证券代码：601100 证券简称：恒立液压 公告编号：2024-036 2024 年第一次临时股东大会决议公告 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： 江苏恒立液压股份有限公司 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 682 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,066,234,571 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 79.5210 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议采用现场投票和网络投票相结合的方式，对需要审议的议案进 行表决，表决方式符合《公司法》及《公司章程》的规定。大会由董事长汪 立平先生主持。 (五) 公司董事、监事和董事会秘书的出席情况 (一) 股东大会召开的时间：2024 年 11 月 22 日 (二) 股东大会召开的地点：江苏恒立液压股份有限公司行政楼 3 楼会议室 ...

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/） 证券代码：601100 证券简称：恒立液压 公告编号：2024-037 会议召开时间：2024 年 11 月 29 日(星期五) 下午 16:00- 17:00 江苏恒立液压股份有限公司 关于召开 2024 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： 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 22 日(星期五) 至 11 月 28 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 10 月 29 日发布公司 2024 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 2024 年第三季度经营成果、财务状况，公司计划 于 2024 年 1 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The company is steadily advancing its diversification strategy and is expected to benefit from the recovery in the construction machinery sector. Revenue for the first three quarters of 2024 reached 6.936 billion yuan, a year-on-year increase of 9.32%, while net profit attributable to shareholders was 1.791 billion yuan, up 2.16% year-on-year. The performance shows steady growth [2][4]. - The gross margin for the first three quarters was 41.46%, and the net margin was 25.87%. The gross margin increased due to product mix optimization and economies of scale. However, in Q3 2024, the gross margin decreased to 41.03% due to the expansion of new businesses and increased personnel costs [2][3]. - The company is actively expanding its non-excavation business and overseas markets, with overseas revenue growing by 15.29% year-on-year in the first half of 2024. The construction of a factory in Mexico is nearing completion, which will help further penetrate the Americas market [2][3]. Financial Performance Summary - For 2024, the company forecasts net profit attributable to shareholders to be 2.580 billion yuan, with estimates for 2025 and 2026 at 3.028 billion yuan and 3.571 billion yuan, respectively. The corresponding price-to-earnings ratios are projected to be 28, 24, and 20 times [2][3][21]. - The company's revenue is expected to grow from 9.552 billion yuan in 2024 to 12.930 billion yuan in 2026, reflecting a compound annual growth rate of approximately 17% [3][21]. - The gross margin is projected to stabilize around 42% in 2024 and improve to 43% by 2026, while the return on equity (ROE) is expected to be around 15.9% in 2024 and improve to 17.4% by 2026 [3][21].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.936 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.32%. The net profit attributable to shareholders was 1.791 billion yuan, up 2.16% year-on-year [3] - The company is facing short-term profit pressure due to increased expenses, with a gross margin of 41.46% and a net margin of 25.87% for the first three quarters of 2024 [4] - The company is actively pursuing three strategic initiatives: internationalization, electrification, and diversification, which are expected to drive future growth [4] Financial Performance - For Q3 2024, the company achieved a revenue of 2.103 billion yuan, an increase of 11.12% year-on-year, and a net profit of 504 million yuan, up 6.07% year-on-year [3] - The company's operating cash flow for the first three quarters of 2024 was 1.32 billion yuan, down 18.45% year-on-year [3] - The company’s revenue forecasts for 2024-2026 are 9.64 billion yuan, 11.12 billion yuan, and 12.96 billion yuan respectively, with net profits of 2.60 billion yuan, 3.01 billion yuan, and 3.56 billion yuan [5] Strategic Initiatives - The internationalization strategy has led to a 15.29% increase in overseas revenue in the first half of 2024, with the construction of a factory in Mexico nearing completion [4] - The electrification strategy focuses on industrial automation and electric machinery, with ongoing projects in linear actuators and ball screw products [4] - The diversification strategy aims to expand product offerings into sectors such as marine engineering, shield tunneling, aerial work platforms, and agricultural machinery [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [6][14]. Core Views - The company's performance remains stable despite short-term pressures, with a focus on long-term growth potential [1]. - The company is actively pursuing cost reduction and efficiency improvement initiatives, having implemented over 300 cost-cutting projects by mid-2024 [2]. - The strategic focus on "internationalization, diversification, and electrification" is being firmly advanced, with notable growth in overseas revenue and product lines [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 6.936 billion yuan, a year-on-year increase of 9.32%, and a net profit attributable to shareholders of 1.791 billion yuan, up 2.16% year-on-year [1]. - The third quarter alone saw revenues of 2.103 billion yuan, reflecting an 11.12% year-on-year growth, with a net profit of 504 million yuan, up 6.07% year-on-year [1]. - The gross margin for the first three quarters was 41.46%, while the net margin was 25.87% [1]. Profit Forecast - The profit forecast has been adjusted, with expected net profits for 2024, 2025, and 2026 projected at 2.44 billion, 2.94 billion, and 3.55 billion yuan respectively, corresponding to P/E ratios of 30, 25, and 20 [4].

Investment Rating - The report maintains an investment rating of "Buy-A" with a 12-month target price of 59.74 CNY, compared to the current stock price of 51.65 CNY [4][6][10]. Core Views - The company demonstrates steady revenue growth, with a reported revenue of 6.936 billion CNY for the first nine months of 2024, reflecting a year-on-year increase of 9.32%. The net profit attributable to shareholders reached 1.791 billion CNY, up 2.16% year-on-year [1]. - The excavator industry is experiencing a recovery, supported by the company's internationalization and diversification strategies, which are expected to drive revenue growth. The domestic sales of excavators have shown a positive trend since March, while exports have recently turned positive after a decline [2]. - The company's profitability remains stable, with a gross margin of 41.46% for the first nine months of 2024, an increase of 1.27 percentage points year-on-year. However, the net margin has slightly decreased [3]. Financial Performance Summary - For 2024-2026, the company is projected to achieve revenues of 9.62 billion CNY, 11.18 billion CNY, and 13.42 billion CNY, with growth rates of 7.1%, 16.2%, and 20.1% respectively. Net profits are expected to be 2.44 billion CNY, 2.77 billion CNY, and 3.31 billion CNY, with growth rates of -2.2%, 13.2%, and 19.7% respectively [4][8]. - The company maintains a stable gross margin and net margin, with a gross margin of 41.03% in Q3 2024, although it faced some pressure due to new business capacity utilization and depreciation of new facilities [3][9]. - The report highlights the company's strong market position in hydraulic core components, emphasizing its high technical barriers and strong customer loyalty [6][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year revenue growth of 11% in Q3, benefiting from a cyclical recovery [3] - The net profit for Q3 increased by 6%, outperforming the industry average [4] - The company is expected to benefit from cyclical recovery, expansion of overseas major clients, and increased production in the screw rod business, indicating a potential turning point in fundamentals [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 6.936 billion yuan, a year-on-year increase of 9.32%, and a net profit of 1.791 billion yuan, a year-on-year increase of 2.16% [4] - In Q3 alone, the company reported a revenue of 2.103 billion yuan, a year-on-year growth of 11.2%, and a net profit of 504 million yuan, a year-on-year increase of 6.07% [4] - The company's gross margin for the first three quarters was 41.5%, while the net margin was 25.9%, showing a slight decline in profitability due to changes in product structure and increased personnel costs [5] Future Projections - The net profit forecasts for 2024, 2025, and 2026 are projected to be 2.6 billion yuan, 3.05 billion yuan, and 3.69 billion yuan respectively, with corresponding P/E ratios of 26.9, 22.9, and 19.0 [3][7] - Revenue is expected to grow from 9.979 billion yuan in 2024 to 14.015 billion yuan in 2026, with a year-on-year growth rate of 11.1% in 2024 and 18.1% in 2025 [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's net profit increased by 6.1% year-on-year in Q3, slightly below market expectations. For the first three quarters of 2024, the company achieved operating revenue of 6.94 billion yuan, a year-on-year increase of 9.3%, and a net profit attributable to the parent company of 1.79 billion yuan, a year-on-year increase of 2.2% [2] - The expansion of personnel has led to a significant increase in costs and expenses, putting short-term pressure on profitability. The gross profit margin for Q1-Q3 2024 was 41.5%, up 1.3 percentage points year-on-year, while the net profit margin was 25.9%, down 1.8 percentage points year-on-year. In Q3 alone, the gross profit margin was 41.0%, down 1.9 percentage points year-on-year [3] - The company is advancing its diversification and internationalization strategy, with projects in Mexico and the establishment of multiple business units for linear actuators, which are expected to contribute to sustained growth [4] Summary by Sections Financial Performance - For 2024E, the company’s operating revenue is projected to be 9.51 billion yuan, with a year-on-year growth of 5.83%. The net profit attributable to the parent company is expected to be 2.46 billion yuan, a decrease of 1.45% year-on-year [1][4] - The report adjusts the net profit forecasts for 2024-2026 to 2.462 billion, 3.033 billion, and 3.623 billion yuan respectively, reflecting a cautious outlook on short-term profitability [4] Market Position and Growth Potential - The report highlights the recovery in demand for excavators both domestically and internationally, with expectations of improved revenue growth in the excavator segment in Q3 compared to the first half of the year [2] - The company’s overseas production base in Mexico is expected to facilitate entry into the North American market, providing significant growth opportunities [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's hydraulic products related to excavators may remain under pressure in 2024, but diversified products in non-excavation fields are expected to contribute additional revenue [2][6] - The company achieved revenue of 6.936 billion yuan in Q1-Q3 2024, a year-on-year increase of 9.32%, and a net profit attributable to the parent company of 1.791 billion yuan, up 2.16% year-on-year [6] - The company is actively expanding overseas markets and has made significant progress in its "electrification" strategy, laying the groundwork for future growth [6] Financial Performance Summary - Revenue projections for 2024-2026 are 9.925 billion, 11.461 billion, and 13.152 billion yuan, respectively, with a CAGR of 15.34% [2][6] - Net profit attributable to the parent company is expected to be 2.698 billion, 3.245 billion, and 3.834 billion yuan for the same period [2][6] - Earnings per share (EPS) are projected to be 2.01, 2.42, and 2.86 yuan per share for 2024-2026 [2][6] Financial Ratios and Valuation - The company’s gross margin and net margin for Q1-Q3 2024 were 41.46% and 25.87%, respectively [6] - The company’s P/E ratio is projected to decrease from 31.9 in 2022 to 19.5 in 2026, indicating an improving valuation [7] - The company’s P/B ratio is expected to decline from 5.9 in 2022 to 3.6 in 2026 [7]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [3] Core Views - The company achieved revenue of 6.936 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 9.32%. The net profit attributable to shareholders reached 1.791 billion yuan, up 2.16% year-on-year [6] - The company's gross margin and net margin for the first three quarters of 2024 were 41.46% and 25.87%, respectively [6] - Despite a slight increase in expense ratios and a minor decline in gross margin, the company maintains a strong commitment to R&D, with R&D expenses remaining above 7% [6] - The company's diversification strategy has shown results, with significant growth in sales of hydraulic cylinders for shield machines, cranes, and renewable energy sectors, outperforming the industry [7] - The company is investing heavily in overseas projects and linear drive projects, with construction of a factory in Mexico nearing completion, expected to contribute an additional production capacity valued at approximately 1.703 billion yuan [8] - The company is positioned as a leader in domestic hydraulic components, actively pursuing internationalization and electrification strategies [8] Summary by Sections Financial Performance - Revenue for Q3 2024 was 2.103 billion yuan, a year-on-year increase of 11.12%, with net profit of 504 million yuan, up 6.07% [6] - The company’s total assets reached 17.896 billion yuan, with a debt ratio of 21.73% and a price-to-book ratio of 4.70 [3] Future Projections - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 2.605 billion yuan, 2.962 billion yuan, and 3.435 billion yuan, respectively [8] - The expected EPS corresponding to the current stock price is projected to be 1.94, 2.21, and 2.56 for 2024, 2025, and 2026, respectively [9] Strategic Initiatives - The company is focused on enhancing its core competitiveness through innovation and R&D, with the establishment of an international R&D center expected by the end of the year [6] - The company’s diversification strategy has led to a resilient growth trajectory, with a focus on expanding market share in both domestic and international markets [7][8]