2024 年 04 月 24 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 非挖 海外拓展稳步推进，募投项目投产在即 + 证券分析师： 姚健 S0350522030001 yaoj@ghzq.com.cn ——恒立液压（ ） 年报及 年一 601100 2023 2024 季报点评 最近一年走势 事件 : 恒立液压4月22日发布2023年报及2024年一季报：2023年，公司实 现营业收入89.85亿元，同比增长9.61%；实现归母净利润24.99亿元， 同比增长6.66%；实现扣非归母净利润24.47亿元，同比增长9.67%。 2024Q1，公司实现营业收入23.62亿元，同比下滑2.7%；实现归母净 利润6.02亿元，同比下滑3.77%；实现扣非归母净利润5.86亿元，同 比下滑2.3%。 投资要点 : 相对沪深300表现 2024/04/24 表现 1M 3M 12M  非挖占比提升，公司业绩实现小幅增长 据中国工程机械行业协 恒立液压 -3.5% -2.3% -21.0% 会数据，2023年，全国挖掘机销量同比下滑25.4%，其中国内销量 沪深300 -0.7% 7.5 ...

尊敬的各位领导 大家上午好我是征信证券基金行业首席分析师李悦 今天我们非常有幸的邀请到了恒大业鸭的董秘、战打棒张总给我们就公司23年年报和21年一级报的经营状况做分析和讲解那么去年也是工程机械这个整个持续下滑的一年那公司整体是从业绩上保持了一个非常不错的一个还不错的一个成长的一个成绩那么目前看从三月份以来这个工程机械有复苏的一个苗头 那么我们也请方总科给我们介绍一下这个二十三年的年报以及对于今年全年的一个观点的看法谢谢好 感谢岳总对 我们昨天晚上发布了年报和一级报 那总体来讲就是说我们去年还是经过自己的努力吧也是这个实现了基本上实现了我们这个年初致敬的这个收入目标这个差不多接近十个点左右的这样一个收入增长利润端呢这个也是实现了这个6.6的这么一个增长那这个里面就是说会有一些这种这个 对我们来讲我们觉得有好的贡献的一面当然也有一些拖累因素简单的分我们各个业务板块的情况来看就是总体包括八级油缸去年全年是一个下滑的这么一个情况去年全年我们下滑了11.96%就接近12% 那么另外还有一点就是我们的挖掘机的小挖的这个阀和这个小挖的泵这个平均都是下滑在20%左右所以基本上这个就是我们这个不太有利的地方吧那么去年全年收入增 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a revenue of 8.985 billion yuan in 2023, a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 2.499 billion yuan, up 6.66% year-on-year. The first quarter of 2024 saw a revenue of 2.362 billion yuan, a decline of 2.70% year-on-year, and a net profit of 602 million yuan, down 3.77% year-on-year [1]. - Despite a 25.4% decline in the excavator industry in 2023, the company achieved revenue and profit growth, demonstrating resilience as a market leader. The gross margin for Q1 2024 was 40.1%, slightly down by 0.76 percentage points year-on-year, while the net margin was 25.5%, down by 0.29 percentage points year-on-year [1]. - The diversification strategy is yielding results, with non-excavator business showing strong performance. Sales of non-standard hydraulic cylinders for heavy equipment increased by 16.06% year-on-year, and sales in non-excavator sectors such as hydraulic pumps, valves, and motors saw significant growth [1]. - The company's international sales reached 1.927 billion yuan in 2023, a 9.95% increase year-on-year, despite a slowdown in growth due to declining excavator export volumes. The company is expanding its international presence with new production bases and subsidiaries in Mexico, Singapore, and Brazil [1]. Financial Summary - In 2023, the company achieved a revenue of 8.985 billion yuan, with a projected revenue of 9.895 billion yuan for 2024, reflecting a growth rate of 10.1%. The net profit for 2024 is expected to be 2.726 billion yuan, a year-on-year increase of 9.1% [3]. - The earnings per share (EPS) for 2023 was 1.86 yuan, with projections of 2.03 yuan for 2024 and 2.47 yuan for 2025 [3]. - The company’s return on equity (ROE) for 2023 was 17.3%, with expectations of 16.8% for 2024 and 17.8% for 2025 [3].

过今年一季度的话呢就是规模金利润大概是有个数字的一个下滑大概三个多点的一个水平啊那其实前段时间最悲观的预期可能是给到了这个下滑10%这么一个幅度所以其实从业绩的一个角度来看呢公司我们觉得还是还是不错的当然股价呢可能也有一些资金的一些因素啊我们其实邀请那个董碧章总的 主要是从基本面的角度来跟我们分析一下就是公司这个产品的一个结构还有就是公司2023年整个的一个国内外市场的一个表现最后就是2024年我们也给了一个展望就是24年的一个规划以及说新产品这块的进度所以先邀请那个张总来给我们把整个的业绩来解读一下 好 谢谢听讲 杨杨还有各位投资人我们昨天晚上发布两个报告总体的情况就是说整个二三年跟垃圾机相关的一些产品会有一些波动当然也是分产品结构的整个看起来 23年这个同比这个同比数有所下滑的第一个是我们的挖掘机油缸那这块的话呢挖掘机油缸整体是下滑了12%左右11.96%那么另外就是我们的小挖的泵和小挖的法这个分别这个下滑在20左右那除了这三款产品之外那其他的像这个我们非洲的油缸我们今年是这个23年同比这个22年是增长了20.57%那这个里面像这个我们的 顿购既有钢我们是增加了22%像这个启重系列类的包含既有钢作为品牌的 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved steady growth in annual performance, with operating income of 8.98 billion yuan in 2023, a year-on-year increase of 9.6%, and a net profit of 2.50 billion yuan, up 6.7% year-on-year [2] - The company is actively expanding its international market presence, with overseas revenue reaching 1.93 billion yuan, a 10.0% increase year-on-year [2] - The company is diversifying its product offerings, with significant growth in non-excavator hydraulic products, despite a decline in excavator-related product sales due to industry downturns [2] Summary by Sections Annual Performance - In 2023, the company reported operating income of 89.8 billion yuan, a 9.6% increase year-on-year, and a net profit of 25.0 billion yuan, a 6.7% increase year-on-year [2] - The operating cash flow was 26.8 billion yuan, up 29.7% year-on-year, with a comprehensive gross margin of 41.9%, an increase of 1.3 percentage points [2] - The net profit margin was 27.9%, down 0.8 percentage points due to rising sales and management expense ratios [2] Product Performance - Hydraulic cylinders generated revenue of 46.9 billion yuan, a 2.4% increase year-on-year, while hydraulic pumps and valves saw revenue of 32.7 billion yuan, an 18.6% increase [2] - The company is focusing on electric drive technology, with initial construction of linear drive projects completed and electric cylinder applications developed for high-altitude work platforms [2] International Market Expansion - Domestic revenue was 70.0 billion yuan, a 9.1% increase year-on-year, while overseas revenue was 19.3 billion yuan, a 10.0% increase year-on-year [2] - The company is establishing a hydraulic component production base in Mexico, expected to begin trial production in Q2 2024, and has set up subsidiaries in Singapore and Brazil to enhance its global service network [2] Future Earnings Forecast - The company has adjusted its net profit forecasts for 2024 and 2025 down by 13.6% and 13.2% to 28.5 billion yuan and 33.8 billion yuan, respectively, while introducing a 2026 forecast of 39.7 billion yuan [2] - Corresponding EPS for 2024, 2025, and 2026 are projected to be 2.13 yuan, 2.52 yuan, and 2.96 yuan, respectively [2]

[Table_Page] 季报点评|机械设备 证券研究报告 [恒Table_立Title] 液压（601100.SH） [公Tab司le_I评nves级t] 买入 当前价格 51.24元 业绩符合预期，新产品稳步推进 合理价值 60.23元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-24  业绩符合预期，利润率稳健。公司发布了23年年报及24年一季报。 相[Ta对ble市_Pi场cQu表ote现] 公司 23 年全年实现归母净利润 25 亿元，符合市场预期。24Q1 公司 实现收入23.6亿元，同比下降2.7%；实现归母净利润6.0亿元，同比 9% 下降 3.8%，收入与利润表现均超市场预期。盈利能力端，24Q1 公司 2% 毛利率与净利率较同期基本持平，保持稳健的盈利能力。 -5%04/23 06/23 08/23 10/23 12/23 02/24  挖机结构波动产生小幅影响，非挖产品保持景气。挖机在23年内销下 -12% 滑较多，且 24Q1 结构端更趋于小挖，公司 24Q1 收入侧小幅承压符 -19% 合预期。23年公司的中大挖油缸、非标油缸及泵 ...

M N 24 Apr 2024 CMB International Global Markets | Equity Research | Company Update Jiangsu Hengli (601100 CH) 4Q23 & 1Q24 earnings not exciting; but more positive drivers to come Target Price RMB64.00 Hengli’s net profit in 2023 was +7% YoY to RMB2.5bn, which is -5%/+3% versus (Previous TP RMB83.00) our/consensus estimates. Net profit in 1Q24 dropped 4% YoY to RMB602mn, Up/Downside 24.9% due to weak demand for excavators’ hydraulic components and an increased Current Price RMB51.24 expense ratio. We trim o ...

公 司 研 究 [Table_Reportdate] 2024年04月23日 [Table_invest] [恒Tabl立e_N液ewT压itle] （601100）：线性驱动器和海外 买入（维持） 公 项目稳步推进，下游承压难阻公司成长 报告原因：业绩点评 司 ——公司简评报告 简 评 [证Ta券b分le析_A师u thors] [table_main] 投资要点 谢建斌 S0630522020001 xjb@longone.com.cn ➢ 事件：公司2023年实现营收89.85亿元，同比增长9.61%；归母净利润达24.99亿元，同比 机 联系人 增长6.66%，业绩符合预期；经营活动现金流26.77亿元，同比增长29.73%；净资产收益 械 商俭 设 shangjian@longone.com.cn 率为18.69%；2023年度利润分配预案，每10股派发现金红利7元，共计派发现金9.39亿元； 2024第一季度实现营收23.62亿元，同比下降2.7%；归母净利润6.02亿，同比下降3.77%。 备 [数Ta据b日le_期co minfo] 2024/04/23 收盘价 51.24 ➢ 下游需求承压难 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met market expectations, with a total revenue of 89.85 billion yuan, a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 24.99 billion yuan, up 6.66% year-on-year [3][4] - The company is positioned as a leading domestic hydraulic component manufacturer, with strong profitability and a diversified product strategy contributing to revenue growth [4][5] - The upcoming production of overseas factories and linear drive projects is expected to enhance growth potential [5][6] Financial Performance Summary - In 2023, the company's total revenue was 89.85 billion yuan, with a year-on-year growth of 9.61%. The net profit attributable to shareholders was 24.99 billion yuan, reflecting a 6.66% increase [3][4] - The company's gross margin was 41.9%, an increase of 1.3 percentage points year-on-year, while the net profit margin was 27.9%, a slight decrease of 0.8 percentage points [4][12] - The company reported a cash flow from operating activities of 2.68 billion yuan in 2023, a 30% increase year-on-year [12][18] Revenue and Profit Forecast - The forecast for total revenue is 95.67 billion yuan in 2024, with a growth rate of 6.48%, and a net profit of 26.49 billion yuan, reflecting a growth rate of 6.02% [2][17] - The company expects to achieve a net profit of 33.45 billion yuan in 2025 and 40.27 billion yuan in 2026, with corresponding P/E ratios of 21.22 and 17.62 [2][17] Market Position and Strategy - The company is focusing on internationalization and diversification, with a new hydraulic component production base in Mexico expected to begin trial production in Q2 2024 [5][6] - The linear drive project, which includes electric cylinder, screw, and guide rail divisions, is set to begin trial production in Q1 2024, targeting a high-end market with significant growth potential [5][6] Industry Outlook - The engineering machinery industry is anticipated to experience a dual-cycle resonance due to large-scale equipment updates and industry self-renewal, with the company expected to benefit from this trend [6][11]

证券研究报告 公 2024年04月23日 司 报 告 恒立液压(601100) │ 行 业： 机械设备/工程机械 公 投资评级： 买入（维持） 司 当前价格： 51.24元 年 看好公司多元化产品逐步放量 目标价格： 62.10元 报 点 事件： 评 基本数据 公司发布 2023 年年报及 2024 年一季报，公司 2023 年实现营收 89.85 亿 总股本/流通股本(百万股) 1,340.82/1,340.82 元，同比增长9.61%；实现归母净利润24.99亿元，同比增长6.66%。公司 流通A股市值(百万元) 68,703.67 2024Q1实现营收23.62亿元，同比下降2.70 %；实现归母净利润 6.02 亿 每股净资产(元) 11.20 元，同比下降3.77%。 资产负债率(%) 18.90 ➢ 23年主要板块营收均实现增长，液压油缸、配件产品毛利率提升 一年内最高/最低(元) 73.33/47.41 分产品看，2023 年公司液压油缸/液压泵阀/液压系统/配件及铸件分别收 入46.9/32.7/2.9/6.7亿元，分别同比+2.37%/+18.64%/+15.09%/+17.13%。 股价相 ...