Core Viewpoint - Hengli Hydraulic announced its profit distribution plan for the first half of 2025, which includes a cash dividend of 0.30 yuan per share (tax included) for A-shares [2] Summary by Categories - **Dividend Announcement** - The cash dividend of 0.30 yuan per share will be distributed to shareholders [2] - The record date for the dividend is set for November 13, 2025 [2] - The ex-dividend date is scheduled for November 14, 2025 [2]

证券代码：601100 证券简称：恒立液压 公告编号：2025-033 江苏恒立液压股份有限公司 关于召开 2025 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/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 21 日 （星期五） 至 11 月 27 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 2025 年 11 月 28 日发布公司 2025 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 2025 年第三季度经营成果、财务状况，公司计划 于 2025 年 11 月 28 日（星期五）15:00-16:00 举行 2025 年第三季度 业绩说明会，就投资者关心的问题进行交流。 会议召开时间：2 ...

证券代码：601100 证券简称：恒立液压 公告编号：2025-031 江苏恒立液压股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.30元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/11/13 | － | 2025/11/14 | 2025/11/14 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 9 月 19 日的2025年第一次临时股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,340,820,992股为基数，每股派发现金红利 0.30元（含税） ...

Core Points - Hengli Hydraulic (601100.SH) announced a cash dividend distribution of 0.30 yuan per share (including tax), totaling 402 million yuan based on a total share capital of 1.341 billion shares [1][1][1] - The record date for the dividend distribution is November 13, 2025, and the ex-dividend date is November 14, 2025 [1][1][1]

Group 1 - The core viewpoint of the report is that Huayong Securities has given a "Buy" rating to Hengli Hydraulic (601100.SH) based on improving quarterly performance and enhanced profitability [1] - The report highlights that the company's performance has shown improvement on a quarterly basis, indicating a positive trend [1] - It notes that the company's profitability has increased, although the expense ratio has also risen [1] - Progress in linear actuators is mentioned as a factor that could elevate the company's valuation [1] Group 2 - The report outlines several risks, including increased market uncertainty due to global macroeconomic fluctuations [1] - It also mentions potential policy risk changes and the risk of overseas market expansion not meeting expectations [1] - Additional risks include exchange rate fluctuations and volatility in raw material prices [1]

Core Viewpoint - Hengli Hydraulic's stock price has shown significant volatility, with a year-to-date increase of 73.52% but a recent decline in the last five and twenty trading days [1][2] Financial Performance - For the period from January to September 2025, Hengli Hydraulic achieved a revenue of 7.79 billion yuan, representing a year-on-year growth of 12.31% [2] - The net profit attributable to shareholders for the same period was 2.09 billion yuan, reflecting a year-on-year increase of 16.49% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Hengli Hydraulic was 36,900, a decrease of 15.76% from the previous period [2] - The average number of circulating shares per shareholder increased by 18.70% to 36,379 shares [2] Dividend Distribution - Since its A-share listing, Hengli Hydraulic has distributed a total of 5.775 billion yuan in dividends, with 2.708 billion yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 118 million shares, an increase of 15.19 million shares from the previous period [3] - Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF saw reductions in their holdings, with decreases of 412,000 shares and 179,200 shares, respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company reported a revenue of 7.79 billion yuan for the first three quarters of 2025, a year-on-year increase of 12.31%, and a net profit attributable to shareholders of 2.09 billion yuan, up 16.49% year-on-year. In Q3 alone, revenue reached 2.62 billion yuan, growing 24.53% year-on-year, with a net profit of 658 million yuan, an increase of 30.60% year-on-year [5][8] - The demand for excavators in both domestic and overseas markets is on the rise, with a total of 174,039 units sold from January to September, reflecting an 18.1% year-on-year growth. Domestic sales increased by 21.5% to 89,877 units [8] - The company is successfully advancing its linear actuator business, having launched over 50 new products in the first half of the year, which have all entered mass production [8] Financial Data and Profit Forecast - The company expects total revenue to reach 10.53 billion yuan in 2025, with a year-on-year growth rate of 12.2%. The net profit attributable to shareholders is projected to be 2.82 billion yuan, reflecting a growth rate of 12.6% [7][9] - The gross margin for the first three quarters of 2025 was 41.96%, an increase of 0.50 percentage points year-on-year, while the net margin was 26.85%, up 0.98 percentage points year-on-year [8] - The report forecasts net profits of 2.82 billion yuan, 3.28 billion yuan, and 3.86 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 46X, 39X, and 33X [8][9]

Core Viewpoint - The company reported strong financial performance in the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, indicating a positive trend in the engineering machinery sector and the company's operational efficiency [1][2][3]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 7.79 billion yuan, a year-on-year increase of 12.31%, and a net profit attributable to shareholders of 2.087 billion yuan, up 16.49% [1]. - In Q3 alone, the company recorded revenue of 2.619 billion yuan, reflecting a year-on-year growth of 24.53%, and a net profit of 658 million yuan, which is a 30.6% increase compared to the same period last year [1]. Industry Trends - The engineering machinery sector is experiencing a comprehensive recovery, with excavator domestic sales and exports increasing by 21.55% and 14.61% respectively from January to September 2025 [2]. - The company's revenue growth rates for Q1 to Q3 of 2025 were 2.56%, 11.24%, and 24.53%, indicating a clear acceleration in growth [2]. Profitability - The company maintained high profitability levels, with gross and net profit margins of 41.96% and 26.85% respectively for the first three quarters of 2025, showing improvements of 0.5 percentage points and 0.98 percentage points year-on-year [3]. - In Q3, the gross margin was 42.18% and the net margin was 25.17%, reflecting increases of 0.87 percentage points and 1.18 percentage points year-on-year [3]. Product Development and Market Position - The company is well-positioned in the linear actuator market, with a complete product lineup including precision screws, linear guides, and electric cylinders, and has developed over 50 new products while adding nearly 300 new clients [4]. - The upcoming production of humanoid robots by Tesla is expected to benefit the company's screw business, aligning with the trend of electrification in engineering machinery and opening new market opportunities [4]. Investment Outlook - The company is projected to achieve revenues of 10.478 billion, 12.158 billion, and 14.17 billion yuan from 2025 to 2027, with corresponding net profits of 2.807 billion, 3.347 billion, and 3.928 billion yuan, indicating continued growth [5]. - The investment rating remains strong due to the anticipated improvement in the company's fundamentals and the potential benefits from the humanoid robot industry [5].

Investment Strategy and Key Stock Portfolio - The "14th Five-Year Plan" is positioned as a critical phase for achieving socialist modernization, with an implied growth rate requirement of approximately 4.7% during this period. The focus is on high-quality development, emphasizing total factor productivity, resident consumption rates, and domestic demand [3][9] - The improvement in China-US relations is noted, with a meeting between the leaders on October 30 discussing economic cooperation and resulting in a consensus that includes the suspension of certain tariffs and export controls. This is expected to enhance risk appetite in the market [3][9] - There is a continued demand for stabilizing domestic demand in the fourth quarter, with a reported GDP growth rate of 5.2% in the first three quarters, making it feasible to meet the annual target of 5%. However, there are signs of slowing retail sales growth and negative fixed asset investment growth [10][11] - The Federal Reserve has continued its gradual interest rate cuts, with a clear end to quantitative tightening (QT) by December 1. This is seen as a move to maintain the Fed's independence and data-driven decision-making [10][11] Key Stock Recommendations - The report includes a selection of stocks across various industries, highlighting their potential based on current market conditions and company fundamentals. The recommended stocks include: - Hengli Petrochemical (600346.SH) in the petrochemical sector, with a focus on its resilience and dividend policy [12][13] - Satellite Chemical (002648.SZ) in basic chemicals, benefiting from its integrated supply chain and expected recovery in market demand [12][13] - Zhongsheng Pharmaceutical (002317.SZ) in the pharmaceutical sector, with a strong pipeline and expected revenue growth [12][13] - Kaili Medical (300633.SZ) in the medical sector, focusing on high-end product launches and market expansion [12][13] - Lihua Co., Ltd. (300761.SZ) in agriculture, benefiting from stable growth in poultry production [12][13] - Top Group (601689.SH) in the automotive sector, expected to benefit from its position as a key supplier to Tesla [12][13] - Zhaoyi Innovation (603986.SH) in electronics, with strong demand for semiconductor products [12][13] - Northern Huachuang (002371.SZ) in electronics, benefiting from the acceleration of domestic semiconductor production [12][13] - Anhui Heli (600761.SH) in machinery, focusing on global expansion and smart logistics [12][13] - Hengli Hydraulic (601100.SH) in machinery, benefiting from the recovery in the excavator industry [12][13] ETF Recommendations - The report also recommends several ETFs, including: - Huaxia SSE Sci-Tech Innovation Board 50 ETF (588000.OF) with a year-to-date growth rate of 47.13% [15] - E Fund CSI Artificial Intelligence Theme ETF (159819.OF) with a year-to-date growth rate of 69.58% [15] - Chemical ETF (159870.OF) with a year-to-date growth rate of 25.97% [15] - GF CSI Infrastructure Engineering ETF (516970.OF) with a year-to-date growth rate of 9.09% [15] - Southern CSI Nonferrous Metals ETF (512400.OF) with a year-to-date growth rate of 85.37% [15]

Market Overview - The engineering machinery sector rose by 0.14% on October 31, with Jindao Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Top Performers - Jindao Technology (301279) closed at 26.34, up 7.16% with a trading volume of 97,800 shares and a turnover of 253 million yuan [1] - Aidi Precision (603638) closed at 18.71, up 5.89% with a trading volume of 126,900 shares [1] - Southern Road Machinery (603280) closed at 42.42, up 5.50% with a trading volume of 93,600 shares [1] Underperformers - Fushite (301446) closed at 32.84, down 2.70% with a trading volume of 23,700 shares [2] - Yichang Heavy Industry (600031) closed at 22.14, down 1.64% with a trading volume of 712,900 shares [2] - Xiamen XGMA (600815) closed at 3.06, down 1.29% with a trading volume of 964,700 shares [2] Capital Flow - The engineering machinery sector experienced a net outflow of 102 million yuan from institutional investors, while retail investors saw a net inflow of 113 million yuan [2][3] - Major stocks like Zoomlion (000157) had a net inflow of 11.8 million yuan from institutional investors, while it faced a net outflow of 99.87 million yuan from speculative funds [3] Summary of Individual Stocks - Zoomlion (000157) had a closing price of 8.17, with a net inflow of 1.18 million yuan from major investors [3] - Shantui (000680) closed at 11.57, with a net inflow of 64 million yuan from major investors [3] - Southern Road Machinery (603280) had a net inflow of 23.42 million yuan from major investors [3]