江苏恒立液压股份有限公司2024 年年度报告 公司代码：601100 公司简称：恒立液压 江苏恒立液压股份有限公司 2024 年年度报告 1 / 174 江苏恒立液压股份有限公司2024 年年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、容诚会计师事务所为本公司出具了标准无保留意见的审计报告。 四、公司负责人汪立平、主管会计工作负责人彭玫及会计机构负责人（会计主管人员）胡长春 声明：保证年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 根据容诚会计师事务所（特殊普通合伙）出具的《审计报告》，母公司 2024 年度实现净利润 1,714,631,944.38 元，分配 2023 年度股利 938,574,694.40 元，报告期末可供股东分配的利润为 4,594,378,433.10 元。根据《上市公司监管指引第 3 号——上市公司现金分红》、公司《未来三 年股东回报规划（2024-2026 ...

国海富兰克林基金总经理、投资总监徐荔蓉旗下基金发布2025年一季报，以国富研究精选为例，该基金 在一季度加仓安克创新（300866）、恒立液压（601100）、金山办公、建友股份，其中安克创新跃升至 第一大重仓股。徐荔蓉在一季报中认为，中国经济大概率已经触底回升，企业盈利也有望出现趋势性的 上升，而投资者风险偏好的提升和充足的流动性为市场的趋势性向好提供了坚实基础，他在一季度对组 合进行了适度调整，对部分上涨较大的公司进行了波段操作，同时增加了对AI和科技方向公司的布 局，对2025年仍然持较为乐观的看法。(人民财讯) ...

恒立液压 20250415 摘要 恒立液压近期股价调整的原因是什么？公司未来的发展方向如何？ 恒立液压近期股价调整主要受到人与机器人板块的调整以及一季度业绩预期下 修的影响。尽管如此，我们明确看好公司未来的发展方向和股价修复的弹性。 从主业务来看，公司作为挖机核心零部件供应商，其泵阀厂排产节奏较为平滑， 导致今年（2025 年）一季度增速虽好但不如主机厂快。预计二季度公司业绩 将有所改善，因为三月份后公司开始满产，产能供应和工作人员加班情况都显 著增加。此外，非挖业务占公司收入接近一半，其中高级业务在一季度下滑幅 度较大，但非高级业务持续拓展，值得期待。因此，我们认为二季度公司的营 收和利润端将会有明显修复。 对于工程机械行业的周期性变化及其对恒立液压的影响怎么看？ 我们认为第三轮工程机械周期已经启动，目前国内工程机械库存处于低位，根 据小松在中国国内开工小时数及挖机销量数据，可以看到行业景气度边际向好。 当前处于被动去库存阶段，即库存值快速下降，而挖机销量逐渐转正，未来增 速将加快并进入主动补库存阶段。这意味着未来两三年内整个挖机行业将迎来 主动补库存周期，对恒立液压而言是一个重要机会。此外，国内二手机海外 ...

经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准江苏恒立 液压股份有限公司非公开发行股票的批复》（证监许可[2022]59 号）核准，江苏 恒立液压股份有限公司（以下简称"恒立液压"、"公司"或"上市公司"）以非 公开发行股票的方式向 8 名特定对象合计发行人民币普通股（A 股）35,460,992 股，并于 2023 年 1 月 6 日在中国证券登记结算有限责任公司上海分公司办理完 毕新增股份登记托管手续。 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 恒立液压非公开发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理 办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券 交易所上市公司自律监管指引第 11 号——持续督导》《上市公司监管指引第 2 号 ——上市公司募集资金管理和使用的监管要求》等有关法律、法规和规范性文件 的要求，中金公司于 2025 年 4 月 7 日至 8 日对恒立液压进行了现场检查。现将 本次检查的情况报告如下： 一、本次现场检查的基本情况 （一）现场检查时间：2025 年 4 月 7 日至 2025 年 4 月 8 日 ...

证券代码：601100 证券简称：恒立液压 公告编号：临 2025-001 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 《关于开展沪市公司"提质增效重回报"专项行动的倡议》，维护公司全体股东 利益，增强投资者信心，江苏恒立液压股份有限公司（以下简称"公司"）将进 一步以深化提质增效为抓手，着力推动公司高质量发展，持续开展"提质增效重 回报"行动。 一、 聚焦主营业务，强化创新驱动 关于持续开展"提质增效重回报"行动的公告 江苏恒立液压股份有限公司 公司将聚焦主业，坚定推进"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和抗风险能力。 2025 年，恒立国际研发大楼将全面投用，公司将保持研发创新投入，坚持应 用型研究和前瞻性研究相结合，不断完善产品谱系和拓展下游应用领域 ...

简历显示，柳军先生:中国国籍。监事,复旦大学财务管理硕士,2000-2001年任上海汽车集团财务有限公司财务,2001-2004年任华安基金管理有限公司高级基金 核算员,2004年7月加入华泰柏瑞基金管理有限公司,历任基金事务部总监、上证红利ETF基金经理助理。2009年6月起任上证红利交易型开放式指数证券投资 基金的基金经理。2010年10月起担任指数投资部副总监。2011年1月至2020年2月任华泰柏瑞上证中小盘ETF基金、华泰柏瑞上证中小盘ETF联接基金基金经 理。2012年5月起任华泰柏瑞沪深300交易型开放式指数证券投资基金、华泰柏瑞沪深300交易型开放式指数证券投资基金联接基金的基金经理。2015年2月起 任指数投资部总监。2015年5月至2025年1月任华泰柏瑞中证500交易型开放式指数证券投资基金及华泰柏瑞中证500交易型开放式指数证券投资基金联接基金 的基金经理。2018年3月至2018年11月任华泰柏瑞锦利灵活配置混合型证券投资基金和华泰柏瑞裕利灵活配置混合型证券投资基金的基金经理。2018年3月至 2018年10月任华泰柏瑞泰利灵活配置混合型证券投资基金的基金经理。2018年4月起任华泰 ...

证 券 研 究 报 告 恒立液压（601100）系列深度研究报告（二） 强推（维持） 不止于液压油缸，打造全球领先的液压系统 解决方案供应商 公司研究 基础件 2025 年 03 月 30 日 目标价：105.5 元 当前价：81.33 元 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：陈宏洋 邮箱：chenhongyang@hcyjs.com 执业编号：S0360524100002 公司基本数据 | 总股本(万股) | 134,082.10 | | --- | --- | | 已上市流通股(万股) | 134,082.10 | | 总市值(亿元) | 1,090.49 | | 流通市值(亿元) | 1,090.49 | | 资产负债率(%) | 21.73 | | 每股净资产(元) | 11.24 | | 12 个月内最高/最低价 | 95.00/42.14 | 市场表现对比图(近 12 个月) -15% 21% 57% 92% 24/03 24/06 24/08 24/10 25/01 2 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 118.40 CNY, up from the previous forecast of 94.70 CNY [1][4]. Core Views - The company's ball screw products have begun sample testing and small batch supply, which is expected to become a new growth driver for the company's performance [2]. - The engineering machinery industry is still in a bottoming phase, but with the advancement of internationalization and diversification strategies, the company's performance is expected to maintain steady growth [12]. - The company maintains its EPS forecasts for 2024-2026 at 2.05 CNY, 2.37 CNY, and 2.67 CNY respectively, and expects rapid volume growth in the ball screw business, which will accelerate domestic substitution [12]. Financial Summary - Revenue is projected to grow from 8,197 million CNY in 2022 to 13,217 million CNY in 2026, reflecting a CAGR of approximately 15.6% [3][14]. - Net profit attributable to the parent company is expected to increase from 2,343 million CNY in 2022 to 3,576 million CNY in 2026, with a CAGR of about 12.6% [3][14]. - The company's net asset return rate is forecasted to remain stable around 16.8% to 18.5% over the next five years [3][14]. Market Data - The company's current market price is 95.00 CNY, with a 52-week price range of 42.14 CNY to 95.00 CNY [5]. - The total market capitalization is approximately 127,378 million CNY, with a total share capital of 1,341 million shares [5]. Industry Context - The company is positioned as a leading supplier of linear motion core components, particularly in the ball screw segment, which is gaining traction among top domestic robot manufacturers [12]. - The company has a strong foundation in precision manufacturing capabilities, which is critical for producing high-quality ball screws [12].

Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around the robotics industry, specifically focusing on companies like Tesla and Hengli, which are involved in the development and manufacturing of robotic components and systems. Core Points and Arguments 1. **Market Perception Shift**: There is a notable shift in market perception regarding Hengli, which was previously viewed as unable to reduce costs. The company is now demonstrating strong cost-reduction capabilities, which could enhance its market position [1][2][3]. 2. **Technological Advancements**: Hengli has made significant improvements in its manufacturing processes, particularly in linear actuators and robotic joints, which are expected to enhance efficiency and reduce costs [3][4][5]. 3. **Market Potential**: The potential market for linear actuators in humanoid robots is substantial, with estimates suggesting a market space of over 200 billion yuan if production scales up to 1 million units [9][10]. 4. **Product Development**: The company is actively testing new products with key clients, indicating a strong pipeline for future orders and revenue growth [3][10]. 5. **Industry Growth Cycle**: The robotics industry is entering a growth cycle expected to last 3-5 years, driven by technological advancements and increased demand for automation [3][16]. 6. **Competitive Landscape**: Hengli is positioned as a leader in the domestic market for robotic components, with a competitive edge over traditional players due to its innovative approaches and cost efficiencies [19][20]. 7. **Global Market Dynamics**: The global market for hydraulic components, including those used in excavators, is projected to grow, with significant opportunities in overseas markets [18][22]. 8. **Customer Base Expansion**: Hengli is expanding its customer base, including partnerships with major players like Caterpillar, which could significantly boost its revenue [19][21]. Other Important but Possibly Overlooked Content 1. **Production Capacity**: Hengli's production capacity is expected to increase significantly, with plans for new factories that could enhance output to meet growing demand [12][24]. 2. **Market Trends**: The excavator market is showing signs of recovery, with a projected growth rate of 30-40% in certain segments, which could positively impact Hengli's sales [15][16]. 3. **Strategic Focus**: The company is focusing on high-end manufacturing and precision engineering, which aligns with national strategies for industrial development [11][14]. 4. **Long-term Outlook**: The long-term outlook for the robotics and hydraulic components market remains positive, with expectations of sustained growth driven by technological advancements and increased automation needs across various industries [23][24].

Summary of the Conference Call for Hengli Hydraulic Company Overview - The conference call focuses on Hengli Hydraulic, a company involved in hydraulic components and robotics, particularly in the excavator and machinery sectors. Key Points and Arguments Industry and Market Dynamics - The demand for Hengli's main business is stronger than expected, with excavator sales doubling and domestic sales nearly doubling in February, significantly exceeding market expectations [3][8] - The recovery in the machinery industry is positively impacting Hengli, with signs of revival across the entire supply chain, including increased end-user demand [8] - The company's production capacity utilization remains high at 70%-80% even during industry downturns, maintaining total profit levels between 2.4 billion to 2.5 billion RMB [7] Business Performance and Growth Potential - Hengli's internal sales volume has surpassed 200,000 units, potentially doubling the total profit scale to 4-5 billion RMB, with a projected market cap of up to 120 billion RMB [3][6] - The company's robot business has made significant progress, with the price of micro screw products increasing from 1,000 RMB to 14,000 RMB, and the total machine value exceeding 30,000 RMB [5] - The company is experiencing a strong recovery in its main business, with a potential stabilization expected by Q2 2025, as communication with North American and domestic clients intensifies [10] Competitive Advantages - Hengli possesses strong self-locking and precision control capabilities, making its products suitable for factory environments [9] - The company has a robust mass delivery capability and favorable cost curves, enabling it to quickly penetrate new customer segments [9] Valuation and Future Outlook - The potential valuation of Hengli could reach close to 200 billion RMB in the next 3 to 5 years, with current valuations around 30 to 40 times earnings [11] - The growth in the robotics sector and the expansion of product lines and customer bases are expected to drive future growth [6][11] Risk Management - Hengli demonstrates strong risk resilience, maintaining profitability even when domestic sales drop to over 90,000 units, supported by contributions from overseas markets [7] Additional Important Insights - The company is well-positioned to capitalize on the recovery in the machinery sector, with opportunities for new product development and market expansion [8] - The ongoing communication with clients for product design and cost discussions indicates a proactive approach to future business development [10]