Group 1 - The core viewpoint is that excavator sales are expected to grow significantly in August 2025, with total sales reaching 16,523 units, a year-on-year increase of 12.8% [1] - Domestic sales in August 2025 are projected at 7,685 units, reflecting a year-on-year growth of 14.8%, while export sales are expected to be 8,838 units, up by 11.1% [1] - The domestic sales accounted for 47% of total sales in August 2025, while exports made up 53% [1] Group 2 - The average working hours for major construction machinery in August 2025 decreased by 9.45% year-on-year, with excavators averaging 63.3 hours [2] - The operating rate for major construction machinery also declined, with an overall rate of 55.1% in August 2025, down by 6.83 percentage points year-on-year [2] Group 3 - Trade friction risks are considered manageable, as most Chinese construction machinery manufacturers have low exposure to the U.S. market, with companies like XCMG and Zoomlion having less than 1% and around 1% of total revenue from the U.S., respectively [3] Group 4 - Recommended stocks include SANY Heavy Industry, Zoomlion, XCMG, and Hengli Hydraulic, with LiuGong identified as a beneficiary [4]

Core Viewpoint - The announcement from Hengli Hydraulic indicates a significant reduction in shareholding by its controlling shareholder, Shenno Technology, which may impact investor sentiment and the company's stock performance [1] Summary by Relevant Sections Shareholding Changes - Shenno Technology reduced its stake in Hengli Hydraulic by 10,456,808 shares, representing 0.78% of the total shares, decreasing its ownership from 66.74% to 65.96% [1] - This reduction occurred between September 8, 2025, and September 25, 2025, and triggered a 1% threshold change in shareholding [1] Financial Impact - The weighted average price of Hengli Hydraulic shares during the reduction period was 92.278 yuan per share, leading to a total divestment amount of approximately 9.65 billion yuan [1] - Since the initial shareholding of 78.75 million shares (18.75% of total shares), Shenno Technology has cumulatively reduced its holdings by 23.5847 million shares, realizing approximately 2.459 billion yuan in cash [1] Historical Reduction Data - The historical data shows that from December 2, 2020, to February 4, 2021, Shenno Technology sold 1,402.82 million shares at an average price of 114.91 yuan per share, totaling 245.854 million yuan [2] - The first reduction occurred from November 12, 2020, to November 23, 2020, where 955.65 million shares were sold at an average price of 88.58 yuan per share [2]

Core Viewpoint - The report from Guojin Securities highlights the positive outlook for the engineering machinery sector, driven by the resonance of domestic and international sales, leading to growth in scale, profit release, and improved operational quality [1][2]. Domestic Market Performance - In the first half of 2025, domestic sales of earthmoving machinery remained strong, with notable recovery in non-earthmoving sectors such as cranes. The revenue growth rates for major manufacturers were as follows: Sany Heavy Industry at 21.4%, Liugong at 15.7%, XCMG at 5.5%, and Zoomlion at -11.6% [1][2]. - The gross profit margins of leading manufacturers in the domestic market were 5%-10% lower compared to the peak in 2020, but there is potential for increased performance as non-earthmoving sales rise [1]. International Market Dynamics - The overseas market remains a critical area for profit release for major manufacturers, with gross profit margins significantly higher than those in the domestic market. The margin differences for Sany, XCMG, Zoomlion, and Liugong were 9.1%, 3.7%, 7.3%, and 13.9% respectively [1][2]. Global Demand Recovery - The engineering machinery sector is expected to benefit from a global demand recovery, with a projected increase in excavator replacement demand from 79,000 units in 2023 to 249,000 units by 2027. The demand for non-earthmoving machinery is also anticipated to rise as it begins to recover from a lag behind excavator sales [3]. - Major infrastructure projects, such as the Yajiang Hydropower Station and rural road reconstruction, are expected to boost demand for various types of engineering machinery [3]. Interest Rate Impact on Overseas Demand - The report suggests that the current interest rate reduction cycle will support a recovery in overseas engineering machinery demand. In North America, demand is expected to release in 2025, while in Europe, there are signs of growth in excavator exports [4]. - Emerging markets are also projected to maintain high demand due to economic growth, urbanization, and mining activities, particularly in regions like Southeast Asia and the Middle East [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601100 证券简称：恒立液压 公告编号：2025-028 江苏恒立液压股份有限公司 1.身份类别 ■ 2.信息披露义务人信息 ■ 关于持股5%以上股东权益变动触及1%刻度的 提示性公告 申诺科技（香港）有限公司保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： ■ 一、信息披露义务人及其一致行动人的基本信息 三、其他说明 1、本次权益变动为股东履行此前披露的减持计划，不触及要约收购，本次减持事项与股东此前已披露 的计划、承诺一致。 2、本次权益变动不会导致公司控股股东、实际控制人发生变化。 3、本次权益变动后，信息披露义务人仍处于其减持计划实施期间，公司将继续督促其严格执行减持相 关规定，并根据后续持股变动情况及时履行信息披露义务 特此公告。 江苏恒立液压股份有限公司公司董事会 3.一致行动人信息 ■ 二、权益变动触及1%刻度的基本情况 江苏恒立液压股份有限公司（以下简称"公司"）于2025年9月25日收到控股股东申诺科技（香港）有限 ...

Group 1 - The core point of the article highlights the recent large transactions of Hengli Hydraulic, with a total of 636,000 shares traded on September 25, amounting to 55.2048 million yuan at a price of 86.80 yuan, reflecting a discount of 7.01% compared to the closing price [2] - Over the past three months, Hengli Hydraulic has seen a total of 38 large transactions, with a cumulative transaction amount of 858 million yuan [2] - The closing price of Hengli Hydraulic on the reporting day was 93.34 yuan, with a daily turnover rate of 0.63% and a total trading volume of 793 million yuan, indicating a net outflow of 42.0993 million yuan in main funds [2] Group 2 - The latest margin financing balance for Hengli Hydraulic is 454 million yuan, which has decreased by 62.1976 million yuan over the past five days, representing a decline of 12.05% [2] - The company, Jiangsu Hengli Hydraulic Co., Ltd., was established on June 2, 2005, with a registered capital of 1.34082 billion yuan [2]

江苏恒立液压股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 证券代码：601100 证券简称：恒立液压 公告编号：2025-028 二、 权益变动触及 1%刻度的基本情况 江苏恒立液压股份有限公司（以下简称"公司"）于 2025 年 9 月 25 日收到 控股股东申诺科技（香港）有限公司（以下简称"申诺科技"）的《关于减持恒立 液压股份比例达到 1%刻度的告知函》，2025 年 9 月 8 日至 2025 年 9 月 25 日期 间，申诺科技通过大宗交易和集中竞价方式减持公司股份 10,456,808 股，占公司 股份总数的 0.78%，申诺科技及其一致行动人持有的公司股份比例从 66.74%变 动至 65.96%，权益变动比例触及 1%刻度情形。具体情况如下： 提示性公告 申诺科技（香港）有限公司保证向本公司提供的信息真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | √控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一 ...

9月25日，恒立液压大宗交易成交63.6万股，成交额5520.48万元，占当日总成交额的6.51%，成交价86.8 元，较市场收盘价93.34元折价7.01%。 | 交易日期 | 证券商称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 类出雪业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-25 | 恒立液压 | 601100 | 86.8 | 2656.08 | 30.6 | 会司工程度高 | 有限公司上海分公 | 품 | | 2025-09-25 | 恒立液压 | 601100 | 86.8 | 1302 | 15 | ្រី​ការ​ក្រុង​នេះ​ | 星博彩刷手机版 | Ka | | 2025-09-25 | 恒立液压 | 601100 | 86.8 | 868 | 10 | 用品、日本最 | 有限公司主持分裂 | 중 | | 2025-09-25 | 恒立液压 | 601100 | 86.8 | 434 | રે | 第2次第四次 | 有限公 ...

Core Viewpoint - Hengli Hydraulic's stock has shown significant growth this year, with a year-to-date increase of 82.93%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the first half of 2025, Hengli Hydraulic reported a revenue of 5.171 billion yuan, representing a year-on-year growth of 7.00% [2]. - The net profit attributable to shareholders for the same period was 1.429 billion yuan, reflecting a year-on-year increase of 10.97% [2]. Stock Market Activity - As of September 25, Hengli Hydraulic's stock price was 95.25 yuan per share, with a trading volume of 334 million yuan and a market capitalization of 127.713 billion yuan [1]. - The stock experienced a net outflow of 20.9841 million yuan from main funds, with significant selling pressure observed [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 43,800, a rise of 4.26% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 4.09% to 30,647 shares [2]. Dividend Distribution - Since its A-share listing, Hengli Hydraulic has distributed a total of 5.775 billion yuan in dividends, with 2.708 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 103 million shares, a decrease of 185,000 shares from the previous period [3]. - Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF increased their holdings, while Huaxia CSI 300 ETF entered as a new shareholder with 4.9937 million shares [3].

Core Viewpoint - Hengli Hydraulic's stock has shown significant growth this year, with a year-to-date increase of 79.83%, despite a recent decline in the last five trading days [1][2]. Financial Performance - For the first half of 2025, Hengli Hydraulic achieved operating revenue of 5.171 billion yuan, representing a year-on-year growth of 7.00% [2]. - The net profit attributable to shareholders for the same period was 1.429 billion yuan, reflecting a year-on-year increase of 10.97% [2]. Stock Market Activity - As of September 24, Hengli Hydraulic's stock price was 93.64 yuan per share, with a market capitalization of 125.554 billion yuan [1]. - The stock experienced a trading volume of 599 million yuan and a turnover rate of 0.49% on the same day [1]. - The net inflow of main funds was 5.9862 million yuan, with significant buying and selling activities noted [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 43,800, while the average circulating shares per person decreased by 4.09% to 30,647 shares [2][3]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 103 million shares, a decrease of 185,000 shares from the previous period [3]. Dividend Distribution - Hengli Hydraulic has cumulatively distributed 5.775 billion yuan in dividends since its A-share listing, with 2.708 billion yuan distributed over the past three years [3].

Summary of Jiangsu Hengli Hydraulic Conference Call Company Overview - **Company**: Jiangsu Hengli Hydraulic - **Industry**: Heavy Machinery - **Market Cap**: Rmb130 billion / US$18.3 billion - **Shares Outstanding**: 1,305 million - **Current Share Price**: Rmb99.87 (as of 18 September 2025) - **12-Month Rating**: Buy - **12-Month Price Target**: Rmb115.00 (previously Rmb84.00) [7][20] Key Points Industry Dynamics - **Demand Recovery**: The domestic construction machinery market in China is expected to enter an upcycle in 2025, with domestic sales of construction machinery rising by 21.5% YoY in the first eight months of 2025 [10][14]. - **Excavator Sales**: Hengli's production scheduling for excavators was strong, driven by improving demand from domestic OEMs and increased overseas market share [3][10]. Financial Performance - **Earnings Growth**: EPS estimates for 2025-2027 have been raised by 8-11% due to stronger growth assumptions in the excavator cylinder and pump & valve segments [2][17]. - **Revenue Projections**: Revenue for 2025 is projected at Rmb10,266 million, with a CAGR of 21% expected from 2025-2027 [6][18]. - **Profitability Metrics**: EBIT margin is expected to improve from 26.9% in 2025 to 30% in 2027, with ROIC projected to rise from 32.6% to 37.7% during the same period [6][21]. Product Segments - **Excavator Business**: Revenue from excavators is expected to grow at a CAGR of 22% from 2025-2027, with significant contributions from the cylinder and pump & valve segments [27]. - **Screw Products**: The ball screw and roller screw segments are anticipated to become significant growth drivers, with the ball screw expected to contribute 11% of total revenue by 2029E [4][15]. Valuation Changes - **Valuation Methodology**: The valuation method has shifted from PE to SOTP (Sum of the Parts) to better reflect the potential of the screw businesses [19]. - **Price Target Adjustment**: The price target has been lifted to Rmb115.00, implying a 42x PE for 2026E, which is higher than the average of peers in the humanoid robot sector [20][21]. Risks and Considerations - **Geopolitical Risks**: There is uncertainty regarding construction machinery exports to the US and EU due to potential trade restrictions [10]. - **Market Competition**: Hengli is ranked as a top competitor in the industry, but there are concerns about the fundamentals of lower-ranked companies like Dingli [10][14]. Additional Insights - **Technological Advancements**: Hengli is focusing on technological strengths to capitalize on the humanoid robotics market, although this segment is still in early development [15][16]. - **Market Share Gains**: Continued share gains in the cylinder and pump & valve markets are expected, with potential breakthroughs in the screw businesses not fully priced into the current valuation [2][14]. Conclusion Jiangsu Hengli Hydraulic is positioned for strong growth in the heavy machinery sector, driven by recovering demand, robust financial performance, and strategic advancements in product offerings. The company's valuation reflects optimism about its future earnings potential, particularly in the excavator and screw product segments.