Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][13]. Core Views - The company continues to demonstrate high-quality operations in Q3 2024, with new business layouts expected to drive growth [1]. - Despite a challenging domestic economic environment, the company has achieved relatively stable performance through expansion in non-excavation sectors and overseas markets [1]. - The engineering machinery industry is stabilizing, and the company is well-positioned to benefit from the recovery, particularly in hydraulic components [1]. - The company is actively expanding into new products and markets, enhancing its global competitiveness [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 6.94 billion yuan, a year-on-year increase of 9.3%, and a net profit attributable to shareholders of 1.79 billion yuan, up 2.2% year-on-year [1]. - In Q3 alone, revenue reached 2.10 billion yuan, reflecting an 11.1% year-on-year growth, with a net profit of 500 million yuan, up 6.1% year-on-year [1]. - The gross margin and net margin for Q3 were 41.0% and 24.0%, respectively, both showing a decline compared to the previous year [1]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 9.97 billion yuan, 11.48 billion yuan, and 13.58 billion yuan, respectively, with year-on-year growth rates of 10.9%, 15.2%, and 18.3% [1][2]. - Net profit projections for the same years are 2.53 billion yuan, 3.14 billion yuan, and 3.96 billion yuan, with growth rates of 1.3%, 24.3%, and 26.0% [1][2]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.89 yuan, 2.34 yuan, and 2.95 yuan, respectively [2]. Market Position and Strategy - The company is recognized as a leading player in the domestic hydraulic components market, with significant potential for growth in hydraulic pump and valve products [1]. - The ongoing expansion into linear drive business and the establishment of a factory in Mexico are strategic moves to enhance market presence in the Americas [1]. - The company is focusing on high-end hydraulic products and diversifying its business to reduce dependency on cyclical industries [1].

本次电话会议仅面向国金证券的专业投资机构客户或受邀客户仅供交流研究观点专家发言内容仅代表其个人观点会议内容并不构成对任何人的投资建议 各位同志 大家下午好我们今天有请到了彭丽媛 董蜜 小方总和我们来跟我们进行三级报的解读 哎小方总小方总听得见吗哎好感谢小方总然后好那要不先请您把这个咱们三级报的这个经营情况先给大家分享一下好的对于这个我们这个昨天发布的三级报啊跟大家这个其实昨天晚上也有一些疑问啊怎么这个 也跟大家做了一些初步的一些解释那么其实呢应该说我们从这个呃单个三季度啊这个我们其实呃收入应该说还是不错的一个增长吧啊我们三季度增长11%啊这个呃利润也是有这个六个点这么一个增幅啊那其实呢应该说我们嗯从自己的这个本身的角度来看呢 确实在整个三季度工业的数据相对比较弱的情况之下公司还是保持了同比的增长当然大家对一些包括毛利利 静谧利方面的一些担心和考虑我们一直觉得是这样首先就是说 产品因为种类比较多单个之内季度之间的少量波动我觉得其实属于一个正常的现象再加上本身你从环比收入端少了三四个亿的情况也或多或少会影响一下你的整个的一些固定成本的分摊另外就是说咱们的 经历率经历率上面其实今年整体上看我们的管理费用是相对比较高 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 53.00 CNY [3]. Core Views - The company's revenue growth is recovering, with a year-on-year increase of 9.32% for the first three quarters of 2024, reaching 6.936 billion CNY [1]. - The net profit attributable to the parent company for the same period is 1.791 billion CNY, reflecting a year-on-year growth of 2.16% [1]. - The company is expanding its business into industrial automation and electric engineering machinery, which has led to an increase in employee numbers and a rise in expense ratios [1]. - The international R&D center is expected to be completed by the end of the year, with significant investments in R&D leading to innovative product launches [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 2.103 billion CNY, a year-on-year increase of 11.12% [1]. - The gross profit margin for Q3 is approximately 41.03%, down 1.93 percentage points year-on-year [1]. - The net profit margin for Q3 is 23.99%, a decrease of 1.13 percentage points year-on-year [1]. Market Dynamics - Domestic excavator sales reached 74,000 units in the first three quarters of 2024, up 8.6% year-on-year, indicating a recovery in demand [1]. - The company benefits from policies aimed at stimulating demand for new machinery, particularly in the context of large-scale equipment updates [1]. Business Expansion - The company is investing in new business areas, which has resulted in a noticeable increase in operating expenses, with total expense ratios reaching 19.01% in Q3 [1]. - The R&D investment accounted for 6.92% of revenue in the first half of 2024, reflecting the company's commitment to innovation [1]. Future Outlook - The company forecasts net profits of 2.6 billion CNY, 3.02 billion CNY, and 3.69 billion CNY for 2024, 2025, and 2026, respectively, with corresponding valuations of 27x, 24x, and 19x [1].

Investment Rating - The report maintains a **Buy** rating for Hengli Hydraulics (601100) [3] Core Views - Hengli Hydraulics' Q3 2024 performance showed continued recovery, with revenue and net profit growing by 11.12% and 6.07% YoY, respectively [1] - The company's operating cash flow improved significantly, with a 23% YoY increase in Q3 2024 [1] - The excavator sector is bottoming out, with domestic sales growing by 21.5% YoY in September 2024, while exports increased by 2.5% [1] - Non-excavator businesses, including non-standard cylinders and pumps, maintained strong growth, with sales of heavy equipment cylinders increasing by 21.53% YoY [1] - Overseas revenue grew by 15.29% YoY in H1 2024, supported by the nearing completion of the Mexico factory [1] Financial Performance - Q3 2024 revenue reached **2.103 billion yuan**, up 11.12% YoY, while net profit was **504 million yuan**, up 6.07% YoY [1] - Gross margin in Q3 2024 was 41.03%, down 1.93 pct YoY and 2.08 pct QoQ [1] - Net margin in Q3 2024 was 23.99%, down 1.13 pct YoY and 3.81 pct QoQ [1] - Operating cash flow in Q3 2024 was **773 million yuan**, up 23% YoY [1] Industry Outlook - The excavator industry is expected to recover, with domestic demand supported by favorable real estate policies and increased infrastructure investment [1] - The update cycle for excavators (8-10 years) suggests that replacement demand may bottom out in 2024 [1] - Overseas market share is expected to continue growing, driven by globalization efforts [1] Non-Excavator Business - Sales of non-standard cylinders for heavy equipment grew by 21.53% YoY in H1 2024, driven by demand from sectors like tunneling machines, cranes, and renewable energy [1] - Non-excavator pump sales increased by 24.30% YoY, with compact hydraulic products expanding market share both domestically and internationally [1] - Radial piston motors saw rapid growth in both domestic and international markets, particularly in industries like skid steer loaders and agricultural machinery [1] Overseas Expansion - Overseas revenue grew by 15.29% YoY in H1 2024, with the Mexico factory nearing completion to support expansion in the Americas [1] - The company has begun sample deliveries and small-scale production of ball screw products [1] Financial Forecasts - The report forecasts net profit of **2.56 billion yuan**, **2.94 billion yuan**, and **3.57 billion yuan** for 2024, 2025, and 2026, respectively, with YoY growth rates of 2%, 15%, and 21% [1] - The PE ratios for 2024-2026 are estimated at 29x, 25x, and 21x, respectively [1] Peer Comparison - Hengli Hydraulics' 2024E PE ratio of 29.2x is higher than peers like Sany Heavy Industry (24.6x) and XCMG (13.9x) [6] - The company's current market capitalization is **74.8 billion yuan**, lower than Sany Heavy Industry's **151 billion yuan** but higher than Zoomlion's **60.1 billion yuan** [6]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company's performance is in line with expectations, with a double-digit revenue growth maintained in Q3. Future focus will be on the ramp-up of new business [2][4] - The company is expected to achieve steady growth due to its internationalization, diversification, and electrification strategies [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved 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%. In Q3 alone, revenue and profit were 2.103 billion yuan and 504 million yuan, respectively, reflecting year-on-year growth of 11.12% and 6.07% [4] - The company's contract liabilities increased by 32.05% year-on-year, indicating a rise in advance payments and a healthy order situation [4] Profitability Metrics - The gross margin and net margin for the first three quarters of 2024 were 41.46% and 25.87%, with slight changes from the previous year. In Q3, these margins were 41.03% and 23.99%, showing a slight decline from Q2 [4] Strategic Initiatives - The company is accelerating its internationalization strategy, with compact hydraulic sales growing rapidly and market share expanding domestically. Overseas revenue in H1 2024 increased by 15.29% [4] - The company is also focusing on electrification and automation in the industrial sector, with ongoing projects in linear actuators and ball screw products [4] Valuation and Target Price - The target price has been adjusted to 71.10 yuan, based on a 30x PE ratio for 2025, reflecting the company's position as a leader in hydraulic components [4]

Investment Rating - The report maintains a "BUY" rating for Jiangsu Hengli with a target price of RMB64, indicating a potential upside of 14.7% from the current price of RMB55.82 [2][4]. Core Insights - Jiangsu Hengli's EBIT in 3Q24 decreased by 6% YoY to RMB445 million, attributed to a gross margin contraction of 1.9 percentage points YoY, despite an 11% YoY revenue increase to RMB2.1 billion [2]. - The net profit for 3Q24 grew by 6% YoY to RMB504 million, supported by higher net finance income and other gains [2]. - The company is expected to benefit from increasing revenue contributions from non-excavator components and new growth drivers such as electric cylinders and ball screws in 2025 [2]. - The report highlights potential risks related to the upcoming U.S. elections and possible tariff increases under a potential Trump presidency, which could impact exports from Mexico to the U.S. [2]. Financial Summary - Revenue for FY24E is projected at RMB10,033 million, reflecting an 11.7% YoY growth, with further growth expected in FY25E and FY26E [3][13]. - Adjusted net profit for FY24E is estimated at RMB2,756.5 million, with an EPS of RMB2.06, representing a 10.3% YoY increase [3][13]. - The gross margin is expected to improve slightly to 41.9% in FY24E, with a long-term target of 43.0% by FY26E [10][16]. Production and Operational Insights - The production plan for October includes 42,000 units of hydraulic cylinders for excavators, a decrease of approximately 5% YoY, while production of non-standardized cylinders is expected to drop by about 10% YoY [2]. - Positive production trends are noted for small-size pumps and valves, with planned increases of approximately 40% and 90% YoY, respectively [2]. Market Position and Valuation - The company maintains a strong market capitalization of RMB74,844.6 million, with a P/E ratio projected to decrease from 31.1x in FY22A to 21.4x in FY26E [4][10]. - The report indicates a stable financial position with a net gearing ratio improving from (51.9%) in FY22A to (52.4%) in FY26E, suggesting a strong balance sheet [3][10].

证券代码：601100 证券简称：恒立液压 公告编号：临2024-030 江苏恒立液压股份有限公司 第五届监事会第十一次会议决议公告 本公司监事会及全体监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、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"）第五届监事会第十一次 会议的会议通知于2024年10月16日以现场送达形式发出，并于2024年10月26日 以现场会议的方式召开。会议应出席监事3名，实际出席监事3名。会议由公司 监事会主席苏娅女士召集并主持。会议的通知及召开符合有关法律、行政法规 和公司章程的规定，会议决议合法有效。 经现场投票表决，会议形成如下决 议： 一、以3票同意，0票反对，0票弃权，审议通过了《江苏恒立液压股份有限公 司2024年第三季度报告》； 报告详细内容与本公告同日披露于上海证券交易所网站www.sse.com.cn。 二、以3票同意，0票反对，0票弃权，审议通过了《江苏恒立液压股份有限公 司关于使用暂时闲置募集资金进行现金管理的议案》； 该议案内容与本公告同日披露于上海证券交易所网站www.sse.com.cn。 监事会 ...

证券代码：601100 证券简称：恒立液压 公告编号：2024-031 重要内容提示： 江苏恒立液压股份有限公司（以下简称"公司"）于 2024 年 10 月 26 日召开 第五届董事会第十二次会议、第五届监事会第十一次会议和第五届董事会独立董 事第四次专门会议，分别审议通过了《关于使用暂时闲置募集资金进行现金管理 的议案》，同意公司在不影响募集资金项目建设和募集资金使用的前提下选择适 当时机，使用最高额度不超过人民币 6.00 亿元（含）的闲置募集资金进行现金 管理，拟购买的产品品种为：结构性存款、大额存单等安全性高、流动性好、保 本型、低风险的现金管理类产品。 江苏恒立液压股份有限公司关于 使用暂时闲置募集资金进行现金管理的公告 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。 投资品类：结构性存款、大额存单等安全性高、流动性好、保本型、低 风险的现金管理类产品。 投资金额：总额不超过人民币 6.00 亿元（含）且在决议有效期内可滚动 使用。公司将根据募投项目年度投资计划，在确保募集资金投资项目正 常进展和募集资金安全的前提 ...

| 第一章 | 总则 1 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 1 | | | 第三章 | 股份和注册资本 2 | | | 第一节 | 股份发行 2 | | | 第二节 | 股份增减和回购 2 | | | 第三节 | 股份转让 3 | | | 第四章 | 股东和股东会 3 | | | 第一节 | 股东 3 | | | 第二节 | 股东会的一般规定 5 | | | 第四节 | 股东会提案与通知 7 | | | 第五节 | 股东会的召开 8 | | | 第六节 | 股东会的表决和决议 | 10 | | 第五章 | 董事会 | 12 | | 第一节 | 董事 | 12 | | 第二节 | 董事会 | 14 | | 第六章 | 总经理及其他高级管理人员 | 16 | | 第七章 | 监事会 | 17 | | 第一节 | 监事 | 17 | | 第二节 | 监事会 | 17 | | 第八章 | 财务会计制度、利润分配和审计 | 18 | | 第一节 | 财务会计制度 | 18 | | 第二节 | 内部审计 | 20 | | 第三节 | 会计师事务所的聘任 | 21 | | 第九 ...

中国国际金融股份有限公司 关于江苏恒立液压股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 江苏恒立液压股份有限公司（以下简称"恒立液压"或"公司"）持续督导的保 荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规 则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关法律、 法规和规范性文件的规定，对恒立液压使用部分闲置募集资金进行现金管理的事 项进行了核查，核查情况及意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准江苏恒立液压股份有限公司非公开发 行股票的批复》（证监许可[2022]59 号）核准，公司通过非公开发行人民币普通 股 35,460,992 股 ，每 股 发 行 价 为 56.40 元 ， 应 募 集资 金总 额 为 人 民 币 1,999,999,948.80 元，根据有关规定扣除发行费用 10,382,744.64 元（不含增值税） 后，实际募集资金金额为 1,989,617,204.16 元。上述资金到账情况业经容诚会计 师事务所（特殊普通合伙）容诚验字[2 ...