Depth-Company-Hengli Hydraulics (601100): Performance is basically in line with expectations in the future

Depth-Company-Hengli Hydraulics (601100): Performance is basically in line with expectations in the future

Mar 28, 2020 按摩 by admin

Depth * Company * Hengli Hydraulics (601100): The performance is basically in line with expectations in the future

The company released the third quarter report of 2019 and achieved operating income of 38.

3 ppm, an increase of 21 per year.

3%, net profit attributable to mother 9.

170,000 yuan, an increase of 27 in ten years.

5%; of which Q3 single quarter income was 10.

41 ppm, a ten-year increase4.

5%, net profit attributable to mother 2.

47 ppm, a decrease of 3 per year.

7%, basically in line with expectations.

We maintain the Air Force profit forecast, with a net profit of 12 in 2019-2021.



9.5 billion, corresponding to PE of 29/25/22 times. Maintain BUY rating.

The main points of the support level The short-term impact of the extended production schedule in July, which basically met expectations.

The company achieved revenue of Q1 / Q2 / Q3 in 2019 of 15 respectively.



4.1 billion, the previous growth rate was 61.

6% / 2.

6% / 4.

5%, to achieve a net profit of 3.

2.6 billion (10-year growth rate of 108.

1%), 3.

4.5 billion yuan (12-year growth rate of 12.

3%) and 2.

4.7 billion (previously down 3).


Q3 revenue and performance growth improved, of which excavator cylinder revenue was 3 in the single quarter.

9 trillion, down 7% a year.

We think the preliminary includes: 1) the third quarter is the traditional off-season of the excavator industry; 2) the company’s production schedule in July is expected to affect sales in the short term.

In the third quarter, the revenue of non-standard fuel tanks was about 3 megabytes, which was flat for many years, the production was relatively adequate, the application field continued to break through, and application scenarios such as photovoltaics and military industries were increased, 深圳丝袜会所 presenting non-standard application expansion logic.

August-October scheduled production increased significantly, the fourth quarter can be expected.

The downstream excavator industry is advantageous and is expected to maintain a positive growth trend.

Benefiting from the increase in downstream demand, the company’s production of excavator cylinders has rebounded significantly since August.

We judge that the company’s orders may be full in the fourth quarter, and the production volume will exceed the growth rate and the chain growth rate.

The performance of pump valves has continued to grow, and expansion in various aspects has been steadily progressing.

The company’s pump and valve products are rapidly increasing in volume, and we expect that revenue in the third quarter will increase by more than 50% each year.

The company’s pump and valve products have achieved a variety of development results, including: 1) the excavator pump valve, from small to medium to large digging smoothly extended; 2) application scenarios continue to expand, excavators to high-altitude operation platforms, rotary drilling rigs, etc.Synchronous expansion of occasions; 3) Breakthrough expansion of customers, starting from domestic customers, and breaking through foreign customers such as Doosan.
We believe that the increase of the company’s pump and valve product types, application diversification, and customer breakthroughs will contribute to the continued growth of performance in the future through the smooth climb of production capacity.
The expense ratio is basically stable, and financial expenses contribute positive income.

The company’s overall gross profit margin was 36.

55%, an increase of 1 per year.

65 pcts, of which the gross margin of the excavated oil cylinders increased, and the gross margin of the pump valves and non-standard cylinders increased.

Expenses for the first 3Q periods of the company7.

1%, increasing by 0 every year.

7 pct to maintain the highest level.

The financial expenses of the former Q3 were -58 million yuan, of which Q3 was -43 million yuan in a single quarter, contributing positive income, mainly due to the impact of exchange rate gains brought by the appreciation of the US dollar exchange rate.

The company’s R & D expense ratio increased slightly and continued to expand and widen the moat.

It is estimated that we maintain the budget profit forecast, and the net profit for 2019-2021 will be 12 respectively.



9.5 billion, corresponding to PE of 29/25/22 times. Maintain BUY rating.

Major risks facing rating The stall of real estate / infrastructure investment declines, the sales volume of excavators has increased significantly, and the expansion of non-standard areas has fallen short of expectations.