Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The company has shown impressive growth in non-excavation segments, with new products and overseas expansion set to ramp up [1] - The second quarter of 2024 saw a positive turnaround in revenue and profit growth compared to the first quarter, despite profit being impacted by reduced foreign exchange gains [1] - The company's gross margin improved year-on-year, while net margin faced short-term pressure due to increased financial costs [1] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 4.833 billion yuan, a year-on-year increase of 8.56%, and a net profit attributable to shareholders of 1.288 billion yuan, up 0.71% year-on-year [1] - In Q2 2024, revenue reached 2.471 billion yuan, reflecting a year-on-year growth of 22.05%, while net profit was 686 million yuan, up 5% year-on-year [1] - The gross margin for H1 2024 was 41.6%, an increase of 2.6 percentage points year-on-year, while the net margin was 26.7%, a decrease of 2.1 percentage points year-on-year [1] Market Data - As of August 30, 2024, the company's stock price was 51.00 yuan, with a market capitalization of approximately 68.38 billion yuan [1] - The company’s stock has outperformed the CSI 300 index over the past month, with a return of 17.0% compared to the index's -1.4% [1] Growth Drivers - The company’s diversification strategy has yielded significant results, particularly in non-excavation product sales, which increased by 21.53% year-on-year [1] - The overseas revenue grew by 15.29% year-on-year in H1 2024, with the completion of the Mexico factory expected to enhance market presence in the Americas [1] - The linear actuator project is progressing steadily and is anticipated to become a new growth driver for the company [1]

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported better-than-expected performance in Q2 2024, with a revenue of 4.83 billion yuan, a year-on-year increase of 8.56%, and a net profit attributable to shareholders of 1.29 billion yuan, up 0.71% year-on-year [3][4] - The diversification strategy has shown significant results, with rapid growth in non-excavation sectors, including a 21.53% increase in non-standard cylinders and a 24.30% increase in non-excavation pumps and valves [3][4] - The gross profit margin improved significantly to 41.64%, up 2.62 percentage points year-on-year, while the net profit margin slightly decreased to 26.69%, down 2.09 percentage points year-on-year [3][4] - The internationalization strategy is progressing, with overseas revenue growing by 15.29% in H1 2024, and the construction of a factory in Mexico nearing completion [3][4] - The company is expected to see a recovery in domestic excavator sales and continued growth in international and electrification strategies, with projected net profits of 2.70 billion yuan in 2024, 3.17 billion yuan in 2025, and 3.75 billion yuan in 2026 [3][4] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 4.83 billion yuan, with a Q2 revenue of 2.47 billion yuan, reflecting a 22.05% year-on-year growth [3][4] - The net profit for Q2 2024 was 686 million yuan, a 5.00% increase year-on-year [3][4] Product Diversification - The non-excavation segment saw significant growth, with non-standard cylinders sold reaching 138,900 units, a 21.53% increase year-on-year [3][4] - Non-excavation pumps and valves also experienced a 24.30% growth [3][4] Profitability Metrics - The gross margin for H1 2024 was 41.64%, an increase attributed to a higher proportion of non-excavation products and lower raw material costs [3][4] - The net profit margin was 26.69%, slightly down due to increased financial expenses [3][4] International Expansion - The company’s overseas revenue increased by 15.29% in H1 2024, with the Mexico factory expected to enhance growth further upon completion [3][4] Future Projections - Projected net profits for 2024, 2025, and 2026 are 2.70 billion yuan, 3.17 billion yuan, and 3.75 billion yuan respectively, with corresponding PE ratios of 25.1, 21.3, and 18.1 [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has shown steady growth in performance, with an increase in gross margin and a diversified strategy that opens up growth opportunities [2][3]. - The company achieved a revenue of 4.83 billion yuan in H1 2024, a year-on-year increase of 8.6%, and a net profit of 1.29 billion yuan, up 0.7% year-on-year [2]. - The company is actively expanding its overseas market presence, with overseas revenue growing by 15.29% year-on-year in H1 2024 [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 2.47 billion yuan, a 22.0% increase year-on-year, and a net profit of 690 million yuan, up 5.0% year-on-year [2]. - The overall gross margin for H1 2024 was 41.6%, an increase of 2.6 percentage points year-on-year, while the net margin was 26.7%, a decrease of 2.1 percentage points year-on-year [2]. Diversification and Growth Strategy - The company has successfully implemented a diversification strategy, with sales of non-standard hydraulic cylinders increasing by 21.53% year-on-year [2]. - The company is also making strides in the electric drive sector, with linear drive projects progressing steadily [2]. International Expansion - The construction of the factory in Mexico is nearing completion, which will support the company's expansion into the Americas [3]. - The company is establishing new entities in Chicago, Tokyo, and Monterrey to enhance its international market presence [3]. Earnings Forecast - The report forecasts the company's net profit for 2024-2026 to be 2.85 billion, 3.38 billion, and 3.97 billion yuan, respectively, with corresponding EPS of 2.13, 2.52, and 2.96 yuan [4].

2024 年 08 月 26 日 公司点评 买入/维持 恒立液压(601100) 目标价: 60.08 昨收盘:46.48 毛利率显著提升，继续看好公司多元化、国际化战略 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/8/2823/11/824/1/1924/3/3124/6/1124/8/22 恒立液压 沪深300 ◼ 股票数据 总股本/流通(亿股) 13.41/13.41 总市值/流通(亿元) 623.21/623.21 12 个月内最高/最低价 (元) 68.11/41.55 相关研究报告 <<多元化战略平滑挖机业务下滑，国 际化布局强化公司竞争力>>--2023- 05-04 <>--2022-10-26 <<短期业绩承压不改长期向好趋势， 坚定看好公司多元化、国际化战 略>>--2022-08-30 公 司 研 究 事件：公司发布 2024 半年报，上半年实现收入 48.33 亿元，同比增长 8.56%，实现归母净利润 12.88 亿元，同比增长 0.71%。其中 Q2 单季 度实现收入 24.71 亿元，同比增长 22.05%，实现归母净利润 6.86 亿 元， ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected stock price increase of over 20% compared to the benchmark index over the next six months [8]. Core Views - The company reported a revenue of 4.833 billion yuan for the first half of 2024, representing an 8.56% year-on-year increase, while the net profit attributable to shareholders was 1.288 billion yuan, a 0.71% increase [4]. - The second quarter of 2024 saw a significant revenue growth of 22% year-on-year, with net profit increasing by 5% [4]. - The company is experiencing a recovery in domestic excavator sales, with a year-on-year increase of 6.23% in the first seven months of 2024 [4]. - The diversification strategy has shown remarkable results, with sales of non-standard oil cylinders increasing by 21.53% and non-excavator pump and valve sales growing by 24.30% in the first half of 2024 [4]. - The company is actively expanding its overseas market presence, achieving a 15.29% increase in overseas revenue in the first half of 2024 [4]. Financial Performance - The company expects revenues of 9.9 billion yuan, 11.781 billion yuan, and 13.782 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.19%, 19.00%, and 16.99% [5]. - The net profit attributable to shareholders is projected to be 2.674 billion yuan, 3.213 billion yuan, and 3.831 billion yuan for the same years, with growth rates of 7.01%, 20.15%, and 19.24% [5]. - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 24.13, 20.08, and 16.84, respectively [5]. Market Trends - The excavator industry is showing signs of recovery, with an upward trend in the replacement cycle expected to become more apparent [4]. - The company's focus on "electrification" and industrial automation is progressing, with ongoing projects in linear actuators and other electric machinery [4].

Investment Rating - The report maintains a target price of RMB 64.00 for Jiangsu Hengli, representing a 33% upside from the previous price of RMB 48.12 [1]. Core Views - Jiangsu Hengli's EBIT grew by 58% year-on-year to RMB 644 million in Q2 2024, driven by a 22% increase in revenue and a 6.3 percentage point expansion in gross profit margin [1]. - The net profit increased by only 5% to RMB 686 million, primarily due to a high base effect from Q2 2023, which included significant foreign exchange gains [1]. - The report highlights three positive trends: (1) Continuous revenue contribution from non-excavator components; (2) Deliveries of electric cylinders and ball screws (key components for robots) starting in July, leading to rapid production increases; (3) The hydraulic component production base in Mexico is expected to commence operations in December, with a designed annual output value of USD 4.5 billion [1]. Financial Summary - For the first half of 2024, non-excavator cylinder sales increased by 21.5% year-on-year to 139,000 units, driven by demand from tunnel boring machines, cranes, and aerial work platforms [1]. - Revenue from non-excavator cylinders grew approximately 20% to RMB 1.3 billion, while revenue from excavator cylinders decreased by 13.5% to RMB 1.1 billion [1]. - The report projects revenue growth for Jiangsu Hengli, with total revenue expected to reach RMB 10,033 million in 2024, representing an 11.7% year-on-year increase [8]. Key Ratios - The gross profit margin for Q2 2024 improved to 43.1%, up 6.3 percentage points year-on-year and 3 percentage points quarter-on-quarter [1]. - The report indicates a projected P/E ratio of 31 times for 2024, aligning with historical averages [1]. - The net profit margin is expected to stabilize, with adjusted net profit forecasted to reach RMB 2,757 million in 2024, reflecting a 10.3% year-on-year growth [8].

Investment Rating - The investment rating for Jiangsu Hengli is maintained at a target price of RMB 64.00, representing a 33.0% upside from the current price of RMB 48.12 [2]. Core Insights - Jiangsu Hengli reported a revenue growth of 22% year-on-year in 2Q24, with EBIT surging 58% year-on-year to RMB 644 million, driven by a surprising gross margin expansion of 6.3 percentage points year-on-year [2][3]. - The company is experiencing positive developments, with increasing contributions from non-excavator components and a fast production ramp-up in key products such as ball screws and electric cylinders [2][3]. - The hydraulic components production base in Mexico is expected to commence operations in December, with a designed annual output value of US$450 million [2]. Financial Performance Summary - Revenue for FY24E is projected to reach RMB 10,033 million, reflecting an 11.7% year-on-year growth, while adjusted net profit is expected to be RMB 2,757 million, a 10.3% increase [11][14]. - The gross profit margin is anticipated to improve to 42.2% in FY24E, up from 41.9% in FY23A [14]. - The company’s net profit margin is projected to be 27.5% in FY24E, slightly down from 27.8% in FY23A [13][14]. Revenue Breakdown - Non-excavator cylinders sales volume increased by 21.5% year-on-year to 139,000 units in 1H24, driven by demand for tunnel boring machines, cranes, and aerial work platforms [2]. - Revenue from non-excavator cylinders grew approximately 20% to RMB 1.3 billion, while revenue from excavator cylinders decreased by 13.5% year-on-year to RMB 1.1 billion [2]. Key Ratios and Valuation - The P/E ratio is projected to decrease from 25.8 in FY23A to 23.4 in FY24E, indicating a more attractive valuation [11][14]. - The P/B ratio is expected to decline from 4.5 in FY23A to 4.0 in FY24E, reflecting a strengthening balance sheet [11][14]. - The dividend yield is projected to increase from 1.5% in FY23A to 1.6% in FY24E, indicating a commitment to returning value to shareholders [11][14].

证券研究报告 非金融公司|公司点评|恒立液压（601100） 2024 年半年报点评： 2024Q2 营收及归母净利润增速均转正 glzqdatemark1 证券研究报告 |报告要点 2024 年公司挖机相关液压产品的可能仍承压，但公司下游非挖领域多元化产品有望贡献新增 量。我们预计公司 2024-2026 年营收分别为 99.25/114.61/131.52 亿元，归母净利润分别为 26.98/32.45/38.34 亿元，CAGR 为 15.34%。EPS 分别为 2.01/2.42/2.86 元/股,考虑到国内工 厂机械行业景气度有望逐步回暖；多元化产品带来公司海外业务新需求，维持"买入"评级。 |分析师及联系人 田伊依 SAC：S0590524070001 恒立液压(601100) 2024 年半年报点评： 2024Q2 营收及归母净利润增速均转正 | --- | --- | |------------------------|-------------------| | 行 业： | 机械设备/工程机械 | | 投资评级： | 买入（维持） | | 当前价格： | 46.48 元 | | 基本数据 ...

业绩稳健增长，多元化+出海战略持续推进 | --- | --- | |-------------------------------------|-------------| | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | | | 570 收盘价（元） | 48.12 | | 近 12 个月最高/最低（元） | 67.11/41.55 | | 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） | 645.20 | | 流通市值（亿元） | 645.20 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -30% -20% -10% 0% 10% 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 相关报告 1.《短期扰动不改长期趋势，持续看 好非挖及海外拓展》2024-04-26 主要观点： [Table_Summary] ⚫ 公司发布 2024 年中报 ...

[Table_Title] 恒立液压（601100.SH） 盈利能力回升，多成长曲线逐步兑现 [Table_Summary] 核心观点： ⚫ 降本措施有序推进，盈利能力稳步回升。（1）公司整体：公司 24H1 实 现收入 48.33 亿元，yoy+8.6%；归母净利润 12.88 亿元，yoy+0.7%； 扣非归母净利润12.40亿元，yoy-0.2%；毛利率为41.64%，yoy+2.6pct； 净利率为 26.7%，yoy-2.1pct。（2）汇兑损益&政府补助：24H1 相较 于同期少了 1.96 亿元的汇兑收益，多了 0.3 亿元的政府补助，若剔除 二者影响看，24H1 公司归母净利润 yoy+16.2%，高于收入增速；截至 2024 年 6 月末，公司共实施降本项目 300 余个，降本措施成效初显。 （3）单季度看：24Q2 公司实现营收 24.71 亿元，同比+22.1%，归母 净利润 6.86 亿元，同比+5.0%，扣非归母净利润 6.54 亿元，同比+1.7%， 相较于 24Q1 均实现大幅好转。 ⚫ 非挖液压件快速增长，线性驱动小批量供货。（1）非挖产品：24H1 公 司销售非标油缸 13. ...