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、 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company achieved a revenue of 8.99 billion yuan in 2023, representing a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 2.50 billion yuan, up 6.7% year-on-year [1]. - The revenue growth significantly outperformed the industry, with excavator sales in China declining by 25.4% in 2023, while the company's revenue increased [1]. - The company is actively expanding its product offerings and exploring international markets, with a focus on electric control and execution devices to align with industry trends [1][2]. Financial Performance - In Q4 2023, the company reported revenue of 2.64 billion yuan, a year-on-year increase of 16.0%, and a net profit of 750 million yuan, up 25.6% year-on-year [1]. - For Q1 2024, the company recorded revenue of 2.36 billion yuan, a decrease of 2.7% year-on-year, and a net profit of 600 million yuan, down 3.77% year-on-year [1]. - The company plans to achieve net profits of 2.90 billion yuan, 3.45 billion yuan, and 4.15 billion yuan for 2024, 2025, and 2026, respectively, with corresponding valuations of 25x, 21x, and 17x [2][5]. Product Development and Market Expansion - The company developed 411 new products in 2023, including 103 new products for non-engineering machinery, and made significant improvements in existing processes [1]. - The company is expanding its international presence, with a hydraulic parts production base in Mexico expected to begin trial production in Q2 2024 [1]. - The company has established subsidiaries in Singapore and Brazil to enhance its service network and participate in global competition [1].

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 ...

证券代码：601100 证券简称：恒立液压 公告编号：临2024-007 江苏恒立液压股份有限公司 关于 2023 年度日常关联交易执行情况及 2024 年度日常关 联交易预计的公告 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： ●江苏恒立液压股份有限公司（以下简称"恒立液压"或"公司"）与关联 方日常关联交易为日常经营活动中所必需的正常业务往来，遵循公平、公正、公 开的原则，不会损害公司和中小股东的利益，不会对公司持续经营能力造成影响， 不会对公司未来财务状况、经营成果造成重大不利影响。 ●本事项经董事会审批后方可实施，无需提交股东大会审议。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2024年4月20日，《关于2023年度日常关联交易执行情况及2024年度日常关 联交易预计的议案》已经公司第五届董事会第八次会议、第五届监事会第八次会 议审议通过，关联董事汪立平先生在审议本议案时已按照有关规定进行了回避表 决。 该关联交易事项已经公司独立董事事前认可，并出具认可意见；公司审计委 员会对关联 ...

江苏恒立液压股份有限公司 2、独立性情况的说明 本人未在公司担任除独立董事外的其他职务，与公司及主要股东、实际控 制人不存在亲属、持股、任职、重大业务往来等利害关系或其他可能影响其进 行独立客观判断关系的情形，充分保持了独立性要求，能够独立公正地履行职 责，符合《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指 引第 1 号—规范运作》中关于独立董事独立性的要求。 二、独立董事年度履职概况 （一）出席董事会、股东大会情况 独立董事 2023 年度述职报告 ——王学浩 本人作为江苏恒立液压股份有限公司(以下简称"公司")的独立董事，严 格按照《公司法》《证券法》和《上市公司独立董事管理办法》等法律法规，以 及《公司章程》、公司《独立董事工作规则》等规定，在 2023 年度任职期间， 本人审慎行使独立董事权利，勤勉尽责，依法充分履职，按时出席了公司董事 会及各专门委员会，在董事会中充分发挥了决策、监督和专业咨询的作用，促 进了公司规范运作，维护了公司的整体利益，有效保护了股东特别是中小股东 的合法权益。 本人现就 2023 年度履职情况汇报如下： 一、独立董事基本情况 1、基本资料 王学浩，男，中国国 ...