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恒立液压：Revenue acceleration with margin expansion in 2Q24; new products development on track

admin2024-08-28 15:31 53人已围观 下载完整内容

简介恒立液压(601100)Hengli’sEBITin2Q24surged58%YoYtoRMB644mn,drivenbyaccelerationofreven

恒立液压(601100)

Hengli’sEBITin2Q24surged58%YoYtoRMB644mn,drivenbyaccelerationofrevenue(+22%YoY)andasurprisinggrossmarginexpansionof6.3pptYoY.Reportednetprofitgrewonly5%YoYtoRMB686mn,butlargelyduetohighbaseeffectaslargefxgainswererecognizedin2Q23.Wecontinuetoseepositivedevelopmentgoingforward,as(1)revenuecontributionfromnonexcavatorcomponentscontinuestoincrease;(2)deliveryofelectriccylindersandballscrews(akeycomponentofrobots)startedinJulwhilelinearmotionsawfastproductionramp-up.Allthesewillserveasgrowthdriversin2025E;(3)thehydrauliccomponentsproductionbaseinMexicoisexpectedtocommenceoperationinDec(designedannualoutputvalue:US$450mn).Ourearningsforecastislargelyunchangeddespitefine-tuningofourassumptions.OurTPisunchangedatRMB64,basedon31x2024EP/E(historicalaverage).

Keyhighlightsin2Q24results:Revenuein2Q24grew22%YoYtoRMB2.47bn.Blendedgrossmarginexpanded6.3pptYoYand3pptQoQto43.1%,apositivesurprise.EBITsurged58%YoYasSG&Aexpenseratiowasundergoodcontrol.OperatingcashinflowwasRMB452mn,down29%YoYbutup3.8xQoQfromalowbase.

Decentgrowthofnon-excavatorscylindersin1H24.Salesvolumeofnon-excavatorscylindersin1H24rose21.5%YoYto139kunits,drivenbytunnelboringmachines,cranesandAWPs.Non-excavatorscylindersrevenuegrew~20%toRMB1.3bnwhilerevenuefromcylindersforexcavatorsdropped13.5%YoYtoRMB1.1bn.

Motors,pumps&valvesallreportedgrowthin1H24.Pumpsandvalvesforexcavatorsgrew10%YoYin1H24.Non-excavatorpumps/valvesgrew18%/35%YoY.Motorrevenuegrew12%YoY(breakdown:excavators+9%;AWPs+13%).

Riskfactors:(1)furtherweaknessinthedemandforhydrauliccomponentsforexcavators;(2)slower-than-expectednewbusinessdevelopment.

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