证券研究报告·公司点评报告·工程机械 恒立液压（601100） 2025 半年报点评：Q2 归母净利润同比 +18.3%，看好第二成长曲线逐步兑现 买入（维持） ◼ 海外工厂落地+丝杠项目多点开花打造第二成长曲线 公司多元化、国际化战略推进，业绩有望持续增长：（1）墨西哥项目：公 司在墨西哥建立液压件生产基地，已正式投产运营，有助于公司顺利切入 北美挖机、高机、农机高端客户供应链，成长空间广阔。（2）线性驱动器 项目：公司已设立三个事业部，分别为电动缸事业部、丝杠事业部和导轨 事业部，滚珠丝杠、滚柱丝杠、导轨等部分样品在试制中，目前已实现高 端丝杠产品覆盖。公司将继续以技术创新和高品质为核心，深化客户与经 销商合作，推动精密丝杠、直线导轨、电动缸等产品在更多场景落地，巩 固电传动和液压传动领域领先地位。此外，公司积极布局工程机械电动化 零部件，目前电动缸已于高机产品中率先铺开，得到市场充分验证，未来 将有机会在更多工程机械产品中得到验证。 ◼ 盈利预测与投资评级： 我们维持公司 2025-2027 年归母净利润预测为 28.7/34.1/41.4 亿元，当前股价对应 PE 分别为 41/34/28X，维持"买 ...

二季度业绩逐步加速，净利润创单季度历史新高 恒立液压(601100) 证券研究报告 工程机械 / 公司点评 / 2025.08.26 核心观点 | 盈利预测 | | --- | 投资评级:增持(维持) | 基本数据 | 2025-08-25 | | --- | --- | | 收盘价(元) | 83.80 | | 流通股本(亿股) | 13.41 | | 每股净资产(元) | 12.22 | | 总股本(亿股) | 13.41 | 最近 12 月市场表现 -5% 17% 39% 61% 83% 104% 恒立液压 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 张豪杰 SAC 证书编号：S0160522090002 zhanghj01@ctsec.com 相关报告 1. 《液压泵阀份额持续提升，线性驱动新品 逐步放量》 2025-04-29 2. 《三季度业绩稳健增长，非标油缸及泵阀 保持较快增长》 2024-10-29 3. 《非标油缸及泵阀较快增长，二季度业绩 超预期》 2024-08-27 | [币种Table_FinchinaSimp ...

8月25日， 恒立液压 发布2025年半年度报告,报告期实现营业收入51.71亿元，同比增长7.00%，归属上市公司股东的净利润14.29亿元,同比增长 10.97%，扣除非经常性损益后的归属于上市公司股东的净利润14.5亿元，同比增长16.90%，基本每股收益1.07元，同比增长11.46%。 在业绩方面，公司2022年至2024年营业收入分别为81.97亿元、89.85亿元和93.90亿元，同比分别增长-11.95%、9.61%和4.51%。归母净利润 分别为23.43亿元、24.99亿元和25.09亿元，归母净利润同比增长分别为-13.03%、6.66%和0.40%。同期，公司资产负债率分别为21.75%、 19.29%和19.40%。 随着宏观调控力度的加大，政策效应叠加发力，工程机械行业呈现回暖态势，内外销数据显著增长。 据中国工程机械工业协会对挖掘机主要制造企业统计，上半年我国共销售挖掘机 12万台，同比增长16.8%。其中，国内销量为 6.56 万台，同 比增长 22.9%;出口 5.49 万台，同比增长 10.2%。 上半年，公司共销售挖掘机用油缸 30.83 万只，同比增长超 15%;挖掘机 ...

公司公布 2025H1 业绩：收入 51.71 亿元，同比增长 7.00%；归母净利润 14.29 亿元，同比增长 10.97%。2025Q2 公司实现收入 27.49 亿元，同比 增长 11.24%；归母净利润 8.12 亿元，同比增长 18.31%，创历史新高。公 司上半年业绩快速增长，主要受益于工程机械行业整体回暖带动挖机产品放 量。我们认为全球化布局将给公司带来新机遇且线性驱动器项目有望开拓新 的市场空间，维持买入评级。 证券研究报告 恒立液压 (601100 CH) 25Q2 归母净利润创历史新高 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 26 日│中国内地 | 通用机械 | 目标价(人民币): | 96.60 | 挖机油缸销量同比增长超 15%，中大挖泵阀产品份额持续提升 2025H1，公司共销售挖掘机用油缸 30.83 万只，同比增长超 15%；挖掘机 用液压泵阀，在中大型挖掘机上取得持续突破，产品份额持续提升。此外， 非挖行业用液压泵阀产品谱系持续扩充， ...

业绩简评 公司披露财报： 25 年中报实现收入 57 亿，同比+7%，归母净利润 14.3 亿，同比 +11%；单 2Q25，收入 27.5 亿，同比+11%，归母 净利润 8.1 亿，同比+18%。收入、利润均符合预期。 经营分析 1、挖机市场回暖带动二季度业务收入快速增长。随着宏观调控力 度的加大，政策效应叠加发力，工程机械行业呈现回暖态势，内外 销数据显著增长。据中国工程机械工业协会对挖掘机主要制造企 业统计，上半年我国共销售挖掘机 12 万台，同比增长 16.8%。其 中，国内销量为 6.56 万台，同比增长 22.9%；出口 5.49 万台，同 比增长 10.2%。上半年，公司共销售挖掘机用油缸 30.83 万只，同 比增长超 15%；挖掘机用液压泵阀，在中大型挖掘机上取得持续突 破，产品份额持续提升。此外，非挖行业用液压泵阀产品谱系持续 扩充，销量同比增长超 30%。其中，紧凑液压阀、径向柱塞马达等 产品累计销售额接近去年全年水平，进一步扩大了在高空作业平 台、装载机及农业机械等领域的国内份额，并在国外市场也实现了 业务突破，已向国外知名工程机械厂家批量供货。 2、规模效应下盈利能力持续回升。1H ...

Group 1 - Jiangsu's A-share market performance remains strong, with the number of companies reaching a market value of over 100 billion yuan hitting a new high, totaling 10 companies as of July 18 [1] - Among the recent breakthroughs, Dongshan Precision, Yanghe Brewery, Huitian Technology, and Hengli Hydraulic have all crossed the 100 billion yuan market cap threshold [3] - Dongshan Precision achieved a stock price of 55.31 yuan on July 17, resulting in a total market value of 101.3 billion yuan [3] Group 2 - Dongshan Precision has established three core business segments: electronic circuits, optoelectronic displays, and precision manufacturing, with significant competitive advantages in the electronic circuit sector [4] - Huitian Technology's stock price rose by 8.59% on July 17, bringing its market value to 102.2 billion yuan, with an expected net profit of 1.65 billion to 1.75 billion yuan for the first half of 2025, marking a year-on-year growth of 44.63% to 53.40% [4] - Hengli Hydraulic's stock price has nearly doubled since January, driven by the humanoid robot concept, with its linear actuator project entering mass production [4] Group 3 - The 10 companies in Jiangsu's 100 billion yuan market cap club span multiple key industries, including one liquor company, two pharmaceutical firms, three financial institutions, and four high-end manufacturing companies [5] - Yanghe Brewery, a well-known liquor company, has recently re-entered the 100 billion yuan market cap club, focusing on its core product lines [5] - The Jiangsu Securities Regulatory Bureau's 2021 action plan aims for 15 companies to reach a market cap of 100 billion yuan by 2025, with current progress indicating a positive growth trend [5]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the robotics industry, focusing on companies like Zhiyuan Chain, Hechuan Technology, and Hengli Hydraulic, highlighting their recent developments and market positions [1][2][4][5][10]. Core Insights and Arguments Zhiyuan Chain - Zhiyuan Robot has acquired 63.62% of Shangwei New Materials, changing the actual controller to Deng Taihua, which exceeded market expectations and may set a new paradigm for the robotics industry [2]. - Zhiyuan Chain is leading in business models, product positioning, and industrial ecology in the domestic market, with related companies expected to achieve breakthroughs in various application scenarios [1][4]. Hechuan Technology - Hechuan Technology completed an equity incentive plan and is expanding horizontally, expecting a revenue growth of 15-20% in 2025, significantly reducing losses and achieving profitability in 2026 [1][5]. - The humanoid robot segment is projected to generate approximately 5 million yuan in revenue in 2024, with expected shipments reaching 30 million yuan in 2025 [6]. - Hechuan has established deep connections with leading manufacturers like Zhiyuan, Xiaopeng, and Huawei, and is investing in sensor companies through an industrial fund [5][6]. Hengli Hydraulic - Hengli Hydraulic's market cap is around 90 billion yuan, facing challenges due to Tesla's order cuts and fluctuations in the construction machinery sector, but is seen as a long-term investment opportunity [10]. - The excavator segment is expected to grow by 10-20% in 2025, with a significant share of 40% in the domestic market [11]. - The company is also expanding into the medical device sector, with projected revenues of 200-300 million yuan in 2025, and a growth rate exceeding three times in the following years [14]. Dematech - Dematech is optimistic about its prospects in vertical scenarios, focusing on technological breakthroughs in vision, language, and motion modules, and is collaborating with Zhiyuan to develop a logistics industry model [15][16]. - The partnership with Zhiyuan allows for accelerated project order realization in the logistics sector, leveraging existing data collection platforms [17][18]. Resource Chain - Resource Chain holds a competitive edge in the robotics sector, with a strong brand, channel, and iteration speed, positioning itself ahead of many domestic competitors [19][20]. - The company emphasizes the importance of iteration speed for survival and growth in the robotics industry, which is crucial for adapting to market changes [21]. - The core assets of Resource Chain are its large and small brain systems and brand operations, which are critical for its competitive advantage [23]. Other Important Insights - The market has misconceptions about Resource Chain, often focusing too much on hardware while neglecting its unique business model and competitive strengths [27]. - The shift towards ODM (Original Design Manufacturer) models in the supply chain will lead to new investment opportunities and changes in market dynamics [25]. - The potential acquisition of Shangwei New Materials may involve injecting Resource Chain's brain or brand assets rather than manufacturing assets, reflecting a strategic focus on intellectual property and brand management [26].

Investment Rating - The report suggests a positive outlook for the machinery equipment sector, with specific recommendations for companies such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Yingliu Technology [13]. Core Insights - The SW Machinery Equipment Index increased by 0.93% over the past week, ranking 19th among 31 primary industry categories, while the Shanghai and Shenzhen 300 Index rose by 0.88% [3][16]. - Year-to-date, the SW Machinery Equipment Index has risen by 7.29%, ranking 6th among the 31 primary industry categories, contrasting with a 1.55% decline in the Shanghai and Shenzhen 300 Index [17]. - The report highlights the potential for humanoid robots to achieve commercial viability, with significant advancements in technology and training [27]. - The construction machinery sector is experiencing short-term fluctuations in operating rates, but the long-term recovery logic driven by domestic demand remains intact [28]. - The gas turbine industry is seeing an upward trend in demand, with domestic companies like Yingliu Technology benefiting from increased orders [28]. Summary by Sections 1. Stock Portfolio - Recommended stocks include Hengli Hydraulic, SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Yingliu Technology [13]. 2. Market Review - The SW Machinery Equipment Index rose by 0.93% last week, while the year-to-date performance shows a 7.29% increase [3][17]. 3. Core Insights Update - The report notes that the machinery sector is witnessing a recovery, with specific segments like laser equipment and robotics showing strong performance [26]. 4. Key Data Tracking 4.1 General Machinery - The manufacturing PMI for May was 49.5, indicating a slight improvement but still in a contraction zone [29]. 4.2 Construction Machinery - Excavator sales in April reached 22,100 units, a year-on-year increase of 17.6% [36]. 4.3 Railway Equipment - Railway fixed asset investment and passenger volume are both showing positive growth, indicating a recovery in demand [45]. 4.4 Shipbuilding - The global new ship price index reached 187.43 in April, reflecting a year-on-year increase of 0.32% [47]. 4.5 Oilfield Equipment - Brent crude oil prices are fluctuating around $65 per barrel, with ongoing geopolitical factors influencing the market [49]. 4.6 Industrial Gases - Liquid nitrogen prices are on the rise, indicating a potential recovery in gas prices [55]. 5. Industry Important Developments - The report mentions significant contracts and technological advancements in the general machinery sector, highlighting the internationalization of companies like Xiangdian [57][58].

Key Recommendations - Three-Dimensional Chemical (002469.SZ) benefits from accelerated coal chemical construction in Xinjiang, with a unique competitive advantage through "engineering + industry" collaboration [10][11] - Kangguan Technology (001308.SZ) shows high growth in innovative display products, with improved gross margin in Q1 2025 [12][13] Industry and Company Analysis - Three-Dimensional Chemical is a leader in sulfur recovery, leveraging proprietary technology to break foreign monopolies, with projected engineering revenue of 570 million yuan and chemical product revenue of 1.81 billion yuan in 2024 [10][11] - The company has a strong order backlog of 1.67 billion yuan, ensuring sustained revenue growth from coal chemical projects, with expected engineering revenue of 360 million, 550 million, and 760 million yuan from 2025 to 2027 [11] - The domestic market for n-propanol remains tight, with a projected supply gap of 41,000 tons in 2025, maintaining prices between 8,000-9,000 yuan/ton [11] - Kangguan Technology's Q1 2025 revenue reached 3.142 billion yuan, a year-on-year increase of 10.8%, with a net profit of 215 million yuan, reflecting a 15.8% increase [12][13] - The company’s innovative display products saw a 50.4% revenue increase in Q1 2025, driven by strong demand in emerging markets [13][14] Macroeconomic and Strategic Insights - The high-tech manufacturing sector shows signs of recovery, with a narrowing decline in the macroeconomic diffusion index, indicating improved economic conditions [15][17] - The macroeconomic environment is expected to support growth in sectors like coal chemical engineering and innovative display technologies, with favorable government policies promoting urban renewal and infrastructure investment [26][27]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a steady performance with a revenue of 9.39 billion yuan in 2024, reflecting a year-on-year increase of 4.51%. The net profit attributable to shareholders was 2.51 billion yuan, up by 0.40%, while the net profit after deducting non-recurring gains and losses decreased by 6.61% to 2.29 billion yuan. The cash flow from operating activities was 2.48 billion yuan, down by 7.40% [5][6] - The hydraulic cylinder product structure has improved, with revenue from hydraulic cylinders reaching 4.76 billion yuan, a 1.44% increase year-on-year. The gross margin for this segment increased by 1.41 percentage points. Revenue from hydraulic pumps and valves grew by 9.63% to 3.58 billion yuan, benefiting from increased market share in excavator pump and valve products [6] - The company's internationalization strategy is showing initial results, with overseas business revenue totaling 2.07 billion yuan, a year-on-year increase of 7.61%, accounting for 22% of total revenue. The linear drive project has entered mass production, with a complete processing capability achieved in September 2024 [7] Financial Summary - For 2025-2027, the company forecasts revenue of 10.32 billion yuan, 11.92 billion yuan, and 13.80 billion yuan, respectively. The net profit attributable to shareholders is projected to be 2.79 billion yuan, 3.32 billion yuan, and 3.90 billion yuan, respectively. The diluted EPS is expected to be 2.08 yuan, 2.48 yuan, and 2.91 yuan for the same period [8][10] - The company’s gross margin is expected to improve from 42.8% in 2024 to 45.1% in 2027, while the return on equity (ROE) is projected to increase from 15.9% to 17.5% over the same period [10][13]