This morning (February 9), the share price of Jiangsu Hengli Hydraulic Co.Ltd(601100) (601100, SH), one of the leaders in the construction machinery industry, suddenly collapsed. Less than half an hour after the opening, the share price once hit the limit. In the afternoon, the share price of Jiangsu Hengli Hydraulic Co.Ltd(601100) recovered slightly and finally closed at 71.39 yuan / share, with a decline of 7.36% on the same day.
As of the closing on February 8, Jiangsu Hengli Hydraulic Co.Ltd(601100) has a market value of about 100.6 billion yuan, that is, more than 7 billion yuan has evaporated today. A shareholder posted in the stock bar, saying: “I just added the performance salary for half a year yesterday, and I lost it in a few minutes this morning.”
The reporter of the daily economic news also contacted Jiangsu Hengli Hydraulic Co.Ltd(601100) today. The relevant person in charge said that the production and operation of the company were normal.
share price soared tenfold in two years
Jiangsu Hengli Hydraulic Co.Ltd(601100) mainly engaged in the R & D, production and related technical support services of pressure vessels such as high-pressure oil cylinder, hydraulic parts, hydraulic system, high-pressure plunger pump and motor, high-pressure hydraulic valve, precision casting, accumulator and nitrogen cylinder.
Since 2016, the field of construction machinery has ushered in “spring”, and many listed companies have enjoyed booming production and marketing. The pump and valve products of Jiangsu Hengli Hydraulic Co.Ltd(601100) have also increased rapidly since that year. In the first three quarters of 2021, the company’s operating revenue reached 7.183 billion yuan, a year-on-year increase of 34.93%, and the net profit attributable to the parent company reached 1.986 billion yuan, a year-on-year increase of 34.90%.
According to the Zheshang Securities Co.Ltd(601878) Research Report, in the first three quarters of 2021, the sales volume of the excavator industry increased by 18% year-on-year, the product revenue of Jiangsu Hengli Hydraulic Co.Ltd(601100) excavator oil cylinder increased by 21% year-on-year, higher than the growth of downstream industries, and the market share of excavator oil cylinder continued to increase; In terms of non-standard oil cylinders, high-altitude operation platforms, shield machines and marine equipment maintained high growth, and the product revenue of non-standard oil cylinders increased by 40% year-on-year; In terms of hydraulic pumps and valves, the new production capacity was released, the market share of Zhongda digging pump and valve increased rapidly, the revenue of pump and valve products increased by 51% year-on-year, and the market share of Zhongda digging pump and valve is expected to increase by 6 percentage points.
The share price of Jiangsu Hengli Hydraulic Co.Ltd(601100) has risen steadily since the beginning of 2019. By the beginning of January 2021, the share price once reached 136.6 yuan / share, more than 10 times higher (before resumption). However, from the perspective of the whole year of 2021, although the performance of Jiangsu Hengli Hydraulic Co.Ltd(601100) is “soaring”, the stock price performs poorly. The stock price in June 2021 is close to “halving” compared with January 2021, rebounded in August 2021, and then began to “fall endlessly”. In 2022, the decline of Jiangsu Hengli Hydraulic Co.Ltd(601100) share price has not improved. It reached a stage high of 90 yuan / share on January 10, and has fallen by 20.68% so far.
last year, it was proposed to add 5 billion plus code of “globalization + electrification”
At the 2021 annual general meeting of shareholders, Jiangsu Hengli Hydraulic Co.Ltd(601100) chairman Wang Liping said that he would continue to contact the hydraulic control sector and increase the R & D investment of the control system. In September of that year, the company issued a fixed increase plan of 5 billion yuan to raise funds to meet the strategic development needs of the company’s global layout, product category expansion and electric technology upgrading.
Among them, Jiangsu Hengli Hydraulic Co.Ltd(601100) plans to invest 1.4 billion yuan to raise funds for the electric upgrading of products, including electric cylinders, ball screws, etc. In addition, Jiangsu Hengli Hydraulic Co.Ltd(601100) also plans to invest 290 million yuan to alleviate the problem of insufficient production capacity of general pumps and valves.
According to the Soochow Securities Co.Ltd(601555) Research Report, in 2020, China’s excavator hydraulic parts market was about 20 billion yuan, and the non excavation hydraulic parts market was about three times that of the excavator field (60 billion yuan), while in 2020, the income of Jiangsu Hengli Hydraulic Co.Ltd(601100) non excavation oil cylinder + non excavation pump valve was only 1.6 billion yuan.
Zheshang Securities Co.Ltd(601878) released a research report that through domestic substitution, Jiangsu Hengli Hydraulic Co.Ltd(601100) stock products have increased their market share, penetrated from the excavator industry to the non excavator construction machinery industry, and expanded from the construction machinery industry to the general field and general product categories.
