The annual performance of the hottest Hengli hydra

2022-08-16
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Hengli hydraulic: the annual performance is in line with expectations, and the pump and valve business continues to break through

the company recently issued a performance pre increase announcement: in 2017, the net profit attributable to shareholders of listed companies reached 370 million yuan to 400 million yuan, with a year-on-year increase of 425.94% to 468.59%. Comments: the annual performance is in line with expectations. In 2017, the company's performance increased significantly. On the one hand, the traditional oil cylinder business benefited from the high outlook of the downstream industry and high capacity utilization. Recently, the company issued a performance pre increase announcement: in 2017, the net profit attributable to shareholders of listed companies was 370 million yuan to 400 million yuan, an increase of 425.94% to 468% year-on-year The operation is 59% simple

comments:

the annual performance is in line with expectations. 2. The domestic in mold labeling and packaging market, which has been covered by solid ice for many years in the past two years, began to reactivate. In 2017, the company's performance increased significantly. On the one hand, the traditional oil cylinder business benefited from the high momentum of the downstream industry, and the substantial increase in capacity utilization brought about substantial growth in performance; On the other hand, the company has made a breakthrough in the market of hydraulic pumps and valves. The main control pumps and valves below 15 tons have been supplied in batches. At present, the business has broken through the break even point and entered the harvest period

recently, we conducted research on the company, and the latest situation is as follows:

the business volume and price of excavator oil cylinder have increased at the same time. In January 2018, the company's monthly output increased by about 30% year-on-year, continuing the high boom; Moreover, since 2018, prices have been raised for non-A customers, and the possibility of continuing to raise prices in the first half of the year cannot be ruled out. The non-standard oil cylinder business raised prices and expanded production

non standard oil cylinders are currently in full production, and the company is actively preparing to add a production line; Moreover, the most competitive shield machine oil cylinder began to raise its price, which accounted for one third of the overall non-standard business

pump and valve business continued to exceed expectations. At present, the monthly production scheduling has further improved compared with the fourth quarter of 2017; At the same time, the products of zhongdig pump and valve continue to make breakthroughs. At present, the supporting test in the downstream main engine factory is progressing smoothly, and has entered the period of small batch production. At this time, the virtual instrument is no longer the instrument in the usual sense, and the real production rate is probably in the second half of the year

reiterate the company's focus: a. the market is broad, the application scope and market space of hydraulic parts as basic parts are broad, and large enterprises with a revenue of more than 10 billion US dollars have been born in the industry; b. High barriers, high technical and industrial barriers to high-end hydraulic parts, and the road to localization is very tortuous. The annual net profit attributable to the parent company of Hengli hydraulic company is 381million, 652million and 801million respectively, and PE is 52 times, 30 times and 25 times, maintaining the "buy" rating. Risk tip: the overseas market expansion of oil cylinder business is less than expected, the R & D of pump and valve products does not meet expectations, and the prosperity of the construction machinery industry has fallen sharply

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