证券代码：601100 证券简称：恒立液压 公告编号：临2024-022 江苏恒立液压股份有限公司 关于变更保荐代表人的公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 江苏恒立液压股份有限公司（以下简称"公司"）于近日收到中国国际金 融股份有限公司（以下简称"中金公司"）出具的《中国国际金融股份有限公 司关于更换江苏恒立液压股份有限公司非公开发行股票项目持续督导保荐代表 人的函》。 原保荐代表人胡晓先生由于工作变动不再负责公司非公开发行股票项目持 续督导工作，为不影响持续督导工作的正常进行，根据《证券发行上市保荐业 务管理办法》等法律法规的规定，中金公司决定委派于海先生接替胡晓先生继 续履行恒立液压非公开发行股票项目持续督导工作的相关职责和义务。 本次变更后，公司非公开发行股票项目持续督导保荐代表人为尚林争先 生、于海先生。 公司董事会对胡晓先生在公司非公开发行股票项目持续督导期间所做的贡 献表示衷心的感谢！ 特此公告。 江苏恒立液压股份有限公司董事会 2024年9月3日 附件：于海先生简历 于海先生，现任中国国际金融股 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][10]. Core Views - The company has achieved steady revenue growth of 8.56% year-on-year in the first half of 2024, with total revenue reaching 4.833 billion yuan and a net profit of 1.288 billion yuan, reflecting a 0.71% increase year-on-year [1]. - The growth in performance is attributed to the recovery in domestic excavator sales, a 15% increase in overseas revenue, and continuous expansion in non-excavator business [1]. - The company's gross margin improved to 41.64%, up by 2.62 percentage points, while the net margin decreased to 26.69%, down by 2.08 percentage points, primarily due to foreign exchange losses [1]. - The diversification strategy is yielding results, with non-excavator sales of heavy-duty equipment increasing by 21.53% and non-excavator pump and valve sales rising by 24.30% [1]. - The company is actively expanding its overseas market presence, with a 15.29% increase in overseas revenue and nearing completion of its factory in Mexico, which will enhance its market reach in the Americas [1]. - The domestic excavator market is showing signs of stabilization, with a 4.66% year-on-year increase in sales during the first half of 2024, indicating potential recovery in demand [1]. Financial Forecasts - The company forecasts net profits of 2.673 billion yuan, 3.137 billion yuan, and 3.688 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 24, 21, and 18 [1][2][11]. - Revenue projections for the next few years are 9.552 billion yuan for 2024, 11.053 billion yuan for 2025, and 12.930 billion yuan for 2026, reflecting growth rates of 6.3%, 15.7%, and 17.0% respectively [2][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [7][26]. Core Insights - The company reported a revenue of approximately 4.83 billion yuan for the first half of 2024, representing a year-on-year growth of 8.6%. The net profit attributable to shareholders was about 1.29 billion yuan, with a slight increase of 0.7% year-on-year [4]. - The second quarter of 2024 saw a significant acceleration in performance, with revenue reaching approximately 2.47 billion yuan, up 22.0% year-on-year, and a net profit of 690 million yuan, reflecting a 5.0% increase [4]. - The company is benefiting from a diversification strategy, with non-excavation business segments showing strong growth, including a 21.5% increase in heavy non-standard hydraulic cylinder sales [5]. - The gross profit margin improved by 2.6 percentage points to 41.6% due to the growth in non-excavation business [6]. Financial Forecast - The company is projected to achieve revenues of 10.01 billion yuan, 11.74 billion yuan, and 13.84 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.4%, 17.3%, and 17.9% [9][26]. - The net profit attributable to shareholders is expected to be 2.62 billion yuan, 3.17 billion yuan, and 3.94 billion yuan for the same years, with growth rates of 4.8%, 20.9%, and 24.3% [9][26]. - The report indicates a projected price-to-earnings ratio of 24.6, 20.4, and 16.4 for the years 2024, 2025, and 2026, respectively [7][26].

Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The company has shown impressive growth in non-excavation segments, with new products and overseas expansion set to ramp up [1] - The second quarter of 2024 saw a positive turnaround in revenue and profit growth compared to the first quarter, despite profit being impacted by reduced foreign exchange gains [1] - The company's gross margin improved year-on-year, while net margin faced short-term pressure due to increased financial costs [1] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 4.833 billion yuan, a year-on-year increase of 8.56%, and a net profit attributable to shareholders of 1.288 billion yuan, up 0.71% year-on-year [1] - In Q2 2024, revenue reached 2.471 billion yuan, reflecting a year-on-year growth of 22.05%, while net profit was 686 million yuan, up 5% year-on-year [1] - The gross margin for H1 2024 was 41.6%, an increase of 2.6 percentage points year-on-year, while the net margin was 26.7%, a decrease of 2.1 percentage points year-on-year [1] Market Data - As of August 30, 2024, the company's stock price was 51.00 yuan, with a market capitalization of approximately 68.38 billion yuan [1] - The company’s stock has outperformed the CSI 300 index over the past month, with a return of 17.0% compared to the index's -1.4% [1] Growth Drivers - The company’s diversification strategy has yielded significant results, particularly in non-excavation product sales, which increased by 21.53% year-on-year [1] - The overseas revenue grew by 15.29% year-on-year in H1 2024, with the completion of the Mexico factory expected to enhance market presence in the Americas [1] - The linear actuator project is progressing steadily and is anticipated to become a new growth driver for the company [1]

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported better-than-expected performance in Q2 2024, with a revenue of 4.83 billion yuan, a year-on-year increase of 8.56%, and a net profit attributable to shareholders of 1.29 billion yuan, up 0.71% year-on-year [3][4] - The diversification strategy has shown significant results, with rapid growth in non-excavation sectors, including a 21.53% increase in non-standard cylinders and a 24.30% increase in non-excavation pumps and valves [3][4] - The gross profit margin improved significantly to 41.64%, up 2.62 percentage points year-on-year, while the net profit margin slightly decreased to 26.69%, down 2.09 percentage points year-on-year [3][4] - The internationalization strategy is progressing, with overseas revenue growing by 15.29% in H1 2024, and the construction of a factory in Mexico nearing completion [3][4] - The company is expected to see a recovery in domestic excavator sales and continued growth in international and electrification strategies, with projected net profits of 2.70 billion yuan in 2024, 3.17 billion yuan in 2025, and 3.75 billion yuan in 2026 [3][4] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 4.83 billion yuan, with a Q2 revenue of 2.47 billion yuan, reflecting a 22.05% year-on-year growth [3][4] - The net profit for Q2 2024 was 686 million yuan, a 5.00% increase year-on-year [3][4] Product Diversification - The non-excavation segment saw significant growth, with non-standard cylinders sold reaching 138,900 units, a 21.53% increase year-on-year [3][4] - Non-excavation pumps and valves also experienced a 24.30% growth [3][4] Profitability Metrics - The gross margin for H1 2024 was 41.64%, an increase attributed to a higher proportion of non-excavation products and lower raw material costs [3][4] - The net profit margin was 26.69%, slightly down due to increased financial expenses [3][4] International Expansion - The company’s overseas revenue increased by 15.29% in H1 2024, with the Mexico factory expected to enhance growth further upon completion [3][4] Future Projections - Projected net profits for 2024, 2025, and 2026 are 2.70 billion yuan, 3.17 billion yuan, and 3.75 billion yuan respectively, with corresponding PE ratios of 25.1, 21.3, and 18.1 [3][4]

公司研究 业绩稳步增长，多元化+国际化战略打开成长空间 ——恒立液压（601100.SH）2024 年中报点评 要点 24H1 公司业绩稳步增长，毛利率有所提升 恒立液压 24H1 实现营业收入 48.3 亿元，同比上升 8.6%；实现归母净利润 12.9 亿元，同比上升 0.7%；经营性现金净流入 5.5 亿元，同比下降 44.9%，主 要系本期票据结算增加，材料采购以及职工薪酬增加。综合毛利率为 41.6%， 同比上升 2.6 个百分点；净利率为 26.7%，同比下降 2.1 个百分点。 公司 24Q2 实现营业收入 24.7 亿元，同比增长 22.0%；实现归母净利润 6.9 亿元，同比增长 5.0%。综合毛利率为 43.1%，同比上升 6.3 个百分点；净利率 为 27.8%，同比下降 4.5 个百分点。 "多元化"布局取得成效，非标油缸、非挖泵阀实现快速增长 24H1 我国挖掘机销量为 10.32 万台，同比下降 5.15%，我国工程机械行业 仍处于筑底调整阶段。公司继续推进多元化布局，抵御行业景气度下行带来的不 利影响。24H1 公司共销售重型装备用非标准油缸 13.89 万只，同比增长 21.5 ...

2024 年 08 月 26 日 公司点评 买入/维持 恒立液压(601100) 目标价: 60.08 昨收盘:46.48 毛利率显著提升，继续看好公司多元化、国际化战略 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/8/2823/11/824/1/1924/3/3124/6/1124/8/22 恒立液压 沪深300 ◼ 股票数据 总股本/流通(亿股) 13.41/13.41 总市值/流通(亿元) 623.21/623.21 12 个月内最高/最低价 (元) 68.11/41.55 相关研究报告 <<多元化战略平滑挖机业务下滑，国 际化布局强化公司竞争力>>--2023- 05-04 <>--2022-10-26 <<短期业绩承压不改长期向好趋势， 坚定看好公司多元化、国际化战 略>>--2022-08-30 公 司 研 究 事件：公司发布 2024 半年报，上半年实现收入 48.33 亿元，同比增长 8.56%，实现归母净利润 12.88 亿元，同比增长 0.71%。其中 Q2 单季 度实现收入 24.71 亿元，同比增长 22.05%，实现归母净利润 6.86 亿 元， ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected stock price increase of over 20% compared to the benchmark index over the next six months [8]. Core Views - The company reported a revenue of 4.833 billion yuan for the first half of 2024, representing an 8.56% year-on-year increase, while the net profit attributable to shareholders was 1.288 billion yuan, a 0.71% increase [4]. - The second quarter of 2024 saw a significant revenue growth of 22% year-on-year, with net profit increasing by 5% [4]. - The company is experiencing a recovery in domestic excavator sales, with a year-on-year increase of 6.23% in the first seven months of 2024 [4]. - The diversification strategy has shown remarkable results, with sales of non-standard oil cylinders increasing by 21.53% and non-excavator pump and valve sales growing by 24.30% in the first half of 2024 [4]. - The company is actively expanding its overseas market presence, achieving a 15.29% increase in overseas revenue in the first half of 2024 [4]. Financial Performance - The company expects revenues of 9.9 billion yuan, 11.781 billion yuan, and 13.782 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.19%, 19.00%, and 16.99% [5]. - The net profit attributable to shareholders is projected to be 2.674 billion yuan, 3.213 billion yuan, and 3.831 billion yuan for the same years, with growth rates of 7.01%, 20.15%, and 19.24% [5]. - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 24.13, 20.08, and 16.84, respectively [5]. Market Trends - The excavator industry is showing signs of recovery, with an upward trend in the replacement cycle expected to become more apparent [4]. - The company's focus on "electrification" and industrial automation is progressing, with ongoing projects in linear actuators and other electric machinery [4].

资料来源 ： 公司数据 ， 彭博社 ， CMBIGM 估计 64,520.3 231.6 67.27/42.14 1340.8 库存数据 市值上限(百万元人民币) 平均 3 个月 t / o(百万元人民币) 52w 高 / 低(人民币) 已发行股份总数(百万) 来源 ： FactSet 股权结构 王家 中央结算系统 (香港) 来源 ： 上交所 | --- | |--------| | 66.7% | | 12.1% | | | | 相对 | | 9.8% | | 2.6% | | -11.6% | 来源 ： FactSet ) ) ) 8,197 8,985 10,033 11,261 12,540 (12.0) 9.6 11.7 12.2 11.4 2,342.7 2,498.7 2,756.5 3,076.2 3,495.7 1.79 1.86 2.06 2.29 2.61 (13.0) 3.8 10.3 11.6 13.6 2.00 2.36 2.82 26.8 25.8 23.4 21.0 18.5 5.1 4.5 4.0 3.5 3.1 1.3 1.5 1.6 1.8 2.1 (51.9) (55. ...

Investment Rating - The investment rating for Jiangsu Hengli is maintained at a target price of RMB 64.00, representing a 33.0% upside from the current price of RMB 48.12 [2]. Core Insights - Jiangsu Hengli reported a revenue growth of 22% year-on-year in 2Q24, with EBIT surging 58% year-on-year to RMB 644 million, driven by a surprising gross margin expansion of 6.3 percentage points year-on-year [2][3]. - The company is experiencing positive developments, with increasing contributions from non-excavator components and a fast production ramp-up in key products such as ball screws and electric cylinders [2][3]. - The hydraulic components production base in Mexico is expected to commence operations in December, with a designed annual output value of US$450 million [2]. Financial Performance Summary - Revenue for FY24E is projected to reach RMB 10,033 million, reflecting an 11.7% year-on-year growth, while adjusted net profit is expected to be RMB 2,757 million, a 10.3% increase [11][14]. - The gross profit margin is anticipated to improve to 42.2% in FY24E, up from 41.9% in FY23A [14]. - The company’s net profit margin is projected to be 27.5% in FY24E, slightly down from 27.8% in FY23A [13][14]. Revenue Breakdown - Non-excavator cylinders sales volume increased by 21.5% year-on-year to 139,000 units in 1H24, driven by demand for tunnel boring machines, cranes, and aerial work platforms [2]. - Revenue from non-excavator cylinders grew approximately 20% to RMB 1.3 billion, while revenue from excavator cylinders decreased by 13.5% year-on-year to RMB 1.1 billion [2]. Key Ratios and Valuation - The P/E ratio is projected to decrease from 25.8 in FY23A to 23.4 in FY24E, indicating a more attractive valuation [11][14]. - The P/B ratio is expected to decline from 4.5 in FY23A to 4.0 in FY24E, reflecting a strengthening balance sheet [11][14]. - The dividend yield is projected to increase from 1.5% in FY23A to 1.6% in FY24E, indicating a commitment to returning value to shareholders [11][14].