恒立液压(601100)：挖机业务有望回暖 线性驱动项目进入批量生产阶段

Core Viewpoint - The company reported a revenue of 9.39 billion yuan for 2024, reflecting a year-on-year increase of 4.51%, and a net profit attributable to shareholders of 2.51 billion yuan, up 0.40% year-on-year [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 9.39 billion yuan, with a year-on-year growth of 4.51% [1] - The net profit attributable to shareholders for 2024 was 2.51 billion yuan, showing a slight increase of 0.40% year-on-year [1] - The first quarter of 2025 saw a revenue of 2.42 billion yuan, representing a year-on-year growth of 2.56% [1] Group 2: Business Segments - The hydraulic pump and valve segment was the main driver of revenue growth in 2024, with a year-on-year increase of 9.63% [2] - The hydraulic cylinder segment experienced a modest revenue growth of 1.44% in 2024, primarily driven by non-standard cylinders in heavy equipment [2] - The company’s international revenue grew by 7.6% year-on-year, accounting for 22.2% of total revenue, an increase of 0.6 percentage points [2] Group 3: Market Trends - The domestic excavator industry saw a significant increase in sales, with a year-on-year growth of 38.3% in the first quarter of 2025, benefiting the company's related businesses [3] - The company anticipates good growth in its excavator-related business due to the upward cycle in domestic excavator sales [3] - The marine engineering and industrial sectors are expected to continue driving growth in non-standard hydraulic components [3] Group 4: Profitability and Cost Management - The gross profit margin for 2024 was 42.83%, an increase of 1.09 percentage points year-on-year, attributed to cost reduction and product structure optimization [3] - The net profit margin for 2024 was 26.76%, a decrease of 1.11 percentage points year-on-year, due to increased sales and management expenses [3] - The company expects a slowdown in the rate of increase in expense ratios as new production capacity begins to contribute to revenue in 2025 [3] Group 5: New Projects - The linear drive project has entered mass production, expected to contribute to new revenue and profit growth [4] - The company has developed various products for the linear drive project and has begun trial production and validation [4] - Projected net profits for 2025 and 2026 are 2.86 billion yuan and 3.35 billion yuan, respectively, with corresponding price-to-earnings ratios of 35 and 30 [4]