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。 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 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, ...

证券代码：601100 证券简称：恒立液压 公告编号：临2024-023 江苏恒立液压股份有限公司 关于职工代表监事辞职暨补选职工代表监事的公告 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。 一、职工代表监事辞职的情况 截至公告披露日，韩月环女士未持有公司股份。 韩月环女士在任职期间勤勉尽责、恪尽职守，公司监事会对韩月环女士在 任职期间为公司发展做出的贡献表示衷心的感谢！ 二、补选职工代表监事的情况 近日，江苏恒立液压股份有限公司（以下简称"公司"）监事会收到职工 代表监事韩月环女士的书面辞职报告，因个人原因，向公司监事会提出辞去第 五届监事会职工代表监事职务。鉴于韩月环女士的辞职将导致公司监事会监事 人数低于法定最低人数且监事会职工代表人数少于监事会成员的三分之一，根 据《公司法》《公司章程》的相关规定，其辞职报告将在选举新任职工代表监 事后生效。韩月环女士辞职生效后，将在公司继续担任其他职务。 附件：周佳立先生简历 为保证公司监事会的规范运作，根据《公司法》《上海证券交易所股票上 市规则》《公司章程》等有关规定，公司于 ...

＃assAuthor＃ 证券研究报告 ＃industryId＃ 机械设备 ＃investSuggestion＃ 增持 ( 公 司 点 评 报 告 | --- | --- | |---------------------------------|--------------------------------------| | | | | 日期 | 2024-09-02 | | 收盘价（元） | 50.81 | | 总股本（百万股） | 1340.82 | | | | | 流通股本（百万股） | 1340.82 | | 净资产（百万元） | 14649.05 | | 总资产（百万元） | 18922.26 | | 每股净资产（元） 来源： iFinD | 10.93 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ ＃分析师： emailAuthor＃ 石康 shikang@xyzq.com.cn S1220517040001 郭亚男 guoyanan@xyzq.com.cn S0190522120004 ＃ invest Sugge stionC hange ＃ 维持 ） ＃dyC ...

上 市 公 司 证 券 研 究 报 告 机械设备 2024 年 09 月 01 日 恒立液压 (601100) ——24H1 业绩超预期，非挖产品表现突出 | --- | --- | |------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 51.00 | | 一年内最高/最低（元） | 68.11/41.55 | | 市净率 息率（分红 / 股价） | 4.7 1.37 | | 流通 A 股市值（百万元） | 68,382 | | 上证指数/深证成指 | 2,842.21/8,348.48 | | | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 10.93 | | | | | 资产负债率 % | 22.30 | | 总股本/流通 A 股（百万） ...

证券代码：601100 证券简称：恒立液压 公告编号：临2024-022 江苏恒立液压股份有限公司 关于变更保荐代表人的公告 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"）于近日收到中国国际金 融股份有限公司（以下简称"中金公司"）出具的《中国国际金融股份有限公 司关于更换江苏恒立液压股份有限公司非公开发行股票项目持续督导保荐代表 人的函》。 原保荐代表人胡晓先生由于工作变动不再负责公司非公开发行股票项目持 续督导工作，为不影响持续督导工作的正常进行，根据《证券发行上市保荐业 务管理办法》等法律法规的规定，中金公司决定委派于海先生接替胡晓先生继 续履行恒立液压非公开发行股票项目持续督导工作的相关职责和义务。 本次变更后，公司非公开发行股票项目持续督导保荐代表人为尚林争先 生、于海先生。 公司董事会对胡晓先生在公司非公开发行股票项目持续督导期间所做的贡 献表示衷心的感谢！ 特此公告。 江苏恒立液压股份有限公司董事会 2024年9月3日 附件：于海先生简历 于海先生，现任中国国际金融股 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][10]. Core Views - The company has achieved steady revenue growth of 8.56% year-on-year in the first half of 2024, with total revenue reaching 4.833 billion yuan and a net profit of 1.288 billion yuan, reflecting a 0.71% increase year-on-year [1]. - The growth in performance is attributed to the recovery in domestic excavator sales, a 15% increase in overseas revenue, and continuous expansion in non-excavator business [1]. - The company's gross margin improved to 41.64%, up by 2.62 percentage points, while the net margin decreased to 26.69%, down by 2.08 percentage points, primarily due to foreign exchange losses [1]. - The diversification strategy is yielding results, with non-excavator sales of heavy-duty equipment increasing by 21.53% and non-excavator pump and valve sales rising by 24.30% [1]. - The company is actively expanding its overseas market presence, with a 15.29% increase in overseas revenue and nearing completion of its factory in Mexico, which will enhance its market reach in the Americas [1]. - The domestic excavator market is showing signs of stabilization, with a 4.66% year-on-year increase in sales during the first half of 2024, indicating potential recovery in demand [1]. Financial Forecasts - The company forecasts net profits of 2.673 billion yuan, 3.137 billion yuan, and 3.688 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 24, 21, and 18 [1][2][11]. - Revenue projections for the next few years are 9.552 billion yuan for 2024, 11.053 billion yuan for 2025, and 12.930 billion yuan for 2026, reflecting growth rates of 6.3%, 15.7%, and 17.0% respectively [2][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [7][26]. Core Insights - The company reported a revenue of approximately 4.83 billion yuan for the first half of 2024, representing a year-on-year growth of 8.6%. The net profit attributable to shareholders was about 1.29 billion yuan, with a slight increase of 0.7% year-on-year [4]. - The second quarter of 2024 saw a significant acceleration in performance, with revenue reaching approximately 2.47 billion yuan, up 22.0% year-on-year, and a net profit of 690 million yuan, reflecting a 5.0% increase [4]. - The company is benefiting from a diversification strategy, with non-excavation business segments showing strong growth, including a 21.5% increase in heavy non-standard hydraulic cylinder sales [5]. - The gross profit margin improved by 2.6 percentage points to 41.6% due to the growth in non-excavation business [6]. Financial Forecast - The company is projected to achieve revenues of 10.01 billion yuan, 11.74 billion yuan, and 13.84 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.4%, 17.3%, and 17.9% [9][26]. - The net profit attributable to shareholders is expected to be 2.62 billion yuan, 3.17 billion yuan, and 3.94 billion yuan for the same years, with growth rates of 4.8%, 20.9%, and 24.3% [9][26]. - The report indicates a projected price-to-earnings ratio of 24.6, 20.4, and 16.4 for the years 2024, 2025, and 2026, respectively [7][26].

Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The company has shown impressive growth in non-excavation segments, with new products and overseas expansion set to ramp up [1] - The second quarter of 2024 saw a positive turnaround in revenue and profit growth compared to the first quarter, despite profit being impacted by reduced foreign exchange gains [1] - The company's gross margin improved year-on-year, while net margin faced short-term pressure due to increased financial costs [1] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 4.833 billion yuan, a year-on-year increase of 8.56%, and a net profit attributable to shareholders of 1.288 billion yuan, up 0.71% year-on-year [1] - In Q2 2024, revenue reached 2.471 billion yuan, reflecting a year-on-year growth of 22.05%, while net profit was 686 million yuan, up 5% year-on-year [1] - The gross margin for H1 2024 was 41.6%, an increase of 2.6 percentage points year-on-year, while the net margin was 26.7%, a decrease of 2.1 percentage points year-on-year [1] Market Data - As of August 30, 2024, the company's stock price was 51.00 yuan, with a market capitalization of approximately 68.38 billion yuan [1] - The company’s stock has outperformed the CSI 300 index over the past month, with a return of 17.0% compared to the index's -1.4% [1] Growth Drivers - The company’s diversification strategy has yielded significant results, particularly in non-excavation product sales, which increased by 21.53% year-on-year [1] - The overseas revenue grew by 15.29% year-on-year in H1 2024, with the completion of the Mexico factory expected to enhance market presence in the Americas [1] - The linear actuator project is progressing steadily and is anticipated to become a new growth driver for the company [1]

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported better-than-expected performance in Q2 2024, with a revenue of 4.83 billion yuan, a year-on-year increase of 8.56%, and a net profit attributable to shareholders of 1.29 billion yuan, up 0.71% year-on-year [3][4] - The diversification strategy has shown significant results, with rapid growth in non-excavation sectors, including a 21.53% increase in non-standard cylinders and a 24.30% increase in non-excavation pumps and valves [3][4] - The gross profit margin improved significantly to 41.64%, up 2.62 percentage points year-on-year, while the net profit margin slightly decreased to 26.69%, down 2.09 percentage points year-on-year [3][4] - The internationalization strategy is progressing, with overseas revenue growing by 15.29% in H1 2024, and the construction of a factory in Mexico nearing completion [3][4] - The company is expected to see a recovery in domestic excavator sales and continued growth in international and electrification strategies, with projected net profits of 2.70 billion yuan in 2024, 3.17 billion yuan in 2025, and 3.75 billion yuan in 2026 [3][4] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 4.83 billion yuan, with a Q2 revenue of 2.47 billion yuan, reflecting a 22.05% year-on-year growth [3][4] - The net profit for Q2 2024 was 686 million yuan, a 5.00% increase year-on-year [3][4] Product Diversification - The non-excavation segment saw significant growth, with non-standard cylinders sold reaching 138,900 units, a 21.53% increase year-on-year [3][4] - Non-excavation pumps and valves also experienced a 24.30% growth [3][4] Profitability Metrics - The gross margin for H1 2024 was 41.64%, an increase attributed to a higher proportion of non-excavation products and lower raw material costs [3][4] - The net profit margin was 26.69%, slightly down due to increased financial expenses [3][4] International Expansion - The company’s overseas revenue increased by 15.29% in H1 2024, with the Mexico factory expected to enhance growth further upon completion [3][4] Future Projections - Projected net profits for 2024, 2025, and 2026 are 2.70 billion yuan, 3.17 billion yuan, and 3.75 billion yuan respectively, with corresponding PE ratios of 25.1, 21.3, and 18.1 [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has shown steady growth in performance, with an increase in gross margin and a diversified strategy that opens up growth opportunities [2][3]. - The company achieved a revenue of 4.83 billion yuan in H1 2024, a year-on-year increase of 8.6%, and a net profit of 1.29 billion yuan, up 0.7% year-on-year [2]. - The company is actively expanding its overseas market presence, with overseas revenue growing by 15.29% year-on-year in H1 2024 [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 2.47 billion yuan, a 22.0% increase year-on-year, and a net profit of 690 million yuan, up 5.0% year-on-year [2]. - The overall gross margin for H1 2024 was 41.6%, an increase of 2.6 percentage points year-on-year, while the net margin was 26.7%, a decrease of 2.1 percentage points year-on-year [2]. Diversification and Growth Strategy - The company has successfully implemented a diversification strategy, with sales of non-standard hydraulic cylinders increasing by 21.53% year-on-year [2]. - The company is also making strides in the electric drive sector, with linear drive projects progressing steadily [2]. International Expansion - The construction of the factory in Mexico is nearing completion, which will support the company's expansion into the Americas [3]. - The company is establishing new entities in Chicago, Tokyo, and Monterrey to enhance its international market presence [3]. Earnings Forecast - The report forecasts the company's net profit for 2024-2026 to be 2.85 billion, 3.38 billion, and 3.97 billion yuan, respectively, with corresponding EPS of 2.13, 2.52, and 2.96 yuan [4].