法律意见书 恒立液压 江苏世纪同仁律师事务所 关于江苏恒立液压股份有限公司 2024年第一次临时股东大会法律意见书 恒立液压 法律意见书 上述会议通知中除载明本次股东大会的召开时间、地点、股权登记日、会议 召集人、股东出席会议的登记手续等事项外,还提供了网络投票方式,载明了参 与网络投票的具体操作流程等内容。 经查,贵公司在本次股东大会召开 15 日前刊登了会议通知。 江苏恒立液压股份有限公司: 根据《公司法》《证券法》和中国证监会《上市公司股东大会规则》等法律、 法规和规范性文件以及《公司章程》的规定,本所受贵公司董事会的委托,指派 本律师出席公司2024年第一次临时股东大会,并就本次股东大会的召集、召开程 序、出席会议人员资格、召集人资格、表决程序以及表决结果的合法有效性等事 项出具法律意见。 为出具本法律意见书,本律师对本次股东大会所涉及的有关事项进行了审查, 查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 本律师同意将本法律意见书随贵公司本次股东大会决议一并公告,并依法对 本法律意见书承担相应的责任。 本律师根据法律的要求,按照律师行业公认的业务标准、道德规范和勤勉尽 责的精神,现出具法律意 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The company is steadily advancing its diversification strategy and is expected to benefit from the recovery in the construction machinery sector. Revenue for the first three quarters of 2024 reached 6.936 billion yuan, a year-on-year increase of 9.32%, while net profit attributable to shareholders was 1.791 billion yuan, up 2.16% year-on-year. The performance shows steady growth [2][4]. - The gross margin for the first three quarters was 41.46%, and the net margin was 25.87%. The gross margin increased due to product mix optimization and economies of scale. However, in Q3 2024, the gross margin decreased to 41.03% due to the expansion of new businesses and increased personnel costs [2][3]. - The company is actively expanding its non-excavation business and overseas markets, with overseas revenue growing by 15.29% year-on-year in the first half of 2024. The construction of a factory in Mexico is nearing completion, which will help further penetrate the Americas market [2][3]. Financial Performance Summary - For 2024, the company forecasts net profit attributable to shareholders to be 2.580 billion yuan, with estimates for 2025 and 2026 at 3.028 billion yuan and 3.571 billion yuan, respectively. The corresponding price-to-earnings ratios are projected to be 28, 24, and 20 times [2][3][21]. - The company's revenue is expected to grow from 9.552 billion yuan in 2024 to 12.930 billion yuan in 2026, reflecting a compound annual growth rate of approximately 17% [3][21]. - The gross margin is projected to stabilize around 42% in 2024 and improve to 43% by 2026, while the return on equity (ROE) is expected to be around 15.9% in 2024 and improve to 17.4% by 2026 [3][21].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.936 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.32%. The net profit attributable to shareholders was 1.791 billion yuan, up 2.16% year-on-year [3] - The company is facing short-term profit pressure due to increased expenses, with a gross margin of 41.46% and a net margin of 25.87% for the first three quarters of 2024 [4] - The company is actively pursuing three strategic initiatives: internationalization, electrification, and diversification, which are expected to drive future growth [4] Financial Performance - For Q3 2024, the company achieved a revenue of 2.103 billion yuan, an increase of 11.12% year-on-year, and a net profit of 504 million yuan, up 6.07% year-on-year [3] - The company's operating cash flow for the first three quarters of 2024 was 1.32 billion yuan, down 18.45% year-on-year [3] - The company’s revenue forecasts for 2024-2026 are 9.64 billion yuan, 11.12 billion yuan, and 12.96 billion yuan respectively, with net profits of 2.60 billion yuan, 3.01 billion yuan, and 3.56 billion yuan [5] Strategic Initiatives - The internationalization strategy has led to a 15.29% increase in overseas revenue in the first half of 2024, with the construction of a factory in Mexico nearing completion [4] - The electrification strategy focuses on industrial automation and electric machinery, with ongoing projects in linear actuators and ball screw products [4] - The diversification strategy aims to expand product offerings into sectors such as marine engineering, shield tunneling, aerial work platforms, and agricultural machinery [4]

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Insights - The excavator industry in China is experiencing a recovery in both domestic and export sales, which is expected to benefit the company's excavator-related business [4][6]. - The company is actively pursuing a diversification strategy, expanding into non-excavator products and linear actuators, with non-standard business expected to grow rapidly [5][6]. - The company's gross margin has improved in the first three quarters of 2024, attributed to structural optimization and increased capacity utilization [5][6]. - The company is projected to achieve net profits of 2.609 billion yuan and 3.208 billion yuan in 2024 and 2025, respectively, with corresponding P/E ratios of 28 times and 23 times [6]. Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company reported revenue of 6.936 billion yuan, a year-on-year increase of 9.32%, and a net profit attributable to shareholders of 1.791 billion yuan, up 2.16% year-on-year [3]. - In Q3 2024, the company achieved revenue of 2.103 billion yuan, reflecting an 11.12% year-on-year growth, and a net profit of 504 million yuan, which is a 6.07% increase year-on-year [3]. Industry Performance - The excavator industry has seen a significant recovery since March 2024, with domestic sales maintaining a growth rate of around 20% from May to September, and Q3 exports showing a 3% year-on-year increase [4][6]. - The company’s excavator-related segments, including hydraulic cylinders, pumps, and motors, are expected to benefit from this industry recovery [4][6]. Diversification Strategy - The company is expanding its product offerings beyond traditional excavator-related products, with notable growth in non-excavator hydraulic cylinders and valves, achieving year-on-year increases of 21.53% and 24.30%, respectively, in H1 2024 [5][6]. - The linear actuator project is progressing steadily, with initial revenue recognition expected in Q3 2024 and significant growth anticipated in the following year [5][6]. Financial Metrics - The gross margin for the first three quarters of 2024 was reported at 41.46%, an increase of 1.26 percentage points year-on-year, driven by a higher proportion of revenue from value-added non-standard products [5][6]. - The net profit margin for Q3 2024 was 23.99%, a decrease of 1.13 percentage points year-on-year, primarily due to increased management expenses [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [6][14]. Core Views - The company's performance remains stable despite short-term pressures, with a focus on long-term growth potential [1]. - The company is actively pursuing cost reduction and efficiency improvement initiatives, having implemented over 300 cost-cutting projects by mid-2024 [2]. - The strategic focus on "internationalization, diversification, and electrification" is being firmly advanced, with notable growth in overseas revenue and product lines [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 6.936 billion yuan, a year-on-year increase of 9.32%, and a net profit attributable to shareholders of 1.791 billion yuan, up 2.16% year-on-year [1]. - The third quarter alone saw revenues of 2.103 billion yuan, reflecting an 11.12% year-on-year growth, with a net profit of 504 million yuan, up 6.07% year-on-year [1]. - The gross margin for the first three quarters was 41.46%, while the net margin was 25.87% [1]. Profit Forecast - The profit forecast has been adjusted, with expected net profits for 2024, 2025, and 2026 projected at 2.44 billion, 2.94 billion, and 3.55 billion yuan respectively, corresponding to P/E ratios of 30, 25, and 20 [4].

Investment Rating - The report maintains an investment rating of "Buy-A" with a 12-month target price of 59.74 CNY, compared to the current stock price of 51.65 CNY [4][6][10]. Core Views - The company demonstrates steady revenue growth, with a reported revenue of 6.936 billion CNY for the first nine months of 2024, reflecting a year-on-year increase of 9.32%. The net profit attributable to shareholders reached 1.791 billion CNY, up 2.16% year-on-year [1]. - The excavator industry is experiencing a recovery, supported by the company's internationalization and diversification strategies, which are expected to drive revenue growth. The domestic sales of excavators have shown a positive trend since March, while exports have recently turned positive after a decline [2]. - The company's profitability remains stable, with a gross margin of 41.46% for the first nine months of 2024, an increase of 1.27 percentage points year-on-year. However, the net margin has slightly decreased [3]. Financial Performance Summary - For 2024-2026, the company is projected to achieve revenues of 9.62 billion CNY, 11.18 billion CNY, and 13.42 billion CNY, with growth rates of 7.1%, 16.2%, and 20.1% respectively. Net profits are expected to be 2.44 billion CNY, 2.77 billion CNY, and 3.31 billion CNY, with growth rates of -2.2%, 13.2%, and 19.7% respectively [4][8]. - The company maintains a stable gross margin and net margin, with a gross margin of 41.03% in Q3 2024, although it faced some pressure due to new business capacity utilization and depreciation of new facilities [3][9]. - The report highlights the company's strong market position in hydraulic core components, emphasizing its high technical barriers and strong customer loyalty [6][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year revenue growth of 11% in Q3, benefiting from a cyclical recovery [3] - The net profit for Q3 increased by 6%, outperforming the industry average [4] - The company is expected to benefit from cyclical recovery, expansion of overseas major clients, and increased production in the screw rod business, indicating a potential turning point in fundamentals [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 6.936 billion yuan, a year-on-year increase of 9.32%, and a net profit of 1.791 billion yuan, a year-on-year increase of 2.16% [4] - In Q3 alone, the company reported a revenue of 2.103 billion yuan, a year-on-year growth of 11.2%, and a net profit of 504 million yuan, a year-on-year increase of 6.07% [4] - The company's gross margin for the first three quarters was 41.5%, while the net margin was 25.9%, showing a slight decline in profitability due to changes in product structure and increased personnel costs [5] Future Projections - The net profit forecasts for 2024, 2025, and 2026 are projected to be 2.6 billion yuan, 3.05 billion yuan, and 3.69 billion yuan respectively, with corresponding P/E ratios of 26.9, 22.9, and 19.0 [3][7] - Revenue is expected to grow from 9.979 billion yuan in 2024 to 14.015 billion yuan in 2026, with a year-on-year growth rate of 11.1% in 2024 and 18.1% in 2025 [7]

证券研究报告·公司点评报告·工程机械 恒立液压（601100） 2024 年三季报点评：人员扩张导致盈利能力 短期承压，看好公司长期成长空间【勘误版】 2024 年 10 月 30 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|-------|--------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 8197 | 8985 | 9509 | 11194 | 13250 | | 同比（ % ） | (11.95) | 9.61 | 5.83 | 17.73 | 18.37 | | 归母净利润（百万元） | 2343 | 2499 | 2462 | 3033 | 3623 | | 同比（ % ） | (13.03) | 6.66 | (1.45) | 23.19 | 19.43 | | EPS- 最新摊薄（元 / 股） | 1.75 ...

证券研究报告 非金融公司|公司点评|恒立液压（601100） 公司 Q3 营收保持增长，经营能力稳健 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月30日 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 程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 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月30日 恒立液压(601100) 公司 Q3 营收保持增长，经营能力稳健 | --- | --- | |----------------------------|-------------------| | | | ...

公 司 研 究 [Table_Reportdate] 2024年10月30日 公 司 简 评 机 械 设 备 恒立液压 沪深300 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn | --- | --- | |--------------------------|------------------| | | | | 数据日期 收盘价 | 2024/10/29 53.00 | | 总股本 ( 万股 ) | | | | 134,082 | | 流通 A 股 /B 股 ( 万股 ) | 130,536/0 | | 资产负债率 (%) | 21.73% | | 市净率 ( 倍 ) | 4.70 | | 净资产收益率 ( 加权 ) | 12.16 | | 12 个月内最高 / 最低价 | 69.30/41.55 | [Table_QuotePic] -37% -28% -18% -9% 0% 9% 19% 28% 23- ...