恒立液压：公司简评报告：2024Q2业绩超预期，国际化和电动化战略持续推进

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported better-than-expected performance in Q2 2024, with a revenue of 4.83 billion yuan, a year-on-year increase of 8.56%, and a net profit attributable to shareholders of 1.29 billion yuan, up 0.71% year-on-year [3][4] - The diversification strategy has shown significant results, with rapid growth in non-excavation sectors, including a 21.53% increase in non-standard cylinders and a 24.30% increase in non-excavation pumps and valves [3][4] - The gross profit margin improved significantly to 41.64%, up 2.62 percentage points year-on-year, while the net profit margin slightly decreased to 26.69%, down 2.09 percentage points year-on-year [3][4] - The internationalization strategy is progressing, with overseas revenue growing by 15.29% in H1 2024, and the construction of a factory in Mexico nearing completion [3][4] - The company is expected to see a recovery in domestic excavator sales and continued growth in international and electrification strategies, with projected net profits of 2.70 billion yuan in 2024, 3.17 billion yuan in 2025, and 3.75 billion yuan in 2026 [3][4] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 4.83 billion yuan, with a Q2 revenue of 2.47 billion yuan, reflecting a 22.05% year-on-year growth [3][4] - The net profit for Q2 2024 was 686 million yuan, a 5.00% increase year-on-year [3][4] Product Diversification - The non-excavation segment saw significant growth, with non-standard cylinders sold reaching 138,900 units, a 21.53% increase year-on-year [3][4] - Non-excavation pumps and valves also experienced a 24.30% growth [3][4] Profitability Metrics - The gross margin for H1 2024 was 41.64%, an increase attributed to a higher proportion of non-excavation products and lower raw material costs [3][4] - The net profit margin was 26.69%, slightly down due to increased financial expenses [3][4] International Expansion - The company’s overseas revenue increased by 15.29% in H1 2024, with the Mexico factory expected to enhance growth further upon completion [3][4] Future Projections - Projected net profits for 2024, 2025, and 2026 are 2.70 billion yuan, 3.17 billion yuan, and 3.75 billion yuan respectively, with corresponding PE ratios of 25.1, 21.3, and 18.1 [3][4]