Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 2.8 billion, 3.2 billion, and 4.0 billion RMB for 2025, 2026, and 2027 respectively, corresponding to PE valuations of 35, 30, and 25 times [4]. Core Insights - The company's revenue for 2024 reached 9.39 billion RMB, a year-on-year increase of 4.51%, with a net profit attributable to shareholders of 2.51 billion RMB, up 0.40% year-on-year. In Q1 2025, revenue was 2.42 billion RMB, reflecting a 2.5% increase year-on-year, while net profit was 618 million RMB, up 2.66% year-on-year [2]. - The recovery in the excavator market, along with the expansion into non-excavator markets, has driven stable revenue growth. The domestic engineering machinery industry showed signs of recovery in 2024, with excavator sales increasing by 3.13% year-on-year. The company's revenue growth was supported by increased market share in hydraulic pump and valve products, diversification into non-engineering machinery products, and successful international market expansion [2][3]. - The company's overall profitability remains stable, with a gross margin of 42.83% in 2024, up 1 percentage point year-on-year, while the net margin was approximately 26.76%, down 1.1 percentage points due to increased sales and management expenses [2]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 9.39 billion RMB, a 4.51% increase year-on-year, and a net profit of 2.51 billion RMB, a 0.40% increase year-on-year. Q4 2024 revenue was 2.45 billion RMB, with a net profit of 717 million RMB [2]. - For Q1 2025, revenue was 2.42 billion RMB, a 2.5% year-on-year increase, and net profit was 618 million RMB, a 2.66% increase year-on-year [2]. Operational Analysis - The excavator market's recovery and the expansion into non-excavator markets have jointly driven stable revenue growth. In 2024, the company saw a historical high in revenue, attributed to increased market share in hydraulic pump and valve products, ongoing diversification, and successful international market expansion [2][3]. - The revenue breakdown for 2024 included hydraulic cylinders (4.76 billion RMB), hydraulic pumps and valves (3.58 billion RMB), motors (296 million RMB), hydraulic systems (684 million RMB), and parts and castings (1.68 billion RMB), with respective year-on-year growth rates of +1.44%, +9.63%, +1.64%, +1.76% [2]. Profitability - The gross margin for 2024 was 42.83%, an increase of 1 percentage point year-on-year, while the net margin was approximately 26.76%, a decrease of 1.1 percentage points due to increased sales and management expenses [2]. - In Q1 2025, the gross margin was 39.4%, a decrease of 0.69 percentage points year-on-year, and the net margin was 25.55%, remaining stable year-on-year [2].

近期恒立液压（601100）发布2025年一季报，证券之星财报模型分析如下： 财务概况 偿债能力 主营收入构成 具体主营收入构成未详细列出，但整体来看，公司的主营收入和利润保持了稳定增长。 财务分析 业务评价 根据证券之星价投圈财报分析工具显示，公司去年的ROIC为15.13%，显示出较强的资本回报率。去年 的净利率为26.76%，表明公司产品或服务的附加值较高。 近期，恒立液压发布了2025年一季报。报告显示，公司在报告期内实现了营业总收入24.22亿元，同比 增长2.56%；归母净利润6.18亿元，同比增长2.61%；扣非净利润6.82亿元，同比增长16.42%。 主要财务指标 公司现金资产非常健康，货币资金达到79.39亿元，同比增长3.09%。同时，有息负债大幅减少至765.23 万元，同比下降96.22%，显示出公司良好的偿债能力和较低的财务风险。 融资分红 自上市以来，公司累计融资总额为44.15亿元，累计分红总额为48.36亿元，分红融资比为1.1，显示出公 司注重股东回报。 毛利率：39.4%，同比下降1.73%。 净利率：25.55%，同比增加0.1%。 三费占营收比：-0.14%，同比下降 ...

Group 1 - The core point of the news is the performance and structure of the Schroder China Power Equity C fund, which has seen a slight decline in its net value and cumulative returns since its inception [1][3] - As of April 29, 2024, the fund's net value is 1.11 yuan, with a decrease of 0.12% on that day and a total decline of 1.17% over the last four trading days [1] - The fund was established in April 2024 with a total size of 0.31 billion yuan and has achieved a cumulative return of 10.87% since its inception [1] Group 2 - The fund's holder structure indicates that institutional investors hold 0.02 billion shares, accounting for 4.99% of the total shares, while individual investors hold 0.29 billion shares, making up 95.01% of the total [1] - The current fund manager, An Yun, has a strong background in finance and has held various significant positions in the industry, including roles at Shenwan Hongyuan Securities and Changxin Fund Management [2] - As of March 31, 2025, the top ten holdings of the fund account for a total of 44.55%, with notable investments in Tencent Holdings (5.25%), BYD (5.14%), and CATL (4.48%) among others [2]

Investment Rating - The investment rating for the company has been upgraded to "Buy" with a target price of 82.00 RMB [8][9]. Core Views - The company reported a revenue of 9.39 billion RMB for 2024, representing a year-on-year increase of 4.51%, and a net profit attributable to shareholders of 2.51 billion RMB, up 0.4% year-on-year, primarily driven by the increased market share of excavator hydraulic pump and valve products and the continued growth in non-engineering machinery products [1][2]. - The company is expected to benefit significantly from the growth in excavator sales since Q1 2025, with a total of 61,372 excavators sold in Q1 2025, marking a year-on-year increase of 22.8% [3]. - The linear actuators, which are key components for humanoid robots, have entered mass production, although they are not expected to contribute significantly to revenue and profit in the short term [4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 2.422 billion RMB, a year-on-year increase of 2.56%, and a net profit of 618 million RMB, up 2.61% year-on-year [1][2]. - The revenue from hydraulic pumps and motors accounted for 38.16% of total revenue, with a year-on-year increase of 9.63%, and a gross margin of 47.94%, up 9.63 percentage points [2]. Sales and Market Trends - The domestic sales of excavators reached 36,562 units in Q1 2025, a year-on-year increase of 38.3%, indicating strong demand in sectors such as agriculture and municipal water conservancy [3]. - The company anticipates that the demand for small excavators will continue to support the domestic market, as the sales of second-hand excavators are expected to exceed new machine sales for the first time in 2024 [3]. Future Projections - The company’s net profit forecasts for 2025, 2026, and 2027 are 2.751 billion RMB, 3.227 billion RMB, and 3.772 billion RMB, respectively, reflecting an upward revision due to anticipated growth in excavator sales [5]. - The target price has been adjusted to 82.00 RMB based on a new price-to-earnings ratio of 40x, up from the previous 31x, reflecting the expected growth in downstream demand and the potential of the linear actuator project [5].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved total operating revenue of 9.39 billion yuan in 2024, a year-on-year increase of 4.51%, and a net profit attributable to shareholders of 2.51 billion yuan, up 0.4% [1]. - In Q1 2025, the company reported total operating revenue of 2.42 billion yuan, a year-on-year increase of 2.56%, and a net profit attributable to shareholders of 618 million yuan, up 2.61% [1]. - The company's non-recurring net profit margin reached over 28% in Q1 2025, reflecting significant improvements in cost control and management capabilities [1]. Summary by Sections Excavator Sector - The excavator market in China saw a total sales volume of 201,131 units in 2024, marking a year-on-year growth of 3.13%, with domestic sales increasing by 11.7% [2]. - The domestic market shows strong growth momentum, particularly in sectors such as water conservancy projects and rural revitalization, which are driving demand for small excavators [2]. - The traditional peak season for the engineering machinery industry occurs from March to May, with revenue recognition expected in Q2 [2]. Screw Rod Business - The screw rod business is currently in a phase of temporary scale disadvantage due to ongoing investments in electric drive strategies and linear actuator projects [3]. - The company has invested 1.4 billion yuan in the linear actuator project, which is now entering the mass production phase [3]. - Early investment periods may exert pressure on the company's performance, as significant expenditures are required without immediate revenue generation [3]. Financial Projections - The company is projected to achieve net profits of 2.8 billion yuan, 3.1 billion yuan, and 3.5 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 12%, 11%, and 12% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 34, 31, and 27 for the years 2025, 2026, and 2027 [4].

证券代码：601100 证券简称：恒立液压 公告编号：临2025-004 ● 每股分配比例： 每 10 股派发现金红利 7.00 元（含税）。公司本年度不派送红股，不进行转增。 ● 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将 在权益分派实施公告中明确。 ● 如在实施权益分派股权登记日前公司总股本发生变动的，拟维持现金派发每 股分配比例不变，相应调整现金派发总金额，并将另行公告具体调整情况。 ● 本次利润分配预案尚需提交公司 2024 年年度股东大会审议，审议通过之后方 可实施。 一、利润分配预案内容 江苏恒立液压股份有限公司 2024 年度利润分配预案的公告 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。 重要内容提示： （二）不触及其他风险警示情形的说明 二、公司履行的决策程序 （一）董事会会议的召开、审计和表决情况 公司董事会已于 2025 年 4 月 26 日召开第五届董事会第十四次会议审议通过 了《江苏恒立液压股份有限公司 2024 年度利润分配预案》，并同意将该利润分配 预案提交公司 2024 ...

Stock Code：601100 Jiangsu Hengli Hydraulic Co., Ltd. ���� Corporate Social Responsibility (CSR) Report www.henglihydraulics.com Chairman's Speech ���� is a year of resolute advancement for the company as it anchored its strategic goal of "R&D Innovation Breakthrough Year," achieving progress in technological breakthroughs, management upgrades, and global layout. Facing a complex and changeable market environment and industry competition, the company takes "technology-based and innovation-driven" as the core ...

江苏恒立液压股份有限公司 关于开展外汇衍生品交易业务的可行性分析报告 一、 外汇衍生品交易业务情况概述 （一） 开展外汇衍生品交易业务的背景和目的 由于公司国际化的业务布局需求，公司在日常经营过程中会涉及外币结算。 受国际政治、经济形势等因素影响，汇率波动较大，外汇风险显著增加。 在外汇环境不稳定、汇率波动较为频繁的背景下，为有效防范外币汇率波 动带来的风险，降低汇率波动对公司正常经营的潜在不良影响，公司拟开展外 汇衍生品交易业务。上述业务均以生产经营为基础，以套期保值为目的开展， 不进行单纯以盈利为目的的投机和套利交易，不影响公司主营业务发展。 （二） 交易金额 公司（含各控股子公司）拟进行外汇衍生品交易的金额不超过人民币 10 亿美元或其他等值货币。在上述额度内，资金可以滚动使用，任一时点的交易 金额不超过上述已审议额度。 （二） 可行性 公司以套期保值为基本目的，开展外汇衍生品交易业务旨在降低或规避相 关外汇风险；公司制定了《外汇衍生品交易业务管理制度》，建立了较为完善的 外汇衍生品交易业务内控和风险管理制度，公司采取的针对性风险控制措施是 可行有效的，不存在损害公司及全体股东利益的情形，公司开展外汇衍 ...

关于会计政策变更的公告 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。 重要内容提示： ●本次会计政策变更更系公司根据财政部有关规定和要求进行的合理变更， 本次会计政策变更对公司财务状况、经营成果和现金流量无重大影响，不存在 损害公司及全体股东利益的情形。 一、 本次会计政策变更的概述 （一）变更原因： 2023 年 10 月 25 日，财政部发布了《企业会计准则解释第 17 号》（财会 [2023]21 号，以下简称解释 17 号），自 2024 年 1 月 1 日起施行。本公司于 2024 年 1 月 1 日起执行解释 17 号的规定，执行解释 17 号的相关规定对本公司报告 期内财务报表未产生影响。 2023 年 8 月 1 日，财政部发布了《企业数据资源相关会计处理暂行规定》 （财会【2023】11 号），自 2024 年 1 月 1 日起施行，本公司采用未来适用法 执行该规定，该规定施行前已经费用化计入损益的数据资源相关支出不再调整。 证券代码：601100 证券简称：恒立液压 公告编号：临2025-009 江苏恒立 ...

关于会计师事务所 2024 年度履职情况评估报告 江苏恒立液压股份有限公司（以下简称"公司"）聘请容诚会计师事务所（特 殊普通合伙）（以下简称"容诚会计师事务所"）作为公司 2024 年度年报审计机 构。根据财政部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事务 所管理办法》，公司对容诚会计师事务所 2024 年审计过程中的履职情况进行评估。 经评估，公司认为容诚会计师事务所资质等方面合规有效，履职保持独立性，勤 勉尽责，公允表达意见，具体情况如下： 一、资质条件 截至 2024 年 12 月 31 日，容诚会计师事务所基本情况如下： | 事务所名称 | 容诚会计师事务所（特殊普通合伙） | | | | --- | --- | --- | --- | | 成立日期 | 1988年8月 组织形式 | 特殊普通合伙 | | | 注册地址 | 北京市西城区阜成门外大街22号1幢外经贸大厦901-22至901-26 | | | | 首席合伙人 | 肖厚发 上年末合伙人数量 | | 212人 | | 上年末执业人员 | 注册会计师 | | 1449人 | | 数量 | 签署过证券服务业务审计报告的注册会计师 | ...