Hengli Hydraulics (601100) company research: Q3 slightly twists and turns firmly grasps core assets

In the third quarter of 2019, the company’s single quarter revenue / attributable net profit increased by 4 each year.

5% /-3.


In the first three quarters of 2019, the company achieved operating income of 38.

34 ppm, an increase of 21 in ten years.

3%; net profit attributable to mother is 9.

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


In Q3, the company’s revenue / net profit was 10 respectively.


4.6 南京桑拿网 billion, an increase of 4 each year.

5% /-3.


  Q3 OEMs digested the inventory, and the company’s excavator oil cylinder plates were extended one by one.

In the first three quarters, the company’s excavator cylinder revenue increased by 15%, of which H1 increased by 25%, that is, Q3 decreased.

The core reason is that the overall sales of excavators fell in May / June, and the OEM’s spare parts procurement tended to be cautious at the beginning of the quarter.

With the rebound in sales, the OEM’s purchasing enthusiasm / company scheduling has completely rebounded, and Q4 is expected to grow significantly.

  The wide space of the non-standard oil cylinder is gradually opened, and the periodic nature of the anti-digging machine cylinder is gradually increasing.

In the first three quarters, the company’s non-standard 佛山桑拿网 cylinder revenue increased by 8%, which remained stable overall.

Next year, the major domestic aerial platform manufacturers will release the production capacity of arm products. As the core supplier of arm cylinders, the company will fully benefit.

The growth of non-standard oil cylinders has been greatly strengthened, and our outstanding outstanding non-standard oil cylinders are able to gradually realize the expectation of the gradual change of the ironing machine cylinders.

  The pump valve continued to grow rapidly, and the plate’s growth attributes were prominent.

In the first three quarters, the subsidiary’s hydraulic technology revenue increased by 86% each year, and H1 increased by 100%. The trend of high growth continued.

The growth of the pump and valve sector stems from the continuous import substitution and even export substitution under the establishment of technical barriers: 1. The domestic market has continued to import substitution of pump and valve products from small to medium digs. At present, the domestic market for small dig pumps and valvesThe rate is about 40%, and less than half of the CUHK digs, and the penetration space is still wide; 2. The development strategy continues to expand the growth track, and the exchange and supply system is gradually cut into;penetration.

Long-term optimistic about the company’s pump valve high-end hydraulic parts revenue growth space.

  Gross profit margins have increased, and fees have tightened.

In Q3, the company’s comprehensive gross profit margin was 35.

26%, more than ten years.

39%, mainly affected by the proportion of revenue from excavator cylinders.

With the subsequent pump valve volume, the gross profit margin of the segment continues to improve.

Internal management strengthened economies of scale. In the third quarter, the company’s sales and management expense ratio decreased by 1 compared with last year.


  Profit forecast and estimation.

Net profit is expected to be 12 in 2019-2021.

21, 15.

23, 17.

5.7 billion yuan, with EPS of 1.

38, 1.73, 1.

99 yuan, corresponding to the current expected PE is 28.

3, 22.

7, 19.

7 times, maintaining the “overweight” level.

  Risk reminder: the prosperity of the construction machinery industry declines; the competition in the hydraulic parts industry intensifies.