Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 53.00 CNY [3]. Core Views - The company's revenue growth is recovering, with a year-on-year increase of 9.32% for the first three quarters of 2024, reaching 6.936 billion CNY [1]. - The net profit attributable to the parent company for the same period is 1.791 billion CNY, reflecting a year-on-year growth of 2.16% [1]. - The company is expanding its business into industrial automation and electric engineering machinery, which has led to an increase in employee numbers and a rise in expense ratios [1]. - The international R&D center is expected to be completed by the end of the year, with significant investments in R&D leading to innovative product launches [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 2.103 billion CNY, a year-on-year increase of 11.12% [1]. - The gross profit margin for Q3 is approximately 41.03%, down 1.93 percentage points year-on-year [1]. - The net profit margin for Q3 is 23.99%, a decrease of 1.13 percentage points year-on-year [1]. Market Dynamics - Domestic excavator sales reached 74,000 units in the first three quarters of 2024, up 8.6% year-on-year, indicating a recovery in demand [1]. - The company benefits from policies aimed at stimulating demand for new machinery, particularly in the context of large-scale equipment updates [1]. Business Expansion - The company is investing in new business areas, which has resulted in a noticeable increase in operating expenses, with total expense ratios reaching 19.01% in Q3 [1]. - The R&D investment accounted for 6.92% of revenue in the first half of 2024, reflecting the company's commitment to innovation [1]. Future Outlook - The company forecasts net profits of 2.6 billion CNY, 3.02 billion CNY, and 3.69 billion CNY for 2024, 2025, and 2026, respectively, with corresponding valuations of 27x, 24x, and 19x [1].

Investment Rating - The report maintains a **Buy** rating for Hengli Hydraulics (601100) [3] Core Views - Hengli Hydraulics' Q3 2024 performance showed continued recovery, with revenue and net profit growing by 11.12% and 6.07% YoY, respectively [1] - The company's operating cash flow improved significantly, with a 23% YoY increase in Q3 2024 [1] - The excavator sector is bottoming out, with domestic sales growing by 21.5% YoY in September 2024, while exports increased by 2.5% [1] - Non-excavator businesses, including non-standard cylinders and pumps, maintained strong growth, with sales of heavy equipment cylinders increasing by 21.53% YoY [1] - Overseas revenue grew by 15.29% YoY in H1 2024, supported by the nearing completion of the Mexico factory [1] Financial Performance - Q3 2024 revenue reached **2.103 billion yuan**, up 11.12% YoY, while net profit was **504 million yuan**, up 6.07% YoY [1] - Gross margin in Q3 2024 was 41.03%, down 1.93 pct YoY and 2.08 pct QoQ [1] - Net margin in Q3 2024 was 23.99%, down 1.13 pct YoY and 3.81 pct QoQ [1] - Operating cash flow in Q3 2024 was **773 million yuan**, up 23% YoY [1] Industry Outlook - The excavator industry is expected to recover, with domestic demand supported by favorable real estate policies and increased infrastructure investment [1] - The update cycle for excavators (8-10 years) suggests that replacement demand may bottom out in 2024 [1] - Overseas market share is expected to continue growing, driven by globalization efforts [1] Non-Excavator Business - Sales of non-standard cylinders for heavy equipment grew by 21.53% YoY in H1 2024, driven by demand from sectors like tunneling machines, cranes, and renewable energy [1] - Non-excavator pump sales increased by 24.30% YoY, with compact hydraulic products expanding market share both domestically and internationally [1] - Radial piston motors saw rapid growth in both domestic and international markets, particularly in industries like skid steer loaders and agricultural machinery [1] Overseas Expansion - Overseas revenue grew by 15.29% YoY in H1 2024, with the Mexico factory nearing completion to support expansion in the Americas [1] - The company has begun sample deliveries and small-scale production of ball screw products [1] Financial Forecasts - The report forecasts net profit of **2.56 billion yuan**, **2.94 billion yuan**, and **3.57 billion yuan** for 2024, 2025, and 2026, respectively, with YoY growth rates of 2%, 15%, and 21% [1] - The PE ratios for 2024-2026 are estimated at 29x, 25x, and 21x, respectively [1] Peer Comparison - Hengli Hydraulics' 2024E PE ratio of 29.2x is higher than peers like Sany Heavy Industry (24.6x) and XCMG (13.9x) [6] - The company's current market capitalization is **74.8 billion yuan**, lower than Sany Heavy Industry's **151 billion yuan** but higher than Zoomlion's **60.1 billion yuan** [6]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company's performance is in line with expectations, with a double-digit revenue growth maintained in Q3. Future focus will be on the ramp-up of new business [2][4] - The company is expected to achieve steady growth due to its internationalization, diversification, and electrification strategies [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 6.936 billion yuan, a year-on-year increase of 9.32%, and a net profit attributable to shareholders of 1.791 billion yuan, up 2.16%. In Q3 alone, revenue and profit were 2.103 billion yuan and 504 million yuan, respectively, reflecting year-on-year growth of 11.12% and 6.07% [4] - The company's contract liabilities increased by 32.05% year-on-year, indicating a rise in advance payments and a healthy order situation [4] Profitability Metrics - The gross margin and net margin for the first three quarters of 2024 were 41.46% and 25.87%, with slight changes from the previous year. In Q3, these margins were 41.03% and 23.99%, showing a slight decline from Q2 [4] Strategic Initiatives - The company is accelerating its internationalization strategy, with compact hydraulic sales growing rapidly and market share expanding domestically. Overseas revenue in H1 2024 increased by 15.29% [4] - The company is also focusing on electrification and automation in the industrial sector, with ongoing projects in linear actuators and ball screw products [4] Valuation and Target Price - The target price has been adjusted to 71.10 yuan, based on a 30x PE ratio for 2025, reflecting the company's position as a leader in hydraulic components [4]

Investment Rating - The report maintains a "BUY" rating for Jiangsu Hengli with a target price of RMB64, indicating a potential upside of 14.7% from the current price of RMB55.82 [2][4]. Core Insights - Jiangsu Hengli's EBIT in 3Q24 decreased by 6% YoY to RMB445 million, attributed to a gross margin contraction of 1.9 percentage points YoY, despite an 11% YoY revenue increase to RMB2.1 billion [2]. - The net profit for 3Q24 grew by 6% YoY to RMB504 million, supported by higher net finance income and other gains [2]. - The company is expected to benefit from increasing revenue contributions from non-excavator components and new growth drivers such as electric cylinders and ball screws in 2025 [2]. - The report highlights potential risks related to the upcoming U.S. elections and possible tariff increases under a potential Trump presidency, which could impact exports from Mexico to the U.S. [2]. Financial Summary - Revenue for FY24E is projected at RMB10,033 million, reflecting an 11.7% YoY growth, with further growth expected in FY25E and FY26E [3][13]. - Adjusted net profit for FY24E is estimated at RMB2,756.5 million, with an EPS of RMB2.06, representing a 10.3% YoY increase [3][13]. - The gross margin is expected to improve slightly to 41.9% in FY24E, with a long-term target of 43.0% by FY26E [10][16]. Production and Operational Insights - The production plan for October includes 42,000 units of hydraulic cylinders for excavators, a decrease of approximately 5% YoY, while production of non-standardized cylinders is expected to drop by about 10% YoY [2]. - Positive production trends are noted for small-size pumps and valves, with planned increases of approximately 40% and 90% YoY, respectively [2]. Market Position and Valuation - The company maintains a strong market capitalization of RMB74,844.6 million, with a P/E ratio projected to decrease from 31.1x in FY22A to 21.4x in FY26E [4][10]. - The report indicates a stable financial position with a net gearing ratio improving from (51.9%) in FY22A to (52.4%) in FY26E, suggesting a strong balance sheet [3][10].

证券代码：601100 证券简称：恒立液压 公告编号：临2024-030 江苏恒立液压股份有限公司 第五届监事会第十一次会议决议公告 本公司监事会及全体监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、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"）第五届监事会第十一次 会议的会议通知于2024年10月16日以现场送达形式发出，并于2024年10月26日 以现场会议的方式召开。会议应出席监事3名，实际出席监事3名。会议由公司 监事会主席苏娅女士召集并主持。会议的通知及召开符合有关法律、行政法规 和公司章程的规定，会议决议合法有效。 经现场投票表决，会议形成如下决 议： 一、以3票同意，0票反对，0票弃权，审议通过了《江苏恒立液压股份有限公 司2024年第三季度报告》； 报告详细内容与本公告同日披露于上海证券交易所网站www.sse.com.cn。 二、以3票同意，0票反对，0票弃权，审议通过了《江苏恒立液压股份有限公 司关于使用暂时闲置募集资金进行现金管理的议案》； 该议案内容与本公告同日披露于上海证券交易所网站www.sse.com.cn。 监事会 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥2,102,807,247.47, representing an increase of 11.12% compared to the same period last year[2]. - Net profit attributable to shareholders was ¥503,547,405.76, reflecting a growth of 6.07% year-over-year[2]. - The net profit excluding non-recurring gains and losses was ¥494,741,454.30, up by 10.62% from the previous year[2]. - Basic earnings per share for the quarter were ¥0.38, an increase of 8.57% compared to the same quarter last year[4]. - Total operating revenue for the first three quarters of 2024 reached CNY 6,935,751,382.64, an increase of 9.3% compared to CNY 6,344,363,521.49 in the same period of 2023[17]. - Operating profit for the first three quarters of 2024 was CNY 2,011,570,105.11, up from CNY 1,961,155,401.99 in 2023, reflecting a growth of 2.6%[18]. - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 1,791,436,542.03, compared to CNY 1,753,531,759.30 in 2023, marking an increase of 2.2%[18]. - The company reported a net profit margin of 15.2% for the third quarter of 2024, compared to 14.5% in the same period last year, indicating an improvement in profitability[14]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥19,318,320,166.75, a 7.95% increase from the end of the previous year[4]. - The company's equity attributable to shareholders was ¥15,068,297,561.23, which is a 4.70% increase year-over-year[4]. - The total liabilities of the company were RMB 10.74 billion, up from RMB 9.94 billion, which is an increase of approximately 8.1%[15]. - Total liabilities increased to CNY 4,197,238,378.23 in Q3 2024 from CNY 3,452,554,861.38 in Q3 2023, representing a rise of 21.5%[16]. - The company's current assets reached RMB 13.74 billion, up from RMB 12.99 billion at the end of 2023, indicating a growth of about 5.7%[14]. - The total cash inflow from operating activities for the first three quarters of 2024 was approximately ¥6.03 billion, an increase of 10.06% compared to ¥5.48 billion in the same period of 2023[20]. Cash Flow and Investments - The cash flow from operating activities for the year-to-date period was ¥1,319,592,859.83, down by 18.45% compared to the same period last year[2]. - The net cash outflow from investing activities was approximately -¥2.61 billion, compared to -¥0.49 billion in the first three quarters of 2023, indicating a significant increase in investment expenditures[22]. - The cash outflow from operating activities totaled approximately ¥4.71 billion, up from ¥3.86 billion in the same period last year, reflecting increased operational costs[20]. - The cash and cash equivalents at the end of Q3 2024 were approximately ¥3.69 billion, a decrease from ¥7.78 billion at the end of Q3 2023, indicating liquidity challenges[22]. - The company received approximately ¥52.85 million in tax refunds, significantly higher than ¥8.68 million in the previous year, showing improved tax recovery[20]. - The cash inflow from other investment-related activities was approximately ¥2.68 billion, a substantial increase from ¥102.70 million in the same period last year, indicating strong investment returns[22]. - The total cash outflow for financing activities was approximately ¥627.69 million, compared to ¥482.09 million in the previous year, reflecting increased financing costs[22]. - The company paid approximately ¥524.41 million in dividends and interest, up from ¥304.88 million in the same period last year, indicating a commitment to shareholder returns[22]. Operational Challenges and Management - Management expenses increased by 43.19% year-to-date, primarily due to business expansion and an increase in employee numbers[6]. - The company reported a significant increase in cash received from sales of goods and services, totaling approximately ¥5.85 billion, compared to ¥5.43 billion in the same period last year, indicating strong sales performance[20]. - The company plans to expand its market presence and invest in new product development, focusing on enhancing technological capabilities[11]. - The company reported a decrease in other comprehensive income attributable to shareholders of the parent company, with a net amount of CNY -182,189,229.60 compared to CNY 61,963,217.45 in the previous year[18]. - The total comprehensive income for the first three quarters of 2024 was CNY 1,612,099,021.54, compared to CNY 1,818,224,770.86 in the same period of 2023, showing a decline[19].

本议案已经董事会审计委员会审议通过。 证券代码：601100 证券简称：恒立液压 公告编号：临 2024-029 江苏恒立液压股份有限公司 第五届董事会第十二次会议决议公告 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"）董事会于2024年10月16 日以书面送达以及发送电子邮件方式向公司全体董事发出召开公司第五届董事 会第十二次会议的通知，会议于2024年10月26日以现场表决与通讯表决相结合 的方式召开，会议应出席董事7名，实际现场出席董事4名，采用通讯表决方式 的董事3名。本次会议的召集和召开符合《公司法》和《公司章程》的有关规 定，会议决议为有效决议。本次会议由董事长汪立平先生召集并主持。会议审 议了如下议案： 1、审议《江苏恒立液压股份有限公司2024年第三季度报告》； 6、审议《江苏恒立液压股份有限公司关于制定的议案》； 该制度内容与本公告同日披露于上海证券交易所网站 www.sse.com.cn。 表决结果：7票同意、0 票弃权、0 票反对。 公司 2024 年第三季度 ...

证券代码：601100 证券简称：恒立液压 公告编号：2024-034 江苏恒立液压股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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。 (一) 股东大会类型和届次 2024 年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 至 2024 年 11 月 22 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 重要内容提示： 一、 召开会议的基本情况 召开的日期时间：2024 年 11 月 22 日 10 点 00 分 召开地点：江苏恒立液压股份有限公司行政楼 3 楼会议室 (五) 网络投票 ...

| 第一章 | 总则 1 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 1 | | | 第三章 | 股份和注册资本 2 | | | 第一节 | 股份发行 2 | | | 第二节 | 股份增减和回购 2 | | | 第三节 | 股份转让 3 | | | 第四章 | 股东和股东会 3 | | | 第一节 | 股东 3 | | | 第二节 | 股东会的一般规定 5 | | | 第四节 | 股东会提案与通知 7 | | | 第五节 | 股东会的召开 8 | | | 第六节 | 股东会的表决和决议 | 10 | | 第五章 | 董事会 | 12 | | 第一节 | 董事 | 12 | | 第二节 | 董事会 | 14 | | 第六章 | 总经理及其他高级管理人员 | 16 | | 第七章 | 监事会 | 17 | | 第一节 | 监事 | 17 | | 第二节 | 监事会 | 17 | | 第八章 | 财务会计制度、利润分配和审计 | 18 | | 第一节 | 财务会计制度 | 18 | | 第二节 | 内部审计 | 20 | | 第三节 | 会计师事务所的聘任 | 21 | | 第九 ...