证券代码：601100 证券简称：恒立液压 公告编号： 2024-010 江苏恒立液压股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的 公告 本次投资者说明会以视频结合网络互动召开，公司将针对 2023 年度及 2024 年第一季度经营成果及财务指标的具体情况与投资者进 行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问 题进行回答。 二、 说明会召开的时间、地点 重要内容提示： 会议召开时间：2024 年 05 月 31 日(星期五) 下午 15:00-16:30 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 05 月 24 日(星期五) 至 05 月 30 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 hlzqb@hengli.net 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 江苏恒立液压股份有限公司（以下简称"公司"）已于 2024 年 4 月 23 日发布公司 20 ...

一、募集资金基本情况 经中国证券监督管理委员会《关于核准江苏恒立液压股份有限公司非公开发行股票 的批复》（证监许可[2022]59 号）核准，本公司通过非公开发行人民币普通股 35,460,992 股，每股发行价为 56.40 元，应募集资金总额为人民币 1,999,999,948.80 元，根据有关规 定扣除发行费用 10,382,744.64 元（不含增值税）后，实际募集资金金额为 1,989,617,204.16 元。上述资金到账情况业经容诚会计师事务所（特殊普通合伙）容诚验字[2022]200Z0083 号《验资报告》验证。公司对募集资金采取了专户存储管理。 证券代码：601100 证券简称：恒立液压 公告编号：2024-004 江苏恒立液压股份有限公司 2023 年度募集资金存放与实际使用情况的专项报告 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、准确和完整承担个人及连带责任。 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》及《上海证券交易 所股票上 ...

● 如在实施权益分派股权登记日前公司总股本发生变动的，拟维持现金派发每 股分配比例不变，相应调整现金派发总金额，并将另行公告具体调整情况。 ● 本次利润分配预案尚需提交公司 2023 年年度股东大会审议，审议通过之后 方可实施。 证券代码：601100 证券简称：恒立液压 公告编号：临2024-003 江苏恒立液压股份有限公司 2023 年度利润分配预案的公告 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。 重要内容提示： ● 每股分配比例： 每 10 股派发现金红利 7.00 元（含税）。公司本年度不派送红股，不进行转增。 ● 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将 在权益分派实施公告中明确。 一、利润分配预案内容 根据容诚会计师事务所（特殊普通合伙）出具的《审计报告》，母公司2023 年度实现净利润1,211,261,365.66元，分配2022年度股利831,309,015.04元， 报告期末可供股东分配的利润为3,818,321,183.12元。 根据《上市公司监管指引第3号——上市公司现金 ...

Financial Performance - The company achieved a net profit of ¥1,211,261,365.66 for the fiscal year 2023, with a proposed cash dividend distribution of ¥938,574,694.40, amounting to ¥7.00 per 10 shares[3]. - The total distributable profit available to shareholders at the end of the reporting period was ¥3,818,321,183.12, with retained earnings of ¥2,879,746,488.72 to be carried forward to future years[3]. - The company's operating revenue for 2023 was approximately ¥8.98 billion, an increase of 9.61% compared to ¥8.20 billion in 2022[16]. - Net profit attributable to shareholders for 2023 was approximately ¥2.50 billion, reflecting a growth of 6.66% from ¥2.34 billion in 2022[16]. - The net cash flow from operating activities increased by 29.73% to approximately ¥2.68 billion in 2023, up from ¥2.06 billion in 2022[16]. - The total assets at the end of 2023 reached approximately ¥17.90 billion, a 10.46% increase from ¥16.20 billion at the end of 2022[16]. - The net assets attributable to shareholders increased by 13.95% to approximately ¥14.39 billion at the end of 2023, compared to ¥12.63 billion at the end of 2022[16]. - Basic earnings per share for 2023 were ¥1.86, a 3.91% increase from ¥1.79 in 2022[17]. - The weighted average return on equity decreased to 18.69% in 2023, down 3.91 percentage points from 22.60% in 2022[17]. - The company reported a quarterly revenue of approximately ¥2.64 billion in Q4 2023, with a net profit of approximately ¥745 million[20]. Dividend Policy - The company plans to distribute dividends based on a total of 1,340,820,992 shares as of the reporting date[3]. - The company has outlined a three-year shareholder return plan, emphasizing cash dividends in accordance with regulatory guidelines[3]. - The company achieved a net profit of ¥1,211,261,365.66 for the fiscal year 2023, with a proposed cash dividend of ¥7.00 per 10 shares, totaling ¥938,574,694.40, which represents 37.56% of the net profit[88]. - The company commits to distributing at least 10% of the annual distributable profits as cash dividends, with a cumulative distribution of at least 30% of the average annual distributable profits over the next three years[113]. Risk Management - The report includes a risk statement regarding forward-looking statements, cautioning investors about potential investment risks[3]. - The company is enhancing its risk control measures through comprehensive audits and risk identification in key business areas[25]. - The company is facing risks related to policy changes, market fluctuations, exchange rate volatility, and raw material price fluctuations[60]. Audit and Compliance - The company’s financial report has been audited by Rongcheng Accounting Firm, which issued a standard unqualified audit opinion[3]. - The board of directors and senior management have confirmed the authenticity, accuracy, and completeness of the annual report[3]. - The company has not disclosed any non-operational fund occupation by controlling shareholders or related parties[3]. - There were no violations of decision-making procedures regarding external guarantees[3]. - The company has not faced any penalties from securities regulatory agencies in the past three years[73]. - The company has not reported any violations or penalties against its directors, supervisors, or senior management during the reporting period[117]. Research and Development - The company has 710 valid patents, including 20 foreign invention patents and 107 domestic invention patents[29]. - The company established seven R&D centers with over 1,000 researchers, focusing on high-end hydraulic component localization[28]. - The total R&D expenditure amounted to ¥694,369,890.32, representing 7.73% of the total revenue[43]. - The company is investing in R&D, with a budget increase of 10% to enhance technology development and innovation[71]. - The company launched several new products, including six types of cycloidal motors and four types of radial piston motors, with many designs being industry firsts[24]. Market and Sales Performance - The company achieved revenue and profit growth despite a sluggish construction machinery market, with a focus on expanding exports and developing electric control devices to adapt to industry trends[24]. - The company reported a 20% sales growth in its European subsidiary Inline, despite an overall market decline, due to improved production efficiency and cost control[25]. - The domestic excavator market saw a 40.8% decline in sales, with total excavator sales in China dropping by 25.4% in 2023[26]. - The company is focusing on innovation in product technology and manufacturing processes to align with top global competitors in each market segment[24]. Financial Position - The company’s total liabilities decreased to ¥3,452,554,861.38 from ¥3,523,139,976.92, indicating a reduction of approximately 2%[155]. - The company’s total equity increased to ¥14,443,007,894.45 from ¥12,677,936,185.41, showing an increase of about 14.1%[155]. - The company reported a significant increase in sales expenses by 50.29% to ¥185,719,951.37, attributed to business expansion efforts[41]. - The company’s cash flow from financing activities decreased by 192.71% to -¥880,152,497.83, mainly due to the previous period's fundraising being accounted[45]. Environmental and Social Responsibility - The company invested CNY 1,900 million in environmental protection during the reporting period[96]. - The company made a total contribution of CNY 66 million to public welfare projects, benefiting local schools and vocational institutions[107]. - The company has committed CNY 1,514 million to poverty alleviation and rural revitalization projects, benefiting 112 individuals[109]. - The company has established a photovoltaic power generation system with a capacity of 5.5 MWp to reduce carbon emissions[105]. Corporate Governance - The company held a total of 4 board meetings in 2023, with all directors attending in person[75]. - The company’s performance evaluation for senior management is based on KPI metrics, ensuring fair and reasonable remuneration[72]. - The total pre-tax remuneration for directors and senior management during the reporting period amounted to 8.19 million yuan[66]. - The company has a competitive salary system aimed at enhancing employee satisfaction while controlling labor costs[85]. Future Outlook - The company aims for a 6% year-on-year growth in revenue for 2024[58]. - The company plans to enhance its global operational capabilities and expand its overseas market share, particularly focusing on the Mexican market[57]. - The company is focused on the electrification trend in downstream sectors, including engineering machinery and industrial equipment[57]. - The company has set a future outlook focused on market expansion and new product development, aiming to enhance its competitive edge in the industry[171].

公 公司深度报告 司 [Table_MainInfo] 国产液压龙头企业，多元化布局增强企业活力 研 ——恒立液压（601100）公司深度报告 究 分析师： 宁前羽 SAC NO： S1150522070001 2024年03月20日 [机Ta械bl设e_备An—aly—si工s] 程机械 [Table_Summary] 投资要点：  国产液压件龙头，生产、销售网络遍布全球 证券分析师 公司前身恒立液压气动有限公司成立于 1990 年，2005 年成立江苏恒立高压 宁前羽 油缸有限公司，并在常州建立生产基地，经过30余年深耕，恒立液压已成长 022-23839174 为国产液压件龙头企业，产品遍及工程机械、农业机械、工业工程、海洋工 ningqy@bhzq.com 程、能源科技、隧道工程等众多行业。此外，公司在中国、德国、美国、日 [ Table_Author] 本、墨西哥分别建有7个液压研发中心与11个生产制造基地，生产、销售网 证 络遍布全球。 [评Ta级bl：e_ Invest] 增持  我国为液压件第二大市场，下游需求向好 券 液压传动为制造业主流传动方式，2017 年发改委将“液气密元件及系统” ...

证券研究报告 公 2024年02月26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： 52.96元 点 海外市场+多元产品助力公司成长 目标价格： 62.10元 评 研 事件： 究 基本数据 CME预估2024年2月挖掘机销量13700台左右，同比下降约36%，降幅环 总股本/流通股本(百万股) 1,340.82/1,340.82 比扩大。其中国内市场销量5400台，同比下降约53%；出口市场销量8300 流通A股市值(百万元) 71,009.88 台，同比下降约 17%，降幅进一步扩大。按照 CME 观测数据，2024 年 1-2 每股净资产(元) 10.16 月，中国挖掘机械整体销量2.6万台，同比下降约18%，其中国内市场10821 资产负债率(%) 22.85 台，同比下降约27.5%，出口实现15255台，同比下降约10%。 一年内最高/最低(元) 73.33/47.41 ➢ 工程机械行业仍处于底部周期 我国工程机械行业仍处于底部周期，自 2021 年 5 月起，挖机销量持续下 股价相对走势 行，2023年我国累计销售挖掘机 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The domestic excavator demand cycle is at a low point, and the company's performance is expected to turn upward. Excavator sales in China have declined for three consecutive years, with 2023 sales at 89,980 units, down 69.3% from the peak of 292,900 units in 2020. It is anticipated that demand will bottom out in 2024, leading to a potential growth inflection point for the company's performance [1][31] - The company is actively pursuing a diversification strategy, expanding into industrial sectors and non-excavator markets. The company has established deep partnerships with leading manufacturers in the high-altitude machinery sector and is entering the high-end agricultural machinery market, which has a significant import substitution potential [1][22] - The linear actuator project is set to commence production, opening new growth opportunities. The company has established a subsidiary to develop electric cylinders and ball screws, with production capacity expected to reach approximately 2 billion RMB upon full operation [1][22] Summary by Sections Investment Logic - The report highlights that the company has become a rare comprehensive hydraulic component leader in China, evolving from a single hydraulic cylinder manufacturer to a large-scale enterprise covering various hydraulic products [23] - The company has a strong market position, with over 50% market share in excavator cylinders and over 30% in small excavator pumps and valves, indicating robust competitive strength [22][24] Financial Forecasts and Valuation - The projected net profits for 2023-2025 are 2.5 billion, 2.8 billion, and 3.25 billion RMB, respectively, with corresponding P/E ratios of 28, 25, and 22 times [2] - The report emphasizes the potential for growth in the high-altitude machinery and agricultural machinery markets, with a compound annual growth rate (CAGR) expected to exceed 30% from 2024 to 2025 [1][22] Market Dynamics - The global hydraulic market is estimated to be around 30.68 billion euros, with the company holding a market share of approximately 3.8%. The report suggests that the company has 3-5 times the growth potential compared to foreign competitors [22][26] - The report notes that the company is well-positioned to benefit from the increasing demand for hydraulic components in various sectors, including construction machinery and industrial applications [1][22]

中国国际金融股份有限公司 关于江苏恒立液压股份有限公司 2023 年度持续督导现场检查报告 上海证券交易所： 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准江苏恒立液压股 份有限公司非公开发行股票的批复》（证监许可[2022]59号）核准，江苏恒立液压股份 有限公司（以下简称"恒立液压"、"公司"或"上市公司"）以非公开发行股票的方 式向8名特定对象合计发行人民币普通股（A股）35,460,992股，并于2023年1月6日在中 国证券登记结算有限责任公司上海分公司办理完毕新增股份登记托管手续。 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为恒立液压非 公开发行A股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交 易所上市公司自律监管指引第1号——规范运作》《上海证券交易所上市公司自律监管 指引第11号——持续督导》《上市公司监管指引第2号——上市公司募集资金管理和使 用的监管要求》等有关法律、法规和规范性文件的要求，中金公司于2024年1月18日至 19日对恒立液压进行了现场检查。现将本次检查的情况报告如下： 一、本次现场检查的基本情况 （一）公司治理和内部控 ...

会议召开方式：上证路演中心网络互动 投资者可于 2023 年 11 月 24 日(星期五) 至 11 月 30 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 hlzqb@hengli.net 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 江苏恒立液压股份有限公司 关于召开 2023 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 证券代码：601100 证券简称：恒立液压 公告编号：2023-033 公司出席本次业绩说明会的人员：公司总经理、董事会秘书、财 务总监、独立董事等。 四、 投资者参加方式 江苏恒立液压股份有限公司（以下简称"公司"）已于 2023 年 10 月 31 日发布公司 2023 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2023 年第三季度经营成果、财务状况，公司计划 于 2023 年 12 月 01 日下午 16:00-17 ...

Financial Performance - Q3 2023 revenue was CNY 1,892,440,735.75, a decrease of 6.92% year-over-year[3] - Net profit attributable to shareholders was CNY 474,714,558.18, down 31.41% compared to the same period last year[3] - Basic earnings per share for the quarter was CNY 0.35, a decline of 33.96% year-over-year[4] - Total operating revenue for Q3 2023 reached ¥6,344,363,521.49, an increase of 7.2% compared to ¥5,919,577,855.73 in the same period last year[18] - In Q3 2023, the company's net profit reached CNY 1,756,261,553.41, a slight increase from CNY 1,752,603,492.72 in Q3 2022, reflecting a growth of 0.15%[19] - The total comprehensive income for Q3 2023 was CNY 1,818,224,770.86, compared to CNY 1,804,119,792.50 in the same period last year, indicating an increase of 0.78%[20] - Operating profit for Q3 2023 was CNY 1,961,155,401.99, slightly down from CNY 1,961,412,241.31 in Q3 2022, a decrease of 0.01%[19] Assets and Liabilities - Total assets at the end of the quarter reached CNY 17,716,336,985.94, an increase of 9.35% from the previous year[4] - Total assets as of Q3 2023 were ¥17,716,336,985.94, an increase from ¥16,201,076,162.33 year-over-year[17] - Total liabilities for Q3 2023 reached ¥4,048,072,953.92, compared to ¥3,523,139,976.92 in the previous year, marking an increase of 14.9%[17] - Total current assets as of September 30, 2023, amounted to CNY 13,113,808,693.48, an increase from CNY 12,326,695,954.97 at the end of 2022[15] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 1,618,061,273.35, up 13.97%[4] - Cash flow from operating activities for the first nine months of 2023 was CNY 5,481,042,595.08, compared to CNY 5,125,384,670.90 in the same period of 2022, showing an increase of 6.95%[22] - The net cash flow from investing activities in the first nine months of 2023 was -CNY 490,516,385.97, worsening from -CNY 169,186,807.96 in the same period last year[22] - The net cash flow from financing activities for the first nine months of 2023 was -CNY 381,550,420.81, compared to -CNY 554,487,974.41 in the same period of 2022, indicating an improvement[23] Cash and Equivalents - Cash and cash equivalents increased to CNY 7,923,283,765.34 from CNY 6,886,222,371.48 year-over-year[15] - The company's cash and cash equivalents at the end of Q3 2023 totaled CNY 7,784,804,297.28, up from CNY 4,656,496,264.11 at the end of Q3 2022, reflecting an increase of 67.5%[23] - The company reported a significant rise in cash and cash equivalents to ¥1,205,886,981.28 from ¥667,367,401.71, reflecting a rise of 80.5%[17] Expenses and Investments - Sales expenses increased by 61.00% year-to-date, primarily due to market expansion and increased personnel costs[8] - Research and development expenses for Q3 2023 amounted to ¥505,306,881.96, slightly higher than ¥499,655,393.87 in the previous year[18] - Cash paid for investments decreased by 98.06% due to a reduction in the scale of financial product purchases[9] - Cash paid for acquiring subsidiaries and other business units was down 100.00% as no investments or acquisitions were made during the period[9] - The company experienced an 82.22% decrease in trading financial assets due to the redemption of investment products[8] - Investment income for the year-to-date rose by 324.09%, attributed to increased returns from financial products[8] Other Financial Metrics - The company reported a decrease in asset impairment losses to CNY -19,806,108.63 in Q3 2023 from CNY -15,859,180.45 in Q3 2022[19] - The company recorded other comprehensive income after tax of CNY 61,963,217.45 in Q3 2023, compared to CNY 52,493,471.81 in Q3 2022, marking an increase of 18.1%[19] - The company expects to continue focusing on market expansion and new product development in the upcoming quarters[8]