恒立液压(601100)：基本面如期改善 看好主业继续向上+丝杠潜在催化

Core Viewpoint - The company reported strong financial performance in the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, indicating a positive trend in the engineering machinery sector and the company's operational efficiency [1][2][3]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 7.79 billion yuan, a year-on-year increase of 12.31%, and a net profit attributable to shareholders of 2.087 billion yuan, up 16.49% [1]. - In Q3 alone, the company recorded revenue of 2.619 billion yuan, reflecting a year-on-year growth of 24.53%, and a net profit of 658 million yuan, which is a 30.6% increase compared to the same period last year [1]. Industry Trends - The engineering machinery sector is experiencing a comprehensive recovery, with excavator domestic sales and exports increasing by 21.55% and 14.61% respectively from January to September 2025 [2]. - The company's revenue growth rates for Q1 to Q3 of 2025 were 2.56%, 11.24%, and 24.53%, indicating a clear acceleration in growth [2]. Profitability - The company maintained high profitability levels, with gross and net profit margins of 41.96% and 26.85% respectively for the first three quarters of 2025, showing improvements of 0.5 percentage points and 0.98 percentage points year-on-year [3]. - In Q3, the gross margin was 42.18% and the net margin was 25.17%, reflecting increases of 0.87 percentage points and 1.18 percentage points year-on-year [3]. Product Development and Market Position - The company is well-positioned in the linear actuator market, with a complete product lineup including precision screws, linear guides, and electric cylinders, and has developed over 50 new products while adding nearly 300 new clients [4]. - The upcoming production of humanoid robots by Tesla is expected to benefit the company's screw business, aligning with the trend of electrification in engineering machinery and opening new market opportunities [4]. Investment Outlook - The company is projected to achieve revenues of 10.478 billion, 12.158 billion, and 14.17 billion yuan from 2025 to 2027, with corresponding net profits of 2.807 billion, 3.347 billion, and 3.928 billion yuan, indicating continued growth [5]. - The investment rating remains strong due to the anticipated improvement in the company's fundamentals and the potential benefits from the humanoid robot industry [5].