恒立液压：2024年半年报点评：非挖增长亮眼，新品+海外布局放量在即

Investment Rating - The report maintains a "Buy" rating for the company [1][2][3] Core Views - The company has shown impressive growth in non-excavation segments, with new products and overseas expansion set to ramp up [1] - The second quarter of 2024 saw a positive turnaround in revenue and profit growth compared to the first quarter, despite profit being impacted by reduced foreign exchange gains [1] - The company's gross margin improved year-on-year, while net margin faced short-term pressure due to increased financial costs [1] Financial Performance Summary - For the first half of 2024, the company achieved revenue of 4.833 billion yuan, a year-on-year increase of 8.56%, and a net profit attributable to shareholders of 1.288 billion yuan, up 0.71% year-on-year [1] - In Q2 2024, revenue reached 2.471 billion yuan, reflecting a year-on-year growth of 22.05%, while net profit was 686 million yuan, up 5% year-on-year [1] - The 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 [1] Market Data - As of August 30, 2024, the company's stock price was 51.00 yuan, with a market capitalization of approximately 68.38 billion yuan [1] - The company’s stock has outperformed the CSI 300 index over the past month, with a return of 17.0% compared to the index's -1.4% [1] Growth Drivers - The company’s diversification strategy has yielded significant results, particularly in non-excavation product sales, which increased by 21.53% year-on-year [1] - The overseas revenue grew by 15.29% year-on-year in H1 2024, with the completion of the Mexico factory expected to enhance market presence in the Americas [1] - The linear actuator project is progressing steadily and is anticipated to become a new growth driver for the company [1]