证券代码：601100 证券简称：恒立液压 公告编号：2024-015 江苏恒立液压股份有限公司 2023 年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利 0.70 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/6/27 | － | 2024/6/28 | 2024/6/28 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 24 日的 2023 年年度股东大会审议通过。 二、 分配方案 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/6/27 | － | 2024/6/28 | 2024/6/28 | 四、 分配实施办法 1 ...

证券代码：601100 证券简称：恒立液压 公告编号：临 2024-014 江苏恒立液压股份有限公司 关于《2024年度提质增效重回报行动方案》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。 为深入贯彻党的二十大和中央金融工作会议精神，积极响应上海证券交易所 号召，践行"以投资者为本"的上市公司发展理念，维护公司全体股东利益，增 强投资者信心，持续推动公司高质量发展，江苏恒立液压股份有限公司（以下简 称"公司"）结合行业发展情况、自身发展战略、经营情况及财务状况，基于对 公司未来发展前景的信心和对公司价值的认可,制定了 2024 年度"提质增效重 回报"行动方案，具体举措如下： 一、 聚焦主营业务，加快发展新质生产力 公司将扎实推进"国际化、多元化、电动化"战略，努力成为国内一流、世 界知名的高端传动设备供应商和传动方案的提供商。未来公司将继续深化和巩固 国内市场份额，同时逐步提升公司产品在海外地区的品牌知名度及市场份额，稳 健推进产能的全球化布局，提升公司全球化运营能力，为海外地区客户提供更高 效优质的服务。 公司将 ...

欢迎各位投资者参加恒力液压2023年度及2024第一季度业绩说明会 总体经营情况营业收入89.85亿元同比变动9.61%规模净利润24.99亿元同比变动6.66%毛利率41.9%同比变动1.35%净利率27.87%同比变动-0.79% 归属上市公司的净资产143.91亿元同比变动13.95%主要产品销量主号挖掘机专用油缸60.83万只重型装备用黑胶油缸23.77万只挖掘机用高压负载动10.32万只挖掘机用多路达7.42万只挖掘机用马达 7.18万只其他行业用热压桶22.45万只其他行业用热压閥20.17万只其他行业用马达26.85万只行业现状据中国工程机械工业协会数据统计2023年全国共销售挖掘机195018台同比下降25.4% 其中,国内89,980台,总体下降40.8%出口105,038台,总体下降4.14%受到国内外多重因素影响,国内工程机械行业销量仍旧不一八极机出口销量保持两年高速增长后再不增长 国内销量连续第三年下跌业绩亮点至于低迷的工程机械市场和激烈的竞争环境我们依然实现了收入和利润的双增长公司多元化战略贡献增量针对非工程机械行业开发的新产品放量明显 收入占比持续提升公司持续推动国际化战略海外市场 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：601100 证券简称：恒立液压 公告编号：2024-013 本次会议是否有否决议案：无 江苏恒立液压股份有限公司 2023 年年度股东大会决议公告 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | | 66 | | --- | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,055,595,107 | | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | | 份总数的比例（%） | | 78.7275 | (四) 本次会议采用现场投票和网络投票相结合的方式，对需要审议的议案进 行表决，表决方式符合《公司法》及《公司章程》的规定。大会由独立董事 王学浩先生主持。 (一) 股东大会召开的时间：2024 年 5 月 24 日 (二) 股东大会召开的地点：江苏恒立液压股份有限公司行政楼 3 楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (五) 公司董事、 ...

法律意见书 恒立液压 江苏世纪同仁律师事务所 关于江苏恒立液压股份有限公司 2023 年年度股东大会法律意见书 江苏恒立液压股份有限公司: 根据《公司法》《证券法》和中国证监会《上市公司股东大会规则》等法律、 法规和规范性文件以及《公司章程》的规定,本所受贵公司董事会的委托,指派 本律师出席公司2023年年度股东大会,并就本次股东大会的召集、召开程序、出 席会议人员资格、召集人资格、表决程序以及表决结果的合法有效性等事项出具 法律意见。 为出具本法律意见书,本律师对本次股东大会所涉及的有关事项进行了审查, 查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 本律师同意将本法律意见书随贵公司本次股东大会决议一并公告,并依法对 本法律意见书承担相应的责任。 上述会议通知中除载明本次股东大会的召开时间、地点、股权登记日、会议 1 恒立液压 法律意见书 召集人、股东出席会议的登记手续等事项外,还提供了网络投票方式,载明了参 与网络投票的具体操作流程等内容。 经查,贵公司在本次股东大会召开20 日前刊登了会议通知。 2、贵公司本次股东大会于2024年5月24日上午10点00分在公司行政楼3楼会 议室如期召开,会议 ...

今天会议我们邀请了恒定液压的周总跟我们分享一下公司近期的一些经营的情况然后首先能不能先请周总简单回顾一下我们今年一直住的一些经营的情况以及对于今年的一些简单的展望周总好的谢谢大家站好感谢大家参加这次会议我先简单介绍一下去年的一些业绩和今年的一些展望去年我们整体 收入和利润还是实现了双升也是比较不容易因为去年挖掘行业下滑了25左右我们整体挖掘板块也没怎么下降几乎吃零左右主要也是靠全球的份额提升在油缸还有泵房这两方面然后另外飞蛙板块的话也增长的比较好吧所以还是能带动我们整体业绩有一个上升然后 而且盈利也保持稳定毛利与同比也是增长了一个多点盈利能提升的话主要几方面原因一个我们自己还是在加大降本的力度因为下游的对我们价格压力也比较大所以我们成本上还是要做比较大努力去做优化还有就是原材料价格也在下行这个也对我们比较有利另外一些产品结构在优化我们新进入的一些 行业包括我们新做的一些产品的利润率都比老的产品要高加上这些新产品的话销售额越来越高占比越来一直在提升的过程当中我们的毛利也会有优化今年一季度的话大家看到我们一季度还是有一些压力因为行业还是不太好整体我们挖掘板块的话有下滑二三十 当然可能比花季行业还是要看上去要差一点 ...

Financial Performance and Key Indicators - The company achieved revenue and profit growth despite a 25% decline in the industry last year, primarily due to an increase in global market share and contributions from hydraulic cylinders and valves [1] - In Q1 of this year, the excavator segment experienced a decline of 20-30%, but the COR segment showed good growth, leading to a slight overall decrease in performance [1] - The company expects a recovery in Q2, with April showing positive growth and an acceleration in revenue growth anticipated [1][4] Profitability Analysis - The improvement in profitability is attributed to cost reduction efforts, declining raw material prices, and optimization of product structure, resulting in higher profit margins compared to older products [2] New Products and Market Expansion - New products such as electric steel, clothing guide rails, and hydraulic accessories are expected to contribute several hundred million in revenue [3] - The upcoming production of the Mexico factory is anticipated to add to performance, with faster growth expected in various segments starting next year [3] Annual Performance Forecast - The company forecasts at least a 10% increase in annual revenue, with potential for higher growth by the end of Q3, although Q4 remains uncertain due to high base effects from the previous year [4] Industry Trend Analysis - Domestic demand in the excavator industry is showing signs of recovery, while overseas markets, particularly excavator exports, are expected to decline but not significantly [5] Cost and Gross Margin Management - Despite some raw material price increases, the company has managed to mitigate the impact on gross margins through inventory management and favorable supplier pricing [6] Global Layout and Tariff Impact - The company plans to produce in Mexico to reduce the impact of U.S. tariffs, with overseas profit margins expected to recover to levels similar to domestic ones [7] European Market and New Factories - New factories in Germany and France are being planned to enhance capacity and product variety, with the German factory expected to address current facility issues [8] New Product Revenue and Profit Expectations - The linear actuator project has begun production, with expectations of generating tens of millions in revenue this year, although it may still incur losses [9] Q&A Session Summary Question: What is the company's performance in Q1 and outlook for the year? - In Q1, despite a 25% industry decline, the excavator segment remained stable, benefiting from increased global market share, particularly in hydraulic cylinders and valves. The COR segment also showed good growth, leading to stable profitability with a 1% increase in gross margin. The company expects Q2 revenue growth to exceed 10% due to increased production and new product contributions [9] Question: What are the expectations for revenue growth in Q2 and the full year? - The company anticipates Q2 revenue growth to exceed 10%, with April showing positive growth and further acceleration expected. For the full year, revenue growth is also projected to exceed 10%, with potential for higher growth by Q3, although Q4 remains uncertain due to high base effects [10] Question: What is the outlook for domestic and international excavator markets? - The company believes domestic demand for excavators has recovered, with annual growth expected to reach 5-10% or higher. However, overseas excavator exports are expected to decline, but the decrease will be modest [11] Question: How is the non-excavator segment performing? - The non-excavator segments, including aerial work platforms, offshore, maritime, and industrial sectors, are expected to show good growth in the first half of the year, with continued high growth in the second half, particularly in hydraulic cylinders and valves [12] Question: How does raw material price fluctuation affect gross margins? - The company primarily uses steel, and while prices are currently declining, it does not typically hedge against price increases. Instead, it maintains a three-quarter inventory and benefits from favorable supplier pricing, minimizing the impact of raw material fluctuations [13] Question: What is the company's strategy regarding U.S. tariffs on construction machinery? - The company plans to start production in Mexico next year to mitigate the impact of the 25% U.S. tariff on construction machinery, expecting overseas profit margins to align more closely with domestic levels [14] Question: What is the status of the Mexico factory and future plans? - The Mexico factory is nearing completion and is expected to start production within two months. The company is also considering building factories in Germany and France, as well as potential investments in the U.S. [15] Question: What are the revenue and net margin expectations for the Mexico factory? - The Mexico factory is expected to generate revenue of 100-200 million this year, with net margins likely lower than domestic levels. By next year, revenue could reach 700-800 million, with net margins improving to 10-20% [16] Question: What is the progress and revenue expectation for the linear actuator project? - The linear actuator project began production last year, with samples sent to customers and batch shipments expected to start in Q3. While the project may incur losses this year, profitability is anticipated next year, targeting several hundred million in revenue [17] Question: What is the company's approach to product pricing? - The company's pricing strategy is primarily based on foreign competitors' pricing, as most similar products in the market are produced by foreign companies [29] Question: What is the expected capital expenditure and production capacity for the new European factories? - The capital expenditure for the new factories in Germany and France is estimated to be between 100-200 million RMB, with production capacity expected to be in the range of 100-200 million [25]

Investment Rating - The report assigns a "Strong Buy" rating to the company, with a target price of 65.00 CNY, indicating a potential upside of approximately 19% from the current price of 54.36 CNY [2][6]. Core Insights - The company has established itself as a leading player in the hydraulic cylinder market, leveraging its strong product quality and rapid service response to gain market share in the domestic excavator market. The company has successfully transitioned from being a domestic supplier to a global player, supplying to major international brands like Caterpillar [5][10]. - The company has diversified its product offerings beyond hydraulic cylinders to include hydraulic pumps, valves, and motors, which are expected to replicate the success of its hydraulic cylinder business. This diversification is anticipated to provide significant revenue growth in the coming years [6][12]. - The company has maintained a strong focus on research and development, which has enabled it to enhance its product offerings and expand into high-value segments of the hydraulic market [19][20]. Summary by Sections 1. Company Overview and Market Position - The company was founded in 2005 and has evolved from producing pneumatic components to becoming a leader in high-pressure hydraulic cylinders. It has successfully penetrated the domestic market and is now expanding internationally [1][10]. - The company has established a strong supply chain and customer base, including partnerships with major global brands, which has significantly enhanced its competitive position [10][11]. 2. Financial Performance and Projections - The company reported a revenue of 8.985 billion CNY in 2023, with projections of 9.966 billion CNY in 2024, representing a year-on-year growth of 10.9%. The net profit for 2023 was 2.499 billion CNY, expected to grow to 2.724 billion CNY in 2024 [3][6]. - The report forecasts continued growth in revenue and net profit through 2026, with expected revenues of 11.478 billion CNY and net profits of 3.167 billion CNY by 2025 [3][6]. 3. Product Development and Market Expansion - The company has successfully developed a range of hydraulic products, including non-standard hydraulic cylinders, which have shown steady growth and helped mitigate the cyclical nature of the construction machinery market [1][5]. - The company is actively expanding its product lines to include high-end hydraulic components and linear drive systems, which are expected to enhance its market competitiveness and open new growth avenues [6][12]. 4. Competitive Landscape and Industry Trends - The hydraulic market is experiencing steady growth, with increasing demand for hydraulic components in various sectors, including construction, agriculture, and industrial applications. The company is well-positioned to capitalize on these trends due to its established market presence and product innovation [4][10]. - The report highlights the potential for domestic brands to gain market share in the hydraulic sector, as they continue to improve quality and reduce costs compared to foreign competitors [4][10].

证券研究报告 | 2024年05月13日 恒立液压（601100.SH） 买入 2023 年报及 2024 一季报点评：业绩稳步增长，持续推进线性 驱动器项目 核心观点 公司研究·财报点评 2023营收同比增长9.61%，归母净利润同比增长6.66%。公司2023实现营 机械设备·工程机械 收89.85亿元，同比增长9.61%；归母净利润24.99亿元，同比增长6.66%。 证券分析师：吴双 证券分析师：年亚颂 2023毛利率/净利率分别为41.90%/27.87%，同比变动+1.35/-0.79 个pct。 0755-81981362 0755-81981159 wushuang2@guosen.com.cn nianyasong@guosen.com.cn 盈利能力稳定，业绩增长主要系：1）公司针对非工程机械行业开发的新产 S0980519120001 S0980523100002 品放量明显，且新产品盈利能力高于传统工程机械产品；2）海外销售收入 基础数据 持续增长。公司期间费用率整体稳定。2024年第一季度公司实现营收23.62 投资评级 买入(维持) 亿元，同比下降2.70%；归母净利润6.02亿元 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 05 月 08 日 恒 立液压(601100.SH) 证券研究报告 多元化稳步扩张，国际化持续推进 基础件 投资评级 买入-A 事件：公司发布 2023 年年报和 2024 年一季报，2023 年实现 维持评级 收入 89.85 亿元，同比+9.61%，归母净利润 24.99 亿元，同比 6个月目标价 60.6元 +6.66%。2024 年一季度实现收入 23.62 亿元，同比-2.7%，归母 股价 (2024-05-07) 52.83元 净利润 6.02亿元，同比-3.77%。 交易数据 总市值(百万元) 70,835.57 非标业务拉动增长，挖机板块降幅收窄。根据中国工程机械工 流通市值(百万元) 70,835.57 业协会，2023 年及 2024 年 Q1，挖机行业销量分别约为 19.5、 总股本(百万股) 1,340.82 5.0 万台，分别同比-25%、-13.1%。行业持续下行阶段，公司通 流通股本(百万股) 1,340.82 过多元化产品批量，叠加挖机领域市占率提升，公司收入表现优 12个月价格区间 48.51/71 ...