Wantong hydraulic (600246) New third Board Strategy event comment: the change of product structure, superimposed cost control and net profit + 68.89% oil and gas spring is a new focus.

安信證券 · Oct 27, 2020 00:00 · Researches

　　事件：2020 年三季报正式披露，公司实现营业收入2.26 亿元（+6.79%）；实现归母净利润3868.71 万元（+68.89%）。

　　自卸车专用油缸+机械装备用油缸+油气弹簧三轮并行，与下游行业龙头建立了密切的业务关系：公司产品主要包括自卸车专用油缸、机械装备用油缸和油气弹簧，2020H1营收占比分别为52.59%、37.16%、2.96%。产品广泛应用于汽车、采掘设备、工程机械、军工装备等领域。

　　公司目前具备自卸车专用油缸34000只/年、机械装备用油缸13260吨/年产能。目前，已与各下游行业的知名客户建立稳定合作关系，其中包括宏昌专用车、中集集团、河南骏通等专用汽车生产、组装厂商，郑煤机、兖矿东华、平阳煤机等煤炭综采装备制造企业，以及中航科技等军工集团下属特种设备制造企业。

　　高毛利率产品占比提升叠加费用管控合理，2020年前三季度净利润同比增长68.89%：2020年前三季度实现归母净利润3868.71万元，同比增幅68.89%，主要原因系营业收入有所增长（+6.79%），同时高毛利率产品收入占比提升，公司毛利率增加6.06个百分点至30.38%；另一方面，公司对于成本费用进行了合理管控，管理费用率下降2.01pcts。

　　增收、控费共同作用下，公司前三季度整体净利率达到17.14%，同比增加6.3个百分点。

　　未来液压元件行业将向高性能高质量高可靠性方向发展，核心产品油气弹簧是新看点：公司重视研发及创新，持续关注产品的性能提升与生产技术进步，掌握了一系列核心生产技术，其生产油缸产品具备较强的竞争优势。截止报告期末，公司获得已授权专利32项。除此之外，公司凭借专业技术人才、先进的加工及试验设备、先进的油气弹簧产品设计及制造工艺，逐步开拓了油气弹簧市场。此次公司募集投向年产20000支重载车辆油气弹簧项目有望带来新的业绩增量。根据公司公告，公司核心产品油气弹簧产品收入的快速增长等经营情况，公司预计2020年归属于挂牌公司股东的净利润为5,000万元-5,500万元。

　　精选层公开发行定价8元/股，对应发行后pe为18x：公司采用直接定价方式确定发行价为8元/股，申购日期为10月27日。本次已经有4家战略投资者确认认购意向，承诺认购金额合计2240万元。

　　投资建议：截止最新，公司市值12 亿元，对应PE（ttm）为22x。公司深耕液压油缸领域，向产业链高端环节延伸，建议关注。

　　风险提示：市场竞争风险、应收账款坏账风险

Event: the three quarterly reports in 2020 officially disclosed that the company realized operating income of 226 million yuan (+ 6.79%) and net profit of 38.6871 million yuan (+ 68.89%).

Dump truck special oil cylinder + mechanical equipment cylinder + oil-gas spring three wheels parallel, and downstream industry leaders to establish a close business relationship: the company's products mainly include dump truck special oil cylinder, mechanical equipment oil cylinder and oil-gas spring, the proportion of 2020H1 revenue is 52.59%, 37.16%, 2.96% respectively. Products are widely used in automobiles, mining equipment, construction machinery, military equipment and other fields.

At present, the company has 34000 special oil cylinders for dump trucks and 13260 tons / year production capacity for mechanical equipment. At present, stable cooperative relations have been established with well-known customers in various downstream industries, including Hongchang special vehicle, China International Marine Containers, Henan Juntong and other special vehicle production and assembly manufacturers. Zheng Coal Machinery, Yanzhou Mining Donghua, Pingyang Coal Machinery and other coal fully mechanized mining equipment manufacturing enterprises, as well as AVIC Science and Technology and other military industrial group special equipment manufacturing enterprises.

The proportion of products with high gross margin increases and the control of superimposed expenses is reasonable. In the first three quarters of 2020, net profit increased by 68.89% compared with the same period last year. In the first three quarters of 2020, net profit reached 38.6871 million yuan, an increase of 68.89% over the same period last year, mainly due to an increase in operating income (+ 6.79%). At the same time, the proportion of revenue from products with high gross margin increased, and the company's gross profit margin increased by 6.06 percentage points to 30.38%. On the other hand, the company has carried on the reasonable control to the cost, the management expense rate reduces 2.01pcts.

Under the combined effect of increasing income and controlling fees, the company's overall net interest rate reached 17.14% in the first three quarters, an increase of 6.3 percentage points over the same period last year.

In the future, the hydraulic components industry will develop in the direction of high performance, high quality and high reliability, and the core product, hydro-pneumatic spring, is a new focus: the company attaches importance to research and development and innovation, continuously pays attention to the improvement of product performance and production technology, and has mastered a series of core production technology. its cylinder products have a strong competitive advantage. By the end of the reporting period, the company had obtained 32 authorized patents. In addition, the company has gradually developed the oil-gas spring market by virtue of professional and technical personnel, advanced processing and test equipment, advanced hydro-pneumatic spring product design and manufacturing technology. The company raised to the annual production of 20000 heavy-duty vehicle oil and gas spring project is expected to bring new performance increments. According to the company announcement, the rapid growth of the company's core product oil-gas spring product income and other operating conditions, the company expects the net profit belonging to the shareholders of the listed company to be 50 million yuan-55 million yuan in 2020.

The public offering price of the selected layer is 8 yuan per share, and the corresponding pe is 18x: the company adopts direct pricing to determine the offering price of 8 yuan per share, and the purchase date is October 27th. This time, four strategic investors have confirmed their subscription intention and promised to subscribe a total of 22.4 million yuan.

Investment suggestion: as of the latest, the market capitalization of the company is 1.2 billion yuan, corresponding to PE (ttm) is 22x. The company ploughs the field of hydraulic cylinder and extends to the high-end link of the industrial chain.

Risk hint: market competition risk, bad debt risk of accounts receivable

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万通液压(600246)新三板策略事件点评：产品结构变化叠加控费带动净利润+68.89% 油气弹簧是新看点

Wantong hydraulic (600246) New third Board Strategy event comment: the change of product structure, superimposed cost control and net profit + 68.89% oil and gas spring is a new focus.

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