Hengli Hydraulics (601100): Benefit from the demand of excavators to drive the rapid replacement of imported hydraulic parts

Hengli Hydraulics (601100): Benefit from the demand of excavators to drive the rapid replacement of imported hydraulic parts

Report 杭州桑拿网 Summary: Events: The company released its first half-year 2019 report, and the company achieved operating income of 27 in the first half of the year.

93 ppm, an increase of 29 in ten years.

05%, realizing net profit attributable to mother 6.

71 ppm, a 44-year increase of 44.


The hydraulic cylinder head of the excavator and the production capacity of non-standard cylinders continue to be released.

In the first half of the year, the company sold 25 hydraulic cylinders for excavators.

560,000, a year-on-year increase of 13%, to achieve revenue of 12.

33 ppm, an increase of 25% per year.

Mainly benefit from the drive of excavator demand.

In the first half of the year, major excavator companies sold 13.

720,000 units, an increase of 14 in ten years.

20%. Based on this calculation, the company’s market share of excavator cylinders is about 46.

57%, the faucet is solid overall.

In the first half of the year, the remaining capacity of the company ‘s non-standard oil cylinders, we believe that the conversion of excavator cylinders to the production capacity of non-standard oil cylinders has gradually decreased, and the company ‘s non-standard oil cylinders are expected to be released.

Pump valves and motors are successfully promoted, and future volume can be expected.

Overcoming the benefits brought by the recovery of this round of construction machinery, the company made breakthroughs in hydraulic parts. The advantages of hydraulic pump valves in the field of small excavators are prominent. The hydraulic parts of Zhongda Excavation are also fully supported in the mainstream volume of excavators, which has been fully and steadily improved.

In addition, the company’s slewing motors for 6-50T class excavators have also been verified in small batches in OEMs, and the output is expected to be gradually released in the future.

In the field of non-excavator, the company made breakthroughs in aerial work platforms, offshore hydraulic equipment and other fields.

Casting production capacity continues to expand, and the hydraulic market has huge room for improvement.

Sales of casting branch in the first half of the year.

In the year of 76, the annual growth rate was 30%. In June and October of 2019, the company has two casting production lines put into operation. It is expected that the casting capacity will reach 5 by the end of 2019.

5 is the lowest, and the increase in casting production capacity is the basis for the company’s increased market share such as hydraulic pump valves.

The domestic construction machinery hydraulic parts market has more than 30 billion spaces. The company is rapidly rising in the hydraulic cylinder, motor and pump valve markets, but the overall city share is still at a level, and there is huge room for improvement in the future.

Company profit forecast and investment rating: We expect the company’s operating income from 2019 to 2021 to be 53.

4 billion, 61.

71 ppm, 68.

4.6 billion; net profit attributable to mothers was 12.

1.1 billion, 14.

7.1 billion and 16.

80 ppm; EPS is 1.

37 yuan, 1.

67 yuan and 1.

90 yuan, the corresponding PE is 20.

84X, 17.

16X and 15.

02X, maintaining the “strongly recommended” level.

Risk warnings: 1. The sales volume of the excavator industry is less than expected; 2. The prices of raw materials fluctuate sharply; 3. The downstream demand is seriously deteriorated.