Core Viewpoint - Shaoyang Hydraulic is planning to acquire Chongqing Xinchenghangrui Technology Co., Ltd. through a share issuance and cash payment, aiming for a strategic partnership between two national-level specialized "little giant" enterprises in the hydraulic and high-end forging sectors [2][8]. Company Overview - Shaoyang Hydraulic, established in 1968, is a leading player in the hydraulic system industry and was the first A-share listed company in this sector in China [3]. - The company specializes in hydraulic piston pumps, cylinders, and overall hydraulic system solutions, serving various industries including construction machinery, metallurgy, and renewable energy [3]. Financial Performance - In 2023, Shaoyang Hydraulic reported total revenue of 276 million yuan, a year-on-year decrease of 8.32%, and a net profit of 6.58 million yuan, down 86.88% [3]. - For 2024, the company achieved revenue of 351 million yuan, a 27.33% increase, but net profit fell to 6.40 million yuan, a decline of 2.76% [3]. - In Q1 2025, revenue was 61.08 million yuan, up 3.31%, while net profit dropped 49.45% to 810,300 yuan [4]. Strategic Moves - The company previously terminated a 150 million yuan private placement plan, which may have been a preparatory step for the current acquisition [3]. - Shaoyang Hydraulic aims to enhance profitability through three strategies: technological innovation, cost control, and pursuing synergistic cooperation projects, with the acquisition of Xinchenghangrui being a concrete implementation of the latter [6]. Target Company Overview - Xinchenghangrui, established in 2004, specializes in high-end forging capabilities and has a comprehensive production capacity for various special materials [7]. - The company achieved a significant milestone in 2025 by delivering China's first large forging for ultra-supercritical steam turbines, marking a technological breakthrough in this field [8]. Market Context - The shift from an independent IPO plan to acquisition reflects changes in the current capital market environment, with a notable increase in M&A activities among A-share listed companies [8].

Core Viewpoint - The article discusses the planned acquisition of Chongqing Xincheng Hangrui Technology Co., Ltd. by Shaoyang Weike Hydraulic Co., Ltd. as a strategic move to strengthen their market positions amid performance pressures and the trend of domestic substitution in the industry [1][2]. Company Overview - Shaoyang Weike Hydraulic, established in 1968, is a leading player in the hydraulic systems sector and was the first A-share listed company in this field in China, listed on the ChiNext board in October 2021 [4]. - The company specializes in hydraulic piston pumps, cylinders, and overall hydraulic system solutions, serving various sectors including construction machinery, metallurgy, and renewable energy [4]. Financial Performance - In 2023, Shaoyang Weike Hydraulic reported a total revenue of 276 million yuan, a year-on-year decrease of 8.32%, and a net profit of 6.58 million yuan, down 86.88% year-on-year [4]. - For 2024, the company achieved a revenue of 351 million yuan, a year-on-year increase of 27.33%, but net profit declined to 6.40 million yuan, a decrease of 2.76% [5]. - In Q1 2025, revenue was 61.08 million yuan, up 3.31% year-on-year, while net profit fell to 810,300 yuan, down 49.45% year-on-year [6]. - The overall gross margin has been declining, from 34.33% in 2017 to 21.77% in 2024, a drop of 12.56 percentage points [6]. Strategic Moves - The company had previously terminated a 150 million yuan private placement plan, which may have been a preparatory step for the current acquisition [4]. - Shaoyang Weike Hydraulic aims to enhance profitability through three strategies: technological innovation, cost control, and seeking synergistic cooperation projects, with the acquisition of Xincheng Hangrui being a concrete implementation of the latter strategy [8]. Acquisition Details - Xincheng Hangrui, established in 2004, specializes in high-end forging and has capabilities in free forging, die forging, and precision casting, with products made from special materials like high-temperature alloys and titanium alloys [10]. - The company had previously planned to go public independently but shifted to being acquired, reflecting changes in the capital market environment [12].

证券研究报告·公司点评报告·航空装备Ⅱ 2025 年 05 月 06 日 证券分析师 苏立赞 执业证书：S0600521110001 sulz@dwzq.com.cn 证券分析师 许牧 执业证书：S0600523060002 三角防务（300775） 2024 年报点评：募投项目稳定建设，国产大 飞机有望打开更大空间 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） | 2,271 | 1,590 | 2,299 | 2,622 | 4,003 | | 同比 | 21.05 | (30.02) | 44.63 | 14.07 | 52.64 | | 归母净利润（百万元） | 747.01 | 380.05 | 571.53 | 697.12 | 974.29 | | 同比 | 19.58 | (49.12) | 50.38 | 21.97 | 39.76 | | EPS-最新摊薄（元/股） | 1.36 | 0.69 ...