恒立液压：2024年中报点评：业绩稳步增长，多元化+国际化战略打开成长空间

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has shown steady growth in performance, with an increase in gross margin and a diversified strategy that opens up growth opportunities [2][3]. - The company achieved a revenue of 4.83 billion yuan in H1 2024, a year-on-year increase of 8.6%, and a net profit of 1.29 billion yuan, up 0.7% year-on-year [2]. - The company is actively expanding its overseas market presence, with overseas revenue growing by 15.29% year-on-year in H1 2024 [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 2.47 billion yuan, a 22.0% increase year-on-year, and a net profit of 690 million yuan, up 5.0% year-on-year [2]. - The overall gross margin for H1 2024 was 41.6%, an increase of 2.6 percentage points year-on-year, while the net margin was 26.7%, a decrease of 2.1 percentage points year-on-year [2]. Diversification and Growth Strategy - The company has successfully implemented a diversification strategy, with sales of non-standard hydraulic cylinders increasing by 21.53% year-on-year [2]. - The company is also making strides in the electric drive sector, with linear drive projects progressing steadily [2]. International Expansion - The construction of the factory in Mexico is nearing completion, which will support the company's expansion into the Americas [3]. - The company is establishing new entities in Chicago, Tokyo, and Monterrey to enhance its international market presence [3]. Earnings Forecast - The report forecasts the company's net profit for 2024-2026 to be 2.85 billion, 3.38 billion, and 3.97 billion yuan, respectively, with corresponding EPS of 2.13, 2.52, and 2.96 yuan [4].