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]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Viewpoints - The humanoid robot industry is accelerating its industrialization, with recent catalysts increasing, and linear drives are expected to create a new growth pole for the company [1] - The company has potential to expand from supplying screws to supplying linear assemblies in the humanoid robot supply chain, enhancing the value of its products [2] - The excavator segment is expected to gradually recover, benefiting from anticipated reconstruction demand due to the warming expectations of a ceasefire in the Russia-Ukraine conflict [2] - The non-excavator segment has shown high growth, with the company's diversification strategy yielding excellent results [2] Summary by Relevant Sections Humanoid Robot Industry - The company announced that its linear drive project has completed the construction of its factory and part of the production line, achieving small-scale production and sales [1] - The planetary roller screw accounts for nearly 20% of the value in humanoid robots, indicating significant growth potential in this segment [1] Excavator Segment - The company is expected to benefit from reconstruction demand as the ceasefire expectations in the Russia-Ukraine conflict rise [2] - Excavator sales data is projected to remain strong, with a 1.1% year-on-year increase in January sales [2] Non-Excavator Segment - In the first half of 2024, the company sold 138,900 non-standard hydraulic cylinders, a year-on-year increase of 22%, and non-excavator pumps increased by 24% [2] - The company has expanded its market share in domestic high-altitude work platforms, loaders, and agricultural machinery, with significant growth in foreign markets [2] Financial Forecast and Valuation - The company is projected to achieve revenues of 98 billion, 108 billion, and 133 billion yuan from 2024 to 2026, with year-on-year growth rates of 9%, 10%, and 23% respectively [3] - The net profit attributable to the parent company is expected to be 26 billion, 28 billion, and 35 billion yuan for the same period, with compound annual growth rates of 12% from 2023 to 2026 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The linear drive project has been successfully put into production, completing the construction of the factory and production line, achieving small batch sales, and is expected to make breakthroughs in the industrial mother machine and humanoid robot fields in the future. The profit forecast for 2024-2026 is maintained, with expected net profits of 2.601 billion, 3.049 billion, and 3.690 billion yuan, corresponding to P/E ratios of 37.0, 31.5, and 26.1 respectively [3][5] Financial Summary and Valuation Indicators - Revenue for 2022 was 8,197 million yuan, with a year-on-year decrease of 12.0%. It is expected to grow to 9,979 million yuan in 2024, representing a year-on-year increase of 11.1%, and further to 14,015 million yuan by 2026, with a growth rate of 18.9% [7] - The net profit attributable to the parent company for 2022 was 2,343 million yuan, with a year-on-year decrease of 13.0%. It is projected to reach 2,601 million yuan in 2024, with a growth of 4.1%, and 3,690 million yuan by 2026, reflecting a growth rate of 21.0% [7] - The gross margin is expected to improve from 40.6% in 2022 to 42.9% in 2026, while the net margin is projected to remain stable around 26% [7] - The company's P/E ratio is expected to decrease from 41.1 in 2022 to 26.1 in 2026, indicating an improving valuation over time [7] Industry Insights - The screw is identified as the most valuable component in humanoid robots, with a significant cost contribution. The cost of a humanoid robot is estimated at 20,000 USD, with screws accounting for about 20% of the total cost. The penetration rate of screw solutions in domestic humanoid robot companies is expected to increase significantly [4] - The company has made early investments in the screw sector, with a planned production capacity of 10.4 million standard ball screw electric cylinders and 4500 heavy-duty ball screw electric cylinders upon reaching full production [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's linear drive project has been successfully put into production, completing the construction of the factory and production line, and achieving small-scale sales. Future breakthroughs are expected in the fields of industrial mother machines and humanoid robots. The profit forecast for 2024-2026 is maintained, with expected net profits of 2.601 billion, 3.049 billion, and 3.690 billion yuan, corresponding to P/E ratios of 37.0, 31.5, and 26.1 respectively [3][5] Financial Summary and Valuation Indicators - Revenue for 2022 was 8,197 million yuan, with a year-on-year decrease of 12.0%. It is projected to grow to 9,979 million yuan in 2024, representing an 11.1% increase, and further to 14,015 million yuan by 2026, with an 18.9% growth [7] - The net profit for 2022 was 2,343 million yuan, with a year-on-year decrease of 13.0%. It is expected to reach 2,601 million yuan in 2024, a 4.1% increase, and grow to 3,690 million yuan by 2026, reflecting a 21.0% increase [7] - The gross margin is projected to improve from 40.6% in 2022 to 42.9% in 2026, while the net margin is expected to stabilize around 26% [7] - The company's return on equity (ROE) is forecasted to be 18.5% in 2022, decreasing to 16.2% in 2024, and then recovering to 17.6% by 2026 [7] Industry Insights - The screw is identified as the most valuable component in humanoid robots, with significant cost implications. The cost of a humanoid robot is estimated at $20,000, with screws accounting for about 20% of the total cost. The penetration rate of screw solutions in domestic humanoid robot companies is expected to increase significantly [4][5] - The company has strategically positioned itself in the linear drive segment, with plans to produce various types of screws and electric cylinders, aiming for a production capacity of 10.4 million standard ball screws and 4,500 heavy-duty ball screws annually [5]