Core Viewpoint - The actual controllers of Changling Hydraulic, Xia Jifa and Xia Zemin, are planning to transfer the company's control for the second time within six months due to poor business performance and declining profits [1][4][6]. Group 1: Control Transfer Plans - On July 3, Changling Hydraulic announced that its actual controllers are planning a significant matter that may lead to a change in control, resulting in a stock suspension starting July 4 [2][3]. - This is the second time this year that the company has planned a control transfer, with the first attempt in January ending in failure due to disagreements on core terms with the potential buyer [4][5]. - If the current control transfer is completed, it is expected that nearly 30% of the shares will be transferred, potentially allowing the controllers to cash out approximately 1.6 billion yuan based on the last trading price of 38.21 yuan per share [5]. Group 2: Business Performance - Since its listing in 2021, Changling Hydraulic has experienced a decline in both revenue and net profit, with net profit decreasing for four consecutive years from 2021 to 2024 [6][7]. - The company's revenue figures from 2021 to 2024 show slight fluctuations, with net profits dropping significantly: 2.02 billion yuan in 2021 to 0.95 billion yuan in 2024, reflecting a decline of 14.56% to 6.84% year-on-year [7]. - In the first quarter of 2023, the company reported a revenue of 2.19 billion yuan and a net profit of 0.31 billion yuan, both showing year-on-year declines [7]. Group 3: Acquisition Attempts - In 2023, Changling Hydraulic attempted to diversify into the photovoltaic sector by acquiring a 70% stake in Jiangyin Shangchi Machinery for 336 million yuan, but the acquisition has not yielded significant results [8][9]. - The acquired company, Jiangyin Shangchi, had previously achieved notable revenue and profit figures, but Changling Hydraulic's performance post-acquisition has been disappointing, with the acquired entity failing to meet its profit commitments in 2024 [10]. Group 4: Financial Health - The company's accounts receivable have increased, reaching 409 million yuan by the end of the first quarter of this year, a year-on-year increase of 22.09%, while revenue has been declining [11].

证券研究报告 | 2025年05月19日 | 晨会纪要 | | --- | | 数据日期:2025-05-16 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3367.46 | 10179.59 | 3889.08 | 11346.56 | 2816.13 | 995.23 | | 涨跌幅度（%） | -0.39 | -0.06 | -0.46 | 0.40 | 0.16 | -0.57 | | 成交金额（亿元） | 4356.47 | 6538.81 | 2088.35 | 2367.81 | 2984.45 | 171.83 | 宏观周报:宏观经济宏观周报-高频指标明显回升走强 固定收益投资策略:固定收益专题报告-从转债持有人数据，看机构投资 策略-机构转债配置行为研究（三） 固定收益专题研究:资金观察，货币瞭望：降准降息落地，资金面适度宽 松 固 定 收 益 快 评 : 可 交 换 私 募 债 跟 踪 - 私 募 EB 每 周 跟 踪 （ ...

研究早观点 2025 年 5 月 14 日 星期三 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,374.87 | 0.17 | | 深证成指 | | 10,288.08 | -0.13 | | 沪深 | 300 | 3,896.26 | 0.15 | | 中小板指 | | 6,370.78 | -0.27 | | 创业板指 | | 2,062.26 | -0.12 | | 科创 50 | | 1,009.68 | -0.15 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】化学原料：新材料周报（250505-0509）-风电光伏累计装 机首超火电，西格里碳素关闭 Lavradio 碳钎维基地 【公司评论】阳光电源(300274.SZ)：阳光电源 2024 年年报及 2025 年 一季报点评-2025 年 Q1 业绩超预期，储能出货高速增长 【公司评论】赛轮轮胎(601058.SH)：赛 ...

[Table_StockNameRptType] 恒立液压（601100） 公司点评 业绩稳健发展，线性驱动项目未来可期 | [Table_Rank] 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-05-05 | | 570 收盘价（元） | 74.42 | | 近 12 个月最高/最低（元） | 99.47/41.55 | | 总股本（百万股） | 1340.82 | | 流通股本（百万股） | 1340.82 | | 流通股比例（%） | 100% | | 总市值（亿元） | 997.84 | | 流通市值（亿元） | 997.84 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 恒立液压 沪深300 ⚫ 国际化初显成效，线性驱动项目加速发展 [Table_Summary] ⚫ 公司发布 2024 年年报和 2025 年一季报 2024 年公司实现营业收入 93.90 亿元（+4.51%）；归属于上市公司股东的 净利润 25.0 ...

[Table_StockNameRptType] 恒立液压（601100） 公司点评 业绩稳健发展，线性驱动项目未来可期 | [Table_Rank] 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-05-05 | | 570 收盘价（元） | 74.42 | | 近 12 个月最高/最低（元） | 99.47/41.55 | | 总股本（百万股） | 1340.82 | | 流通股本（百万股） | 1340.82 | | 流通股比例（%） | 100% | | 总市值（亿元） | 997.84 | | 流通市值（亿元） | 997.84 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 恒立液压 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com ⚫ 投资建议 我们看好公司长期发展，根据 2024 年年报情况，修改之前盈利预测为： 2025-202 ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [6][17]. Core Views - The company achieved a revenue of 9.39 billion yuan in 2024, marking a year-on-year increase of 4.51%, and a record high in revenue [1]. - The net profit attributable to the parent company for 2024 was 2.51 billion yuan, reflecting a slight increase of 0.4% year-on-year, driven by market share gains in hydraulic pump and valve products, as well as growth in non-engineering machinery products and overseas market expansion [1][2]. - The company is advancing its electrification strategy and has commenced mass production of linear actuators, which is expected to become a new growth driver [3]. - The company is actively expanding its international and diversified operations, with overseas revenue growing by 7.61% year-on-year in 2024 [4]. Financial Performance - In 2024, the company reported a gross margin of 42.83%, an increase of 0.93 percentage points year-on-year, while the net profit margin was 26.76%, a decrease of 1.11 percentage points [1]. - For Q1 2025, the company achieved a revenue of 2.42 billion yuan, up 2.56% year-on-year, and a net profit of 618 million yuan, reflecting a 2.61% increase [2]. - The company forecasts net profits of 2.77 billion yuan, 3.31 billion yuan, and 3.90 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36, 30, and 26 [4][5]. Product Performance - The revenue breakdown for 2024 shows hydraulic cylinders at 4.76 billion yuan, hydraulic pumps and valves at 3.58 billion yuan, hydraulic systems at 296 million yuan, and parts and castings at 684 million yuan, with respective year-on-year growth rates of 1.44%, 9.63%, 1.64%, and 1.76% [2].

公司研究 证 券 研 究 报 告 恒立液压（601100）2024 年报及 2025 年一季报点评 强推（维持） 业绩符合预期，看好下游复苏以及新业务放量 事项： 公司发布 2024 年年度和 2025 年一季度报告，2024 年实现营业总收入 93.9 亿 元，同比增长 4.51%，归母净利润 25.1 亿元，同比增长 0.40%，扣非归母净利 润 22.8 亿元，同比下降 6.61%。2025 年一季度实现营业总收入 24.2 亿元，同 比增长 2.56%，归母净利润 6.2 亿元，同比增长 2.61%，扣非归母净利润 6.8 亿 元，同比增长 16.42%。 评论： 基础件 2025 年 05 月 01 日 目标价：96.4 元 当前价：73.71 元 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：陈宏洋 邮箱：chenhongyang@hcyjs.com 执业编号：S0360524100002 公司基本数据 | 总股本(万股) | 134,082.10 | | --- | --- | ...

证券研究报告·公司点评报告·工程机械 恒立液压（601100） 2024 年报及 2025 年一季报点评：2025Q1 归 母净利润同比+3%符合预期，多元化、国际 化战略持续推进 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,985 | 9,390 | 11,198 | 12,531 | 15,011 | | 同比（%） | 9.61 | 4.51 | 19.25 | 11.91 | 19.78 | | 归母净利润（百万元） | 2,499 | 2,509 | 2,874 | 3,414 | 4,143 | | 同比（%） | 6.66 | 0.40 | 14.58 | 18.77 | 21.36 | | EPS-最新摊薄（元/股） | 1.86 | 1.87 | 2.14 | 2.55 | 3.09 | | P/E（现价&最新摊薄） | 39.55 | 39.40 | 34.38 | 28.95 | 2 ...

[Table_Reportdate] 2025年04月30日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [相关研究 Table_Report] 《恒立液压（601100）：业绩稳步增 长，"国际化、多元化、电动化"持续 催 化 — — 公 司 简 评 报 告 》 2024.10.30 《恒立液压（601100）："国际化、多 元化、电动化"经营战略稳步推进— —公司简评报告》 2024.08.27 《恒立液压（601100）：线性驱动器 和海外项目稳步推进，下游承压难阻 公司成长 — — 公 司 简 评 报 告 》 2024.04.23 [恒立液压（ Table_NewTitle] 601100）：营收创历史新高， 线性驱动项目进入批产阶段 ——公司简评报告 [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] | 2025/04/29 | | --- | --- | | 收盘价 | 73.71 | ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 2.8 billion, 3.2 billion, and 4.0 billion RMB for 2025, 2026, and 2027 respectively, corresponding to PE valuations of 35, 30, and 25 times [4]. Core Insights - The company's revenue for 2024 reached 9.39 billion RMB, a year-on-year increase of 4.51%, with a net profit of 2.51 billion RMB, up 0.40% year-on-year. In Q1 2025, revenue was 2.42 billion RMB, reflecting a 2.5% increase year-on-year, while net profit was 618 million RMB, up 2.66% year-on-year [2]. - The recovery in the excavator market, along with the expansion into non-excavator markets, has driven stable revenue growth. The domestic engineering machinery industry showed signs of recovery in 2024, with excavator sales increasing by 3.13% year-on-year [2][3]. - The company has seen a significant increase in market share for hydraulic pump and valve products, and its diversification strategy is yielding results, with non-engineering machinery products continuing to grow. International sales also increased by 7.61% year-on-year [2]. - The company's gross margin for 2024 was 42.83%, up 1 percentage point year-on-year, attributed to cost reduction and product mix optimization. The net margin was approximately 26.76%, down 1.1 percentage points due to increased sales and management expenses [2]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 9.39 billion RMB and a net profit of 2.51 billion RMB, with Q4 2024 revenue at 2.45 billion RMB and net profit at 717 million RMB [2]. - For Q1 2025, revenue was 2.42 billion RMB and net profit was 618 million RMB, with a significant increase in non-recurring net profit [2]. Operational Analysis - The excavator market is recovering, with a total of 201,100 excavators sold in 2024, marking an end to three consecutive years of decline. Domestic sales reached 100,500 units, up 11.7% year-on-year [2]. - The company’s revenue growth is supported by increased market share in hydraulic components and successful international market expansion [2][3]. Profitability - The gross margin for 2024 was 42.83%, while the net margin was approximately 26.76%. In Q1 2025, the gross margin was 39.4% and the net margin was 25.55% [2]. - The company’s profitability is stable, with a notable increase in non-recurring profit growth compared to apparent profit growth [2].