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 ...

上 市 公 司 机械设备 2024 年04月 28 日 恒立液压 (601100) 公 司 研 究 ——挖机产品需求触底，非挖产品持续扩张 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 事件：公司发布 23 年年报及 24 年一季报，23年实现营收 89.85亿元，同比增长 9.61%；归 （维持） 母净利润24.99亿元，同比增长6.66%，扣非后归母净利润24.47亿元，同比增长9.67%；24 年一季度实现营收23.62亿元，同比下滑2.70%，归母净利润6.02亿元，同比下滑3.77%，扣 证 非后归母净利润5.86亿元，同比下滑2.30%。业绩表现符合我们预期。 市场数据： 2024年04月26日 券 收盘价（元） 51.08 投资要点： 研 一年内最高/最低（元） 73.33/47.41 究 市净率 4.6  非挖产品放量，公司收入逆势增长。据中国工程机械工业协会数据统计，2023 年全国共 报 息率（分红/股价） - 销售挖掘机 195018 台，同比下降 25.4%；其中国内 89980台，同比下降 40.8%；出口 告 流通A股市值（百万元） 68489 上证指数/深证成指 30 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨恒立液压（ ） 601100.SH [恒Ta立b液le_压T：itl非e]挖及海外业务增长强劲，多元化持 续推进 报告要点 [挖Ta机bl行e_业Su下m行m背ar景y]下，公司挖机板块表现优于行业，同时非挖业务支撑作用强劲，23年非挖油 缸、泵、阀、马达销量同比均实现高速增长。公司国际化布局持续推进，23年国外收入同比增 长10%，占比约21%，毛利率同比提升3.17pct至37.45%，墨西哥液压件生产基地预计24Q2 试生产，海外份额有望进一步提升。受益非标产品收入占比提升，公司23年毛利率小幅上行。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 51.36 CNY [3] Core Views - The company reported steady performance in its annual and quarterly reports, with 2023 revenue reaching 8.985 billion CNY, a year-on-year increase of 9.61%, and a net profit of 2.499 billion CNY, up 6.66% year-on-year [1][2] - The company is diversifying its product offerings and markets, with significant growth in new products outside the traditional engineering machinery sector, which are showing higher profitability [2] - The company is also expanding internationally, with a hydraulic parts production base in Mexico expected to begin trial production in Q2, and a nearly 20% sales growth in its European subsidiary [2] Financial Performance Summary - In Q4 2023, the company achieved revenue of 2.64 billion CNY, a year-on-year increase of 15.95%, and a net profit of 745 million CNY, up 25.56% year-on-year [1] - For Q1 2024, the company reported revenue of 2.362 billion CNY, a decrease of 2.7% year-on-year, and a net profit of 602 million CNY, down 3.77% year-on-year [1] - The company’s gross margin for 2023 was 41.90%, with a net margin of 27.87% [1] Profit Forecast - The profit forecast for the company has been adjusted, with expected net profits for 2024, 2025, and 2026 projected at 2.764 billion CNY, 3.281 billion CNY, and 3.948 billion CNY respectively, corresponding to P/E ratios of 24.91, 20.99, and 17.44 [2][5]

加冰所 所表述的意见均不构成浙商证券研究所研究观点如果嘉宾发布的观点和浙商研究所发布的观点有分歧或不一致这也仅作为一种不同的研究视角供投资者参考三依照监管要求和保密原则未经合法授权严禁录音记录转发感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对浙商证券的理解和配合谢谢 各位领导 大家上午好 我是浙江政签 机械国防行业首席分析师王华钧今天我们非常荣幸地邀请到了恒力液压的政签事务代表周总来给我们介绍一下恒力液压23年的年报 还有24年一季报的一些交流我们团队这段时间是在加大推荐整个工程机械板块我们认为整个工程机械板块核心的逻辑有两个一个就是最重要的还是全球化 还是中国的工程机械企业想走出去类似于新能源车中国目前已经是全球第一大新能源车的出口国一样我们的挖掘机 我们的启动机 高空作业平台等这些主流的一些主要的工程机械产品与这个非常优异的性价比的优势我们认为走出去这个是大的趋势所以目前的话很多的工程机械企业在海外的这个业绩占比有一些公司的业绩占比在毛利的占比可能已经超过60% 所以海外是一个我们的工程机械产品的市占率会持续提升这样的话也会带动像我们的这个像恒利的一些 ...

[Table_StockInfo] 买入 2024年 04月 24日 （首次） 证券研究报告•23年报&24Q1季报点评 当前价： 51.75元 恒立液压（601100） 机械设备 目标价： 67.98元（6个月） 多元化业务布局优势凸显，23 年业绩稳健增长 投资要点 西南证券研究发展中心 [T a事ble件_：Su公m司m发ary布] 2023年年报和 2024年一季报。23年实现营收 89.8亿，同比 +9.6%；归母净利润 25.0亿，同比+6.7%。23Q4营收 26.4亿，同比+16.0%； [分Ta析bl师e_：Au邰th桂or龙] 归母净利润7.5亿，同比+25.6%。24Q1实现营收23.6亿，同比-2.7%，归母净 执业证号：S1250521050002 利润6.0亿，同比-3.8%。23年业绩稳健增长，多元化业务布局优势凸显。 电话：021-58351893 邮箱：tgl@swsc.com.cn  降本项目有效开展、原材料价格下降，23年公司综合毛利率提升。23年综合毛 利率为41.9%，同比+1.3pp，主要系原材料成本下降，公司液压油缸（+1.13pp） 配件及铸件产品（+13. ...