恒立液压：2024年半年报点评：Q2经营加速向好，看好挖机复苏与丝杠放量共振

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [4][14]. Core Views - The company reported a revenue of 4.833 billion yuan in the first half of 2024, a year-on-year increase of 8.56%, with a net profit attributable to shareholders of 1.288 billion yuan, up 0.71% year-on-year [1]. - The second quarter saw a significant revenue increase of 22.05% year-on-year, reaching 2.471 billion yuan, with a net profit of 686 million yuan, reflecting a 5.00% increase [1]. - The company is benefiting from the recovery in the domestic excavator market and the continuous prosperity of downstream sectors, leading to a rebound in overall operations [1]. - The gross margin and net margin for the first half of 2024 were 41.64% and 26.69%, respectively, maintaining high levels [1]. - The company is actively expanding its overseas market presence and transitioning towards high-end products, enhancing its competitive edge [1]. Financial Summary - The company expects revenues of 9.966 billion yuan, 11.478 billion yuan, and 13.583 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.9%, 15.2%, and 18.3% [2]. - The net profit attributable to shareholders is projected to be 2.724 billion yuan, 3.167 billion yuan, and 3.811 billion yuan for the same years, with growth rates of 9.0%, 16.3%, and 20.3% [2]. - The earnings per share (EPS) are expected to be 2.03 yuan, 2.36 yuan, and 2.84 yuan for 2024, 2025, and 2026, respectively [2]. - The target price for the stock is set at 56.9 yuan, based on a price-to-earnings (PE) ratio of 28 times for 2024 [4].