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Hengli Hydraulics (601100): Steady Growth of Cylinder Business and Rapid Increase in Pump and Valve Revenue

Hengli Hydraulics (601100): Steady Growth of Cylinder Business and Rapid Increase in Pump and Valve Revenue

The event company disclosed its semi-annual report for 2019 and realized revenue of 27 in the first half.

92 ppm, an increase of 29 in ten years.

05%; net profit attributable to mother 6.

71 ppm, a 44-year increase of 44.

74%, 武汉夜网论坛 in line with expectations.

Affected by fluctuations in the downstream industry, the company’s Q2 single-quarter revenue fell month-on-month, but the increase in profitability brought about a quarter-on-quarter increase in net profit: ① The company’s oil cylinders, pumps, valves and other businesses continued to grow in the first half of the year, and the overall revenue / net attribution to the mother reached 27.

92/6.

71 ppm, an increase of 29 each year.

05% / 44.

74%.

Among them, Q2’s single quarter income / attributable net profit were 12 respectively.

24/3.

4.5 billion, an increase of 2 each year.

55% / 12.

34%.

In general, due to the impact of fluctuations in the scale of the downstream industry, the company’s single-quarter revenue decreased sequentially. ② From the perspective of profitability, due to the effect of scale and optimization of product structure, the company’s comprehensive gross profit margin for the first half of the year increased compared with the same period last year.

43pct, reaching 37.

03%, the best level since 2013; At the same time, the company’s total expense ratio continued to decline slightly, bringing an increase in net interest rate2.

59 points to 24.

06%.

Excavator oil cylinders follow the growth of the industry. The volume of non-standard oil cylinders is slightly lower than the production capacity: ① For the excavator oil cylinders, in the first half of 2019, driven by infrastructure demand, equipment upgrade demand growth, export demand growth and other factors, the excavator industryBreakthrough sales reached 13.

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

20%.

Correspondingly, the sales volume of the company’s excavator cylinders reached 25.

560,000, a year-on-year increase of 13%, corresponding to sales income of 12.

33 ppm, a year-on-year increase of 25%; ② As the non-standard production line is still occupying part of the production capacity of the excavator cylinders, the production and sales of non-standard cylinders are affected.

The company sold a total of 7 non-standard cylinders for heavy equipment in the first half of the year.

860,000, a year-on-year increase of 18%, to achieve sales income6.

33 ppm, an increase of 8% in ten years; ③ Looking forward to the second half of the year, we judge that the sales volume of the domestic excavator industry will enter a narrow growth period.

Taking into account factors such as the off-peak season of excavator sales and changes in the company’s production schedule, it is judged that the company’s revenue growth rate for excavator cylinders will improve in the second half of the year, but the non-standard cylinder revenue growth rate will increase all.

The revenue of hydraulic technology increased rapidly, and the output of pump valve motor supporting proportion increased: ① In the first half of 2019, the sales volume of hydraulic technology pump valves of the company’s subsidiaries increased, and the revenue increased by 100%.

In terms of market share, the company continues to maintain a high share of nearly 40% for small digging hydraulic parts, and large and medium digging hydraulic parts are also fully equipped with the main force distribution of major OEMs, sharing a monthly upgrade; 6-50T class slewing motors for excavators alsoSmall batch verification can be achieved in the main engine factory; ② In addition to the excavator, the company’s non-excavator pump valves such as hydraulic parts of high-altitude operation trucks began to be supplied in large quantities to high-end customers at home and abroad; automobile cranes, cement pump trucks, and many other fieldsNew batches of matching products have begun to be put on the market, which provide guarantees for achieving the expected goals and also provide new growth drivers in the future; ③ In general, judging the company’s future growth momentum of hydraulic parts includes: the increase of domestic brands in the share of excavators + the companyIncrease in market share of hydraulic parts among domestic brands + continued to break through the supply of non-digging hydraulic parts for domestic and foreign brands.

Profit forecast and investment rating The growth rate of the excavator industry has slowed down. As the company’s own product competitiveness improves, the company brings continuous revenue growth and profitability optimization.

In the long run, it is judged that the company will make use of the expansion of non-standard oil cylinders and the increase in the market share of hydraulic components such as pump valve motors to achieve sustained and stable growth.

Expected company 2019?
The revenue in 2021 will be 54.

0/65.

0/77.
400 million, net profit attributable to mothers was 12 respectively.
1/15.

0/18.

10,000 yuan, corresponding to the closing price of PE on August 26, 2019 were 20.

8x, 16.

8x, 13.

9x with a target price of 32.

3 yuan, give “overweight” rating.

Risk factors: the risk of gradual fluctuations in the construction machinery industry

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