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 08 月 27 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | | 08 | | 25 日 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 44.56 | | | | | | 一 年 内 最 | 最 | 高 | / | | | | | 低 | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | 5,312.22 | | | | | | 流通市值（百万元） | | | | | | 2,943.58 | | | | | | 总股本（百万股） | | | | | | 119.22 | | | | | | ...

Summary of the Conference Call for Wantong Hydraulic Company Overview - Wantong Hydraulic focuses on four main industries: automotive, energy extraction machinery, engineering machinery, and military equipment, promoting high-end, intelligent, and green development [2][7][10] - The company has achieved significant overseas expansion, with a non-recurring growth rate maintained above 30% over the past three years [2][7] Key Business Highlights - The oil and gas spring business is rapidly growing, transitioning from military to civilian applications, with increasing penetration in special vehicles, mining trucks, and passenger cars [2][7][13][20] - The electric cylinder business is versatile and supports future valuations, combining with planetary ball screw technology [2][7][14] - The company has stable relationships with its top five customers, including Zhengzhou Coal Mining Machinery Group and SANY Group, with the latter benefiting from increased revenue from specialized steel products for dump trucks [2][11] Market Performance and Opportunities - The Beijing Stock Exchange (BSE) is expected to strengthen its market logic in 2025, focusing on high-quality expansion and stock code transitions [2][5] - The third quarter will see the gradual emergence of thematic index fund issuances, with companies performing well in the mid-year report season warranting attention for their valuations [2][5] New Business Developments - The company is actively developing new products, including robots and electric cylinders, which have not yet received full market valuation [8] - Significant growth in incremental products has been noted in both domestic and international markets, particularly in urban and high-end off-road vehicle sectors [9] Strategic Collaborations - Wantong Hydraulic collaborates with Pangu Intelligent to expand into the wind power sector, showcasing long-term potential [2][9][18] - The company is also focusing on military-civilian integration, working with military research institutes on electric cylinder product development [3][23] Future Directions - The oil and gas spring business is expected to penetrate more into mid and low-end passenger vehicles, with a focus on cost reduction and technology upgrades [17][21] - The company is exploring opportunities in the deep-sea economy, with ongoing research in high-end marine equipment hydraulic systems [19] Conclusion - Wantong Hydraulic demonstrates a solid fundamental base with promising growth in both existing and new business areas, supported by strategic collaborations and a focus on international market expansion [2][7][23]

Core Viewpoint - The overall valuation level of the Beijing Stock Exchange is considered high, with a median P/E ratio of 50.34 and an average of 68.9, but some companies still show investment value based on their performance and valuation [1] Group 1: Continuous High-Performance Stocks - This group consists of companies that have maintained positive growth in non-recurring net profit for three consecutive years, with Q1 growth not based on a low base from the previous year [2] - Among these, Tongli Co. has the lowest valuation at 11.2 times, with a Q1 non-recurring net profit growth rate of 60.66%, driven by increased sales of high-value products in the new energy and unmanned sectors, as well as overseas market expansion [2] - Other companies in this group, such as Kaifa Technology and Deyuan Pharmaceutical, also show double-digit growth in revenue and net profit, with Kaifa's growth primarily due to increased overseas demand [2][3] Group 2: Companies with High Exposure to the U.S. Market - This group includes companies with a high proportion of sales to the U.S., facing uncertainty in Q2 performance due to tariff impacts, with Q1 growth possibly influenced by preemptive stocking by U.S. clients [4] - Litong Technology has the lowest valuation in this group at 18.98 times, benefiting from recovery in downstream demand in the traditional engineering machinery sector [5] - Other companies like Jianbang Technology and Bond Co. also have significant sales exposure to the U.S. automotive parts market, with varying degrees of performance influenced by last year's low base [4][5] Group 3: Companies with Low Last Year’s Performance Base & Others - This group features companies with low performance bases from the previous year, leading to impressive Q1 growth, as well as those with relatively low valuations but promising full-year outlooks [6] - Qingju Technology, with the lowest valuation, is focused on debt restructuring but has shown a decline in Q1 performance, despite having a substantial order backlog [6][7] - Kangnong Seed Industry, despite a decline in Q1 revenue and net profit, remains a strong contender in the seed industry with expectations for future growth [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.67 billion yuan in Q1 2025, representing a year-on-year increase of 17.57%, and a net profit attributable to shareholders of 33.82 million yuan, up 60.72% year-on-year [1][43] - The company plans to enter the wind power sector through a partnership with Pangu Intelligent, which is expected to enhance its growth prospects [1][3] - The company has a strong focus on hydraulic cylinders, lead screws, and gas springs, with significant development potential in these areas [2][3] Financial Summary and Valuation Indicators - For the fiscal year 2024, the company reported a total revenue of 629 million yuan, a decrease of 5.99% year-on-year, while the net profit attributable to shareholders was 108.72 million yuan, an increase of 37.02% [1][43] - The projected net profits for 2025, 2026, and 2027 are 127 million yuan, 167 million yuan, and 188 million yuan, respectively, with corresponding EPS of 1.07 yuan, 1.40 yuan, and 1.58 yuan [1][12] - The current P/E ratios for 2025, 2026, and 2027 are 30.3, 23.0, and 20.5, respectively [1][5] Product Development and Market Position - The company has upgraded its military product development capabilities and is involved in several military research projects, enhancing its competitive edge in the market [2][31] - The revenue contribution from hydraulic cylinders remains significant, accounting for 62% of total revenue in 2024, while gas springs have seen a notable increase in revenue contribution, rising to 16% [3][45] - The company has developed several key technologies for hydraulic cylinders and gas springs, positioning itself as a professional supplier in the domestic mid-to-high pressure hydraulic cylinder market [38][39]

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]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a forecast of over 10% increase relative to the benchmark index in the next 12 months [2][15]. Core Insights - The company has shown strong growth in its oil and gas spring segment, with a revenue increase of 93.34% year-on-year, contributing to a significant rise in overall profitability [5][6]. - The company is actively developing new products such as intelligent oil-gas suspension systems and electric cylinders, which are expected to penetrate high-growth markets like humanoid robotics [6][7]. - The overall revenue for 2024 is projected at 629 million RMB, with a year-on-year decrease of 5.99%, while the net profit attributable to the parent company is expected to increase by 37.02% to 109 million RMB [4][9]. Financial Performance - The company achieved a gross margin of 27.93% in 2024, an increase of 6.04 percentage points year-on-year, driven by improved margins across its core products [6]. - The forecast for revenue from 2025 to 2027 is 779 million RMB, 947 million RMB, and 1.16 billion RMB respectively, with year-on-year growth rates of 23.94%, 21.57%, and 22.49% [7][9]. - The net profit attributable to the parent company is projected to grow from 141 million RMB in 2025 to 229 million RMB in 2027, reflecting year-on-year increases of 29.76% and 28.28% respectively [9].