8月27日，恒立液压大宗交易成交6.88万股，成交额578.54万元，占当日总成交额的0.38%，成交价84.09元，较市场收盘价84.09元持平。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 瑞银证券有限责任 | 中国国际金融股份 | | | 恒立液压 | 601100 | 84.09 578.54 | 6.88 | 公司上海花园石桥 のないですとな | 有限公司上海分公 I | | 2025-08-27 | | | | | | | ...

上市公司2025年中报正在密集披露，QFII上半年末重仓股及二季度持股变动情况随之浮出水面。 数据显示，截至8月26日，已有3072家A股上市公司披露了2025年中报。其中，663家公司的前十大流通股东名单中出现了QFII的身影。具体来看，QFII在二 季度新进成为374只个股的前十大流通股东；同时，对另外157只个股的持股数量相比上季度有所增加。 行业方面，QFII对电子行业持仓市值超120亿元，对有色金属行业持仓市值超50亿元。 持仓生益科技超95亿元 数据显示，截至8月26日，共计3072家A股上市公司披露了2025年中报。在已披露2025年中报的上市公司中，有663家上市公司的前十大流通股东中出现了 QFII的身影，合计持股数量达32.78亿股，持股市值为525.15亿元（以2025年上半年末收盘价计算）。 从QFII持仓市值排名看，QFII对生益科技的持仓市值达95.50亿元，位居第一；对紫金矿业、九号公司-WD的持仓市值分居第二、第三位，分别达33.83亿 元、11.69亿元。此外，QFII对东方雨虹、恒立液压持仓市值均超9亿元。 已披露2025年中报上市公司中QFII十大重仓股 | 证券代码 | ...

Core Viewpoint - The QFII (Qualified Foreign Institutional Investor) has significantly increased its holdings in A-share listed companies, with a focus on the electronics and non-ferrous metals sectors, as revealed in the 2025 mid-year reports. Group 1: QFII Holdings Overview - As of August 26, 2025, 3,072 A-share listed companies have disclosed their mid-year reports, with 663 companies having QFII among their top ten shareholders, totaling 3.278 billion shares valued at 52.515 billion yuan [1][3]. - QFII has newly entered the top ten shareholders of 374 stocks in the second quarter, with notable increases in holdings for companies like Jianghuai Automobile and others, each exceeding 300 million yuan in market value [1][5]. Group 2: Top QFII Holdings - The top QFII holdings include: - Shengyi Technology: 31,676.13 million shares valued at 9.550 billion yuan - Zijin Mining: 17,346.42 million shares valued at 3.383 billion yuan - Ninebot Company: 1,974.93 million shares valued at 1.169 billion yuan [5][6]. - Other significant holdings include Oriental Yuhong and Hengli Hydraulic, each exceeding 900 million yuan in market value [3][5]. Group 3: Sector Analysis - QFII's holdings are concentrated in the electronics sector, with a market value exceeding 12 billion yuan, followed by non-ferrous metals at over 5 billion yuan [1][8]. - The top ten sectors by QFII holdings include: - Electronics: 51,263.11 million shares valued at 12.862 billion yuan - Non-ferrous metals: 27,076.67 million shares valued at 5.149 billion yuan - Machinery: 28,786.26 million shares valued at 4.596 billion yuan [9]. Group 4: QFII Institutional Holdings - The top QFII institutions by market value include: - Hong Kong Weiwa Electronics Co., Ltd.: 8.895 billion yuan - Abu Dhabi Investment Authority: 8.742 billion yuan - Barclays Bank: 7.124 billion yuan [10].

Core Viewpoint - Hengli Hydraulic's stock price has shown significant growth this year, with a year-to-date increase of 63.53%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the first half of 2025, Hengli Hydraulic reported revenue of 5.171 billion yuan, representing a year-on-year growth of 7.00% [2]. - The net profit attributable to shareholders for the same period was 1.429 billion yuan, reflecting a year-on-year increase of 10.97% [2]. Stock Market Activity - As of August 27, Hengli Hydraulic's stock price was 85.15 yuan per share, with a market capitalization of 114.171 billion yuan [1]. - The stock experienced a net outflow of 131 million yuan in principal funds, with significant selling pressure observed [1]. - The stock has seen a 1.38% increase over the last five trading days and a 13.23% increase over the last 20 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 43,800, a rise of 4.26% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 4.09% to 30,647 shares [2]. Dividend Distribution - Hengli Hydraulic has distributed a total of 5.775 billion yuan in dividends since its A-share listing, with 2.708 billion yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 103 million shares, a decrease of 185,000 shares from the previous period [3]. - Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF have increased their holdings, while Huaxia CSI 300 ETF entered as a new shareholder [3].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [5][9]. Core Views - The company has achieved a record high net profit for a single quarter, driven by the recovery of its main business and expansion into new markets [1]. - The excavator industry continues to recover, with the company benefiting from increased demand for hydraulic components [2]. - The company's profitability is steadily improving due to structural optimization and ongoing cost reduction efforts [3]. - The company is enhancing its overseas presence and has made significant progress in new product development [4]. Summary by Sections Company Growth Prospects - In the first half of 2025, the company reported total revenue of 5.171 billion yuan, a year-on-year increase of 7%, and a net profit of 1.429 billion yuan, up 10.97% [1]. - The excavator industry saw total sales of 120,500 units in the first half of 2025, a year-on-year increase of 16.77%, with domestic sales up 22.9% and exports up 10.19% [2]. Profitability Improvement - The company achieved a gross margin of 41.85% and a net margin of 27.7% in the first half of 2025, reflecting an increase of 0.33 percentage points and 1.01 percentage points year-on-year, respectively [3]. - Cost management measures have been implemented across various areas, supporting profitability [3]. Overseas Expansion and New Product Development - The company has successfully launched its largest overseas production base in Mexico and is actively participating in international exhibitions [4]. - The company has developed over 50 new products as part of its electrification strategy, with all new products successfully entering the market [4]. Financial Forecast - Revenue projections for 2025-2027 are 10.478 billion yuan, 12.158 billion yuan, and 14.170 billion yuan, representing year-on-year growth of 12%, 16%, and 17% respectively [5]. - Net profit forecasts for the same period are 2.762 billion yuan, 3.255 billion yuan, and 3.837 billion yuan, with growth rates of 10%, 18%, and 18% [5].

Core Viewpoint - Hengli Hydraulic (601100) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year [1][3]. Financial Performance - Total revenue reached 5.171 billion yuan, a year-on-year increase of 7.0% [1] - Net profit attributable to shareholders was 1.429 billion yuan, up 10.97% year-on-year [1] - In Q2 alone, total revenue was 2.749 billion yuan, reflecting an 11.24% increase year-on-year, while net profit for the quarter was 0.812 billion yuan, up 18.31% [1] - Gross margin improved to 41.85%, an increase of 0.79% year-on-year, and net margin rose to 27.7%, up 3.78% [1] Cost Management - Total selling, administrative, and financial expenses amounted to 132 million yuan, representing only 2.56% of revenue, a significant decrease of 42.62% year-on-year [1] - The company reported a decrease in interest-bearing liabilities by 83.87%, indicating improved financial health [1] Key Financial Ratios - Earnings per share (EPS) increased to 1.07 yuan, a rise of 11.46% year-on-year [1] - Cash flow from operations per share was 0.46 yuan, up 13.25% year-on-year [1] - The company's return on invested capital (ROIC) was reported at 15.13%, indicating strong capital returns [4] Fund Holdings - The largest fund holding Hengli Hydraulic is the Yuanxin Yongfeng Xingnuo One-Year Holding Mixed Fund, which increased its position to 2.1502 million shares [5] - Other funds, such as Hongde Ruize Mixed Fund and Hongde Ruiyuan Three-Year Holding Mixed Fund, also increased their holdings [5] Market Expectations - Analysts project that the company's performance for 2025 will reach 2.844 billion yuan, with an average EPS forecast of 2.12 yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a record high net profit in Q2 2025, with a significant increase in profitability [5][8] - Revenue for the first half of 2025 reached 5.171 billion, a year-on-year growth of 7.00%, while net profit attributable to the parent company was 1.429 billion, up 10.97% year-on-year [5][8] - The company is adjusting its profit forecast upwards due to improved excavator demand and strong performance in non-excavator products, with expected net profits for 2025-2027 being 2.824 billion, 3.275 billion, and 3.858 billion respectively [8] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 10.531 billion, with a year-on-year growth rate of 12.2% [7] - The gross profit margin for the first half of 2025 was 41.85%, an increase of 0.21 percentage points year-on-year [8] - The company’s return on equity (ROE) for 2025 is estimated at 15.6% [7] Company Performance - The company sold 308,300 hydraulic cylinders for excavators in the first half of 2025, a year-on-year increase of over 15% [8] - The company’s overseas production base in Mexico has commenced operations, and it has developed over 50 new products in the linear actuator project [8]

恒立液压 20250826 摘要 2025 年二季度，恒立液压营收同比增长 7%，单季度毛利率达 44%， 主要受益于收入增长、成本控制及产品结构调整，如中大挖泵阀、马达 等高毛利率产品占比提升。 二季度单季度净利润增长超 18%，净利率达 29%以上，经营现金流同 比增长 13.2%，显示公司盈利能力和财务状况稳健。内销市场增长 11%，海外市场略有下滑，但核心客户需求向好。 挖掘机专用油缸上半年产量增长 16%，收入增长 12%，泵阀及液压系 统、马达等业务收入增长 15%，其中挖掘机阀增速最快，达 24%。 新业务方面，已导入 300 多家客户，建立十余家经销体系，市场反馈良 好，下半年预计逐步走向正轨。行星丝杠重视研发和商务对接，长期前 景看好，对接 AI 领域新兴创投企业。 海外市场拓展加速，成立多个海外子公司，并在墨西哥、印尼等地布局 产能。墨西哥工厂 6 月投产，带来海外订单增量，每月产值约一千多万 元人民币。 Q&A 恒立液压在 2025 年上半年的整体经营亮点有哪些？ 2025 年上半年，恒立液压在收入和利润方面均表现出色，尤其是二季度的表 现尤为突出。单季度收入达到历史二季度峰值，同比增幅 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 net profit attributable to shareholders increased by 18.3% year-on-year, and Q3 performance is expected to accelerate further [2] - In H1 2025, the company achieved total revenue of 5.17 billion yuan, up 7% year-on-year, and a net profit of 1.43 billion yuan, up 11% year-on-year [2] - The growth in Q2 was driven by the recovery in the excavator sector and increased market share in the mid-to-large excavator pump and valve market [2] - The company has developed over 50 new products in the linear actuator segment, with nearly 300 new customers, which is expected to contribute to performance growth [2] Financial Performance - The gross margin for Q2 2025 improved by 0.9 percentage points year-on-year to 44%, while the net profit margin increased by 1.8 percentage points to 29.6% [3] - The company's expense control remains robust, with sales, management, financial, and R&D expense ratios showing stable trends [3] - The report forecasts net profits for 2025-2027 at 2.87 billion, 3.41 billion, and 4.14 billion yuan respectively, with corresponding P/E ratios of 41, 34, and 28 times [4] Strategic Developments - The establishment of a hydraulic component production base in Mexico is expected to enhance the company's access to high-end customers in North America [4] - The company is expanding its product offerings in the linear actuator segment, focusing on high-quality and innovative solutions [4] - The report highlights the company's proactive approach in the electrification of construction machinery components, with electric cylinders already being implemented in high-end products [4]

二季度业绩逐步加速，净利润创单季度历史新高 恒立液压(601100) 证券研究报告 工程机械 / 公司点评 / 2025.08.26 核心观点 | 盈利预测 | | --- | 投资评级:增持(维持) | 基本数据 | 2025-08-25 | | --- | --- | | 收盘价(元) | 83.80 | | 流通股本(亿股) | 13.41 | | 每股净资产(元) | 12.22 | | 总股本(亿股) | 13.41 | 最近 12 月市场表现 -5% 17% 39% 61% 83% 104% 恒立液压 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 张豪杰 SAC 证书编号：S0160522090002 zhanghj01@ctsec.com 相关报告 1. 《液压泵阀份额持续提升，线性驱动新品 逐步放量》 2025-04-29 2. 《三季度业绩稳健增长，非标油缸及泵阀 保持较快增长》 2024-10-29 3. 《非标油缸及泵阀较快增长，二季度业绩 超预期》 2024-08-27 | [币种Table_FinchinaSimp ...