（责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 东吴证券研报指出，液压传动是现代机械设备基石，市场空间广阔。万通液压聚焦境内"汽车、能 源采掘装备、工程机械、国防装备"四个主行业，布局自卸车专用油缸/机械装备用缸/油气弹簧三大业 务，2025H1首次实现全线增长。公司开发的以电动缸为代表的JG装备用缸可用于多场景，其核心组件 行星滚柱丝杠可应用在机器人关节驱动、工业自动化和航空航天等领域。公司战略眼光独到，聚焦液压 系统价值量最高部件，并且打造油气弹簧底盘应用新增长曲线。公司油气弹簧增速亮眼，海外市场成效 显著，军民并驱业绩可期，维持2025~2027归母净利润预测为1.44/1.85/2.42亿元，对应最新PE为 38/30/23倍，维持"买入"评级。 ...

证券研究报告·北交所公司深度报告·工程机械 万通液压（920839） 万通液压系列报告之二——极客精神传动全 球，油气弹簧驱动底盘新变革 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 668.54 | 628.51 | 740.12 | 913.26 | 1,163.20 | | 同比 | 32.46 | (5.99) | 17.76 | 23.39 | 27.37 | | 归母净利润（百万元） | 79.35 | 108.72 | 144.08 | 184.97 | 242.18 | | 同比 | 25.28 | 37.02 | 32.52 | 28.38 | 30.93 | | EPS-最新摊薄（元/股） | 0.67 | 0.92 | 1.22 | 1.56 | 2.05 | | P/E（现价&最新摊薄） | 68.89 | 50.28 | 37.94 | 29.55 | 22.57 | wual@dwz ...

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 ...

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 Insights - In H1 2025, the company achieved a net profit attributable to shareholders of 67 million yuan, representing a year-on-year increase of 40.33%. The total operating revenue reached 344 million yuan, up 13.12% year-on-year. The growth is attributed to significant increases in all major product categories and successful overseas expansion [3][4] - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 145 million yuan, 186 million yuan, and 201 million yuan respectively, with corresponding EPS of 1.22 yuan, 1.56 yuan, and 1.69 yuan. The current stock price corresponds to P/E ratios of 33.6, 26.2, and 24.2 for the respective years [3][4] Financial Performance Summary - In H1 2025, the company reported revenue from specialized oil cylinders for dump trucks of 86.18 million yuan, a year-on-year increase of 25.95%, with a gross margin of 25.78%, up 2.62 percentage points. The mechanical equipment cylinder revenue was 183 million yuan, a 3.96% increase, with a gross margin of 26.34%, up 4.15 percentage points. The oil-gas spring revenue reached 63.48 million yuan, a 21.40% increase, with a gross margin of 49.73%, up 7.28 percentage points [4][5] - The company plans to collaborate with Pangu Intelligent to develop hydraulic cylinders for wind power, leveraging complementary technologies and industry synergies [5] Financial Projections - The financial projections for the company are as follows: - Operating revenue (million yuan): 2023A: 669, 2024A: 629, 2025E: 781, 2026E: 968, 2027E: 1,087 - Net profit attributable to shareholders (million yuan): 2023A: 79, 2024A: 109, 2025E: 145, 2026E: 186, 2027E: 201 - EPS (yuan): 2023A: 0.67, 2024A: 0.91, 2025E: 1.22, 2026E: 1.56, 2027E: 1.69 [7][9]

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]