Summary of Conference Call Company and Industry - The conference call primarily discusses the company Hengli and its developments in the industrial automation and robotics sector, particularly focusing on linear actuators and industrial four-bar linkages [1][2][3]. Core Points and Arguments - **Market Positioning**: Hengli has been strategically positioning itself in the industrial market since 2021, aiming to become a leading domestic manufacturer of high-end products, specifically targeting the domestic market share currently dominated by Japanese and Taiwanese companies, which hold approximately 70% of the market [2]. - **Product Development**: The company has made significant investments in linear actuators and robotics, with plans to produce humanoid robots and various linear components. They have already begun small-scale production and expect substantial revenue from industrial four-bar linkages, projecting revenues between 800 million to 1 billion yuan this year [6][7]. - **Production Capacity**: Hengli's linear actuator project has a designed capacity of 2 billion yuan, with plans to reach 5 billion yuan in revenue by 2030. The company has already started production and expects to achieve 1 billion yuan in revenue from this segment in the near term [5][16]. - **Competitive Advantage**: The company possesses significant know-how in precision manufacturing, which is crucial for producing complex components like four-bar linkages and planetary rolling ball screws. This expertise is expected to provide a competitive edge in terms of cost control and production efficiency [4][9]. - **Market Trends**: The global market for key components such as reducers and four-bar linkages is experiencing a supply shortage, which presents an opportunity for Hengli to capture market share as they ramp up production [3][7]. - **Financial Projections**: The company anticipates a significant increase in profits, projecting a potential market capitalization exceeding 200 billion yuan based on their growth in traditional and new business segments. The expected profit contribution from the robotics segment alone could reach over 20 billion yuan [15][16][18]. Other Important but Possibly Overlooked Content - **Historical Context**: The company has a history of navigating market cycles, having previously optimized its excavator cylinder business during downturns in the construction machinery sector. This experience is seen as beneficial as they expand into new markets [11][12]. - **Cost Structure**: The cost of production is expected to decrease significantly as the company scales up operations, particularly due to reduced depreciation costs from equipment as they move past initial capital expenditures [17]. - **Long-term Outlook**: The company is positioned for accelerated profit growth starting from 2024, driven by both the recovery of traditional business and the expansion of new business lines [18]. This summary encapsulates the key insights from the conference call regarding Hengli's strategic direction, market positioning, and financial outlook in the context of the industrial automation and robotics industry.

Meta 入局人形机器人，工程机械需求持续复苏 [Table_Industry] 机械行业 | | | ——机械行业周报 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [table_Authors] 肖群稀(分析师) | 徐乔威(分析师) | 刘麒硕(研究助理) | | | --- | --- | --- | --- | | 0755-23976830 | 021-38676779 | 0755-23976666 | | | xiaoqunxi027589@gtjas.com | xuqiaowei023970@gtjas.com | liuqishuo028693@gtjas.com | [Table_Report] 相关报告 | | 登记编号S0880522120001 | S0880521020003 | S0880123070153 | 机械行业《新时达发布定增预案，海尔集团或入 | 本报告导读： 上周（2025/2/10-2025/2/14）机械设备指数涨跌幅为+0.23%。关注人形机器人等 领域科技创新，工 ...

Summary of the Conference Call on Hengli Hydraulic Company Overview - **Company**: Hengli Hydraulic - **Industry**: Hydraulic components and machinery Key Points and Arguments Business Growth and Revenue Projections - Hengli Hydraulic is expected to achieve a revenue of 100 million by 2025, with profitability anticipated in 2026, similar to the growth phase experienced in 2015-2016 [2][5][22] - The company plans to gradually invest in new production capacity, projecting a new production capacity of 3 to 5 billion [3][22] Resilience During Industry Cycles - The company has demonstrated strong anti-cyclical capabilities, with profit margins only declining by 3% during the 2021-2024 industry downturn, significantly better than the substantial declines seen in the 2011-2015 cycle [4][6] - Hengli Hydraulic has maintained an 80% capacity utilization rate, with stable pricing for hydraulic cylinder products [4][11][12] Market Demand and Sales Performance - Early 2025 data indicates improvements in excavator operating hours and sales, with January and February expected to exceed 130 hours, higher than the past three years [4][14] - Domestic customer order growth is rebounding, particularly for mid-to-large excavators, with first-quarter sales growth projected at around 30%, exceeding market expectations [4][14] Diversification and New Business Ventures - The non-excavator hydraulic components business has seen stable growth, with revenue increasing from several hundred million to 3-4 billion, enhancing the company's performance resilience [4][15] - Since 2021, Hengli Hydraulic has expanded into new businesses, including the traditional machine tool and robotics sectors, where domestic production rates are below 10%, indicating significant growth potential [4][17][19] Competitive Position and Market Valuation - The market has historically valued Hengli Hydraulic generously, with a 30-fold increase in market value from 2011 to 2016, driven by industry demand growth, increased localization rates, and performance realization [9][10] - The company is currently valued between 65 billion and 70 billion, with expectations for future growth as new businesses enter a rapid profitability phase [18][22] Future Outlook and Strategic Initiatives - Hengli Hydraulic aims to continue focusing on new business expansion and localization efforts, with expectations for significant advancements in high-end component production [7][22] - The company has plans for substantial investments in production capacity, with a total planned investment of 5 billion to meet large-scale production needs [20][22] Technological Advancements and Team Development - Hengli Hydraulic has introduced teams from international firms to enhance technology and production capabilities, which is expected to improve operational efficiency and product quality [20][21] - The establishment of Hengli Precision as an independent entity is aimed at improving management efficiency for new business ventures [20] Challenges and Market Adaptation - The company faces pricing pressure from downstream customers but has managed to keep hydraulic cylinder prices stable through cautious capacity expansion and quality barrier construction [12] - Hengli Hydraulic is adapting to new market demands by developing micro-screw products for robotic applications and shifting towards modular product offerings [19][20] Additional Important Insights - The company has experienced multiple significant phases over the past 20 years, transitioning from hydraulic cylinders to non-standard products and breakthroughs in pump and valve technology [8] - Hengli Hydraulic's strategic approach during high-demand periods has allowed it to maintain a strong market position and customer base, even during downturns [11][12]

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company is focusing on internal management, continuous innovation, and advancing its strategy of "internationalization, diversification, and electrification" to establish a new growth driver in the industrial automation and electrification of construction machinery sectors [1] - The linear actuator project has completed the construction of its factory and part of the production line, achieving small-scale production and sales [1] - The company is expected to benefit significantly from the mass production of humanoid robots, particularly through its core component, the linear actuator [1] Summary by Sections Company Overview - The company is actively investing in the linear actuator project with over 1.5 billion RMB, aiming for an annual production capacity of 104,000 standard ball screw electric cylinders and other related products [3] Market Analysis - The construction machinery market is still in a bottoming phase, with a projected increase in excavator sales in China for 2024 [4] - The report anticipates a growth in the humanoid robot industry, with significant production targets set by companies like Tesla for their Optimus robots [2] Financial Projections - The forecasted net profit for the company from 2024 to 2026 is 2.62 billion, 2.91 billion, and 3.56 billion RMB respectively, with corresponding growth rates of 4.84%, 11.15%, and 22.07% [4] - The expected earnings per share (EPS) for the same period are projected to be 1.95, 2.17, and 2.65 RMB [4] Valuation - The target price for the company is set at 67.27 RMB, based on a price-to-earnings (PE) ratio of 31 times for 2025 [4][6] - The report notes that the average PE ratio for comparable companies is 26 times for 2025, indicating a favorable valuation for the company [4][11]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [1]. Core Insights - The company is strategically advancing its linear actuator project, which is expected to establish a third growth driver by producing 104,000 standard ball screw electric cylinders annually, alongside other components [3]. - The company is actively expanding its international market presence, with a new factory in Mexico nearing completion, which will enhance its production capacity for hydraulic components [4]. - Significant emphasis is placed on research and development, with a notable increase in R&D investment leading to the launch of innovative hydraulic products [5][7]. - Revenue forecasts for 2024-2026 are projected at 97.44 billion, 112.60 billion, and 131.94 billion yuan respectively, with corresponding EPS estimates of 1.95, 2.29, and 2.75 yuan [8]. Summary by Sections Market Performance - The company has shown a positive market performance compared to the CSI 300 index, indicating a strong position in the market [2]. Strategic Initiatives - The company is focusing on the electrification of engineering machinery, which aligns with market demands for smarter and greener hydraulic products [3]. - The establishment of a production base in Mexico is part of the company's strategy to penetrate the North American market, which is the largest hydraulic market globally [4]. Research and Development - The company has invested 334 million yuan in R&D in the first half of 2024, representing 6.92% of its revenue, and has introduced several innovative products [5][7]. - The diverse product strategy has led to significant growth in sales, particularly in non-standard hydraulic cylinders [7]. Financial Projections - The company anticipates steady revenue growth, with a projected increase of 8.5% in 2024 and 15.6% in 2025 [10]. - The net profit is expected to grow at a rate of 4.9% in 2024 and 17.2% in 2025, reflecting the company's robust financial health [10].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of RMB 56.00, indicating an expected return exceeding market expectations by more than 6% [4][5]. Core Insights - The company anticipates a single-digit revenue growth in 2025, with the excavator segment expected to achieve double-digit growth, while the non-excavator segment may face significant pressure [1][2]. - The company is establishing new production capacity in Indonesia, expected to commence operations by March 2025, primarily to supply hydraulic cylinders for excavators to Chinese OEMs [1]. - The company is considering setting up a factory in Europe, with a specific location to be determined in 2025 [1]. - The Mexican factory for pumps and valves has commenced production, with plans for hydraulic cylinders to start production in Q1 2025, contingent on U.S. tariff decisions [1]. Summary by Sections Excavator Segment - The company is optimistic about the excavator segment, projecting double-digit revenue growth in 2025, driven by increased overseas orders and improved market share in excavator pumps and valves, which currently stands at 50%-60% domestically [2]. Non-Excavator Segment - The non-excavator segment is expected to face revenue pressure due to declines in high-altitude and shield machines. However, revenue from agricultural machinery, marine engineering, and industrial non-excavator products may increase, partially offsetting the declines [3]. Financial Projections - Revenue projections for the company show an increase from RMB 9.509 billion in 2024E to RMB 10.956 billion in 2025E, with net profit expected to rise from RMB 2.598 billion in 2024E to RMB 2.991 billion in 2025E [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected stock price increase of over 15% relative to the benchmark in the next six months [18][38]. Core Insights - The electrification of construction machinery is outlined in a "three-step" process, with the company positioned to leverage this transition through its advanced products like high-speed pumps and electric cylinders [7][19]. - The company is actively responding to market demands for electrification, having launched multiple high-speed pumps and integrated motor pump products that significantly enhance operational capabilities of various construction machinery [9][43]. Summary by Sections Electrification Process - The electrification of construction machinery can be divided into three phases: 1. Electrification 1.0 replaces fuel systems with electric ones while retaining traditional hydraulic structures, leading to energy loss [7]. 2. Electrification 2.0 involves electric drive systems for walking and rotation, reducing the integration of hydraulic components [7]. 3. Electrification 3.0 fully electrifies actuators, using electric cylinders instead of traditional hydraulic cylinders, achieving efficiency improvements from 10%-30% to over 70% [7][19]. Product Development and Market Position - The company has a comprehensive layout in the screw rod industry, with expected annual production capacities of 104,000 standard planetary roller screw electric cylinders and 100,000 meters of standard and heavy-duty ball screws [19][30]. - The successful application of electric cylinders in high-altitude machinery serves as a test case for broader adoption in other construction machinery products, marking a significant opportunity for future growth [19][51]. Financial Forecast - The company’s revenue is projected to grow steadily, with expected net profits of 2.462 billion, 3.033 billion, and 3.623 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting a positive outlook for long-term development [37][52].

证券代码：601100 证券简称：恒立液压 公告编号：2024-038 江苏恒立液压股份有限公司 关于部分募投项目结项及延期的公告 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。 江苏恒立液压股份有限公司（以下简称"公司"）于 2024 年 12 月 19 日召开 第五届董事会第十三次会议、第五届监事会第十二次会议，审议通过了《关于部 分募投项目结项及延期的议案》，同意公司对"恒立墨西哥项目"进行结项；并 结合当前募投项目实际进展情况，基于审慎性原则，在不改变募投项目实施主体、 募集资金用途及投资规模的情况下，对募投项目"超大重型油缸项目"、"线性 驱动器项目"实施期限进行调整。现将具体情况公告如下： 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 通股股票 35,460,992 股，每股面值 1 元，每股发行价 56.40 元，募集资金总额 为人民 1,999,999,948.80 元，扣除本次非公开发 ...

中国国际金融股份有限公司 一、募集资金基本情况 1 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，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。 二、募集资金管理情况 以在制度上保证募集资金的规范使用。 根据《中华人民共和国证券法》《中华人民共和国公司法》《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 海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关法律、法规和 规范性文件的规定，遵循规范、安全、高效、透明的原则，公司制定了《募集资 金管理办法》，对募集 ...

法律意见书 恒立液压 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年第一次临时股东大会法律意见书 恒立液压 法律意见书 上述会议通知中除载明本次股东大会的召开时间、地点、股权登记日、会议 召集人、股东出席会议的登记手续等事项外,还提供了网络投票方式,载明了参 与网络投票的具体操作流程等内容。 经查,贵公司在本次股东大会召开 15 日前刊登了会议通知。 江苏恒立液压股份有限公司: 根据《公司法》《证券法》和中国证监会《上市公司股东大会规则》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年第一次临时股东大会,并就本次股东大会的召集、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,本律师对本次股东大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大会决议一并公告,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 ...