Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 net profit increased by 5% year-on-year, exceeding market expectations, with H1 revenue at 4.83 billion yuan, up 8.6% year-on-year [2][6] - The company's profitability continues to improve due to structural optimization and declining raw material costs, with H1 gross margin at 41.6%, up 2.6 percentage points year-on-year [2][6] - The company is advancing its diversification and internationalization strategy, with projects in Mexico and linear actuator initiatives expected to drive future growth [2][6] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 8,197, 2023A was 8,985, and projections for 2024E, 2025E, and 2026E are 9,929, 11,845, and 14,234 respectively, showing a year-on-year growth of 10.51% in 2024E [2][6] - Net profit attributable to the parent company (in million yuan) for 2022A was 2,343, 2023A was 2,499, with projections for 2024E, 2025E, and 2026E at 2,730, 3,313, and 4,024 respectively, indicating a growth rate of 9.27% in 2024E [2][6] - The latest diluted EPS (in yuan/share) for 2022A was 1.75, 2023A was 1.86, with projections for 2024E, 2025E, and 2026E at 2.04, 2.47, and 3.00 respectively [2][6] Market Data Summary - The closing price of the stock is 46.48 yuan, with a one-year low of 41.55 yuan and a high of 68.11 yuan [3] - The market capitalization is approximately 62.32 billion yuan [3] Asset and Liability Summary - The total assets for 2023A are projected at 17.896 billion yuan, increasing to 20.471 billion yuan in 2024E [6] - The total liabilities for 2023A are projected at 3.453 billion yuan, decreasing to 3.292 billion yuan in 2024E [6] Cash Flow Summary - Operating cash flow for 2023A is projected at 2.677 billion yuan, with expectations of 2.403 billion yuan in 2024E [7] - The net increase in cash for 2023A is projected at (1.073) billion yuan, with expectations of 2.410 billion yuan in 2024E [7]

Q2 经营表现优异，看好公司"国际化、多元化、电动化"发展 公司发布半年报，业绩表现稳健。 2024H1：①公司实现营收 48.33 亿元，同比+8.56%；归母净利润 12.88 亿 元，同比+0.71%，剔除汇兑影响后同比+18.4%；扣非归母净利润 12.40 亿 元，同比-0.23%。②毛利率 41.64%，同比+2.62pct；净利率 26.69%，同比 -2.08pct。③期间费用率 11.5%，同比+5.2pct，销售/管理/研发/财务费用率 同比分别+0.4pct/+0.9pct/ -0.6pct/+4.6pct，财务费用率提升明显主要系汇兑 收益较同期大幅减少。 持续降本增效，盈利能力稳健提升： 公司通过重新解读企业成本构成，制定成本管理方针与目标，推动公司成 本管理的深入开展。公司在 2023 年基础上继续开展降本项目，截止 2024 年 6 月末，共实施降本项目 300 余个，各部门的降本工作有序开展，上半 年毛利率提升 2.62pct。 坚定推进"国际化、多元化、电动化"经营战略： 1）国际化：在稳定国内市场的同时，公司积极开拓海外市场，持续推进海 外产能布局，24H1 公司海外营收 ...

公 司 研 究 [Table_Reportdate] 2024年08月27日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn | --- | --- | |-------------------------|-------------| | 数据日期 Table_cominfo] | 2024/08/26 | | 收盘价 | 46.48 | | 总股本(万股) | 134,082 | | 流通A股/B股(万股) | 130,536/0 | | 资产负债率(%) | 22.30% | | 市净率(倍) | 4.24 | | 净资产收益率(加权) | 8.87 | | 12个月内最高/最低价 | 68.11/41.55 | [Table_QuotePic] -40% -32% -24% -17% -9% -1% 7% 14% 23-08 23-11 24-02 24-05 恒立液压 沪深300 [恒立 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 27 年 月 日 恒立液压（601100.SH） Q2 业绩略超预期，挖机周期底部叠加非标业务成长性 公司发布 2024 年半年度报告。2024 年上半年公司实现营业收入 48.33 亿元，同 比+8.56%；归母净利润 12.88 亿元，同比+0.71%；扣非归母净利润 12.40 亿元， 同比-0.23%。公司 2024Q2 实现营业收入 24.71 亿元，同比+22.05%；归母净利 润 6.86 亿元，同比+5.00%；扣非归母净利润 6.54 亿元，同比+1.71%。公司业 绩超出我们的预期，我们认为主要原因是公司盈利能力超预期。 公司毛利率提升明显。公司 2024Q2 毛利率为 43.12%，同比+6.30 pct；净利率 为 27.80%，同比-4.52 pct。毛利率提升的原因，我们预计是二季度以来挖机板块 回暖使得产能利用率上升等因素导致。公司毛利率提升、但是净利率下降，原因是 财务费用率影响，今年 Q2 财务费用率为-1.91%，同比+12.49pct。现金流方面， 公司 2024Q2 净经营性现金流是 4.52 亿元 ...

[Table_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：46.48 元 恒立液压（601100）机械设备 目标价：——元（6 个月） 多元化布局稳步推进，24Q2 业绩超预期 [Table_Summary] 事件：公司发布 2024年半年报，24H1实现营收 48.3亿元，同比+8.6%；归母 净利润 12.9 亿元，同比+0.7%；单 24Q2 实现营收 24.7 亿元，同比+22.1%， 环比+4.7%，实现归母净利润 6.9 亿元，同比+5.0%，环比+14.0%。多元化布 局稳步推进，24Q2 业绩超预期。 受汇兑收益波动影响，公司净利率承压小幅下滑。24H1,公司综合毛利率为 41.6%，同比+2.6pp，主要系原材料成本下降、业务结构优化等影响；净利率为 26.7%，同比-2.1pp；期间费用率为 11.5%，同比+5.2pp，其中，销售、管理、 研发和财务费用率分别同比+0.38pp、+0.85pp、-0.64pp、+4.56pp，财务费用 率提升主要系汇兑收益较上年同期大幅减少。单 24Q2，公司综合毛利率为 43.1 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company reported a revenue of 4.833 billion in H1 2024, representing a year-on-year increase of 8.56%, with a net profit attributable to shareholders of 1.288 billion, up 0.71% year-on-year [1]. - The second quarter of 2024 saw a revenue of 2.471 billion, a year-on-year increase of 17.69%, and a net profit of 686 million, up 5.00% year-on-year [1]. - The company is expanding its overseas market presence, with overseas sales revenue increasing by 15.29% year-on-year in H1 2024 [1]. - Domestic excavator sales are showing signs of recovery, particularly from March 2024 onwards, with significant month-on-month growth [1]. - The company's diversification strategy is yielding results, with sales of non-standard hydraulic cylinders and non-excavator valves growing rapidly [1]. - The report forecasts net profits for 2024-2026 to be 2.81 billion, 3.28 billion, and 3.93 billion respectively, with corresponding valuations of 22x, 19x, and 16x [1]. Summary by Sections Financial Performance - H1 2024 revenue was 48.33 billion, with a gross margin of 41.64% and a net profit margin of 26.69% [1]. - The second quarter's gross margin was approximately 43.12%, reflecting a year-on-year increase of 6.30 percentage points [1]. Market Trends - The domestic excavator market is stabilizing, driven by government projects and equipment upgrades [1]. - The company is nearing completion of its factory in Mexico, which is expected to enhance its market penetration in the Americas [1]. Strategic Initiatives - The company has successfully increased sales of heavy-duty non-standard hydraulic cylinders by 21.53% year-on-year [1]. - The sales of non-excavator valves grew by 24.30% year-on-year, indicating strong demand in various sectors [1].

[Table_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：46.48 元 恒立液压（601100）机械设备 目标价：——元（6 个月） 多元化布局稳步推进，24Q2 业绩超预期 [Table_Summary] 事件：公司发布 2024年半年报，24H1实现营收 48.3亿元，同比+8.6%；归母 净利润 12.9 亿元，同比+0.7%；单 24Q2 实现营收 24.7 亿元，同比+22.1%， 环比+4.7%，实现归母净利润 6.9 亿元，同比+5.0%，环比+14.0%。多元化布 局稳步推进，24Q2 业绩超预期。 受汇兑收益波动影响，公司净利率承压小幅下滑。24H1,公司综合毛利率为 41.6%，同比+2.6pp，主要系原材料成本下降、业务结构优化等影响；净利率为 26.7%，同比-2.1pp；期间费用率为 11.5%，同比+5.2pp，其中，销售、管理、 研发和财务费用率分别同比+0.38pp、+0.85pp、-0.64pp、+4.56pp，财务费用 率提升主要系汇兑收益较上年同期大幅减少。单 24Q2，公司综合毛利率为 43.1 ...

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 [4][14]. Core Views - The company reported a revenue of 4.833 billion yuan in the first half of 2024, a year-on-year increase of 8.56%, with a net profit attributable to shareholders of 1.288 billion yuan, up 0.71% year-on-year [1]. - The second quarter saw a significant revenue increase of 22.05% year-on-year, reaching 2.471 billion yuan, with a net profit of 686 million yuan, reflecting a 5.00% increase [1]. - The company is benefiting from the recovery in the domestic excavator market and the continuous prosperity of downstream sectors, leading to a rebound in overall operations [1]. - The gross margin and net margin for the first half of 2024 were 41.64% and 26.69%, respectively, maintaining high levels [1]. - The company is actively expanding its overseas market presence and transitioning towards high-end products, enhancing its competitive edge [1]. Financial Summary - The company expects revenues of 9.966 billion yuan, 11.478 billion yuan, and 13.583 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.9%, 15.2%, and 18.3% [2]. - The net profit attributable to shareholders is projected to be 2.724 billion yuan, 3.167 billion yuan, and 3.811 billion yuan for the same years, with growth rates of 9.0%, 16.3%, and 20.3% [2]. - The earnings per share (EPS) are expected to be 2.03 yuan, 2.36 yuan, and 2.84 yuan for 2024, 2025, and 2026, respectively [2]. - The target price for the stock is set at 56.9 yuan, based on a price-to-earnings (PE) ratio of 28 times for 2024 [4].

业绩简评 公司发布半年度报告：实现营收 38.33 亿元，同比+8.56%，归母 净利润 12.88 亿元，同比+0.71%；单 Q2 实现营收 24.71 亿元，同 比+22.05%；实现净利润 6.86 亿元，同比+5.0%，符合预期。 经营分析 国内下游挖机需求 Q2 触底回暖，非挖板块持续高增长。二季度开 始挖掘机内销呈现底部回暖态势，海外工程机械市场因区域不同 呈现出结构性行情，也带动公司挖机油缸和挖机泵阀业务恢复性 增长。另外，公司"多元化"战略取得卓越成效。上半年公司共 销售重型装备用非标准油缸 13.89 万只，同比增长 21.53%。其中， 盾构机用油缸、起重机用油缸、高空作业平台用摆动缸等非标油 缸的销售收入实现快速增长；紧凑液压销量保持高速增长，进一 步扩大了在高空作业平台、挖机、装载机及农业机械等行业的国 内市场份额，并且在国外市场也实现了业务突破，已达成批量供 货。径向柱塞马达产品上半年海内外市场需求均出现快速增长， 广泛应用于滑移装载机、农机、煤机等行业。此外，新能源、工 业真空等非工程机械行业的铸件产品销售也取得进一步放量。 持续降本增效，盈利能力提升明显。上半年公司通过重新解读 ...

第五届监事会第九次会议决议公告 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，并对其内容的真实性、准确性和完整性承担个别及连带责 任。 江苏恒立液压股份有限公司（以下简称"公司"）第五届监事会第九次会 议的会议通知于2024年8月14日以现场送达形式发出，并于2024年8月24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年半年度报告及其摘要》； 证券代码：601100 证券简称：恒立液压 公告编号：临2024-018 江苏恒立液压股份有限公司 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。 三、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 公司关于开展外汇衍生品交易业务的议案》。 议案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。 四、以3票 ...