恒立液压总经理邱永宁在今天下午举行的公司2024年度暨2025年第一季度业绩说明会上表示，目前公司 墨西哥工厂已在小批量试生产，Q2将全面量产，以满足美洲市场的需求。未来，公司的盈利增长主要 来自于液压泵阀产品在工程机械市场的份额提升、工业液压产品的持续放量，以及恒立精密工业产能爬 坡后的收入贡献。（记者 汪斌） ...

0 证券代码：601100 证券简称：恒立液压 公告编号：2025-012 江苏恒立液压股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 23 日 (二)股东大会召开的地点：公司研发中心大楼 A104 会议室（龙资路 88 号） (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： | 1、出席会议的股东和代理人人数 | 596 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 596 | | 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（%） | 75.8129 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 (一)非累积投票议案 1、 议案名称：2024 年度董事会工作报告 审议结果：通过 表决情况： | 股东类型 | 同意 | | 反对 | | 弃 ...

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 2024年年度股东会法律意见书 江苏恒立液压股份有限公司: 恒立液压 法律意见书 根据《公司法》《证券法》和中国证监会《上市公司股东会规则》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2024年年度股东会,并就本次股东会的召集、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会决议一并公告,并依法对本 法律意见书承担相应的责任。 本律师根据法律的要求,按照律师行业公认的业务标准、道德规范和勤勉尽 责的精神,现出具法律意见如下: 一、本次股东会的召集、召开程序 公司于 2025年 4 月 26日召开第五届董事会第十四次会议,审议通过了《江 苏恒立液压股份有限公司关于召开 2024年年度股东大会的议案》,决定于 2025 年 5 月 23 日 10 点 00 分召开本次股东会,并于 2025年 4 ...

智通财经5月19日电，摩根大通将恒立液压评级下调至中性，目标价73元人民币。 ...

证券研究报告：机械设备|公司点评报告 发布时间：2025-05-19 股票投资评级 公司发布 2024 年年度报告与 2025 年一季报，2024 年实现营收 93.90 亿元，同增 4.51%；实现归母净利润 25.09 亿元，同增 0.4%； 实现扣非归母净利润 22.85 亿元，同减 6.61%。2025Q1 公司实现营收 24.22 亿元，同增 2.56%；实现归母净利润 6.18 亿元，同增 2.61%； 实现扣非归母净利润 6.82 亿元，同增 16.42%。 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 74.20 | | --- | --- | | 总股本/流通股本（亿股）13.41 | / 13.41 | | 总市值/流通市值（亿元）995 | / 995 | | 52 周内最高/最低价 | 95.00 / 42.14 | | 资产负债率(%) | 19.4% | | 市盈率 | 39.68 | | 第一大股东 | 常州恒屹智能装备有限 | | 公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpse ...

证券研究报告：机械设备|公司点评报告 发布时间：2025-05-19 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 74.20 | | --- | --- | | 总股本/流通股本（亿股）13.41 | / 13.41 | | 总市值/流通市值（亿元）995 | / 995 | | 52 周内最高/最低价 | 95.00 / 42.14 | | 资产负债率(%) | 19.4% | | 市盈率 | 39.68 | | 第一大股东 | 常州恒屹智能装备有限 | | 公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 恒立液压(601100) 挖机带动主业回暖，线性驱动器带来新增长点 l 事件描述 公司发布 2024 年年度报告与 2025 年一季报，2024 年实现营收 93.90 亿元，同增 4.51%；实现归母净利润 25.09 亿元，同增 0.4%； 实现扣非归母净利润 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company is expected to achieve a revenue growth of 4.51% year-on-year in 2024, reaching 9.39 billion yuan, with a net profit growth of 0.40%, totaling 2.51 billion yuan. This growth is attributed to the stabilization of domestic engineering machinery, increased market share of excavator hydraulic pump and valve products, continuous expansion in non-engineering machinery sectors, and ongoing development in overseas markets [1][2]. - The company's gross margin is projected to be 42.83%, with a net margin of 26.72%. The gross margin has improved due to product structure optimization, while the net margin has slightly decreased due to increased expenses [1][2]. - The company has made significant progress in its linear actuator project, with several products developed and entering mass production in 2024 [2]. Summary by Sections Financial Performance - In 2024, the company expects to generate 93.90 billion yuan in revenue, a 4.51% increase from the previous year, and a net profit of 25.09 billion yuan, reflecting a 0.40% increase. The gross margin is 42.83%, and the net margin is 26.72% [1][4]. - For Q1 2025, the company reported revenue of 24.22 billion yuan, a 2.56% increase year-on-year, and a net profit of 6.18 billion yuan, up 2.61% [1]. Product and Market Analysis - The company's domestic and international revenues for 2024 are projected at 72.51 billion yuan and 20.74 billion yuan, respectively, with year-on-year growth rates of 3.61% and 7.61%. The international revenue now accounts for 22.2% of total revenue, an increase of 0.6 percentage points [2]. - The hydraulic cylinder segment is expected to generate 47.61 billion yuan in revenue, a 1.44% increase, while the hydraulic pump and valve segment is projected to reach 35.83 billion yuan, a 9.63% increase [2]. Future Outlook - The company anticipates steady growth in its excavator business as the domestic engineering machinery market recovers. The linear actuator project is also expected to contribute to future growth, with mass production commencing in 2024 [2][3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company is expected to achieve a revenue growth of 4.51% year-on-year in 2024, reaching 9.39 billion yuan, and a net profit growth of 0.40%, totaling 2.51 billion yuan. This growth is attributed to the stabilization of domestic engineering machinery, increased market share in hydraulic pumps and valves for excavators, continuous expansion in non-engineering machinery products, and ongoing development in overseas markets [1][2]. - The company has made significant progress in its diversification strategy, with domestic and international revenues of 7.25 billion yuan and 2.07 billion yuan respectively, reflecting year-on-year increases of 3.61% and 7.61%. The international revenue now accounts for 22.2% of total revenue, up by 0.6 percentage points [2]. - The linear actuator project is advancing steadily, with multiple products developed and entering mass production in 2024, indicating potential for future growth [2]. Financial Summary - The company's gross margin is 42.83% and net margin is 26.72% for 2024, with gross margin improving due to product structure optimization, while net margin slightly decreased due to increased expenses [1]. - The projected net profits for 2025-2027 are 2.79 billion yuan, 3.23 billion yuan, and 3.80 billion yuan respectively, with corresponding P/E ratios of 36, 31, and 26 [3][4]. - The company’s revenue and net profit forecasts for 2023 to 2027 are as follows: - Revenue: 8.99 billion yuan (2023), 9.39 billion yuan (2024), 10.51 billion yuan (2025E), 11.78 billion yuan (2026E), 13.45 billion yuan (2027E) - Net Profit: 2.50 billion yuan (2023), 2.51 billion yuan (2024), 2.79 billion yuan (2025E), 3.23 billion yuan (2026E), 3.80 billion yuan (2027E) [4][20].

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a strong potential for price appreciation in the next 6-12 months [9]. Core Views - The company is expected to benefit in the short term from the recovery of the excavator market, while the long-term outlook is positive due to its focus on electrification and global expansion [5][9]. - The company's revenue for 2024 is projected to be 9.39 billion yuan, a year-on-year increase of 4.51%, with a net profit of 2.51 billion yuan, reflecting a modest growth rate [5][11]. Financial Performance Summary - In 2024, the company achieved a revenue of 93.90 billion yuan, with a net profit of 25.09 billion yuan, showing a slight increase of 0.4% year-on-year [5]. - The gross margin for 2024 is reported at 42.83%, an increase of 0.93 percentage points year-on-year, indicating ongoing cost reduction and efficiency improvements [6]. - The company’s hydraulic cylinder product revenue reached 47.61 billion yuan, a year-on-year increase of 1.44%, while hydraulic pump and valve products generated 35.83 billion yuan, a 9.63% increase, marking a historical high [7]. Strategic Initiatives Summary - The company is advancing its electrification strategy, with a linear actuator project entering mass production, which is expected to contribute to new business growth in the medium to long term [8]. - The internationalization strategy is being reinforced with production capacity established in Mexico and service centers in the U.S., Brazil, Indonesia, and India, covering over 20 countries and regions [7]. Earnings Forecast Summary - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.12 yuan, 2.44 yuan, and 2.93 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 35.4, 30.8, and 25.7 [9][11].

Core Viewpoint - Jiangsu Hengli Hydraulic Co., Ltd. successfully completed a non-public offering of 35,460,992 shares at a price of 56.40 RMB per share, raising a total of approximately 1.99 billion RMB in net funds [1][2]. Group 1: Company Overview - Jiangsu Hengli Hydraulic Co., Ltd. was established on June 2, 2005, with a registered capital of 1,340,820,992 RMB [1]. - The company specializes in the research, production, and technical support of high-pressure cylinders, hydraulic components, hydraulic systems, high-pressure plunger pumps and motors, high-pressure hydraulic valves, and precision castings [1]. Group 2: Sponsorship and Supervision - China International Capital Corporation (CICC) served as the sponsor for Hengli Hydraulic's non-public offering and is responsible for ongoing supervision [1][2]. - The sponsorship period for the non-public offering will conclude on December 31, 2024, and CICC will continue to oversee the remaining use of raised funds [4]. Group 3: Due Diligence and Compliance - During the due diligence phase, CICC conducted thorough investigations and prepared necessary documentation in compliance with regulations set by the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange [2]. - Throughout the ongoing supervision phase, Hengli Hydraulic adhered to legal and regulatory requirements, ensuring timely and accurate information disclosure [3]. Group 4: Fund Management - The company has complied with regulations regarding the management of raised funds, maintaining dedicated accounts for storage and specific usage [3]. - As of December 31, 2024, there are still some unutilized funds from the raised capital, and CICC will continue to monitor their usage [4].