公司 董事会 2025 年 4 月 25 日 关于收到北京证券交易所《关于山东万通液压股份有限公司向特定 对象发行可转换公司债券申请文件的审核问询函》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。 山东万通液压股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日收到 北京证券交易所（以下简称"北交所"）出具的《关于山东万通液压股份有限公 司向特定对象发行可转 ...

Group 1: Financial Performance - The company reported a revenue of 167 million, a year-on-year increase of 17.57% and a quarter-on-quarter decrease of 10.14% [1] - The net profit attributable to the parent company reached 34 million, reflecting a year-on-year growth of 60.72% and a quarter-on-quarter increase of 1.97% [1] - The non-recurring net profit attributable to the parent company was 33 million, showing a year-on-year increase of 70.18% and a quarter-on-quarter rise of 1.65% [1] - The gross profit margin increased by 6.14 percentage points year-on-year, with the sales gross margin rising to 30.62% and the net profit margin to 20.31% [1] Group 2: Industry Trends - The hydraulic cylinder business is experiencing a recovery driven by the resurgence in excavator sales, which reached 61,400 units in Q1 2025, a year-on-year increase of 22.8% [2] - The oil-gas spring segment is benefiting from the growth in new energy vehicle markets, with a compound annual growth rate of 116% expected from 2022 to 2024 [2] - The company is expanding its research and development into electric cylinders and intelligent suspension systems, aiming to diversify its product offerings beyond hydraulic components [2] Group 3: Strategic Initiatives - The company is actively developing planetary roller screw technology for robotic applications and exploring new fields such as industrial automation and aerospace [3] - A strategic cooperation project with Pangu Intelligent in the wind power sector has been accepted, focusing on hydraulic systems for wind turbine pitch and yaw control [3] - Research and development efforts are underway for high-end marine equipment hydraulic technologies, including specialized hydraulic cylinders for deep-sea platforms [3] Group 4: Profit Forecast - The company maintains profit forecasts for the years 2025 to 2027, estimating net profits of 137 million, 170 million, and 193 million respectively, with corresponding price-to-earnings ratios of 30.94, 25.06, and 22.03 [3]

证券研究报告·公司点评报告·工程机械 万通液压（830839） 买入（维持） 2025 年一季报点评：油气弹簧受益新能源车 型增量市场，拓展机器人/风电/深海新应用 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 668.54 | 628.52 | 778.12 | 918.26 | 1,062.20 | | 同比（%） | 32.46 | (5.99) | 23.80 | 18.01 | 15.68 | | 归母净利润（百万元） | 79.35 | 108.72 | 137.35 | 169.59 | 192.95 | | 同比（%） | 25.28 | 37.02 | 26.33 | 23.47 | 13.77 | | EPS-最新摊薄（元/股） | 0.67 | 0.91 | 1.15 | 1.42 | 1.62 | | P/E（现价&最新摊薄） | 53.56 | 39.09 | 30.94 | 25.06 | 22. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's Q1 2025 net profit exceeded expectations, with revenue optimization and cost control continuing to enhance profitability [6] - Q1 2025 revenue grew by 17.6% year-on-year, while net profit attributable to shareholders increased by 60.7%, and the net profit excluding non-recurring items rose by 70.18% [6] - The report indicates a positive outlook for the company's growth driven by traditional business recovery and expansion into new sectors [6] Financial Performance Summary - Total revenue for Q1 2025 was 166.5 million yuan, with a year-on-year increase of 17.6% and a quarter-on-quarter decrease of 10.1% [6] - The net profit margin improved to 20.31%, with a gross margin of 30.62% [6] - The company has adjusted its profit forecasts upwards, expecting net profits of 153 million, 179 million, and 240 million yuan for 2025, 2026, and 2027 respectively [6][8] Business Segment Analysis - Traditional business segments such as military and oil-gas springs are experiencing high growth, supported by a sufficient order backlog [6] - The company is actively expanding into overseas markets and has seen a recovery in its coal machinery business [6] - New product developments, including collaborations in the wind power hydraulic sector, are expected to provide significant growth opportunities [6]

Core Insights - The majority of companies listed on the Beijing Stock Exchange reported positive growth in both revenue and net profit for the first quarter of 2025, indicating a continuation of the growth trend from 2024 [1][4]. Group 1: Company Performance - Minshida reported a revenue of 115 million yuan, a year-on-year increase of 27.43%, and a net profit of 30.55 million yuan, up 49.92%, attributed to increased domestic and international orders [2]. - Lintai New Materials achieved a revenue of 101 million yuan, a significant year-on-year growth of 107.43%, and a net profit of 38.36 million yuan, up 287.62%, driven by sales to major clients like BYD and Changan [3]. - Wantong Hydraulic recorded a revenue of 167 million yuan, a year-on-year increase of 17.57%, and a net profit of 33.82 million yuan, up 60.72%, due to optimized revenue structure and reduced raw material costs [4]. - Yingtai Biological turned a profit in the first quarter, indicating a recovery in the agricultural chemical sector after a prolonged destocking period [4]. - Zhongke Meiling's overseas sales have gained investor attention, with a strong performance in new markets and multiple project wins [5]. - Taide Co. experienced a slight decline in net profit but reported a revenue growth of 23.13% to 340 million yuan and a net profit increase of 216.53% to 24.95 million yuan for 2024 [6]. Group 2: Industry Trends - The overall trend in the Beijing Stock Exchange indicates a robust recovery and growth in various sectors, particularly in manufacturing and specialized materials, as companies adapt to market demands and optimize operations [1][4]. - The agricultural chemical industry is undergoing a transformation with a focus on cost reduction and efficiency improvements, as companies navigate low inventory levels and market conditions [4].

证券研究报告 机械设备 | 工程机械 北交所|公司点评报告 hyzqdatemark 2025 年 04 月 20 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： 请务必仔细阅读正文之后的评级说明和重要声明 事 件 ： 25Q1 实 现 营 收 1.67 亿 元 (yoy+18%/qoq-10%) ， 归 母 净 利 润 3382.47 万 元 (yoy+61%/qoq+2%)，扣非归母净利润 3301.50 万元(yoy+70%/qoq+2%)，收入端延续稳定增 长，利润端超预期。从费用端来看，25Q1 销售费用率 1.11%(yoy-0.01pcts/qoq+0.05pcts)， 管理费用率 2.57%(yoy-0.59pcts/qoq-0.71pcts），费用端控制得当。 联系人 液压油缸"小巨人"，工程机械等下游恢复，油气弹簧等新产品不断扩展。公司业务涵盖液 压产品的研发、设计、生产和销售，主要产品包括自卸车专用油缸、机械装备用缸和油气 ...