恒立液压：公司简评报告：业绩稳步增长，“国际化、多元化、电动化”持续催化

Investment Rating - The investment rating for the company is "Buy (Maintain)" [3] Core Views - The company achieved revenue of 6.936 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 9.32%. The net profit attributable to shareholders reached 1.791 billion yuan, up 2.16% year-on-year [6] - The company's gross margin and net margin for the first three quarters of 2024 were 41.46% and 25.87%, respectively [6] - Despite a slight increase in expense ratios and a minor decline in gross margin, the company maintains a strong commitment to R&D, with R&D expenses remaining above 7% [6] - The company's diversification strategy has shown results, with significant growth in sales of hydraulic cylinders for shield machines, cranes, and renewable energy sectors, outperforming the industry [7] - The company is investing heavily in overseas projects and linear drive projects, with construction of a factory in Mexico nearing completion, expected to contribute an additional production capacity valued at approximately 1.703 billion yuan [8] - The company is positioned as a leader in domestic hydraulic components, actively pursuing internationalization and electrification strategies [8] Summary by Sections Financial Performance - Revenue for Q3 2024 was 2.103 billion yuan, a year-on-year increase of 11.12%, with net profit of 504 million yuan, up 6.07% [6] - The company’s total assets reached 17.896 billion yuan, with a debt ratio of 21.73% and a price-to-book ratio of 4.70 [3] Future Projections - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 2.605 billion yuan, 2.962 billion yuan, and 3.435 billion yuan, respectively [8] - The expected EPS corresponding to the current stock price is projected to be 1.94, 2.21, and 2.56 for 2024, 2025, and 2026, respectively [9] Strategic Initiatives - The company is focused on enhancing its core competitiveness through innovation and R&D, with the establishment of an international R&D center expected by the end of the year [6] - The company’s diversification strategy has led to a resilient growth trajectory, with a focus on expanding market share in both domestic and international markets [7][8]