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 （一）担保基本情况 1、为满足公司下属公司日常经营和业务发展需要，公司拟为合并报表范围 内的下属公司（包括已成立的及未来通过新设立、收购等方式取得的全资或控股 子公司、孙公司）提供日常担保，其中拟为资产负债率为 70%以上的下属公司提 供日常担保总额不超过人民币 4.50 亿元（或等值外币），为资产负债率为 70%以 下的下属公司提供日常担保总额不超过人民币 7.50 亿元（或等值外币），担保额 度可循环使用。 2、公司对各下属公司的担保额度可以在下属公司之间相互调剂，但资产负 债率低于 70%与资产负债率高于 70%的担保对象的担保额度不能互相调剂使用。 3、本次预计担保总额期限自股东大会审议通过之日起 12 个月内有效，具体 担保期限以实际发生时签署的担保协议约定为准。 （二）审批程序 对外担保额度预计的核查意见 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 ...

Investment Rating - The report assigns a "Buy" rating for the company, Hengli Hydraulic (601100.SH), as part of its initial coverage [2]. Core Views - The company is positioned as a leader in high-end hydraulic components in China, with a focus on hydraulic cylinders, pumps, valves, and motors, and is expanding into precision transmission fields [5][14]. - The report highlights three main growth drivers: the recovery of the excavator industry, expansion into non-excavator hydraulic products, and platform-based product diversification [6][25]. - The company is expected to see significant growth in net profit from 2024 to 2026, with projected figures of 26.6 billion, 31.6 billion, and 38.6 billion CNY, respectively, leading to a decreasing price-to-earnings (PE) ratio over the same period [5][8]. Summary by Sections Company Overview - Hengli Hydraulic is a leading domestic hydraulic component manufacturer, with a market share of 19% in the global excavator hydraulic cylinder market and 14% in the domestic non-excavator hydraulic parts market [7][42]. - The company has a total market capitalization of approximately 742.81 billion CNY and a circulating market capitalization of the same amount [3]. Growth Drivers - The excavator industry is experiencing a recovery, which is expected to positively impact the company's performance, as its growth rate in the excavator segment is consistently 5 percentage points higher than the industry average [6][25]. - The non-excavator hydraulic segment has a market size of 312 billion CNY, with a low domestic penetration rate of 20%, indicating substantial room for growth [7][8]. - The company is also expanding into the precision transmission market, with a projected market size of 97 billion CNY for ball screws by 2023, which is expected to double by 2030 [7][8]. Financial Performance - The company reported a total revenue of 8.985 billion CNY in 2023, with a year-on-year growth of 9.6%, and a net profit of 2.499 billion CNY, reflecting a 6.7% increase [8][17]. - The gross margin for 2023 was 41.6%, and the net margin was 26.7%, indicating strong profitability [21][17]. - The company's revenue and net profit have shown a compound annual growth rate (CAGR) of 26% and 44%, respectively, from 2014 to 2023 [17][24]. Market Position and Future Outlook - The global excavator market is projected to grow, with 2023 sales reaching 540,000 units, and the company is well-positioned to benefit from this trend [35][40]. - The report anticipates that the company will enter a new growth cycle as the pressures on its performance from the excavator industry begin to ease [28][27].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected outperformance compared to the market benchmark over the next 6-12 months [6][28]. Core Views - The domestic excavator sales in China showed a year-on-year increase of 10.8% in September 2024, with domestic sales rising by 21.5% [3][4]. - The hydraulic cylinder remains the largest revenue source for the company, accounting for approximately 52.2% of total revenue in 2023, while the hydraulic pump and valve segment has been growing, reaching 36.4% of revenue [5][6]. - The company is expected to benefit from the recovery in the engineering machinery sector, with projected revenue growth of 11.7%, 18.3%, and 18.7% for 2024, 2025, and 2026, respectively [6][28]. Summary by Sections Sales and Market Performance - In September 2024, China sold a total of 15,831 excavators, with domestic sales of 7,610 units, reflecting a 21.5% increase year-on-year [3]. - The hydraulic industry sees engineering machinery as a significant downstream sector, accounting for nearly 44% of demand [4]. Revenue Structure - The company's revenue structure indicates that hydraulic cylinders are the primary source of income, while the hydraulic pump and valve segment is rapidly increasing its share [5][6]. - The projected revenues for 2024, 2025, and 2026 are estimated at 100.4 billion, 118.8 billion, and 141.0 billion yuan, respectively [6][28]. Financial Forecasts - The company is expected to achieve net profits of 26.7 billion, 32.5 billion, and 40.1 billion yuan for the years 2024, 2025, and 2026, with corresponding growth rates of 6.9%, 21.7%, and 23.4% [6][28]. - The report provides a detailed financial forecast, including revenue and profit margins, indicating a stable growth trajectory [8][30].

证券代码：601100 证券简称：恒立液压 公告编号：临2024-027 2024年9月20日 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"）第五届监事会第八次会 议的会议通知于2024年9月10日以现场送达形式发出，并于2024年9月20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 司关于追认使用部分闲置募集资金进行现金管理的议案》； 公司在确保不影响募投项目建设、确保资金安全并有效控制风险的前提下 进行现金管理，有利于提高募集资金的使用效率，不存在变相改变募集资金用 途的情形，没有损害公司及股东的利益。综上，公司监事会同意公司本次追认 使用部分闲置募集资金进行现金管理的事项。 特此公告。 江苏恒立液压股份有限公司监事会 江苏恒立液压股份 ...

表决结果：7票同意、0 票弃权、0 票反对。 特此公告。 1、审议《江苏恒立液压股份有限公司关于追认使用部分闲置募集资金进 行现金管理的议案》； 证券代码：601100 证券简称：恒立液压 公告编号：临 2024-026 江苏恒立液压股份有限公司 第五届董事会第十一次会议决议公告 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2024年9月10 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五届董事 会第十一次会议的通知，会议于2024年9月20日以现场表决与通讯表决相结合 的方式召开，会议应出席董事7名，实际现场出席董事3名，采用通讯表决方式 的董事4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。本次会议由董事长汪立平先生召集并主持。会议审 议了如下议案： 江苏恒立液压股份有限公司董事会 2024年9月20日 ...

证券代码：601100 证券简称：恒立液压 公告编号：2024-028 江苏恒立液压股份有限公司关于 追认使用部分闲置募集资金进行现金管理的公告 2023 年 1 月 18 日，本公司、中国国际金融股份有限公司与中国工商银行股 份有限公司常州武进支行、中信银行股份有限公司常州分行、中国银行股份有限 公司常州分行签署《募集资金三方监管协议》。三方监管协议与证券交易所三方 监管协议范本不存在重大差异，三方监管协议的履行不存在问题。 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，本公司通过非公开发行人民币普 通股股票 35,460,992 股，每股面值 1 元，每股发行价 56.40 元，募集资金总额 为人民 1,999,999,948.80 元，扣除本次非公开发行累计发生的发行费用 10,382,744.64 元（不含增值税）后，募集资金净额为 1,989,617,204.16 元。上 述募集资金到位情况已经容诚会计师事务所（特殊普通合伙）验证并出具了容诚 验字[2022]200Z0083 号《验资报告》。公司对募集资 ...

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 追认使用部分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，对恒立液压追认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 | 产品类型 | 购买日 | 到期日 | 购买本金（元） | 到期赎回金额（元） | | --- | --- | --- | --- | --- | | 结构性存款 | 2024-4-26 | 2024-5-17 | 500,000,000.00 | 500,546,575.34 | 注：上述用于现金管理的 5 亿元及利息 546,575.34 元已于 2024 年 5 月 17 日赎回至募集 资金专户。 公司于 2024 年 9 月 20 日召开第五届董事会第十一次会议、第五届监事会第 十 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 59.75 CNY per share, based on a 30x PE multiple for 2024 [4] Core Views - The company has significantly altered the cost structure of China's excavator manufacturing industry by increasing its domestic market share in hydraulic components to 78% for cylinders, 51% for pumps, and 38% for valves, breaking foreign monopolies and supporting the global expansion of domestic excavators [2] - The company has expanded its product portfolio from cylinders to pumps, valves, and motors, and from excavators to non-excavator applications, while also pursuing globalization by following domestic companies overseas [2] - The company's net profit margin increased from 5% in 2016 to 29% in 2020, driven by price increases in hydraulic components and cost reductions due to economies of scale [2] - The company is transitioning towards becoming a precision transmission platform company, leveraging its core manufacturing technologies to expand into upstream casting, downstream applications, and linear drive systems, with the Chinese linear drive market estimated at over 80 billion CNY in 2022 [2] - The company's excavator hydraulic components are in an upward cycle, with non-excavator hydraulic components showing stable growth, and linear drive systems expected to open up future growth potential [2] Financial Forecasts - Revenue is expected to grow from 8.197 billion CNY in 2022 to 13.838 billion CNY in 2026, with a CAGR of 14.0% [3] - Net profit attributable to shareholders is projected to increase from 2.343 billion CNY in 2022 to 3.993 billion CNY in 2026, with a CAGR of 14.3% [3] - EPS is forecasted to rise from 1.79 CNY in 2022 to 2.98 CNY in 2026 [3] - ROE is expected to remain stable, ranging from 16.8% to 17.3% from 2024 to 2026 [3] Industry and Company Analysis - The company has transformed China's excavator manufacturing cost structure by increasing its market share in hydraulic components, which account for 26% of excavator production costs, and reducing reliance on foreign suppliers [21] - The company's revenue from non-excavator applications has remained stable, while excavator-related revenue has remained flat, with net profit margins showing resilience, declining only 1 percentage point from 2020 to 2023 compared to a 23 percentage point decline from 2011 to 2015 [2] - The company has expanded its product portfolio and global presence, with its stock price increasing over 30 times from 2016 to 2021, driven by improved excavator demand, increased domestic market share, and enhanced competitiveness [2] - The company's linear drive business is expected to open up new growth opportunities, with the Chinese linear drive market estimated at over 80 billion CNY in 2022, and the company has already begun small-scale supply of ball screws as of June 2024 [2] Historical Performance and Strategic Moves - The company's stock price increased over 30 times from 2016 to 2021, driven by improved excavator demand, increased domestic market share, and enhanced competitiveness [2] - The company has expanded its product portfolio from cylinders to pumps, valves, and motors, and from excavators to non-excavator applications, while also pursuing globalization by following domestic companies overseas [2] - The company's net profit margin increased from 5% in 2016 to 29% in 2020, driven by price increases in hydraulic components and cost reductions due to economies of scale [2] - The company is transitioning towards becoming a precision transmission platform company, leveraging its core manufacturing technologies to expand into upstream casting, downstream applications, and linear drive systems, with the Chinese linear drive market estimated at over 80 billion CNY in 2022 [2]

证券代码：601100 证券简称：恒立液压 公告编号：2024-025 《募集资金管理办法》，对募集资金的存储、审批、使用、管理与监督做出了明 确的规定，以在制度上保证募集资金的规范使用。 2023 年 1 月 18 日，本公司、中国国际金融股份有限公司与中国工商银行 股份有限公司常州武进支行、中信银行股份有限公司常州分行、中国银行股份 有限公司常州分行签署《募集资金三方监管协议》。三方监管协议与证券交易所 三方监管协议范本不存在重大差异，三方监管协议的履行不存在问题。 江苏恒立液压股份有限公司 关于部分募投项目实施主体间吸收合并完成 暨注销部分募集资金账户的公告 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。 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，本公司通过非公开发行人民 币普通股股票 35,460,992 股，每股面值 1 元，每股发行价 56.40 元，募集资金 总额为人民 1,999,999,948.80 元，扣除本 ...

证券代码：601100 证券简称：恒立液压 公告编号：2024-024 江苏恒立液压股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半 年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 10 月 11 日 下午 16:00-17:00 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： 会议召开时间：2024 年 10 月 11 日(星期五) 下午 16:00- 17:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 09 月 27 日(星期五) 至 10 月 10 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 hlzqb@hengli. ...