北 交 所 研 究 万通液压（830839.BJ） 重卡、JG 装备等推动主要产品营收毛利双增，2025H1 归母净利润+40.33% ——北交所信息更新 2025 年 09 月 11 日 投资评级：买入（维持） | 日期 | 2025/9/10 | | --- | --- | | 当前股价(元) | 40.84 | | 一年最高最低(元) | 55.75/8.91 | | 总市值(亿元) | 48.69 | | 流通市值(亿元) | 26.98 | | 总股本(亿股) | 1.19 | | 流通股本(亿股) | 0.66 | | 近 3 个月换手率(%) | 274.04 | 北交所研究团队 北交所信息更新 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025H1 实现归母净利润 0.67 亿元+40.33%，维持"买入"评级 万通液压披露半年报，2025H1 实现总营业收入 3.44 亿元，同比增长 13.12%；实 现归母净利润 0.67 亿元，同比增长 40.33%。考虑到万通液压在各主要产品类型 均产生较大增长，海外拓展成效显现，并预期合作盘古智能 ...

Overall Performance - In the first half of 2025, companies listed on the Beijing Stock Exchange achieved a total operating income of 92.064 billion yuan, with an average operating income of 336 million yuan, reflecting a year-on-year growth of 6.01% [2] - The total net profit attributable to shareholders was 5.909 billion yuan, with an average net profit of 21.5646 million yuan, showing a decline of 10.59%, although the decline rate has narrowed [2] - Over 60% of companies reported revenue growth, with 225 companies profitable, resulting in a profitability rate of 82.12% [2] - In Q2, companies reported a total operating income of 50.547 billion yuan, a quarter-on-quarter increase of 21.75%, and a net profit of 3.133 billion yuan, up 12.88% from the previous quarter [2] Industry Highlights - The automotive industry showed strong performance, with net profit growth of 23.63% in the first half of the year, driven by policies promoting vehicle upgrades [3] - Companies in the beauty and textile sectors also benefited from consumer trends, with net profit growth of 26.12% and 42.91%, respectively [3] - The equipment manufacturing sector maintained rapid growth, with net profit increasing by 15.95% [3] R&D Investment - Companies on the Beijing Stock Exchange increased R&D spending to 4.139 billion yuan, a year-on-year increase of 2.59%, with significant investments in information technology and biomedicine [4] - Eight companies had R&D expenditures exceeding 30% of their operating income, while four companies invested over 100 million yuan in R&D [4] - A total of 72 companies implemented equity incentive plans, covering 4,266 individuals, to attract and retain talent [4] Financing and M&A Activities - In 2025, 12 companies raised a total of 3.856 billion yuan through public offerings, while five companies announced targeted convertible bond issuances totaling 704 million yuan [5] - Eleven companies disclosed cash asset purchase announcements, with a total transaction amount of 2.650 billion yuan [6] - Significant mergers and acquisitions were noted, such as Xujie Technology's acquisition of a stake in a downstream photovoltaic power station investment and operation company [6] Investor Relations and Market Performance - Approximately 70% of listed companies implemented cash dividends, totaling 4.974 billion yuan, an increase of 5.35% year-on-year [7] - The number of qualified investors reached 8.6613 million, an increase of 675,600 from the previous year, with daily average trading participation of 343,700 investors [8] - The average daily trading volume was 29.625 billion yuan, with the market showing a positive trend following the launch of the Beijing Stock Exchange Specialized Index [8]

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].

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]

Core Viewpoint - Wantong Hydraulic reported a strong performance in the first half of 2025, with significant growth in revenue and net profit, driven by innovation and market expansion efforts [1][2] Financial Performance - The company achieved operating revenue of 344 million yuan, a year-on-year increase of 13.12% - Net profit attributable to shareholders reached 67.32 million yuan, up 40.33% - Basic earnings per share were 0.57 yuan [1] Business Development - Focused on core business development, enhancing innovation, and implementing lean management practices - Steady growth in main business areas, with orderly progress in new product market development and significant results in international business expansion [1] - Research and exploration in electrification, intelligence, systemization, and servo control fields led to phased achievements in product iteration and technological innovation [1] Segment Performance - The revenue from special oil cylinders for dump trucks increased by 25.95% due to the positive effects of the old-for-new policy and the rapid growth of the new energy vehicle market [1] - The oil and gas spring products saw a revenue increase of 21.40%, with steady growth in order volume and enhanced brand influence [2] - Mechanical equipment cylinders benefited from active market expansion, with overall revenue growth of 3.96% in this segment [2] Market Analysis - Domestic market showed recovery in demand for special oil cylinders for dump trucks, with a year-on-year revenue increase of 9.74% - Internationally, the company achieved a significant revenue increase of 41.24%, driven by the high reliability and core technology advantages of its products [2]

Group 1 - The company reported a revenue of 344 million yuan in the first half of 2025, representing a year-on-year increase of 13.12% [1] - The net profit attributable to shareholders reached 67.32 million yuan, showing a year-on-year growth of 40.33% [1] - The net cash flow from operating activities was 108 million yuan, up 48.40% year-on-year [1] Group 2 - The company focused on four main industries: automotive, energy extraction equipment, engineering machinery, and national defense equipment, leading to significant growth in core products [1] - The revenue from specialized oil cylinders for dump trucks increased by 25.95% due to the positive effects of the vehicle replacement policy and the rapid growth of the new energy vehicle market [1] - The demand for oil and gas spring products surged, with revenue increasing by 21.40% year-on-year, and overseas revenue grew by 41.24% [2] Group 3 - The company enhanced its research and development efforts, with R&D expenses rising by 15.93%, focusing on innovative projects in smart driving and industrial robotics [2] - Lean management practices have improved the company's profitability, with a systematic upgrade of the entire value chain from R&D to sales [3] - Automation and digital transformation initiatives have significantly increased production efficiency and reduced costs [3]

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]