恒立液压：2024年三季报点评：Q3延续高质量经营，看好新业务布局为公司带来增长新动能

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][13]. Core Views - The company continues to demonstrate high-quality operations in Q3 2024, with new business layouts expected to drive growth [1]. - Despite a challenging domestic economic environment, the company has achieved relatively stable performance through expansion in non-excavation sectors and overseas markets [1]. - The engineering machinery industry is stabilizing, and the company is well-positioned to benefit from the recovery, particularly in hydraulic components [1]. - The company is actively expanding into new products and markets, enhancing its global competitiveness [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 6.94 billion yuan, a year-on-year increase of 9.3%, and a net profit attributable to shareholders of 1.79 billion yuan, up 2.2% year-on-year [1]. - In Q3 alone, revenue reached 2.10 billion yuan, reflecting an 11.1% year-on-year growth, with a net profit of 500 million yuan, up 6.1% year-on-year [1]. - The gross margin and net margin for Q3 were 41.0% and 24.0%, respectively, both showing a decline compared to the previous year [1]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 9.97 billion yuan, 11.48 billion yuan, and 13.58 billion yuan, respectively, with year-on-year growth rates of 10.9%, 15.2%, and 18.3% [1][2]. - Net profit projections for the same years are 2.53 billion yuan, 3.14 billion yuan, and 3.96 billion yuan, with growth rates of 1.3%, 24.3%, and 26.0% [1][2]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.89 yuan, 2.34 yuan, and 2.95 yuan, respectively [2]. Market Position and Strategy - The company is recognized as a leading player in the domestic hydraulic components market, with significant potential for growth in hydraulic pump and valve products [1]. - The ongoing expansion into linear drive business and the establishment of a factory in Mexico are strategic moves to enhance market presence in the Americas [1]. - The company is focusing on high-end hydraulic products and diversifying its business to reduce dependency on cyclical industries [1].