恒立液压：2024年中报点评：挖机内销企稳泵阀放量，2024Q2业绩超预期

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company reported a revenue of 4.833 billion in H1 2024, representing a year-on-year increase of 8.56%, with a net profit attributable to shareholders of 1.288 billion, up 0.71% year-on-year [1]. - The second quarter of 2024 saw a revenue of 2.471 billion, a year-on-year increase of 17.69%, and a net profit of 686 million, up 5.00% year-on-year [1]. - The company is expanding its overseas market presence, with overseas sales revenue increasing by 15.29% year-on-year in H1 2024 [1]. - Domestic excavator sales are showing signs of recovery, particularly from March 2024 onwards, with significant month-on-month growth [1]. - The company's diversification strategy is yielding results, with sales of non-standard hydraulic cylinders and non-excavator valves growing rapidly [1]. - The report forecasts net profits for 2024-2026 to be 2.81 billion, 3.28 billion, and 3.93 billion respectively, with corresponding valuations of 22x, 19x, and 16x [1]. Summary by Sections Financial Performance - H1 2024 revenue was 48.33 billion, with a gross margin of 41.64% and a net profit margin of 26.69% [1]. - The second quarter's gross margin was approximately 43.12%, reflecting a year-on-year increase of 6.30 percentage points [1]. Market Trends - The domestic excavator market is stabilizing, driven by government projects and equipment upgrades [1]. - The company is nearing completion of its factory in Mexico, which is expected to enhance its market penetration in the Americas [1]. Strategic Initiatives - The company has successfully increased sales of heavy-duty non-standard hydraulic cylinders by 21.53% year-on-year [1]. - The sales of non-excavator valves grew by 24.30% year-on-year, indicating strong demand in various sectors [1].