中国国际金融股份有限公司 关于江苏恒立液压股份有限公司 2021 年度非公开发行 A 股股票持续督导保荐总结报告书 经中国证券监督管理委员会《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"或"公司"）通过非公开发行人民币普通股股票 35,460,992 股，每股面值 1 元，每股发行价格 56.40 元，募集资金总额为人民币 1,999,999,948.80 元，扣除本次非公开发行累计发生的发行费用 10,382,744.64 元 （不含增值税）后，募集资金净额为 1,989,617,204.16 元。 中国国际金融股份有限公司（以下简称"中金公司"、"保荐机构"）作为恒 立液压 2021 年度非公开发行 A 股股票并持续督导的保荐机构，负责恒立液压的 持续督导工作。 截至 2024 年 12 月 31 日，恒立液压 2021 年度非公开发行 A 股股票并上市 项目的持续督导期已届满，中金公司根据《证券发行上市保荐业务管理办法》《上 海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号— —持 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 9.39 billion in 2024, a year-on-year increase of 4.51%, and a net profit of 2.51 billion, up 0.40% year-on-year. The first quarter of 2025 saw a revenue of 2.42 billion, a 2.56% increase, and a net profit of 618 million, up 2.61% year-on-year [5][8] - The demand in the excavator industry has bottomed out, with the company’s pump and valve products and overseas markets performing better. In 2024, the total sales of excavators in China reached 201,131 units, a 3.13% increase, ending three consecutive years of decline [8] - The company has made breakthroughs in new products and technologies, with its screw rod products entering mass production. The world's largest pile-driving ship cylinder was successfully produced, setting a Guinness World Record [8] - The profit forecast for 2025-2026 has been lowered, and a new forecast for 2027 has been added, with expected net profits of 2.76 billion, 3.10 billion, and 3.54 billion for 2025, 2026, and 2027 respectively [8] Financial Data and Profit Forecast - The total revenue for 2025 is estimated at 10.29 billion, with a year-on-year growth rate of 9.6%. The net profit is projected to be 2.76 billion, reflecting a 9.9% increase [7] - The gross margin for 2024 was 42.83%, an increase of 0.93 percentage points year-on-year, while the net margin was 26.76%, down 1.11 percentage points year-on-year [8] - The company’s earnings per share for 2025 is expected to be 2.06 yuan, with a price-to-earnings ratio of 37 [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 93.01, compared to the last closing price of 76.10 [1][5]. Core Views - The demand for construction machinery is recovering, and the linear actuator project is expected to ramp up production, creating new growth opportunities for the company [1][4]. - The company reported a revenue of 93.90 billion in 2024, a year-on-year increase of 4.51%, and a net profit of 25.09 billion, up 0.40% year-on-year [2][3]. - The company is actively pursuing international expansion and diversifying its product offerings to enhance competitiveness [2][4]. Revenue and Profitability - In 2024, the company achieved a revenue of 93.90 billion, with product breakdowns showing hydraulic cylinders at 47.61 billion (up 1.44%), hydraulic pumps and valves at 35.83 billion (up 9.63%), hydraulic systems at 2.96 billion (up 1.64%), and parts and castings at 6.84 billion (up 1.76%) [3]. - The company's gross margins for 2024 and Q1 2025 were 42.83% and 39.40%, respectively, reflecting a year-on-year change of +0.93 percentage points and -0.7 percentage points [3]. Market Outlook - The domestic excavator sales in 2024 are projected to reach 100,543 units, marking an 11.7% year-on-year increase, indicating a positive trend in domestic demand supported by policy initiatives [4]. - The company is expected to benefit from the ongoing recovery in the construction machinery sector and the anticipated growth in exports as it expands its international market presence [4]. Financial Projections - Revenue forecasts for 2025 to 2027 are 102.96 billion, 117.99 billion, and 139.34 billion, respectively, with net profits projected at 27.71 billion, 31.93 billion, and 37.76 billion [5][6]. - The expected revenue growth rates are 9.6% for 2025, 14.6% for 2026, and 18.1% for 2027, while net profit growth rates are projected at 10.5%, 15.2%, and 18.3% for the same years [6].

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 江苏恒立液压股份有限公司（以下简称"恒立液压"或"公司"）持续督导的保 荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规 则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》以及《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（2022 年修订）》等相关法律、 法规和规范性文件的规定，中金公司出具 2024 年度持续督导年度报告书。 序 号 项目 工作内容 1 建立健全并有效执行持续督导工作制度， 并针对具体的持续督导工作制定相应的工 作计划 保荐机构已建立健全并有效执行了持 续督导制度，并制定了相应的工作计 划 2 根据中国证监会相关规定，在持续督导工 作开始前，与上市公司或相关当事人签署 持续督导协议，明确双方在持续督导期间 的权利和义务，并报上海证券交易所备案 保荐机构已与恒立液压签署保荐协 议，该协议明确了双方在持续督导期 间的权利和义务，并报上海证券交易 所备案 3 通过日常沟通、定期回访、现场检查、尽 职调查等方式 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 86.24 CNY for the next six months [5]. Core Insights - The company achieved a revenue of 9.39 billion CNY in 2024, representing a year-on-year increase of 4.51%, and a net profit of 2.509 billion CNY, up 0.4% year-on-year [1]. - In Q1 2025, the company reported a revenue of 2.422 billion CNY, a 2.56% increase year-on-year, and a net profit of 618 million CNY, up 2.61% year-on-year [1]. - The company is focusing on overseas capacity construction and electrification, with significant capital expenditures planned for 2023 and 2024, amounting to 1.37 billion CNY and 1.07 billion CNY respectively [1]. - The company is experiencing robust growth due to increased market share in excavator pumps and valves, expansion in non-construction machinery sectors, and international business growth [1]. Financial Performance - The company's gross and net profit margins for 2024 were 42.8% and 26.8%, respectively, with slight changes year-on-year [2]. - In Q1 2025, the gross margin was 39.4% and the net margin was 25.6% [2]. - R&D expenses for 2024 and Q1 2025 were 728 million CNY and 149 million CNY, reflecting increases of 4.8% and 40% year-on-year, respectively [2]. Business Development - The linear actuator project is progressing, with trial production expected to start in Q2 2024, and the Mexican factory project has reached 75% completion and is now in trial production [3]. - The company aims to enhance its electric strategy and expand its presence in the North American market through these initiatives [3]. Revenue Projections - Revenue forecasts for 2025-2027 are 10.48 billion CNY, 12.16 billion CNY, and 14.17 billion CNY, with year-on-year growth rates of 11.6%, 16%, and 16.5% respectively [8]. - Net profit projections for the same period are 2.63 billion CNY, 3 billion CNY, and 3.61 billion CNY, with growth rates of 5%, 14.1%, and 20.3% respectively [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In 2024, the company's main business revenue is expected to grow by 4.47% year-on-year, with the hydraulic pump and valve segment driving this growth at 9.63%, while the hydraulic cylinder segment sees a modest increase of 1.44% [2][6] - The domestic excavator industry is experiencing a significant increase in sales, with a projected recovery in the company's excavator-related business due to the upward cycle in the domestic excavator market and ongoing domestic substitution of excavator pumps and valves [2][6] - The company's gross margin is expected to improve significantly in 2024, benefiting from ongoing internal management efficiency improvements and product structure optimization [2][6] - The linear drive project has entered mass production, which is anticipated to contribute to new revenue and profit growth [2][6] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 9.39 billion yuan, a year-on-year increase of 4.51%, with a net profit attributable to shareholders of 2.51 billion yuan, up 0.40% year-on-year [6] - For Q1 2025, the company reported revenue of 2.42 billion yuan, a year-on-year increase of 2.56%, and a net profit of 618 million yuan, up 2.61% year-on-year [6] Business Segments - The hydraulic pump and valve segment is the main driver of revenue growth, while the hydraulic cylinder segment's growth is primarily supported by non-standard cylinders in sectors like marine engineering [12] - The company anticipates strong growth in its excavator business throughout the year, supported by the domestic excavator industry's upward cycle and the continued domestic substitution of excavator pumps and valves [12] Profitability - The gross margin for 2024 is projected to be 42.83%, an increase of 1.09 percentage points year-on-year, while the net profit margin is expected to be 26.76%, a decrease of 1.11 percentage points year-on-year [12] - The company expects to see a slowdown in the rate of increase in expense ratios as new production capacity begins to contribute to revenue [12] Future Outlook - The company is projected to achieve net profits of 2.86 billion yuan and 3.35 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 35 and 30 [12]

[Table_StockNameRptType] 恒立液压（601100） 公司点评 业绩稳健发展，线性驱动项目未来可期 | [Table_Rank] 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-05-05 | | 570 收盘价（元） | 74.42 | | 近 12 个月最高/最低（元） | 99.47/41.55 | | 总股本（百万股） | 1340.82 | | 流通股本（百万股） | 1340.82 | | 流通股比例（%） | 100% | | 总市值（亿元） | 997.84 | | 流通市值（亿元） | 997.84 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 恒立液压 沪深300 ⚫ 国际化初显成效，线性驱动项目加速发展 [Table_Summary] ⚫ 公司发布 2024 年年报和 2025 年一季报 2024 年公司实现营业收入 93.90 亿元（+4.51%）；归属于上市公司股东的 净利润 25.0 ...

[Table_StockNameRptType] 恒立液压（601100） 公司点评 业绩稳健发展，线性驱动项目未来可期 | [Table_Rank] 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-05-05 | | 570 收盘价（元） | 74.42 | | 近 12 个月最高/最低（元） | 99.47/41.55 | | 总股本（百万股） | 1340.82 | | 流通股本（百万股） | 1340.82 | | 流通股比例（%） | 100% | | 总市值（亿元） | 997.84 | | 流通市值（亿元） | 997.84 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 恒立液压 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com ⚫ 投资建议 我们看好公司长期发展，根据 2024 年年报情况，修改之前盈利预测为： 2025-202 ...

公司报告 | 年报点评报告 恒立液压（601100） 证券研究报告 线性驱动器项目批量生产，持续看好公司中长期成长 公司发布 2024 年报及 2025 年一季报，业绩表现稳健： 2024 年公司实现收入 93.9 亿元、同比+4.51%，收入创历史新高；实现归 母净利润 25.09 亿元、同比+0.4%，主要得益于公司挖机液压泵阀产品市场 份额提升、非工程机械行业产品持续放量以及海外市场持续开拓。 2024 年公司销售毛利率 42.83%、同比+0.93pct，销售净利率 26.76%、同比 -1.11pct；期间费用率 14.96%、同比+4.77pct，主要系子公司精密工业及恒 立墨西哥开始试生产导致管理费用增加等原因。 分产品来看，2024 年公司液压油缸、液压泵阀及马达、液压系统 、配件 及铸件实现收入 47.61、35.83、2.96、6.84 亿元，同比分别+1.44%（得益 于产品结构改善）、+9.63%（挖机泵阀产品份额持续提升，工业领域液压逐 步放量）、+1.64%、+1.76%，毛利率分别为 42.64%、47.94%、38.07%、14.54%， 同比分别+1.41pct、+0.35p ...

公司研究 证 券 研 究 报 告 恒立液压（601100）2024 年报及 2025 年一季报点评 强推（维持） 业绩符合预期，看好下游复苏以及新业务放量 事项： 公司发布 2024 年年度和 2025 年一季度报告，2024 年实现营业总收入 93.9 亿 元，同比增长 4.51%，归母净利润 25.1 亿元，同比增长 0.40%，扣非归母净利 润 22.8 亿元，同比下降 6.61%。2025 年一季度实现营业总收入 24.2 亿元，同 比增长 2.56%，归母净利润 6.2 亿元，同比增长 2.61%，扣非归母净利润 6.8 亿 元，同比增长 16.42%。 评论： 基础件 2025 年 05 月 01 日 目标价：96.4 元 当前价：73.71 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 | | --- | --- | ...