证券代码：601100 证券简称：恒立液压 公告编号：2025-013 江苏恒立液压股份有限公司 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： ? 每股分配比例 A 股每股现金红利0.70元 ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | | 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | | 四、 分配实施办法 （1 ...

证券代码：601100 证券简称：恒立液压 公告编号：2025-013 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： 每股分配比例 江苏恒立液压股份有限公司 2024年年度权益分派实施公告 A 股每股现金红利0.70元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 23 日的2024年年度股东大会审议通过。 二、 分配方案 1. 实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记 日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。 已办理指定交易的投资者可于红利发放日在其指定的证券营业部领取现金红利，未办理指定 交易的股东红利暂由中 ...

Investment Rating - The investment rating for Hengli Hydraulic is "Buy" with a target price of Rmb85.0, indicating an expected share price return of 22.6% and an expected total return of 23.6% [4][13]. Core Insights - The commencement of operations at Hengli's Mexico plant is viewed positively, as it will help mitigate the impact of US reciprocal tariffs, despite the plant's revenue contribution being limited to Rmb200 million-300 million in 2025, which is only 2%-3% of the projected revenue [1][3]. - In May 2025, while the overall excavator shipment growth in China decreased to 2% YoY, Hengli's excavator cylinder production surged by 51% YoY, indicating strong demand and restocking from US customers [3]. - Management anticipates that Hengli's revenue growth in Q2 2025 could accelerate to double-digit YoY growth, up from 3% YoY in Q1 2025, driven by increased production guidance [3]. Summary by Sections Company Overview - Hengli hosted an opening ceremony for its Mexico plant on June 11, 2025, and plans to start production of excavator components for US clients [1]. Financial Projections - The revenue target for the Mexico plant is set at Rmb200 million-300 million for 2025, contributing minimally to the overall revenue forecast [1]. - The expected dividend yield is 1.0%, contributing to the total expected return of 23.6% [4]. Production and Market Trends - The production guidance for June 2025 is set at 55,000 units, which is 28% higher than the actual output of 34,200 units in June 2024 [3]. - The overall excavator shipment growth in China has slowed, but Hengli's production has significantly outperformed this trend, indicating a strong market position [3].

Core Viewpoint - The article highlights the significant stock price increases of various companies over the past decade, particularly in the electronic and food & beverage sectors, while noting the overall decline of the Shanghai Composite Index from its peak in 2015 [4]. Industry Summary - The electronic industry has shown remarkable performance, with Shenghong Technology achieving a cumulative increase of 2228% over ten years [2]. - The food and beverage sector also performed well, with Shanxi Fenjiu and Kweichow Moutai recording increases of approximately 900% and 657%, respectively [4]. - The agricultural sector, represented by Muyuan Foods, saw a 768% increase, indicating strong growth in the agricultural and animal husbandry industry [2][4]. Market Performance - Over the past decade, the Shanghai Composite Index has decreased from a high of 5178 points to around 3400 points, while certain stocks have experienced extraordinary growth [4]. - Among the 31 first-level industries in the Shenwan classification, the food and beverage industry increased by 92.07%, while household appliances and banking sectors saw increases of 19.94% and 7.67%, respectively [4]. - The overall market has not surpassed the 5178-point level due to valuation adjustments, with the current PE ratio of the CSI 300 at 12.6 times, significantly lower than the 16.6 times recorded ten years ago [4]. Profit Growth - The net profit of CSI 300 constituent stocks has increased from 2.2 trillion yuan in 2015 to an estimated 4.51 trillion yuan in 2024, indicating robust earnings growth despite the index's decline [4]. - Regulatory officials have noted that the current valuation levels of A-shares remain relatively low, suggesting potential investment opportunities [4].

Core Viewpoint - The article highlights the significant stock price increases of various companies over the past decade, particularly in the electronics and food & beverage sectors, while noting the overall market's inability to surpass previous highs due to valuation adjustments [4][6]. Industry Summary - The electronics industry has seen remarkable growth, with Shenghong Technology achieving a cumulative increase of 2228% over ten years, followed by other companies like Northern Huachuang and Hengli Hydraulic, both exceeding 600% [2][4]. - The food and beverage sector also performed well, with Shanxi Fenjiu and Kweichow Moutai showing increases of approximately 897% and 657%, respectively [2][4]. - The agricultural sector, represented by Muyuan Foods, recorded a 768% increase, indicating strong performance in this area as well [2][4]. Market Performance - Over the past decade, the Shanghai Composite Index peaked at 5178 points in June 2015 but has since retreated to around 3400 points, reflecting a broader market correction [4]. - Among the 31 first-level industries in the Shenwan classification, the food and beverage sector rose by 92.07%, while household appliances and banking sectors saw increases of 19.94% and 7.67%, respectively [5]. - Despite the overall market decline, the net profit of the CSI 300 constituents increased from 2.2 trillion yuan in 2015 to 4.51 trillion yuan in 2024, indicating underlying growth potential [6]. Valuation Insights - The current valuation of the A-share market is considered relatively low, with the PE ratio of the CSI 300 at 12.6 times, significantly lower than major overseas indices, suggesting potential investment opportunities [6][7].

Market Overview - The A-share market saw most major indices rise last week, with the ChiNext Index experiencing the largest increase of 1.73%. The Shanghai Composite Index rose by 0.68%, while the Shenzhen Component Index increased by 1.04% [2] - As of June 10, the margin trading balance in the Shanghai and Shenzhen markets was 1,811.46 billion yuan, an increase of 12.36 billion yuan from the previous week. The financing balance was 1,799.24 billion yuan, up by 11.95 billion yuan, and the securities lending balance was 12.22 billion yuan, which increased by 0.42 billion yuan [2] Industry Insights - The electronic, computer, and machinery equipment sectors had significant net buying in margin trading, while the food and beverage, banking, and coal sectors saw less net buying [3] - The average working hours for major construction machinery products in May were 84.5 hours, a year-on-year decrease of 3.86% [5] - Excavator sales in May reached 18,200 units, a year-on-year increase of 2.12%, while loader sales were 10,500 units, up 7.24% [5] Company Announcements - Zhejiang Lino plans to acquire 100% of Xuzhou Chemical Machinery Co., Ltd. [6] - Laisai Laser has adjusted the expected operational date for its fundraising project to August 1, 2026 [6] Performance Review - From June 4 to June 10, the CSI 300 Index rose by 0.35%, while the machinery equipment sector increased by 0.73%, outperforming the CSI 300 by 0.38 percentage points [6] - The price-to-earnings ratio (TTM) for the machinery equipment sector as of June 10 was 26.18 times, with a valuation premium of 117.57% compared to the CSI 300 [8] Future Outlook - Cumulative excavator sales from January to May reached 101,700 units, a year-on-year increase of 17.40%, with domestic sales at 57,500 units, up 25.70% [8] - The report maintains a "positive" rating for the machinery equipment sector, emphasizing the potential for urban renewal initiatives to drive steady demand for construction machinery [8]

Investment Rating - The industry is rated as "Positive" [5] - Specific companies recommended for "Increase" rating include Sany Heavy Industry, Zoomlion, Hengli Hydraulic, and CRRC [5] Core Viewpoints - In May 2025, excavator sales reached 18,202 units, a year-on-year increase of 2.12%, while loader sales were 10,535 units, up 7.24% year-on-year [13][14] - Cumulative excavator sales from January to May 2025 totaled 101,716 units, reflecting a 17.40% year-on-year growth, with domestic sales at 57,501 units, up 25.70% [4][13] - The average working hours for major construction machinery in May 2025 were 84.5 hours, a decrease of 3.86% year-on-year [14] - The construction machinery industry is currently in a renewal cycle, with urban renewal initiatives expected to steadily boost engineering demand amid a sluggish real estate sector [4][31] Industry Data - As of June 10, 2025, the Shenyin Wanguo Machinery Equipment industry P/E ratio (TTM, overall method, excluding negative values) was 26.18 times, with a valuation premium of 117.57% relative to the CSI 300 [3][23] - The average monthly operating rate for major construction machinery products in May 2025 was 59.5%, down 2.45 percentage points month-on-month [15][31] - The steel composite price index (CSPI) was at 90.31 as of June 6, 2025 [16] Company Announcements - Zhejiang Lino plans to acquire 100% equity of Xuzhou Chemical Machinery Co., Ltd. for 260 million yuan [20] - Laisai Laser has adjusted the expected operational date for its fundraising project to August 1, 2026 [21] Market Review - From June 4 to June 10, 2025, the CSI 300 index rose by 0.35%, while the Shenyin Wanguo Machinery Equipment industry increased by 0.73%, outperforming the CSI 300 by 0.38 percentage points [22] - Notable stock performances included Jiao Da Tie Fa with a 262.09% increase and Kai Le Co., Ltd. with a -40.62% decrease [28][30]

Investment Rating - The report maintains a "Recommendation" rating for the engineering machinery industry [2] Core Viewpoints - The domestic sales of excavators turned negative in May 2025, but the overall industry recovery trend remains intact. The report anticipates a steady recovery in demand driven by increased fixed asset investment and local government bond issuance [5][6] - The export of excavators continues to show robust growth, with a year-on-year increase of 5.4% in May 2025, indicating a stable demand in traditional markets and an expanding market share for Chinese brands [5] - The report highlights the rapid increase in the electrification penetration rate of loaders, reaching 26.2% in May 2025, driven by stricter environmental requirements and decreasing lithium battery material costs [5] Summary by Sections Industry Basic Data - The engineering machinery industry consists of 11 listed companies with a total market capitalization of 402.51 billion yuan and a circulating market capitalization of 342.78 billion yuan [2] Sales Performance - In May 2025, excavator sales reached 18,202 units, a year-on-year increase of 2.1%, with domestic sales declining by 1.5% [5] - Loader sales in May 2025 totaled 10,535 units, with domestic sales growing by 16.7% [5] Export Performance - The engineering machinery export trade value for January to April 2025 was 18.07 billion USD, reflecting a year-on-year growth of 9.0% [5] - The top three export markets for Chinese engineering machinery are Russia, the United States, and Indonesia, with varying growth rates [5] Investment Recommendations - The report recommends focusing on companies such as SANY Heavy Industry, Hengli Hydraulic, and Zoomlion, while also suggesting to pay attention to Liugong and XCMG [5][6]

Core Viewpoint - The throttle valve industry is experiencing significant growth driven by increasing demand across various sectors, including hydraulic systems, air dynamics, water supply, petrochemicals, and food and beverage industries. The market size for throttle valves in China is projected to reach approximately 7.369 billion yuan by 2024, with advancements in smart technology and automation further propelling the industry forward [1][15]. Industry Overview - Throttle valves control fluid flow by altering the flow area or length, ensuring precise regulation of system parameters such as pressure, temperature, and flow rate. They are essential in maintaining flow stability and preventing hydraulic shocks [1][15]. - The throttle valve market is expanding due to accelerated infrastructure development and industrial automation, with a projected market size of 7.369 billion yuan in China by 2024 [1][15]. Industry Chain - The upstream of the throttle valve industry includes raw materials such as metals (stainless steel, cast iron, copper alloys, alloy steel) and non-metals (PTFE, nylon, engineering plastics). The midstream involves the manufacturing of throttle valves, while the downstream encompasses applications in various sectors [9]. Performance Requirements - Key performance requirements for throttle valves include a wide flow adjustment range, minimal internal and external leakage, and low adjustment torque for sensitivity [4]. Development Trends - The throttle valve industry is moving towards high-end product development through technological upgrades, focusing on special materials, sealing technologies, and smart control systems. The demand for intelligent throttle valves is increasing due to rising industrial automation levels [23]. - The application of throttle valves is expanding beyond traditional sectors into new areas such as renewable energy, wastewater treatment, and medical devices, enhancing market resilience and creating new growth opportunities [24]. Key Companies - Leading companies in the throttle valve industry include: - **Hengli Hydraulic**: Specializes in hydraulic components and systems, with a projected revenue of 9.325 billion yuan in 2024, reflecting a 4.47% growth [19]. - **Neway Valve**: Focuses on high-end industrial valves, with a revenue forecast of 6.072 billion yuan in 2024, marking a 13.69% increase [21]. - **Other notable companies**: Jiangsu Shentong, Guandong Energy Saving, and Zhongke Technology, which are also making significant contributions to the industry [17][18]. Market Dynamics - The throttle valve industry is witnessing a shift towards domestic substitution, with local companies achieving breakthroughs in high-end markets, particularly in petrochemicals and nuclear power [17]. - The industry is also expanding its international presence, leveraging competitive pricing and technology transfer to penetrate markets in the Middle East and Southeast Asia [25].

Industry Overview - The planetary roller screw is a high-precision transmission device widely used in aerospace, robotics, medical devices, and precision instruments, with increasing demand driven by rapid development in these sectors [1][14] - The global market size for planetary roller screws is projected to reach $4.4 billion in 2024, representing a year-on-year growth of 91.30% [1][14] - Domestic companies have achieved significant breakthroughs in technology, with leading manufacturers like Nanjing Technology and Qinchuan Machine Tool overcoming challenges in material heat treatment and precision grinding [1][14] Industry Development History - The industry has evolved through four main stages, starting from its inception in the 1950s to 1970s, followed by a technology exploration phase from the 1980s to 2010, an initial industrialization phase from 2010 to 2015, and a rapid development phase from 2016 to present [5][6] - The rapid development phase has seen the adoption of planetary roller screws in Tesla's Optimus robot, with each unit using 14 screws, significantly boosting market demand [6][12] Industry Supply Chain - The supply chain includes upstream raw materials (alloy steel, stainless steel), components (screws, nuts, rollers), and production equipment (grinding machines, heat treatment equipment) [9] - The downstream applications encompass humanoid robots, aerospace, new energy equipment, industrial automation, and automotive industries [9] Market Size - The demand for planetary roller screws is particularly high in the humanoid robot sector, where precision, load capacity, and reliability are critical [1][14] - The production of humanoid robots in China is expected to reach 1,940 units in 2024, marking a year-on-year increase of 139.51% [12] Key Companies' Performance - The competitive landscape is characterized by international giants dominating the high-end market, while domestic manufacturers are rapidly catching up in the mid-to-low-end segments [16] - Companies like Nanjing Technology and Qinchuan Machine Tool are making strides in precision and production capacity, with Nanjing Technology achieving G3-level precision and Qinchuan Machine Tool entering Tesla's supply chain [16][18] Industry Development Trends 1. **Technological Breakthroughs**: The industry is experiencing rapid advancements in material science and processing technology, with domestic companies achieving product lifespans exceeding 50 million cycles [22] 2. **Application Explosion**: The humanoid robot sector is a key driver of demand, with projections indicating that global humanoid robot production could reach 5 million units by 2030 [23] 3. **Industry Integration and Globalization**: Companies are enhancing competitiveness through vertical integration and global expansion, with notable mergers and acquisitions expected to accelerate the entry of domestic firms into high-end markets [25]