山西证券：给予恒立液压买入评级

Core Viewpoint - The company continues to show growth in its main business, with the linear actuator segment entering a phase of realization, leading to a "buy" rating for Hengli Hydraulic [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.17 billion yuan, a year-on-year increase of 7.0%; net profit attributable to shareholders was 1.43 billion yuan, up 11.0% year-on-year [2] - In Q2 2025, the company reported operating revenue of 2.75 billion yuan, a year-on-year increase of 11.2% and a quarter-on-quarter increase of 13.5%; net profit attributable to shareholders was 810 million yuan, up 18.3% year-on-year and 31.4% quarter-on-quarter [2] Profitability Metrics - Q2 2025 marked a new high for quarterly net profit and the second-highest revenue, with a net profit margin increase of 1.8 percentage points year-on-year [3] - The gross profit margin for Q2 2025 was 44%, up 0.9 percentage points year-on-year; the net profit margin was 29.6%, up 1.8 percentage points year-on-year [3] Cost Structure - The total expense ratio for the period was 12.5%, down 1.2 percentage points year-on-year; management expenses increased due to a rise in employee numbers and salaries, while financial expenses decreased due to increased exchange gains [3] Market Dynamics - The excavator industry saw sales of 120,500 units in the first half of 2025, a year-on-year increase of 16.8%; the company sold 308,300 hydraulic cylinders for excavators, up over 15% year-on-year [3] - Sales of hydraulic pump and valve products in non-excavator sectors grew by over 30%, with total sales nearing last year's levels [3] Product Development - The company has developed over 50 new products in the first half of 2025, all of which have successfully transitioned to mass production [4] - The Mexico factory has officially commenced operations, expected to accelerate breakthroughs with foreign clients, although it reported a slight loss of 13,480 yuan during the reporting period [4] Investment Outlook - The company is a leading player in the hydraulic components industry, benefiting from the recovery in excavator demand; the electric business and global expansion are expected to contribute to performance in the medium to long term [5] - EPS forecasts for 2025-2027 are 2.11, 2.42, and 2.90 yuan, with corresponding PE ratios of 39.8, 34.7, and 29.0 [5]