2024 年 08 月 26 日 公司点评 买入/维持 恒立液压(601100) 目标价: 60.08 昨收盘:46.48 毛利率显著提升，继续看好公司多元化、国际化战略 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/8/2823/11/824/1/1924/3/3124/6/1124/8/22 恒立液压 沪深300 ◼ 股票数据 总股本/流通(亿股) 13.41/13.41 总市值/流通(亿元) 623.21/623.21 12 个月内最高/最低价 (元) 68.11/41.55 相关研究报告 <<多元化战略平滑挖机业务下滑，国 际化布局强化公司竞争力>>--2023- 05-04 <>--2022-10-26 <<短期业绩承压不改长期向好趋势， 坚定看好公司多元化、国际化战 略>>--2022-08-30 公 司 研 究 事件：公司发布 2024 半年报，上半年实现收入 48.33 亿元，同比增长 8.56%，实现归母净利润 12.88 亿元，同比增长 0.71%。其中 Q2 单季 度实现收入 24.71 亿元，同比增长 22.05%，实现归母净利润 6.86 亿 元， ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected stock price increase of over 20% compared to the benchmark index over the next six months [8]. Core Views - The company reported a revenue of 4.833 billion yuan for the first half of 2024, representing an 8.56% year-on-year increase, while the net profit attributable to shareholders was 1.288 billion yuan, a 0.71% increase [4]. - The second quarter of 2024 saw a significant revenue growth of 22% year-on-year, with net profit increasing by 5% [4]. - The company is experiencing a recovery in domestic excavator sales, with a year-on-year increase of 6.23% in the first seven months of 2024 [4]. - The diversification strategy has shown remarkable results, with sales of non-standard oil cylinders increasing by 21.53% and non-excavator pump and valve sales growing by 24.30% in the first half of 2024 [4]. - The company is actively expanding its overseas market presence, achieving a 15.29% increase in overseas revenue in the first half of 2024 [4]. Financial Performance - The company expects revenues of 9.9 billion yuan, 11.781 billion yuan, and 13.782 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.19%, 19.00%, and 16.99% [5]. - The net profit attributable to shareholders is projected to be 2.674 billion yuan, 3.213 billion yuan, and 3.831 billion yuan for the same years, with growth rates of 7.01%, 20.15%, and 19.24% [5]. - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 24.13, 20.08, and 16.84, respectively [5]. Market Trends - The excavator industry is showing signs of recovery, with an upward trend in the replacement cycle expected to become more apparent [4]. - The company's focus on "electrification" and industrial automation is progressing, with ongoing projects in linear actuators and other electric machinery [4].

Investment Rating - The report maintains a target price of RMB 64.00 for Jiangsu Hengli, representing a 33% upside from the previous price of RMB 48.12 [1]. Core Views - Jiangsu Hengli's EBIT grew by 58% year-on-year to RMB 644 million in Q2 2024, driven by a 22% increase in revenue and a 6.3 percentage point expansion in gross profit margin [1]. - The net profit increased by only 5% to RMB 686 million, primarily due to a high base effect from Q2 2023, which included significant foreign exchange gains [1]. - The report highlights three positive trends: (1) Continuous revenue contribution from non-excavator components; (2) Deliveries of electric cylinders and ball screws (key components for robots) starting in July, leading to rapid production increases; (3) The hydraulic component production base in Mexico is expected to commence operations in December, with a designed annual output value of USD 4.5 billion [1]. Financial Summary - For the first half of 2024, non-excavator cylinder sales increased by 21.5% year-on-year to 139,000 units, driven by demand from tunnel boring machines, cranes, and aerial work platforms [1]. - Revenue from non-excavator cylinders grew approximately 20% to RMB 1.3 billion, while revenue from excavator cylinders decreased by 13.5% to RMB 1.1 billion [1]. - The report projects revenue growth for Jiangsu Hengli, with total revenue expected to reach RMB 10,033 million in 2024, representing an 11.7% year-on-year increase [8]. Key Ratios - The gross profit margin for Q2 2024 improved to 43.1%, up 6.3 percentage points year-on-year and 3 percentage points quarter-on-quarter [1]. - The report indicates a projected P/E ratio of 31 times for 2024, aligning with historical averages [1]. - The net profit margin is expected to stabilize, with adjusted net profit forecasted to reach RMB 2,757 million in 2024, reflecting a 10.3% year-on-year growth [8].

Investment Rating - The investment rating for Jiangsu Hengli is maintained at a target price of RMB 64.00, representing a 33.0% upside from the current price of RMB 48.12 [2]. Core Insights - Jiangsu Hengli reported a revenue growth of 22% year-on-year in 2Q24, with EBIT surging 58% year-on-year to RMB 644 million, driven by a surprising gross margin expansion of 6.3 percentage points year-on-year [2][3]. - The company is experiencing positive developments, with increasing contributions from non-excavator components and a fast production ramp-up in key products such as ball screws and electric cylinders [2][3]. - The hydraulic components production base in Mexico is expected to commence operations in December, with a designed annual output value of US$450 million [2]. Financial Performance Summary - Revenue for FY24E is projected to reach RMB 10,033 million, reflecting an 11.7% year-on-year growth, while adjusted net profit is expected to be RMB 2,757 million, a 10.3% increase [11][14]. - The gross profit margin is anticipated to improve to 42.2% in FY24E, up from 41.9% in FY23A [14]. - The company’s net profit margin is projected to be 27.5% in FY24E, slightly down from 27.8% in FY23A [13][14]. Revenue Breakdown - Non-excavator cylinders sales volume increased by 21.5% year-on-year to 139,000 units in 1H24, driven by demand for tunnel boring machines, cranes, and aerial work platforms [2]. - Revenue from non-excavator cylinders grew approximately 20% to RMB 1.3 billion, while revenue from excavator cylinders decreased by 13.5% year-on-year to RMB 1.1 billion [2]. Key Ratios and Valuation - The P/E ratio is projected to decrease from 25.8 in FY23A to 23.4 in FY24E, indicating a more attractive valuation [11][14]. - The P/B ratio is expected to decline from 4.5 in FY23A to 4.0 in FY24E, reflecting a strengthening balance sheet [11][14]. - The dividend yield is projected to increase from 1.5% in FY23A to 1.6% in FY24E, indicating a commitment to returning value to shareholders [11][14].

证券研究报告 非金融公司|公司点评|恒立液压（601100） 2024 年半年报点评： 2024Q2 营收及归母净利润增速均转正 glzqdatemark1 证券研究报告 |报告要点 2024 年公司挖机相关液压产品的可能仍承压，但公司下游非挖领域多元化产品有望贡献新增 量。我们预计公司 2024-2026 年营收分别为 99.25/114.61/131.52 亿元，归母净利润分别为 26.98/32.45/38.34 亿元，CAGR 为 15.34%。EPS 分别为 2.01/2.42/2.86 元/股,考虑到国内工 厂机械行业景气度有望逐步回暖；多元化产品带来公司海外业务新需求，维持"买入"评级。 |分析师及联系人 田伊依 SAC：S0590524070001 恒立液压(601100) 2024 年半年报点评： 2024Q2 营收及归母净利润增速均转正 | --- | --- | |------------------------|-------------------| | 行 业： | 机械设备/工程机械 | | 投资评级： | 买入（维持） | | 当前价格： | 46.48 元 | | 基本数据 ...

业绩稳健增长，多元化+出海战略持续推进 | --- | --- | |-------------------------------------|-------------| | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | | | 570 收盘价（元） | 48.12 | | 近 12 个月最高/最低（元） | 67.11/41.55 | | 总股本（百万股） | 1340.82 | | 流通股本（百万股） | 1340.82 | | 流通股比例（%） | 100% | | 总市值（亿元） | 645.20 | | 流通市值（亿元） | 645.20 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -30% -20% -10% 0% 10% 恒立液压 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com 相关报告 1.《短期扰动不改长期趋势，持续看 好非挖及海外拓展》2024-04-26 主要观点： [Table_Summary] ⚫ 公司发布 2024 年中报 ...

[Table_Title] 恒立液压（601100.SH） 盈利能力回升，多成长曲线逐步兑现 [Table_Summary] 核心观点： ⚫ 降本措施有序推进，盈利能力稳步回升。（1）公司整体：公司 24H1 实 现收入 48.33 亿元，yoy+8.6%；归母净利润 12.88 亿元，yoy+0.7%； 扣非归母净利润12.40亿元，yoy-0.2%；毛利率为41.64%，yoy+2.6pct； 净利率为 26.7%，yoy-2.1pct。（2）汇兑损益&政府补助：24H1 相较 于同期少了 1.96 亿元的汇兑收益，多了 0.3 亿元的政府补助，若剔除 二者影响看，24H1 公司归母净利润 yoy+16.2%，高于收入增速；截至 2024 年 6 月末，公司共实施降本项目 300 余个，降本措施成效初显。 （3）单季度看：24Q2 公司实现营收 24.71 亿元，同比+22.1%，归母 净利润 6.86 亿元，同比+5.0%，扣非归母净利润 6.54 亿元，同比+1.7%， 相较于 24Q1 均实现大幅好转。 ⚫ 非挖液压件快速增长，线性驱动小批量供货。（1）非挖产品：24H1 公 司销售非标油缸 13. ...

2024 年 08 月 28 日 恒立液压(601100.SH) 成长性 事件：恒立液压发布 2024 年半年报，上半年，公司实现营业收 入 48.33 亿元，同比增长 8.56%，实现归母净利润 12.88 亿元， 同比增长 0.71%；单 Q2，公司实现营业收入 24.71 亿元，同比增 长 22.05%，实现归母净利润 6.86 亿元，同比增长 5%。 挖机行业筑底复苏，"海外市场+非标产品"支撑收入提升。根 据工程机械工业协会，2024 年 1-6 月我国挖机销量 10.32 万台， 同比-5.15%，其中内销 5.34 万台，同比+4.66%，出口 4.98 万台， 同比-13.81%。内销整体筑底复苏、中挖内销增速转正带动结构性 优化；出口整体降幅收窄、下半年由于低基数改善确定性较强。 公司层面，上半年，分市场来看，海外收入同比增长 15.29%，出 口驱动收入增长；分产品来看，挖机行业筑底背景下，非挖业务 表现亮眼，支撑公司整体收入增长：①非标油缸：公司销量 13.89 万只，同比增长 21.53%；②非标泵阀：公司收入同比增长 24.30%。 高基数下，公司盈利能力韧性凸显。2024 年上半年 ...

-32% -24% -17% -9% -1% 7% 2023-08 2023-12 2024-04 本报告导读： 投资要点： [Table_PicQuote] 52周股价走势图 恒立液压 上证指数 [Table_Report] 相关报告 | --- | --- | |-----------------------------|-------| | | /工业 | | [Table_Invest] 评级： | 增持 | | | 增持 | | [Table_Target] 目标价格： | 67.47 | | | 67.47 | | [当前价格： Table_CurPrice] | 48.12 | | --- | --- | --- | |----------|---------------------------|---------------------------| | | 徐乔威(分析师) | 欧阳蕤(分析师) | | | 021-38676779 | 021-38676550 | | | xuqiaowei023970@gtjas.com | ouyangrui029285@gtjas.com | | 登 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 net profit increased by 5% year-on-year, exceeding market expectations, with H1 revenue at 4.83 billion yuan, up 8.6% year-on-year [2][6] - The company's profitability continues to improve due to structural optimization and declining raw material costs, with H1 gross margin at 41.6%, up 2.6 percentage points year-on-year [2][6] - The company is advancing its diversification and internationalization strategy, with projects in Mexico and linear actuator initiatives expected to drive future growth [2][6] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 8,197, 2023A was 8,985, and projections for 2024E, 2025E, and 2026E are 9,929, 11,845, and 14,234 respectively, showing a year-on-year growth of 10.51% in 2024E [2][6] - Net profit attributable to the parent company (in million yuan) for 2022A was 2,343, 2023A was 2,499, with projections for 2024E, 2025E, and 2026E at 2,730, 3,313, and 4,024 respectively, indicating a growth rate of 9.27% in 2024E [2][6] - The latest diluted EPS (in yuan/share) for 2022A was 1.75, 2023A was 1.86, with projections for 2024E, 2025E, and 2026E at 2.04, 2.47, and 3.00 respectively [2][6] Market Data Summary - The closing price of the stock is 46.48 yuan, with a one-year low of 41.55 yuan and a high of 68.11 yuan [3] - The market capitalization is approximately 62.32 billion yuan [3] Asset and Liability Summary - The total assets for 2023A are projected at 17.896 billion yuan, increasing to 20.471 billion yuan in 2024E [6] - The total liabilities for 2023A are projected at 3.453 billion yuan, decreasing to 3.292 billion yuan in 2024E [6] Cash Flow Summary - Operating cash flow for 2023A is projected at 2.677 billion yuan, with expectations of 2.403 billion yuan in 2024E [7] - The net increase in cash for 2023A is projected at (1.073) billion yuan, with expectations of 2.410 billion yuan in 2024E [7]