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.

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - In August 2025, domestic excavator sales showed resilience during the traditional off-season, with a significant recovery in non-excavator categories [3][4]. - The report highlights a robust growth trend in domestic demand for construction machinery, supported by government policies and infrastructure investments [5][10]. - The electric loader segment is experiencing substantial growth, with sales increasing by 159.4% year-on-year in August 2025, indicating a shift towards electrification in the industry [7][8]. Summary by Sections Sales Performance - In August 2025, excavator sales (including exports) reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales at 7,685 units, up 14.8% [3][14]. - Non-excavator machinery categories also showed strong performance, with loaders up 18.3%, graders up 16.1%, and truck cranes up 28.2% [3][14]. Government Support and Policy - The government plans to issue long-term special bonds totaling 1.3 trillion yuan, which is expected to boost infrastructure investment and, consequently, machinery demand [5]. - The report emphasizes the ongoing implementation of new urbanization strategies and infrastructure projects, which will sustain demand for construction machinery [5]. Export Trends - Excavator exports in August 2025 reached 8,838 units, marking an 11.1% increase year-on-year, with a total of 73,553 units exported from January to August, up 12.8% [6][14]. - The report notes opportunities in Southeast Asia, Africa, and the Middle East for machinery exports, despite challenges such as U.S.-China tariff uncertainties [6]. Electrification and Innovation - The electric loader sales reached 2,477 units in August 2025, with an electrification rate of 26.2%, reflecting a significant increase in the adoption of electric machinery [7][35]. - The report suggests that the trend towards green and electric machinery will enhance revenue and profit margins for leading manufacturers [8]. Major Projects Impact - The commencement of the Yarlung Tsangpo River hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to significantly boost machinery demand, potentially reaching 120-180 billion yuan in equipment needs [9]. Investment Recommendations - The report recommends several leading manufacturers, including SANY Heavy Industry, Zoomlion, and XCMG, as well as component suppliers like Hengli Hydraulic, indicating a favorable long-term outlook for these companies [10][11].

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - The domestic excavator sales in August 2025 showed resilience during the traditional off-season, with significant recovery in non-excavator categories [3][4]. - The report highlights a strong growth trend in the sales of various types of construction machinery, with notable increases in loader sales by 18.3%, grader sales by 16.1%, and truck crane sales by 28.2% in August 2025 [3][4]. - The government’s fiscal policies, including the issuance of long-term special bonds and increased local government bonds, are expected to support infrastructure investment and, consequently, machinery demand [5]. - The report emphasizes the ongoing internationalization and electrification trends in the machinery industry, with electric loader sales increasing by 159.4% in August 2025 [7][8]. - The commencement of the Yarlung Tsangpo River hydropower project is projected to significantly boost machinery demand, with equipment needs estimated between 120 billion to 180 billion RMB [9]. Summary by Sections Sales Performance - In August 2025, excavator sales reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales at 7,685 units, up 14.8% [14]. - Non-excavator machinery categories also showed strong performance, with loaders and truck cranes experiencing significant sales growth [3][14]. Government Support - The government plans to issue 1.3 trillion RMB in long-term special bonds and increase local government bonds to 4.4 trillion RMB, aimed at enhancing infrastructure investment [5]. - Continued investment in urban infrastructure and new-type urbanization strategies is expected to sustain machinery demand [5]. Export Trends - Excavator exports in August 2025 totaled 8,838 units, reflecting a year-on-year growth of 11.1% [6]. - The report notes opportunities and challenges in the export market, particularly in Southeast Asia, Africa, and the Middle East [6]. Electrification and Innovation - The report highlights a significant increase in electric loader sales, with a 159.4% year-on-year growth in August 2025, indicating a shift towards electrification in the industry [7][8]. - The electrification trend is expected to enhance revenue and profit margins for leading manufacturers [8]. Future Demand Drivers - The Yarlung Tsangpo River hydropower project is anticipated to create substantial demand for construction machinery, with a projected equipment investment of 120 billion to 180 billion RMB [9].

Investment Rating - The industry investment rating is maintained as "Buy" for key companies in the humanoid robot sector, indicating a strong potential for returns exceeding 15% relative to market benchmarks [3][8][9]. Core Insights - The humanoid robot industry is experiencing accelerated mass production, with significant orders from both domestic and international markets, suggesting a turning point towards commercialization [3][8][9]. - Industrial applications are expected to be the first commercial use cases for humanoid robots, as they are more standardized compared to service applications, which face higher regulatory and operational challenges [8][10][11]. - The annual production capacity for industrial equipment is projected to reach millions, establishing a substantial market for humanoid robots in industrial settings, with estimates suggesting a market size exceeding one million units [11][12]. Summary by Sections Investment Recommendations and Targets - The report identifies several key companies benefiting from the acceleration in humanoid robot production, including Top Group (601689, Buy), Sanhua Intelligent Control (002050, Buy), Wuzhou New Spring (603667, Buy), Hengli Hydraulic (601100, Not Rated), and Zhenyu Technology (300953, Buy) [3][8]. Market Dynamics - The report highlights that since Q3 2025, there has been an increase in information regarding humanoid robot mass production, with Tesla aiming for a monthly production of 100,000 units within five years and a cumulative delivery of 1 million robots [8][9]. - Domestic companies like UBTECH, ZhiYuan, and YuShu have secured significant orders, indicating a robust growth trajectory for the industry [9][10]. Application and Demand - The report emphasizes that industrial applications are likely to lead the way in the commercialization of humanoid robots due to their standardized nature and lower regulatory hurdles compared to service applications [10][11]. - The estimated global demand for humanoid robots in industrial applications is projected to be between 1 to 2 million units, with the cost of mass-produced units expected to be in the range of $20,000 to $30,000 each [11][12].

证券代码：601100 证券简称：恒立液压 公告编号：2025-026 江苏恒立液压股份有限公司 2025年第一次临时股东大会决议公告 | 1、出席会议的股东和代理人人数 | 465 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,037,484,332 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 77.3767 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 会议召开和出席情况 本次会议是否有否决议案：无 (一)股东大会召开的时间：2025 年 9 月 19 日 (二)股东大会召开的地点：公司研发大楼 A104 会议室（武进区龙资路 88 号） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次会议采用现场投票和网络投票相结合的方式，对需要审议的议案进行表决， 表决方式符合《公司法》及《公司章程》的规定。大会 ...

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 本律师同意将本法律意见书随贵公司本次股东会决议一并公告,并依法对本 法律意见书承担相应的责任。 公司于 2025年8月23日召开第五届董事会第十五次会议,审议通过了《江 苏恒立液压股份有限公司关于召开 2025年第一次临时股东会的议案》,决定于 2025 年 9 月 19 日 10 点 00 分召开本次股东会,并于 2025 年 8 月 26 日在《上海 证券报》及上海证券交易所网站(www.sse.com.cn)上刊登了该次董事会决议和 《江苏恒立液压股份有限公司关于召开 2025 年第一次临时股东会通知》。 上述会议通知中除载明本次股东会的召开时间、地点、股权登记目、会议召 2025年第一次临时股东会法律意见书 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2025年第一次临时股东会,并就本次股东会的召集、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 ...

证券代码：601100 证券简称：恒立液压 公告编号：临2025-027 江苏恒立液压股份有限公司 第六届董事会第一次会议决议公告 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。 江苏恒立液压股份有限公司（以下简称"公司"）董事会于2025年9月9日以书 面送达以及发送电子邮件方式向公司全体董事发出召开公司第六届董事会第一次会 议的通知，会议于2025年9月19日以现场表决的方式召开，会议应出席董事7名，实 际现场出席董事7名。本次会议的召集和召开符合《公司法》和《公司章程》的有关 规定，会议决议为有效决议。会议由董事长汪立平先生主持。会议审议了如下议案： 1、审议《江苏恒立液压股份有限公司关于选举董事长的议案》； 同意选举汪立平先生担任公司第六届董事会董事长任期与本届董事会一致，即 自本次董事会会议审议通过之日起三年。 同意选举王学浩先生、方攸同先生、权龙先生为公司第六届董事会审计委员会 成员，其中王学浩先生为审计委员会召集人； 同意选举权龙先生、方攸同先生、邱永宁先生为公司第六届董事会提名委员会 成员，其中权龙先生为提名委 ...

Group 1 - Company held its sixth board meeting on September 19, 2025, to discuss the election of the chairman [1] - As of the latest report, the company's market capitalization is 125.4 billion yuan [3] - For the year 2024, the company's revenue composition shows that hydraulic machinery parts account for 99.31%, while other businesses make up 0.69% [2]

Market Performance - The engineering machinery sector increased by 2.81% on September 17, with Wantong Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Wantong Hydraulic (code: 830839) closed at 45.91, up 12.41% with a trading volume of 50,300 shares and a turnover of 221 million yuan [1] - Changling Hydraulic (code: 605389) closed at 53.37, up 10.00% with a trading volume of 27,100 shares [1] - Hangcha Group (code: 603298) closed at 28.85, up 8.09% with a trading volume of 180,100 shares and a turnover of 506 million yuan [1] - Zhonglian Heavy Industry (code: 000157) closed at 7.71, up 4.76% with a trading volume of 2,696,700 shares and a turnover of 2.043 billion yuan [1] Capital Flow Analysis - The engineering machinery sector saw a net inflow of 197 million yuan from institutional investors, while retail investors experienced a net outflow of 75.92 million yuan [2] - The main stocks with significant net inflows included Zhonglian Heavy Industry with 202 million yuan and Zhejiang Dingli with 89.57 million yuan [3] Summary of Stock Movements - The overall performance of the engineering machinery sector indicates a positive trend, with several key players showing substantial gains in both stock price and trading volume [1][2] - The capital flow data suggests a strong interest from institutional investors, contrasting with the outflows from retail investors, indicating a potential shift in market sentiment [2][3]

Summary of Key Points Core Viewpoint - Hengli Hydraulic experienced significant trading activity on September 16, with a total of 17 transactions on the block trading platform, amounting to 3.08 billion yuan, indicating strong institutional interest despite a discount relative to the closing price [2][3]. Trading Activity - The total trading volume for Hengli Hydraulic on September 16 was 3.611 million shares, with a transaction price of 85.40 yuan, reflecting an 8.62% discount compared to the closing price of 93.46 yuan [2][3]. - Over the past three months, the stock has seen a cumulative total of 33 block trades, with an aggregate transaction value of 8.03 billion yuan [2]. - The stock closed at 93.46 yuan on the same day, marking a 2.70% increase, with a daily turnover rate of 1.38% and a total trading volume of 17.36 billion yuan [2][3]. Institutional Participation - Institutional specialized seats were involved in four of the transactions, contributing a total transaction value of 1.40 billion yuan, with net purchases also amounting to 1.40 billion yuan [2][3]. - The latest margin financing balance for Hengli Hydraulic is 427 million yuan, showing a decrease of 22.85 million yuan over the past five days, representing a decline of 5.08% [3]. Company Background - Jiangsu Hengli Hydraulic Co., Ltd. was established on June 2, 2005, with a registered capital of 1.34082 billion yuan [3].