加冰所 所表述的意见均不构成浙商证券研究所研究观点如果嘉宾发布的观点和浙商研究所发布的观点有分歧或不一致这也仅作为一种不同的研究视角供投资者参考三依照监管要求和保密原则未经合法授权严禁录音记录转发感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对浙商证券的理解和配合谢谢 各位领导 大家上午好 我是浙江政签 机械国防行业首席分析师王华钧今天我们非常荣幸地邀请到了恒力液压的政签事务代表周总来给我们介绍一下恒力液压23年的年报 还有24年一季报的一些交流我们团队这段时间是在加大推荐整个工程机械板块我们认为整个工程机械板块核心的逻辑有两个一个就是最重要的还是全球化 还是中国的工程机械企业想走出去类似于新能源车中国目前已经是全球第一大新能源车的出口国一样我们的挖掘机 我们的启动机 高空作业平台等这些主流的一些主要的工程机械产品与这个非常优异的性价比的优势我们认为走出去这个是大的趋势所以目前的话很多的工程机械企业在海外的这个业绩占比有一些公司的业绩占比在毛利的占比可能已经超过60% 所以海外是一个我们的工程机械产品的市占率会持续提升这样的话也会带动像我们的这个像恒利的一些 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 67.98 CNY over the next six months [1]. Core Insights - The company demonstrated steady growth in 2023, achieving a revenue of 8.98 billion CNY, a year-on-year increase of 9.6%, and a net profit of 2.50 billion CNY, up 6.7% year-on-year. The fourth quarter of 2023 saw a revenue of 2.64 billion CNY, a 16.0% increase year-on-year, and a net profit of 750 million CNY, up 25.6% year-on-year. However, the first quarter of 2024 reported a revenue of 2.36 billion CNY, down 2.7% year-on-year, and a net profit of 600 million CNY, down 3.8% year-on-year [2][22]. Summary by Sections 1. Company Overview - The company is a leading player in the domestic hydraulic components industry, having evolved from a single hydraulic cylinder manufacturer to a diversified enterprise with a comprehensive product range including high-pressure cylinders, pumps, valves, and precision castings. It has established manufacturing bases and expanded its global market presence through acquisitions and strategic partnerships [11][14]. 2. Financial Performance - The company achieved a gross margin of 41.9% in 2023, an increase of 1.3 percentage points year-on-year, primarily due to lower raw material costs. The net profit margin was 27.8%, a decrease of 0.8 percentage points, attributed to increased business expansion costs. The first quarter of 2024 saw a gross margin of 40.1% and a net profit margin of 25.5% [2][22][36]. 3. Business Segments - The hydraulic cylinder segment generated a revenue of 4.69 billion CNY in 2023, with a year-on-year increase of 2.3%. The sales volume of excavator cylinders decreased by 3.4%, while non-standard cylinders saw a 16% increase. The hydraulic pump and valve segment achieved a revenue of 3.27 billion CNY, up 18.6% year-on-year, with significant growth in non-excavator applications [2][21][22]. 4. Market Position and Strategy - The company holds a dominant market share in various hydraulic components, with over 50% in small excavator pumps and valves. It is actively expanding into non-excavator markets, including agricultural machinery and industrial applications, which are expected to contribute to future revenue growth [2][11][20]. 5. Future Outlook - The company forecasts net profits of 2.77 billion CNY, 3.25 billion CNY, and 3.85 billion CNY for 2024, 2025, and 2026, respectively, with a compound annual growth rate of 15% over the next three years. The target price reflects a 33x PE ratio for 2024 [2][43].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 annual performance met expectations, while the first quarter of 2024 slightly fell short of expectations [1] - In 2023, the company achieved operating revenue of 8,985 million yuan (+9.6%), with a net profit attributable to shareholders of 2,499 million yuan (+6.7%) [1] - The comprehensive gross profit margin for the year was 41.9%, a slight increase from 40.55% in 2022 [1] - The company is expanding its international strategy, with overseas market share gradually increasing [1] - The company is also focusing on the electric drive sector, with initial results from long-term strategic layouts [1] Financial Performance Summary - In Q1 2024, the company reported operating revenue of 2,362 million yuan (-2.7%) and a net profit of 602 million yuan (-3.8%) [1] - The gross profit margin for Q1 2024 was 40.1%, close to 40.86% from the same period last year [1] - The company expects a rebound in the engineering machinery industry in 2024 due to equipment renewal cycles and policy-driven large-scale updates [1] - Revenue forecasts for 2024-2026 have been adjusted to 9,641 million yuan, 11,118 million yuan, and 12,821 million yuan respectively [2][4] - Net profit forecasts for the same period are adjusted to 2,761 million yuan, 3,189 million yuan, and 3,680 million yuan respectively [2][4] Market Expansion and Product Development - The company has seen stable growth in non-standard hydraulic cylinder sales, particularly in high-altitude work platforms and industrial applications [1] - The company has developed 103 new products in non-engineering machinery sectors throughout 2023 [1] - The establishment of subsidiaries in Singapore and Brazil is part of the company's strategy to expand its overseas service network [1] Long-term Strategic Initiatives - The electric drive project is progressing, with various infrastructure components completed and initial production expected in Q1 2024 [1] - The company is focusing on providing cost-effective, one-stop system solutions to gain market share [1] - The company anticipates accelerated overseas market expansion following the commissioning of its Mexican factory [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 8.985 billion yuan in 2023, representing a year-on-year growth of 9.61%. The net profit attributable to shareholders was 2.499 billion yuan, up 6.66% year-on-year. In Q1 2024, the company reported a revenue of 2.362 billion yuan, a decline of 2.7% year-on-year, and a net profit of 602 million yuan, down 3.77% year-on-year [2][3][4] Summary by Sections Financial Performance - In 2023, the company realized a revenue of 89.85 billion yuan, with a net profit of 24.99 billion yuan and a non-recurring net profit of 24.47 billion yuan, showing growth rates of 9.61%, 6.66%, and 9.67% respectively. For Q1 2024, the revenue was 23.62 billion yuan, with a net profit of 6.02 billion yuan, reflecting declines of 2.7% and 3.77% year-on-year [2][3] Market Position and Strategy - The company has increased its market share in non-excavator hydraulic cylinders, with stable growth in sales, particularly in high machines and industrial non-standard hydraulic cylinders. The company is benefiting from the release of new non-excavator products and a reduction in raw material costs, maintaining a high profitability level with a gross margin of 41.90%, up 1.35 percentage points year-on-year [3][4] International Expansion - The company is actively expanding its overseas market presence, focusing on Europe, North America, and Southeast Asia. In 2023, overseas revenue reached 1.927 billion yuan, a year-on-year increase of 9.95%, accounting for 21.45% of total revenue. The company is also progressing with its fundraising projects, with trial production expected in Q2 2024 for its Mexico factory [3][4] Earnings Forecast - The company is expected to see gradual improvement in performance, with projected revenues of 9.818 billion yuan, 11.934 billion yuan, and 14.096 billion yuan for 2024, 2025, and 2026 respectively. The net profit forecasts for the same years are 2.724 billion yuan, 3.376 billion yuan, and 4.085 billion yuan, with corresponding P/E ratios of 25, 21, and 17 [4][5][6]

尊敬的各位领导 大家上午好我是征信证券基金行业首席分析师李悦 今天我们非常有幸的邀请到了恒大业鸭的董秘、战打棒张总给我们就公司23年年报和21年一级报的经营状况做分析和讲解那么去年也是工程机械这个整个持续下滑的一年那公司整体是从业绩上保持了一个非常不错的一个还不错的一个成长的一个成绩那么目前看从三月份以来这个工程机械有复苏的一个苗头 那么我们也请方总科给我们介绍一下这个二十三年的年报以及对于今年全年的一个观点的看法谢谢好 感谢岳总对 我们昨天晚上发布了年报和一级报 那总体来讲就是说我们去年还是经过自己的努力吧也是这个实现了基本上实现了我们这个年初致敬的这个收入目标这个差不多接近十个点左右的这样一个收入增长利润端呢这个也是实现了这个6.6的这么一个增长那这个里面就是说会有一些这种这个 对我们来讲我们觉得有好的贡献的一面当然也有一些拖累因素简单的分我们各个业务板块的情况来看就是总体包括八级油缸去年全年是一个下滑的这么一个情况去年全年我们下滑了11.96%就接近12% 那么另外还有一点就是我们的挖掘机的小挖的这个阀和这个小挖的泵这个平均都是下滑在20%左右所以基本上这个就是我们这个不太有利的地方吧那么去年全年收入增 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a revenue of 8.985 billion yuan in 2023, a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 2.499 billion yuan, up 6.66% year-on-year. The first quarter of 2024 saw a revenue of 2.362 billion yuan, a decline of 2.70% year-on-year, and a net profit of 602 million yuan, down 3.77% year-on-year [1]. - Despite a 25.4% decline in the excavator industry in 2023, the company achieved revenue and profit growth, demonstrating resilience as a market leader. The gross margin for Q1 2024 was 40.1%, slightly down by 0.76 percentage points year-on-year, while the net margin was 25.5%, down by 0.29 percentage points year-on-year [1]. - The diversification strategy is yielding results, with non-excavator business showing strong performance. Sales of non-standard hydraulic cylinders for heavy equipment increased by 16.06% year-on-year, and sales in non-excavator sectors such as hydraulic pumps, valves, and motors saw significant growth [1]. - The company's international sales reached 1.927 billion yuan in 2023, a 9.95% increase year-on-year, despite a slowdown in growth due to declining excavator export volumes. The company is expanding its international presence with new production bases and subsidiaries in Mexico, Singapore, and Brazil [1]. Financial Summary - In 2023, the company achieved a revenue of 8.985 billion yuan, with a projected revenue of 9.895 billion yuan for 2024, reflecting a growth rate of 10.1%. The net profit for 2024 is expected to be 2.726 billion yuan, a year-on-year increase of 9.1% [3]. - The earnings per share (EPS) for 2023 was 1.86 yuan, with projections of 2.03 yuan for 2024 and 2.47 yuan for 2025 [3]. - The company’s return on equity (ROE) for 2023 was 17.3%, with expectations of 16.8% for 2024 and 17.8% for 2025 [3].

过今年一季度的话呢就是规模金利润大概是有个数字的一个下滑大概三个多点的一个水平啊那其实前段时间最悲观的预期可能是给到了这个下滑10%这么一个幅度所以其实从业绩的一个角度来看呢公司我们觉得还是还是不错的当然股价呢可能也有一些资金的一些因素啊我们其实邀请那个董碧章总的 主要是从基本面的角度来跟我们分析一下就是公司这个产品的一个结构还有就是公司2023年整个的一个国内外市场的一个表现最后就是2024年我们也给了一个展望就是24年的一个规划以及说新产品这块的进度所以先邀请那个张总来给我们把整个的业绩来解读一下 好 谢谢听讲 杨杨还有各位投资人我们昨天晚上发布两个报告总体的情况就是说整个二三年跟垃圾机相关的一些产品会有一些波动当然也是分产品结构的整个看起来 23年这个同比这个同比数有所下滑的第一个是我们的挖掘机油缸那这块的话呢挖掘机油缸整体是下滑了12%左右11.96%那么另外就是我们的小挖的泵和小挖的法这个分别这个下滑在20左右那除了这三款产品之外那其他的像这个我们非洲的油缸我们今年是这个23年同比这个22年是增长了20.57%那这个里面像这个我们的 顿购既有钢我们是增加了22%像这个启重系列类的包含既有钢作为品牌的 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved steady growth in annual performance, with operating income of 8.98 billion yuan in 2023, a year-on-year increase of 9.6%, and a net profit of 2.50 billion yuan, up 6.7% year-on-year [2] - The company is actively expanding its international market presence, with overseas revenue reaching 1.93 billion yuan, a 10.0% increase year-on-year [2] - The company is diversifying its product offerings, with significant growth in non-excavator hydraulic products, despite a decline in excavator-related product sales due to industry downturns [2] Summary by Sections Annual Performance - In 2023, the company reported operating income of 89.8 billion yuan, a 9.6% increase year-on-year, and a net profit of 25.0 billion yuan, a 6.7% increase year-on-year [2] - The operating cash flow was 26.8 billion yuan, up 29.7% year-on-year, with a comprehensive gross margin of 41.9%, an increase of 1.3 percentage points [2] - The net profit margin was 27.9%, down 0.8 percentage points due to rising sales and management expense ratios [2] Product Performance - Hydraulic cylinders generated revenue of 46.9 billion yuan, a 2.4% increase year-on-year, while hydraulic pumps and valves saw revenue of 32.7 billion yuan, an 18.6% increase [2] - The company is focusing on electric drive technology, with initial construction of linear drive projects completed and electric cylinder applications developed for high-altitude work platforms [2] International Market Expansion - Domestic revenue was 70.0 billion yuan, a 9.1% increase year-on-year, while overseas revenue was 19.3 billion yuan, a 10.0% increase year-on-year [2] - The company is establishing a hydraulic component production base in Mexico, expected to begin trial production in Q2 2024, and has set up subsidiaries in Singapore and Brazil to enhance its global service network [2] Future Earnings Forecast - The company has adjusted its net profit forecasts for 2024 and 2025 down by 13.6% and 13.2% to 28.5 billion yuan and 33.8 billion yuan, respectively, while introducing a 2026 forecast of 39.7 billion yuan [2] - Corresponding EPS for 2024, 2025, and 2026 are projected to be 2.13 yuan, 2.52 yuan, and 2.96 yuan, respectively [2]

[Table_Page] 季报点评|机械设备 证券研究报告 [恒Table_立Title] 液压（601100.SH） [公Tab司le_I评nves级t] 买入 当前价格 51.24元 业绩符合预期，新产品稳步推进 合理价值 60.23元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-24  业绩符合预期，利润率稳健。公司发布了23年年报及24年一季报。 相[Ta对ble市_Pi场cQu表ote现] 公司 23 年全年实现归母净利润 25 亿元，符合市场预期。24Q1 公司 实现收入23.6亿元，同比下降2.7%；实现归母净利润6.0亿元，同比 9% 下降 3.8%，收入与利润表现均超市场预期。盈利能力端，24Q1 公司 2% 毛利率与净利率较同期基本持平，保持稳健的盈利能力。 -5%04/23 06/23 08/23 10/23 12/23 02/24  挖机结构波动产生小幅影响，非挖产品保持景气。挖机在23年内销下 -12% 滑较多，且 24Q1 结构端更趋于小挖，公司 24Q1 收入侧小幅承压符 -19% 合预期。23年公司的中大挖油缸、非标油缸及泵 ...

M N 24 Apr 2024 CMB International Global Markets | Equity Research | Company Update Jiangsu Hengli (601100 CH) 4Q23 & 1Q24 earnings not exciting; but more positive drivers to come Target Price RMB64.00 Hengli’s net profit in 2023 was +7% YoY to RMB2.5bn, which is -5%/+3% versus (Previous TP RMB83.00) our/consensus estimates. Net profit in 1Q24 dropped 4% YoY to RMB602mn, Up/Downside 24.9% due to weak demand for excavators’ hydraulic components and an increased Current Price RMB51.24 expense ratio. We trim o ...