江苏世纪同仁律师事务所 关于江苏恒立液压股份有限公司 2024年年度股东会法律意见书 江苏恒立液压股份有限公司: 恒立液压 法律意见书 根据《公司法》《证券法》和中国证监会《上市公司股东会规则》等法律、 法规和规范性文件以及《公司章程》的规定,本所受贵公司董事会的委托,指派 本律师出席公司2024年年度股东会,并就本次股东会的召集、召开程序、出席会 议人员资格、召集人资格、表决程序以及表决结果的合法有效性等事项出具法律 意见。 为出具本法律意见书,本律师对本次股东会所涉及的有关事项进行了审查, 查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 本律师同意将本法律意见书随贵公司本次股东会决议一并公告,并依法对本 法律意见书承担相应的责任。 本律师根据法律的要求,按照律师行业公认的业务标准、道德规范和勤勉尽 责的精神,现出具法律意见如下: 一、本次股东会的召集、召开程序 公司于 2025年 4 月 26日召开第五届董事会第十四次会议,审议通过了《江 苏恒立液压股份有限公司关于召开 2024年年度股东大会的议案》,决定于 2025 年 5 月 23 日 10 点 00 分召开本次股东会,并于 2025年 4 ...

Investment Rating - The report maintains a "Buy" rating for the engineering machinery industry [1] Core Insights - The engineering machinery industry is experiencing steady revenue growth, with profit growth outpacing revenue growth in 2024 and Q1 2025 [3][4] - The industry is supported by favorable government policies and a recovering demand for infrastructure, ensuring medium-term demand stability [7] - The trend towards electrification in engineering machinery is accelerating, with significant growth in electric loader sales [9] Revenue and Profit Performance - In 2024, the overall revenue of listed companies in the engineering machinery industry reached CNY 355.12 billion, a year-on-year increase of 3.5% [3] - For Q1 2025, the revenue was CNY 96.13 billion, reflecting a year-on-year growth of 10.4% [3] - The net profit attributable to shareholders in 2024 was CNY 29.77 billion, up 16.9% year-on-year, while Q1 2025 saw a net profit of CNY 9.72 billion, a 30.2% increase [4] Profitability Metrics - The overall gross margin for the industry in 2024 was 25.5%, a slight increase of 0.3 percentage points year-on-year [5] - The net profit margin improved to 8.7% in 2024, up 1.1 percentage points from the previous year [5] Sales Trends - From January to April 2025, excavator sales (including exports) reached 83,514 units, a year-on-year increase of 21.4% [6] - The domestic sales of excavators during this period were 49,109 units, marking a 31.9% increase [6] Export Performance - In the same period, excavator exports totaled 34,405 units, reflecting a 9.0% year-on-year growth [8] - The report highlights opportunities for growth in Southeast Asia, Africa, and the Middle East markets [8] Electrification and Green Transition - Electric loader sales surged by 254.8% in Q1 2025, with an electrification rate of 19.3%, up 14.3 percentage points year-on-year [9] - The government is promoting a green transition, which is expected to accelerate the electrification process in the engineering machinery sector [9] Investment Recommendations - The report recommends key players such as SANY Heavy Industry, Zoomlion, XCMG, LiuGong, and Shantui, as well as component manufacturers like Hengli Hydraulic [10]

Investment Rating - The report maintains a "Buy" rating for the engineering machinery industry [1] Core Viewpoints - The engineering machinery industry is experiencing steady revenue growth, with profit growth outpacing revenue growth in 2024 and Q1 2025 [3][4] - The industry is benefiting from cost reduction, efficiency improvements, and product structure optimization, leading to a recovery in profitability [5] - The demand for engineering machinery is expected to continue its recovery due to strong government support and infrastructure investment [7] - The trend towards electrification in the engineering machinery sector is accelerating, with significant growth in electric loader sales [9] Summary by Sections Revenue and Profit Performance - In 2024, the overall revenue of listed companies in the engineering machinery industry reached 355.12 billion yuan, a year-on-year increase of 3.5% [3] - For Q1 2025, the revenue was 96.13 billion yuan, reflecting a year-on-year growth of 10.4% [3] - The net profit attributable to shareholders in 2024 was 29.77 billion yuan, up 16.9% year-on-year, with Q1 2025 showing a 30.2% increase to 9.72 billion yuan [4] Profitability Metrics - The overall gross margin for the industry in 2024 was 25.5%, a slight increase from the previous year, while the net margin improved to 8.7% [5] - In Q1 2025, the gross margin slightly decreased to 25.1%, but the net margin rose to 10.3% [5] Sales Trends - From January to April 2025, excavator sales reached 83,514 units, a year-on-year increase of 21.4%, with domestic sales growing by 31.9% [6] - The report highlights a significant increase in electric loader sales, with a year-on-year growth of 254.8% in Q1 2025 [9] Government Support and Market Outlook - The government plans to issue 1.3 trillion yuan in long-term special bonds to support infrastructure projects, which is expected to boost demand for engineering machinery [7] - The report anticipates continued growth in the international market for engineering machinery, particularly in Southeast Asia, Africa, and the Middle East [8] Investment Recommendations - The report recommends investing in leading companies such as Sany Heavy Industry, Zoomlion, XCMG, LiuGong, and Shantui, as well as component manufacturers like Hengli Hydraulic [10]

Group 1 - Morgan Stanley downgraded the rating of Hengli Hydraulic to Neutral [1] - The target price set by Morgan Stanley is 73 RMB [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within six months [9][15]. Core Insights - The company reported a revenue of 9.39 billion yuan for 2024, a year-on-year increase of 4.51%, and a net profit attributable to shareholders of 2.51 billion yuan, up 0.4% year-on-year [4][5]. - The excavator market is showing signs of recovery, with a total of 201,100 excavators sold in 2024, marking a 3.13% increase, and domestic sales rising by 11.7% [6]. - The linear actuator project has entered mass production, which is expected to provide new growth opportunities for the company [6]. Financial Performance - In 2024, the company achieved revenues of 9.39 billion yuan, with a breakdown of product revenues as follows: hydraulic cylinders (4.76 billion yuan), hydraulic pumps and motors (3.58 billion yuan), hydraulic systems (296 million yuan), and parts and castings (684 million yuan) [5]. - The gross profit margin for 2024 was 42.47%, a decrease of 0.89 percentage points year-on-year, while the expense ratio increased by 4.77 percentage points to 14.96% [5]. - The company forecasts revenues of 10.44 billion yuan, 11.63 billion yuan, and 12.96 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.76 billion yuan, 3.13 billion yuan, and 3.56 billion yuan [7][9]. Market Trends - The excavator market is expected to continue its upward trend, with sales in the first four months of 2025 reaching 83,500 units, a 21.4% increase year-on-year [6]. - The company is actively pursuing its electrification strategy, with significant investments in the linear actuator project, which is anticipated to enhance its competitive position in the market [6].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price between 10% and 20% compared to the benchmark index over the next six months [9][15]. Core Insights - The company reported a revenue of 9.39 billion yuan for 2024, a year-on-year increase of 4.51%, and a net profit attributable to shareholders of 2.51 billion yuan, up 0.4% year-on-year [4][5]. - The excavator market is showing signs of recovery, with domestic sales increasing by 31.9% in the first quarter of 2025, indicating a positive trend for the company's core business [6]. - The linear actuator project has entered mass production, which is expected to provide new growth opportunities for the company [6]. Financial Performance - In 2024, the company achieved revenues of 9.39 billion yuan, with a gross margin of 42.47%, slightly down by 0.89 percentage points year-on-year [5]. - The company’s net profit for 2025 is projected to be 2.76 billion yuan, reflecting a growth rate of 10.01% [11][12]. - The company’s earnings per share (EPS) is expected to grow from 1.87 yuan in 2024 to 2.65 yuan by 2027 [11][12]. Business Segments - The hydraulic pumps and motors segment showed robust growth, with revenues of 3.58 billion yuan in 2024, marking a year-on-year increase of 9.63% [5]. - Domestic sales accounted for 72.51 billion yuan in 2024, up 3.61% year-on-year, while international sales reached 2.07 billion yuan, an increase of 7.61% [5]. Market Outlook - The excavator sales in China reached 100,500 units in 2024, a 11.7% increase, signaling a recovery in the market after three years of decline [6]. - The company expects revenue growth rates of 11.19%, 11.43%, and 11.40% for the years 2025, 2026, and 2027, respectively [7][11].

Key Recommendations - Three-Dimensional Chemical (002469.SZ) benefits from accelerated coal chemical construction in Xinjiang, with a unique competitive advantage through "engineering + industry" collaboration [10][11] - Kangguan Technology (001308.SZ) shows high growth in innovative display products, with improved gross margin in Q1 2025 [12][13] Industry and Company Analysis - Three-Dimensional Chemical is a leader in sulfur recovery, leveraging proprietary technology to break foreign monopolies, with projected engineering revenue of 570 million yuan and chemical product revenue of 1.81 billion yuan in 2024 [10][11] - The company has a strong order backlog of 1.67 billion yuan, ensuring sustained revenue growth from coal chemical projects, with expected engineering revenue of 360 million, 550 million, and 760 million yuan from 2025 to 2027 [11] - The domestic market for n-propanol remains tight, with a projected supply gap of 41,000 tons in 2025, maintaining prices between 8,000-9,000 yuan/ton [11] - Kangguan Technology's Q1 2025 revenue reached 3.142 billion yuan, a year-on-year increase of 10.8%, with a net profit of 215 million yuan, reflecting a 15.8% increase [12][13] - The company’s innovative display products saw a 50.4% revenue increase in Q1 2025, driven by strong demand in emerging markets [13][14] Macroeconomic and Strategic Insights - The high-tech manufacturing sector shows signs of recovery, with a narrowing decline in the macroeconomic diffusion index, indicating improved economic conditions [15][17] - The macroeconomic environment is expected to support growth in sectors like coal chemical engineering and innovative display technologies, with favorable government policies promoting urban renewal and infrastructure investment [26][27]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [3]. Core Insights - The report highlights a positive outlook for Yingliu Co., driven by the rising demand in the "two machines" sector, with a projected average global gas turbine sales increase of 36% from 44.1 GW in 2023 to 60 GW from 2024 to 2026 [5][24]. - The nuclear fusion sector is expected to see accelerated bidding in 2025, with over 70 tenders reported for the Hefei BEST project this year, indicating a robust market environment [5][24]. - Huawei's collaboration with UBTECH in humanoid robotics and Tesla's advancements in their Optimus project signal a rapid development in the humanoid robotics industry [5][24]. Summary by Sections Market Review - The SW Machinery Equipment Index rose by 0.35% during the week of May 12-16, 2025, ranking 18th among 31 primary industry categories [3][13]. - Year-to-date, the SW Machinery Equipment Index has increased by 9.47%, ranking 3rd among the primary industry categories, while the CSI 300 Index has decreased by 1.16% [3][17]. Key Data Tracking General Machinery - The manufacturing PMI for April was reported at 49.0, indicating a slight decline, with new orders PMI at 49.2 [23]. Engineering Machinery - Excavator sales in April reached 22,100 units, a year-on-year increase of 17.6%, with exports growing by 19.3% [35]. Railway Equipment - Railway fixed asset investment and passenger volume showed year-on-year increases of 5.3% and 5.9%, respectively, indicating a recovery in demand [37]. Shipbuilding - The global new ship price index reached 187.43 in April, a year-on-year increase of 0.32%, suggesting improved profitability for shipbuilding companies [39]. Oilfield Equipment - Brent crude oil prices fluctuated around $65 per barrel, with ongoing monitoring of production increases and trade negotiations [42]. Industrial Gases - Industrial gas prices are experiencing fluctuations, with both liquid oxygen and nitrogen prices showing variability [45]. Industry Dynamics - The report notes significant developments in the nuclear sector, including the successful delivery of key components for nuclear power plants and advancements in oil and gas exploration technologies [46][47].

Investment Rating - The report maintains a "Recommendation" rating for the humanoid robotics industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [6]. Core Insights - The humanoid robotics sector is experiencing significant investment activity, with multiple companies securing substantial funding rounds, indicating strong market interest and growth potential [5][10][12]. - Partnerships between major tech firms, such as Huawei and UBTECH, are expected to enhance product development and application in industrial and household scenarios, further driving industry growth [2]. - The report highlights the emergence of autonomous logistics as a rapidly deployable application for embodied intelligence, with the potential to unlock a market exceeding 100 billion [12]. Summary by Sections Investment Activities - Skild AI is set to complete a $500 million financing round at a valuation of $4.2 billion, led by SoftBank and other prominent investors, aimed at expanding its robotics capabilities [1]. - Qianjue Robotics announced the completion of a multi-million angel round financing to accelerate technology development and product iteration [3]. - Ziyuan Robotics completed a multi-million A round financing, with funds directed towards the development of its end-to-end embodied intelligence model [5]. Strategic Partnerships - Huawei and UBTECH signed a comprehensive cooperation agreement to innovate in humanoid robotics, leveraging Huawei's technological capabilities and UBTECH's expertise [2]. - Yujian Technology and Tencent Cloud have deepened their strategic cooperation to accelerate innovation in embodied intelligence technology across various applications [4]. Market Performance - The humanoid robotics industry has shown strong performance metrics, with a notable increase in stock prices for key players, indicating robust investor confidence [17]. - The report outlines a significant increase in the number of financing events in the humanoid robotics sector, reflecting a growing interest from venture capital and institutional investors [18][20].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [3]. Core Insights - The report highlights a positive outlook for Yingliu Co., driven by the rising demand in the "two machines" sector, with a projected average global gas turbine sales increase of 36% from 44.1 GW in 2023 to 60 GW from 2024 to 2026 [5][25]. - The nuclear fusion sector is expected to see accelerated bidding activity in 2025, with over 70 tenders reported for the Hefei BEST project this year, indicating a robust market environment [5][25]. - Huawei's collaboration with UBTECH in humanoid robotics and Tesla's advancements in their Optimus project signal a rapid development in the humanoid robotics industry [5][25]. Summary by Sections Market Review - The SW Machinery Equipment Index rose by 0.35% during the week of May 12-16, 2025, ranking 18th among 31 primary industry categories, while the CSI 300 Index increased by 1.12% [3][13]. - Year-to-date, the SW Machinery Equipment Index has increased by 9.47%, ranking 3rd among the 31 primary industry categories, contrasting with a 1.16% decline in the CSI 300 Index [3][17]. Key Data Tracking General Machinery - The manufacturing PMI for April was reported at 49.0, indicating a slight decline, with new orders PMI at 49.2, reflecting a decrease of 2.6 percentage points [24]. Engineering Machinery - In April 2025, excavator sales reached 22,100 units, a year-on-year increase of 17.6%, with exports at 9,595 units, up 19.3% [38]. Railway Equipment - From January to April 2025, railway fixed asset investment and passenger volume increased by 5.3% and 5.9% respectively, indicating a recovery in railway equipment demand [40]. Shipbuilding - The global new ship price index reached 187.43 in April 2025, a year-on-year increase of 0.32%, suggesting improved profitability for shipbuilding companies [43]. Oilfield Equipment - Brent crude oil prices fluctuated around $65 per barrel, with ongoing monitoring of production increases and trade negotiations between China and the US [46]. Industrial Gases - Industrial gas prices are experiencing fluctuations, with both liquid oxygen and nitrogen prices showing variability [49]. Industry Dynamics - The report notes significant developments in the general machinery sector, including the delivery of key nuclear pump equipment and advancements in liquid cooling technology for data centers [50]. - The report also mentions a major breakthrough in natural gas exploration by Sinopec in Sichuan, which could enhance the region's production capabilities [51].