恒立液压：挖机板块即将破晓，非挖板块略承压

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company is expected to benefit significantly from the recovery of the domestic engineering machinery sector and has a strong position as a core component supplier [2][3]. - The company's revenue for the first three quarters of 2024 reached 6.936 billion yuan, a year-on-year increase of 9.32%, while the net profit attributable to shareholders was 1.791 billion yuan, up 2.16% year-on-year [1]. - The report highlights that the company's profitability is slightly under pressure, with a Q3 gross margin of 41.03%, down 1.93 percentage points year-on-year [1]. Financial Performance - The company achieved a Q3 revenue of 2.103 billion yuan, representing an 11.12% year-on-year increase, and a net profit of 504 million yuan, up 6.07% year-on-year [1]. - The projected net profits for 2024-2026 are 2.5 billion yuan, 2.9 billion yuan, and 3.5 billion yuan, with growth rates of 2%, 16%, and 18% respectively [3]. - The company's current P/E ratios are 29.5, 25.4, and 21.5 for the years 2024, 2025, and 2026 respectively [3]. Business Segments - The company's screw rod business is currently in an investment phase, which may lead to temporary performance fluctuations [1][2]. - The high-end machinery segment is experiencing slight pressure, but the company is making steady progress with its linear actuator project [2]. Market Position - The company serves major domestic clients such as SANY, XCMG, and LiuGong, and has established relationships with global giants like Caterpillar and Hitachi, positioning it well for growth in both domestic and international markets [2].