恒立液压：2024年三季报点评：人员扩张导致盈利能力短期承压，看好公司长期成长空间

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's net profit in Q3 increased by 6.1% year-on-year, slightly below market expectations. For the first three quarters of 2024, the company achieved operating revenue of 6.94 billion yuan, a year-on-year increase of 9.3%, and a net profit attributable to the parent company of 1.79 billion yuan, a year-on-year increase of 2.2% [2] - The expansion of personnel has led to a significant increase in costs and expenses, putting short-term pressure on profitability. The gross profit margin for Q1-Q3 2024 was 41.5%, up 1.3 percentage points year-on-year, while the net profit margin was 25.9%, down 1.8 percentage points year-on-year [3] - The company is diversifying and internationalizing its strategy, with projects in Mexico and linear actuator initiatives expected to drive growth. The establishment of a hydraulic component production base in Mexico will help the company tap into the North American market [4] Summary by Sections Financial Forecasts and Valuation - The company has adjusted its net profit forecasts for 2024-2026 to 2.462 billion, 3.033 billion, and 3.623 billion yuan respectively, with corresponding P/E ratios of 30, 25, and 21 times [4] - The operating revenue is projected to reach 9.509 billion yuan in 2024, with a year-on-year growth rate of 5.83% [11] - The net profit margin is expected to recover as high-margin businesses increase their share, particularly with the ramp-up of domestic screw business and the production of the overseas factory in Mexico [3][4]