Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 2.5 billion, 3.0 billion, and 3.6 billion RMB for 2024, 2025, and 2026 respectively, corresponding to PE valuations of 30, 25, and 21 times [2][4]. Core Insights - The company reported a revenue of 6.9 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 9.32%, and a net profit of 1.79 billion RMB, up 2% year-on-year. In Q3 2024 alone, revenue reached 2.1 billion RMB, a 11% increase year-on-year, with a net profit of 500 million RMB, up 6% year-on-year, slightly below expectations [2][4]. - The domestic excavator market is showing signs of recovery, while non-excavator segments continue to grow rapidly. The company’s hydraulic cylinder and pump valve businesses for excavators have seen significant growth due to market recovery and increased market share [2][4]. - The company is actively expanding its overseas market presence and diversifying its business, with a focus on electric and automated machinery, which is expected to create new growth opportunities [2][4]. Summary by Sections Performance Analysis - The company’s Q3 2024 profit was lower than expected primarily due to rapid personnel expansion leading to increased expenses. The gross margin for Q3 was 41%, down 1.93 percentage points year-on-year, and the net margin was 24%, down 1 percentage point year-on-year [2][4]. - The non-excavator market, including marine engineering and agricultural machinery, has shown strong performance, although the high machinery market's downturn has affected overall revenue growth in this segment [2][4]. Financial Forecasts - Revenue projections for 2024 to 2026 are 9.614 billion, 11.113 billion, and 12.899 billion RMB, with growth rates of 7.00%, 15.59%, and 16.07% respectively. Net profit forecasts for the same period are 2.501 billion, 3.048 billion, and 3.625 billion RMB, with growth rates of 0.07%, 21.91%, and 18.90% respectively [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company is expected to benefit significantly from the recovery of the domestic engineering machinery sector and has a strong position as a core component supplier [2][3]. - The company's revenue for the first three quarters of 2024 reached 6.936 billion yuan, a year-on-year increase of 9.32%, while the net profit attributable to shareholders was 1.791 billion yuan, up 2.16% year-on-year [1]. - The report highlights that the company's profitability is slightly under pressure, with a Q3 gross margin of 41.03%, down 1.93 percentage points year-on-year [1]. Financial Performance - The company achieved a Q3 revenue of 2.103 billion yuan, representing an 11.12% year-on-year increase, and a net profit of 504 million yuan, up 6.07% year-on-year [1]. - The projected net profits for 2024-2026 are 2.5 billion yuan, 2.9 billion yuan, and 3.5 billion yuan, with growth rates of 2%, 16%, and 18% respectively [3]. - The company's current P/E ratios are 29.5, 25.4, and 21.5 for the years 2024, 2025, and 2026 respectively [3]. Business Segments - The company's screw rod business is currently in an investment phase, which may lead to temporary performance fluctuations [1][2]. - The high-end machinery segment is experiencing slight pressure, but the company is making steady progress with its linear actuator project [2]. Market Position - The company serves major domestic clients such as SANY, XCMG, and LiuGong, and has established relationships with global giants like Caterpillar and Hitachi, positioning it well for growth in both domestic and international markets [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's net profit in Q3 increased by 6.1% year-on-year, 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 [3] - The company is diversifying and internationalizing its strategy, with projects in Mexico and linear actuator initiatives expected to drive growth. The establishment of a hydraulic component production base in Mexico will help the company tap into the North American market [4] Summary by Sections Financial Forecasts and Valuation - The company has adjusted its net profit forecasts for 2024-2026 to 2.462 billion, 3.033 billion, and 3.623 billion yuan respectively, with corresponding P/E ratios of 30, 25, and 21 times [4] - The operating revenue is projected to reach 9.509 billion yuan in 2024, with a year-on-year growth rate of 5.83% [11] - The net profit margin is expected to recover as high-margin businesses increase their share, particularly with the ramp-up of domestic screw business and the production of the overseas factory in Mexico [3][4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][13]. Core Views - The company continues to demonstrate high-quality operations in Q3 2024, with new business layouts expected to drive growth [1]. - Despite a challenging domestic economic environment, the company has achieved relatively stable performance through expansion in non-excavation sectors and overseas markets [1]. - The engineering machinery industry is stabilizing, and the company is well-positioned to benefit from the recovery, particularly in hydraulic components [1]. - The company is actively expanding into new products and markets, enhancing its global competitiveness [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 6.94 billion yuan, a year-on-year increase of 9.3%, and a net profit attributable to shareholders of 1.79 billion yuan, up 2.2% year-on-year [1]. - In Q3 alone, revenue reached 2.10 billion yuan, reflecting an 11.1% year-on-year growth, with a net profit of 500 million yuan, up 6.1% year-on-year [1]. - The gross margin and net margin for Q3 were 41.0% and 24.0%, respectively, both showing a decline compared to the previous year [1]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 9.97 billion yuan, 11.48 billion yuan, and 13.58 billion yuan, respectively, with year-on-year growth rates of 10.9%, 15.2%, and 18.3% [1][2]. - Net profit projections for the same years are 2.53 billion yuan, 3.14 billion yuan, and 3.96 billion yuan, with growth rates of 1.3%, 24.3%, and 26.0% [1][2]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.89 yuan, 2.34 yuan, and 2.95 yuan, respectively [2]. Market Position and Strategy - The company is recognized as a leading player in the domestic hydraulic components market, with significant potential for growth in hydraulic pump and valve products [1]. - The ongoing expansion into linear drive business and the establishment of a factory in Mexico are strategic moves to enhance market presence in the Americas [1]. - The company is focusing on high-end hydraulic products and diversifying its business to reduce dependency on cyclical industries [1].

本次电话会议仅面向国金证券的专业投资机构客户或受邀客户仅供交流研究观点专家发言内容仅代表其个人观点会议内容并不构成对任何人的投资建议 各位同志 大家下午好我们今天有请到了彭丽媛 董蜜 小方总和我们来跟我们进行三级报的解读 哎小方总小方总听得见吗哎好感谢小方总然后好那要不先请您把这个咱们三级报的这个经营情况先给大家分享一下好的对于这个我们这个昨天发布的三级报啊跟大家这个其实昨天晚上也有一些疑问啊怎么这个 也跟大家做了一些初步的一些解释那么其实呢应该说我们从这个呃单个三季度啊这个我们其实呃收入应该说还是不错的一个增长吧啊我们三季度增长11%啊这个呃利润也是有这个六个点这么一个增幅啊那其实呢应该说我们嗯从自己的这个本身的角度来看呢 确实在整个三季度工业的数据相对比较弱的情况之下公司还是保持了同比的增长当然大家对一些包括毛利利 静谧利方面的一些担心和考虑我们一直觉得是这样首先就是说 产品因为种类比较多单个之内季度之间的少量波动我觉得其实属于一个正常的现象再加上本身你从环比收入端少了三四个亿的情况也或多或少会影响一下你的整个的一些固定成本的分摊另外就是说咱们的 经历率经历率上面其实今年整体上看我们的管理费用是相对比较高 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 53.00 CNY [3]. Core Views - The company's revenue growth is recovering, with a year-on-year increase of 9.32% for the first three quarters of 2024, reaching 6.936 billion CNY [1]. - The net profit attributable to the parent company for the same period is 1.791 billion CNY, reflecting a year-on-year growth of 2.16% [1]. - The company is expanding its business into industrial automation and electric engineering machinery, which has led to an increase in employee numbers and a rise in expense ratios [1]. - The international R&D center is expected to be completed by the end of the year, with significant investments in R&D leading to innovative product launches [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 2.103 billion CNY, a year-on-year increase of 11.12% [1]. - The gross profit margin for Q3 is approximately 41.03%, down 1.93 percentage points year-on-year [1]. - The net profit margin for Q3 is 23.99%, a decrease of 1.13 percentage points year-on-year [1]. Market Dynamics - Domestic excavator sales reached 74,000 units in the first three quarters of 2024, up 8.6% year-on-year, indicating a recovery in demand [1]. - The company benefits from policies aimed at stimulating demand for new machinery, particularly in the context of large-scale equipment updates [1]. Business Expansion - The company is investing in new business areas, which has resulted in a noticeable increase in operating expenses, with total expense ratios reaching 19.01% in Q3 [1]. - The R&D investment accounted for 6.92% of revenue in the first half of 2024, reflecting the company's commitment to innovation [1]. Future Outlook - The company forecasts net profits of 2.6 billion CNY, 3.02 billion CNY, and 3.69 billion CNY for 2024, 2025, and 2026, respectively, with corresponding valuations of 27x, 24x, and 19x [1].

Investment Rating - The report maintains a **Buy** rating for Hengli Hydraulics (601100) [3] Core Views - Hengli Hydraulics' Q3 2024 performance showed continued recovery, with revenue and net profit growing by 11.12% and 6.07% YoY, respectively [1] - The company's operating cash flow improved significantly, with a 23% YoY increase in Q3 2024 [1] - The excavator sector is bottoming out, with domestic sales growing by 21.5% YoY in September 2024, while exports increased by 2.5% [1] - Non-excavator businesses, including non-standard cylinders and pumps, maintained strong growth, with sales of heavy equipment cylinders increasing by 21.53% YoY [1] - Overseas revenue grew by 15.29% YoY in H1 2024, supported by the nearing completion of the Mexico factory [1] Financial Performance - Q3 2024 revenue reached **2.103 billion yuan**, up 11.12% YoY, while net profit was **504 million yuan**, up 6.07% YoY [1] - Gross margin in Q3 2024 was 41.03%, down 1.93 pct YoY and 2.08 pct QoQ [1] - Net margin in Q3 2024 was 23.99%, down 1.13 pct YoY and 3.81 pct QoQ [1] - Operating cash flow in Q3 2024 was **773 million yuan**, up 23% YoY [1] Industry Outlook - The excavator industry is expected to recover, with domestic demand supported by favorable real estate policies and increased infrastructure investment [1] - The update cycle for excavators (8-10 years) suggests that replacement demand may bottom out in 2024 [1] - Overseas market share is expected to continue growing, driven by globalization efforts [1] Non-Excavator Business - Sales of non-standard cylinders for heavy equipment grew by 21.53% YoY in H1 2024, driven by demand from sectors like tunneling machines, cranes, and renewable energy [1] - Non-excavator pump sales increased by 24.30% YoY, with compact hydraulic products expanding market share both domestically and internationally [1] - Radial piston motors saw rapid growth in both domestic and international markets, particularly in industries like skid steer loaders and agricultural machinery [1] Overseas Expansion - Overseas revenue grew by 15.29% YoY in H1 2024, with the Mexico factory nearing completion to support expansion in the Americas [1] - The company has begun sample deliveries and small-scale production of ball screw products [1] Financial Forecasts - The report forecasts net profit of **2.56 billion yuan**, **2.94 billion yuan**, and **3.57 billion yuan** for 2024, 2025, and 2026, respectively, with YoY growth rates of 2%, 15%, and 21% [1] - The PE ratios for 2024-2026 are estimated at 29x, 25x, and 21x, respectively [1] Peer Comparison - Hengli Hydraulics' 2024E PE ratio of 29.2x is higher than peers like Sany Heavy Industry (24.6x) and XCMG (13.9x) [6] - The company's current market capitalization is **74.8 billion yuan**, lower than Sany Heavy Industry's **151 billion yuan** but higher than Zoomlion's **60.1 billion yuan** [6]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company's performance is in line with expectations, with a double-digit revenue growth maintained in Q3. Future focus will be on the ramp-up of new business [2][4] - The company is expected to achieve steady growth due to its internationalization, diversification, and electrification strategies [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue 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%. In Q3 alone, revenue and profit were 2.103 billion yuan and 504 million yuan, respectively, reflecting year-on-year growth of 11.12% and 6.07% [4] - The company's contract liabilities increased by 32.05% year-on-year, indicating a rise in advance payments and a healthy order situation [4] Profitability Metrics - The gross margin and net margin for the first three quarters of 2024 were 41.46% and 25.87%, with slight changes from the previous year. In Q3, these margins were 41.03% and 23.99%, showing a slight decline from Q2 [4] Strategic Initiatives - The company is accelerating its internationalization strategy, with compact hydraulic sales growing rapidly and market share expanding domestically. Overseas revenue in H1 2024 increased by 15.29% [4] - The company is also focusing on electrification and automation in the industrial sector, with ongoing projects in linear actuators and ball screw products [4] Valuation and Target Price - The target price has been adjusted to 71.10 yuan, based on a 30x PE ratio for 2025, reflecting the company's position as a leader in hydraulic components [4]

Investment Rating - The report maintains a "BUY" rating for Jiangsu Hengli with a target price of RMB64, indicating a potential upside of 14.7% from the current price of RMB55.82 [2][4]. Core Insights - Jiangsu Hengli's EBIT in 3Q24 decreased by 6% YoY to RMB445 million, attributed to a gross margin contraction of 1.9 percentage points YoY, despite an 11% YoY revenue increase to RMB2.1 billion [2]. - The net profit for 3Q24 grew by 6% YoY to RMB504 million, supported by higher net finance income and other gains [2]. - The company is expected to benefit from increasing revenue contributions from non-excavator components and new growth drivers such as electric cylinders and ball screws in 2025 [2]. - The report highlights potential risks related to the upcoming U.S. elections and possible tariff increases under a potential Trump presidency, which could impact exports from Mexico to the U.S. [2]. Financial Summary - Revenue for FY24E is projected at RMB10,033 million, reflecting an 11.7% YoY growth, with further growth expected in FY25E and FY26E [3][13]. - Adjusted net profit for FY24E is estimated at RMB2,756.5 million, with an EPS of RMB2.06, representing a 10.3% YoY increase [3][13]. - The gross margin is expected to improve slightly to 41.9% in FY24E, with a long-term target of 43.0% by FY26E [10][16]. Production and Operational Insights - The production plan for October includes 42,000 units of hydraulic cylinders for excavators, a decrease of approximately 5% YoY, while production of non-standardized cylinders is expected to drop by about 10% YoY [2]. - Positive production trends are noted for small-size pumps and valves, with planned increases of approximately 40% and 90% YoY, respectively [2]. Market Position and Valuation - The company maintains a strong market capitalization of RMB74,844.6 million, with a P/E ratio projected to decrease from 31.1x in FY22A to 21.4x in FY26E [4][10]. - The report indicates a stable financial position with a net gearing ratio improving from (51.9%) in FY22A to (52.4%) in FY26E, suggesting a strong balance sheet [3][10].

证券代码：601100 证券简称：恒立液压 公告编号：临2024-030 江苏恒立液压股份有限公司 第五届监事会第十一次会议决议公告 本公司监事会及全体监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、准确和完整承担个别及连带责任。 江苏恒立液压股份有限公司（以下简称"公司"）第五届监事会第十一次 会议的会议通知于2024年10月16日以现场送达形式发出，并于2024年10月26日 以现场会议的方式召开。会议应出席监事3名，实际出席监事3名。会议由公司 监事会主席苏娅女士召集并主持。会议的通知及召开符合有关法律、行政法规 和公司章程的规定，会议决议合法有效。 经现场投票表决，会议形成如下决 议： 一、以3票同意，0票反对，0票弃权，审议通过了《江苏恒立液压股份有限公 司2024年第三季度报告》； 报告详细内容与本公告同日披露于上海证券交易所网站www.sse.com.cn。 二、以3票同意，0票反对，0票弃权，审议通过了《江苏恒立液压股份有限公 司关于使用暂时闲置募集资金进行现金管理的议案》； 该议案内容与本公告同日披露于上海证券交易所网站www.sse.com.cn。 监事会 ...