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 ...

Investment Rating - The report maintains a **Buy** rating for Hengli Hydraulic (601100) with a target price of **68.48 CNY** [1][4] - The previous target price was **75.24 CNY**, and the current price is **52.93 CNY** [1] Core Views - The company's performance in 2023 and Q1 2024 met expectations, with steady growth in non-standard oil cylinder products and rapid progress in screw products, which are expected to open further growth opportunities [1] - The company's revenue in 2023 reached **8.985 billion CNY**, a year-on-year increase of **9.6%**, with net profit of **2.499 billion CNY**, up **6.7%** [1] - In Q1 2024, the company achieved revenue of **2.362 billion CNY** and net profit of **602 million CNY**, showing a slight decline compared to the previous year [1] - The company's gross margin and net profit margin in 2023 were **41.9%** and **27.8%**, respectively, with stable profitability and excellent cost control [1] - The company's overseas strategy is progressing well, with a hydraulic component production base in Mexico expected to start trial production in Q2 2024, and subsidiaries in Singapore and Brazil contributing to global expansion [1] Financial Summary - The report forecasts revenue for 2024E, 2025E, and 2026E to be **10.175 billion CNY**, **11.888 billion CNY**, and **14.052 billion CNY**, respectively [1][3] - Net profit is expected to grow to **2.870 billion CNY** in 2024E, **3.409 billion CNY** in 2025E, and **3.874 billion CNY** in 2026E [1][3] - EPS for 2024E, 2025E, and 2026E is projected to be **2.14 CNY**, **2.54 CNY**, and **2.89 CNY**, respectively [1][3] - The company's operating profit margin is expected to increase from **27.2%** in 2023A to **28.4%** in 2024E and **29.8%** in 2025E [1][3] Valuation and Peer Comparison - The report uses a PE-based valuation method, assigning a **32x PE** for 2024E, higher than the peer average of **27.0x**, reflecting the company's leading position in the hydraulic industry and its growth potential from new products and overseas markets [4][5] - Comparable companies include Yantai Eddie Precision Machinery, Changling Hydraulic, Best Precision Industrial, and Inovance Technology, with Hengli Hydraulic's 2024E PE of **24.73x** being lower than the peer average of **27.0x** [4][5] Industry and Market Position - Hengli Hydraulic is a leading company in the hydraulic components industry, with a diversified product portfolio including high-pressure oil cylinders, hydraulic pumps, valves, and systems [2] - The company's global strategy is expanding, with significant growth in overseas markets, particularly in high-machinery and agricultural machinery sectors [1] - The company's screw and guide rail products are expected to contribute to future growth, with trial production of samples starting in Q1 2024 [1]

关于江苏恒立液压股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告（更正版） 目 录 目 录 1、 专项审计报告 2、 附表 委托单位：容诚会计师事务所（特殊普通合伙） 审计单位：江苏恒立液压股份有限公司 联系电话：0519-86163673 RSM 容诚 非经营性资金占用及其他关联资金 往来情况专项说明 江苏恒立液压股份有限公司 容诚专字[2024]200Z0150 号 容诚会计师事务所(特殊普通合伙 骑 缝 章 (3) 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"空部会计师行业竞争计报告是否由具有执业许可的会计师事务所出现, | 序号 内容 | 页码 | | --- | --- | | 1 非经营性资金占用及其他关联资金往来情况专项说明 | 1-2 | 2 非经营性资金占用及其他关联资金往来情况汇总表 3 关于江苏恒立液压股份有限公司 非经营性资金占用及其他关联资金往来情况专项 容诚专字[2024]200Z0150 号 江苏恒立液压股份有限公司全体股东: 我们接受委托,依据中国注册会计师审计准则审计了江苏恒立液压股份有限 公司(以下简称恒立液压公 ...

证券代码：601100 证券简称：恒立液压 公告编号：临2024-011 江苏恒立液压股份有限公司 关于《非经营性资金占用及其他关联资金往来情况汇总表 的专项审计报告》的更正公告 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。 本公司于 2024 年 4 月 23 日在上海证券交易所网站披露了由容诚会计师事 务所（特殊普通合伙）出具的《关于江苏恒立液压股份有限公司非经营性资金占 用及其他关联资金往来情况专项说明》（容诚专字[2024]200Z0150 号）。 除上述更正内容外，《2023 年度非经营性资金占用及其他关联资金往来情况 表》的其他内容不变。根据上述更正事项，容诚会计师事务所（特殊普通合伙） 重新出具了《关于江苏恒立液压股份有限公司非经营性资金占用及其他关联资金 往来情况专项说明》（容诚专字[2024]200Z0150 号）。以上重新出具的的文件详 见在上海证券交易所网站披露的《关于江苏恒立液压股份有限公司非经营性资金 占用及其他关联资金往来情况汇总表的专项审计报告（更正版）》。 | | 无锡恒明液 | 控股股东、 ...

恒立液压（601100.SH）2023年年报及2024年一季报点评 “国际化+新品”进展顺利，收入增速优于行业 2024年04月23日 ➢ 事件：公司披露2023年年报与2024年一季报，2023年实现营收89.9亿 推荐 维持评级 元，yoy+9.6%；归母净利润25.0亿元，yoy+6.7%；2023年Q4实现营收26.4 当前价格： 52.93元 亿元，yoy+16.0%，归母净利润7.5亿元，yoy+25.6%；2024年Q1实现营收 23.6亿元，yoy-2.7%；归母净利润6.0亿，yoy-3.77%。 [Table_Author] ➢ 收入增速明显好于行业。2023年、2024Q1我国挖掘机销量分别为19.50、 5.00万台，yoy-25.4%、-13.1%，期间公司营收同比分别为+9.6%、-2.7%，显 著好于行业。主要原因系公司多元化战略贡献增量，针对非工程机械行业开发的 新产品放量明显。从销量来看，23年挖机专用油缸销售60.83万只，yoy-3.35%； 非挖油缸销售23.77万只，yoy+16.06%；挖机泵销售10.32万只，yoy-5.41%； 挖机阀销售7.42万只，yoy- ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 8.985 billion yuan in 2023, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 2.5 billion yuan, up 6.7% year-on-year [2] - The first quarter of 2024 saw a revenue of 2.36 billion yuan, a decrease of 2.7% year-on-year, and a net profit of 600 million yuan, down 3.4% year-on-year, which aligns with expectations [2] - The domestic excavator market remains weak, with a 25.4% decline in sales in 2023, but the company is focusing on high-growth non-excavator sectors [3] - The company's diversification strategy has contributed to revenue growth, particularly in non-engineering machinery products, and international market expansion has also boosted overseas sales [3] - The gross margin for 2023 was 41.9%, an increase of 1.35 percentage points year-on-year, while the net margin was approximately 27.87%, a decrease of 0.79 percentage points [3] - The report suggests that the downcycle in the excavator market may have ended, with signs of market stabilization and potential growth driven by policy incentives [3] Summary by Sections Performance Overview - In 2023, the company achieved a revenue of 89.85 billion yuan and a net profit of 25 billion yuan, with a strong performance in Q4 2023 [2] - The first quarter of 2024 showed a slight decline in revenue and net profit, but results were in line with expectations [2] Business Analysis - The excavator market is experiencing a downturn, but the company is shifting focus to non-excavator sectors, which are showing high growth potential [3] - The company’s gross margin improved due to cost reduction and a higher proportion of high-margin non-excavator business [3] - The report indicates a potential end to the excavator market's downcycle, with signs of recovery and growth opportunities in the future [3] Financial Forecast and Valuation - The company is expected to achieve net profits of 2.7 billion yuan, 3.1 billion yuan, and 3.75 billion yuan for 2024, 2025, and 2026, respectively [3] - The current stock price corresponds to a PE ratio of 26, 23, and 19 for the years 2024, 2025, and 2026 [3]

审计报告 江苏恒立液压股份有限公司 容诚审字[2024]200Z0217 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-7 | | 2 | 合并资产负债表 | 8 | | 3 | 合并利润表 | 9 | | 4 | 合并现金流量表 | 10 | | 5 | 合并所有者权益变动表 | 11 - 12 | | 6 | 母公司资产负债表 | 13 | | 7 | 母公司利润表 | 14 | | 8 | 母公司现金流量表 | 15 | | 9 | 母公司所有者权益变动表 | 16 - 17 | | 10 | 财务报表附注 | 18 - 133 | 审 计 报 告 容诚审字[2024]200Z0217 号 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层 / 922-926 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.globa ...

Stock Code:601100 Jiangsu Hengli Hydraulic Co., Ltd. 2023 Annual Social Responsibility Report www.henglihydraulics.com About this Report Reporting Period January 1, 2023, to December 31, 2023. In consideration of the continuity and comparability of disclosure matters, some information content is appropriately extended forward or backward. Reference Standards This report refers to the Listed Companies Environmental Information Disclosure Guidelines of Shanghai Stock Exchange. For ease of expression, Jiangsu ...

股票代码：601100 江苏恒立液压股份有限公司 2023年度 社会责任报告 www.henglihydraulics.com 关于本报告 报告时间范围 2023年1月1日至12月31日。考虑到披露事项的连续性和可比性，部分信息内容适当向前或向后延伸。 报告参照标准 本报告参照《上海证券交易所上市公司环境信息披露指引》编写。 数据来源 报告使用数据来源包括政府部门公开数据、公司内部相关统计报表、行政文件及报告等。 称谓说明 为方便表述，江苏恒立液压股份有限公司在报告中简称"恒立液压""公司"或"我们"。 未来展望 前言 ‖关于我们 ‖ 发展责任 ‖"企业责任实践 美键量什么 前言 2.1 企业概况 股东责任 21 未来展望 22-23 经济绩效 08-09 2023企业大事记 12 01 企业简介 13 供应商责任 公司治理绩效 02 10-11 企业荣誉 研发绩效 社会责任 03 企业战略 14-15 产业布局 环境责任 资源使用绩效 04-05 16-17 员工责任 温室气体排放管理绩效 18-20 2.2 企业治理 企业治理 06-07 董事长致辞 江苏恒立液压股份有限公司董事长：汪立平 江苏恒立液压股 ...