招银国际：恒立液压（601100）-1Q26EBIT+34%YoYaboveexpectation;netprofitdraggedbyFXloss

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2026-04-28

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招银国际：恒立液压（601100）-1Q26EBIT+34%YoYaboveexpectation;netprofitdraggedbyFXloss.pdf

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恒立液压(601100) Hengli’s1Q26netprofitcameinatRMB653mn,whichincreasedonly6%YoYlargelyduetotherecognitionofnetfinanceexpense(RMB162mnvsnetfinanceincomeofRMB199mnin1Q25)asaresultoftheappreciationofRMB.EBITgrew34%YoYtoRMB775mn,drivenbyanimpressiverevenuegrowthof33%YoY.Meanwhile,operatingcashinflowin1Q26surged9xYoYfromalowbasetoRMB518mn.Weseetheseasasetofdecentoperatingresults.WethinkFXvolatilityisnormalandbelieveitshouldnotaffectthecorevaluationofHengli.MaintainBUYwithanunchangedTPofRMB109,basedon42x20

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