恒立液压：盈利能力回升，多成长曲线逐步兑现

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 59.75 CNY per share, based on a 30x PE ratio for 2024 [4]. Core Insights - The company's profitability is steadily recovering due to effective cost reduction measures, with a revenue of 4.833 billion CNY in H1 2024, representing a year-on-year increase of 8.6%. The net profit attributable to shareholders was 1.288 billion CNY, up 0.7% year-on-year [2]. - Non-excavation hydraulic components are experiencing rapid growth, with sales of non-standard oil cylinders increasing by 21.5% year-on-year, and non-excavation pump and valve sales rising by 24.3% [2]. - The company's overseas revenue growth outpaced domestic growth, with a 15.3% increase year-on-year in H1 2024. The new factory in Mexico is nearing completion and is expected to generate annual revenue of 1.7 billion CNY and a net profit of 370 million CNY once operational [2]. - The company is projected to achieve net profits of 2.67 billion CNY, 3.30 billion CNY, and 4.16 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.99 CNY, 2.46 CNY, and 3.10 CNY per share [2][3]. Financial Summary - For 2024, the company is expected to generate revenue of 9.717 billion CNY, with a growth rate of 8.2%. The net profit attributable to shareholders is projected to be 2.670 billion CNY, reflecting a growth rate of 6.9% [3][9]. - The company's EBITDA is forecasted to be 3.397 billion CNY in 2024, with a steady increase in subsequent years [3]. - The company's P/E ratio is expected to decrease from 29.40 in 2023 to 23.34 in 2024, indicating a more attractive valuation as earnings grow [3][9].