本报记者 王僖 步入山东万通液压股份有限公司（以下简称"万通液压"）的车间，目之所及皆是井然有序的生产图景。 墙上"做就要做好，做就要做强"的标语格外醒目，它并非一句空洞口号，而是渗透在每道工序的行动纲 领：身着迷彩工装的工人在设备前全神贯注，亲手将钢坯锻造成精度以微米计的液压缸筒；自动化产线 则严格执行指令，机械臂抓取沉重的缸筒，完成精准定位与加工。 这里没有互联网企业的炫目科技感，却处处彰显着重型制造业的核心底色——可靠。这份源自军工标准 的极致追求，正是这家以液压油缸为核心产品的企业立身之本。 面对行业的激烈竞争，万通液压这位液压"老将"，如何能在巩固传统优势的同时，在新能源、机器人等 新兴赛道崭露头角？其"通达"四方的奥秘何在？日前，《证券日报》与北京证券交易所联合策划 的"2025北交所万里行"全媒体系列调研活动专程赴山东五莲县，深入万通液压寻找答案。 三次关键选择 液压，被称为装备制造业的"肌肉"与"关节"，它深藏在自卸车、煤矿支架、工程机械乃至未来机器人的 核心部件中，默默传递动能、支撑整机高效运转。 万通液压的故事始于2004年。彼时，我国液压行业工业总产值首次突破100亿元大关，市场呈现出规 ...

Core Viewpoint - Hydraulic transmission is a cornerstone of modern machinery with a broad market space. The company focuses on four main industries: automotive, energy extraction equipment, engineering machinery, and defense equipment, aiming for comprehensive growth by the first half of 2025 [1] Group 1: Company Strategy and Product Development - The company has developed the JG equipment cylinder, represented by electric cylinders, which can be used in various scenarios. Its core component, the planetary roller screw, is applicable in robotics joints, industrial automation, and aerospace [1] - The company strategically focuses on the highest value components of hydraulic systems and is creating a new growth curve for the application of gas springs in chassis [1] Group 2: Market Performance and Financial Projections - The company's gas springs are experiencing impressive growth, with significant results in overseas markets. The performance in both military and civilian sectors is expected to be promising [1] - The forecast for net profit attributable to the parent company for 2025 to 2027 is projected at 144 million, 185 million, and 242 million yuan, respectively, corresponding to a price-to-earnings ratio of 38, 30, and 23 times [1]

Investment Rating - The report maintains a "Buy" rating for Wantong Hydraulic [1] Core Viewpoints - The hydraulic transmission market is vast, with the company focusing on four main industries: automotive, energy extraction equipment, construction machinery, and defense equipment. The company achieved full-line growth for its three core products in the first half of 2025, with revenue growth of 25.95% for dump truck cylinders, 3.96% for machinery cylinders, and 21.40% for gas springs [7][27][28] - The company has established a strategic partnership with Pangu Intelligent, which is expected to open new growth opportunities in the wind power sector. The collaboration will leverage both companies' strengths in R&D, procurement, supply chain integration, market expansion, and capital operations [31] - The company focuses on high-value components in hydraulic systems, particularly hydraulic cylinders, which accounted for 35.6% of the total value of hydraulic products in 2021. This strategic focus has allowed the company to build a differentiated competitive advantage in the dump truck and mining equipment sectors [38][45] Summary by Sections Hydraulic Market Overview - Hydraulic transmission is a fundamental technology in modern machinery, with applications across various industries including construction, oil and gas, and defense. The global hydraulic market size increased from €28.2 billion in 2016 to €31.6 billion in 2023, with a compound annual growth rate (CAGR) of 1.64% [22][23] - The construction machinery sector is the largest downstream application of hydraulic systems in China, accounting for 60.38% of the hydraulic market in 2023 [19] Company Strategy and Competitive Advantage - The company has a unique strategic vision, focusing on the most valuable components of hydraulic systems. It has built a differentiated competitive advantage in the dump truck and mining equipment sectors by developing specialized hydraulic cylinders tailored to various operational environments [38][45] - The company has established strong relationships with leading clients such as Caterpillar and SANY, ensuring a stable demand for its products [38] Growth Drivers and Future Outlook - The gas spring segment is expected to drive significant growth, with applications expanding into passenger vehicles and specialized transport vehicles. The company has developed multiple gas spring products that are already being used in heavy-duty mining vehicles and autonomous driving systems [3][28] - The company forecasts net profits of ¥144 million, ¥185 million, and ¥242 million for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 38, 30, and 23 times [1][7]

2025年12月9日，中国上市公司协会正式发布"2025年上市公司董事会秘书履职评价"结果。万通液压董 事、副总经理、董事会秘书王梦君女士，凭借在信息披露、规范运作、投资者关系维护等多方面的突出 表现，成功获评最高级别的"5A董秘"。 "上市公司董事会秘书履职评价"自2022年启动，至今已连续开展四届，旨在进一步提高董秘履职能力和 职业素养，推动公司治理水平整体提升。评价指标涵盖了规范操作、信息披露、内部控制、投资者关系 管理、社会责任等十大标准，67项指标。本年度共有来自36个辖区的1571位董秘参与评选，最终282人 荣获"5A"评级，其中北交所上市公司仅有4位董秘获此殊荣。 万通液压董秘王梦君女士具有深厚的法律、金融与行业背景，在证券资本市场、投融资等领域有着十多 年丰富的实践经验。在万通液压任职期间，她带领团队持续提升信息披露质量、积极参与公司各类投资 者交流活动。在资本运作方面她主导公司上市及融资工作，积极引入产业合作方，推进包括向特定对象 发行可转债在内的多项资本项目。该定向可转债项目，是全A股(涵盖沪市、深市、京市三所)首例由董 事会提前确定发行对象的融资案例，具有里程碑式示范意义，已于2025 ...

每经AI快讯，中国银河12月10日发布研报称，给予万通液压（920839.SH）"推荐"评级。评级理由主要 包括：1）深耕液压油缸，布局电动缸，主要客户关系稳定；2）境外业务蓬勃发展，油气弹簧业绩表现 亮眼；3）市场规模高速扩张，多政策提供发展契机。风险提示：市场竞争加剧的风险；原材料价格波 动的风险；技术更新和产品开发风险。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经头条（nbdtoutiao）——最新1520元，飞天茅台批价两年跌了43%，经销商躺赢神话破灭，当潮水 退去谁在裸泳？ （记者 王晓波） ...

Summary of the Conference Call for Wantong Hydraulic Industry and Company Overview - The conference call pertains to Wantong Hydraulic, a company specializing in hydraulic cylinders, particularly in the medium and high-pressure segments, with applications in automotive, energy extraction, construction machinery, and military equipment [2][4]. Key Points and Arguments - **Financial Performance**: In 2025, despite a significant reduction in government subsidies, the company's non-GAAP net profit grew by 36%, indicating robust profitability. The net profit growth was 26.13%, with total revenue increasing by 14% year-on-year [3][2]. - **Product Development**: Wantong Hydraulic is focusing on high-end, intelligent, and green product iterations in the hydraulic cylinder sector. The company has seen growth in its three main products: dump truck cylinders, machinery cylinders, and gas springs, with all three experiencing year-on-year revenue growth for the first time in four accounting years [2][8][9]. - **Market Expansion**: The company has successfully issued a targeted convertible bond of 150 million yuan, attracting strategic investors like Pangu Intelligent and SAIC Group, which will help expand into new sectors such as wind power and new energy vehicles [2][6]. - **Order Growth**: The company reported a 50% year-on-year increase in orders on hand, with optimistic expectations for the fourth quarter due to strong demand across various business segments [31]. Additional Important Insights - **Product Revenue Breakdown**: In Q3, the revenue share of the three main products was 25% for dump truck cylinders, 53% for machinery cylinders, and 18% for gas springs, consistent with mid-year reports [11]. - **Oil Gas Spring Growth**: The oil gas spring segment saw over 30% growth in Q3, primarily driven by overseas market demand, with its revenue share approaching 20% [13]. - **Military Equipment Orders**: The military equipment business is performing well, with a faster order confirmation rate than initially expected [14]. - **Future Plans**: The company aims to maintain an annual growth rate of no less than 30% and is focusing on potential products in robotics, wind power, and passenger vehicles to enhance profitability [7]. - **Technological Advancements**: Wantong Hydraulic has made significant progress in developing oil gas suspension systems, which are being applied in advanced projects, including the global first KN95 autonomous driving fleet [17][16]. - **Market Penetration**: The penetration rate of oil gas springs in the wide-body dump truck sector is currently around 30%, with lower penetration in other logistics vehicles due to reliance on aftermarket modifications [20]. Conclusion Wantong Hydraulic is positioned for growth with a strong financial foundation, innovative product development, and strategic partnerships. The company is optimistic about future market opportunities, particularly in new energy and advanced automotive applications.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company has achieved a revenue of 506 million yuan in Q1-Q3 2025, representing a year-on-year growth of 14.18%, and a net profit attributable to the parent company of 95.29 million yuan, up 26.13% year-on-year. The growth is attributed to significant increases across major product types and successful overseas expansion [3] - The company is expected to maintain its profit forecast, with projected net profits of 145 million yuan, 186 million yuan, and 201 million yuan for 2025, 2026, and 2027 respectively, corresponding to EPS of 1.23, 1.57, and 1.70 yuan [3] - The company is entering the wind power sector through a strategic partnership with Pangu Intelligent, which is expected to enhance its product offerings in hydraulic systems [5] Financial Performance - The company has experienced rapid growth in oil and gas spring products, with a compound annual growth rate (CAGR) of 116.46% in revenue from 2022 to 2024. In the first half of 2025, revenue reached 63.48 million yuan, a year-on-year increase of 21.40% [4] - The overseas revenue for the company grew by 41.24% year-on-year in the first half of 2025, indicating a strong international market presence [4] - The financial summary indicates projected revenues of 781 million yuan, 968 million yuan, and 1.087 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 145 million yuan, 186 million yuan, and 201 million yuan [6][9] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 37.9, 29.6, and 27.3 for 2025, 2026, and 2027 respectively, indicating a favorable valuation trend [6][10] - The projected return on equity (ROE) is expected to be 21.7%, 22.9%, and 20.9% for the years 2025, 2026, and 2027 respectively, reflecting strong profitability [6][10]

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]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a year-on-year increase of 36% in non-recurring performance for the first three quarters of 2025, with a successful issuance of targeted convertible bonds enhancing its competitiveness [7] - The revenue for Q1-Q3 2025 reached 506 million yuan, with a net profit attributable to shareholders of 95 million yuan, reflecting a year-on-year growth of 14.18% and 26.13% respectively [7] - The company has successfully expanded its overseas market presence, contributing to revenue structure optimization and benefiting from the steady recovery of the engineering machinery industry [7] - The successful issuance of targeted convertible bonds raised 150 million yuan, strategically introducing industry partners to enhance competitiveness [7] Financial Performance Summary - For 2023, total revenue is projected at 668.54 million yuan, with a net profit of 79.35 million yuan, and an EPS of 0.67 yuan per share [1] - The company expects total revenue to grow to 740.12 million yuan in 2025, with a net profit of 144.08 million yuan, resulting in an EPS of 1.22 yuan [1] - The sales gross margin for Q1-Q3 2025 improved to 30.36%, with a net profit margin of 18.83% [7] - The company’s cash flow from operating activities for Q1-Q3 2025 increased by 12.09% year-on-year, reaching 104 million yuan [7]

Core Viewpoint - WanTong Hydraulic (920839.BJ) experienced a significant decline in stock price, closing at 53.21 yuan with a drop of 9.66%, resulting in a total market capitalization of 6.343 billion yuan [1]. Group 1: Company Performance - Dongwu Securities published a research report highlighting the growth potential of oil and gas springs, indicating significant overseas market performance and promising military-civilian dual-use business prospects [1]. - The report revised the projected net profit for WanTong Hydraulic for the years 2025 to 2027 to 151 million, 193 million, and 242 million yuan respectively, up from previous estimates of 137 million, 170 million, and 193 million yuan [1]. - The corresponding price-to-earnings (PE) ratios for these projections are set at 38, 30, and 24 times [1]. Group 2: Investment Rating - Dongwu Securities maintains a "Buy" rating for WanTong Hydraulic, reflecting confidence in the company's growth trajectory and market potential [1].