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Jiangsu Hengli Hydraulic Co Ltd Class A 601100

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Stock XSHG Rating as of
CNY 43.56 −1.54 (3.41%)
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As of Delayed Price Closed
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Company Report

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Hengli Hydraulic Continues to Diversify Into Applications Beyond Excavators

Cheng Wang

Hengli Hydraulic is best known as the largest hydraulic cylinder supplier for excavators, commanding over 50% market share in China and about 30% globally. Excavator hydraulic cylinders accounted for 27% of revenue in 2023. Excavator demand is highly cyclical, and Hengli’s excavator hydraulic cylinder revenue fell by 54% from 2011 to 2015 due to the industry downturn. Since the industry entered another downcycle in mid-2021, we expect Hengli’s excavator hydraulic cylinder revenue to trend lower and bottom in 2025.

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Price vs Fair Value

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601100 is trading at a 476% premium.
Price
CNY 45.10
Fair Value
CNY 38.00
Uncertainty
High
1-Star Price
CNY 45.39
5-Star Price
CNY 83.00
Economic Moat
Hrdxz
Capital Allocation
Mkpfhzjx

Bulls Say, Bears Say

Bulls

China will boost infrastructure spending more than expected, driving demand for Hengli’s hydraulic components

Bears

China real estate investment will remain subdued for longer, weighing on sales of Hengli’s excavator hydraulic cylinders.

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Trading Information

Previous Close Price
CNY 45.10
Day Range
CNY 42.80–45.10
52-Week Range
CNY 42.80–73.33
Bid/Ask
CNY 43.56 / CNY 43.57
Market Cap
CNY 58.41 Bil
Volume/Avg
8.1 Mil / 6.7 Mil

Key Statistics

Price/Earnings (Normalized)
24.93
Price/Sales
6.80
Dividend Yield (Trailing)
1.55%
Dividend Yield (Forward)
1.55%
Total Yield
1.55%

Company Profile

Hengli Hydraulic is a leading Chinese hydraulic component company. It designs, manufactures, and sells hydraulic cylinder, pump, valve, and motor products. Hengli’s products are widely used in heavy machinery. It is the largest supplier of excavator hydraulic cylinders in the world with about 30% global market share.
Sector
Industrials
Industry
Specialty Industrial Machinery
Stock Style Box
Large Growth
Total Number of Employees
6,514
Website
http://www.henglihydraulic.com

Competitors

Valuation

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Metric
601100
CAT
6268
Price/Earnings (Normalized)
 24.9314.9926.13
Price/Book Value
 4.039.111.26
Price/Sales
 6.802.491.02
Price/Cash Flow
 25.0612.8113.23
Price/Earnings
601100
CAT
6268

Financial Strength

Metric
601100
CAT
6268
Quick Ratio
 3.510.731.38
Current Ratio
 4.181.351.98
Interest Coverage
 358.8926.5411.71
Quick Ratio
601100
CAT
6268

Profitability

Metric
601100
CAT
6268
Return on Assets (Normalized)
 13.76%13.02%2.98%
Return on Equity (Normalized)
 17.50%59.16%4.90%
Return on Invested Capital (Normalized)
 15.49%19.73%4.03%
Return on Assets
601100
CAT
6268
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