恒立液压：公司Q3营收保持增长，经营能力稳健

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's hydraulic products related to excavators may remain under pressure in 2024, but diversified products in non-excavation fields are expected to contribute additional revenue [2][6] - The company achieved revenue of 6.936 billion yuan in Q1-Q3 2024, a year-on-year increase of 9.32%, and a net profit attributable to the parent company of 1.791 billion yuan, up 2.16% year-on-year [6] - The company is actively expanding overseas markets and has made significant progress in its "electrification" strategy, laying the groundwork for future growth [6] Financial Performance Summary - Revenue projections for 2024-2026 are 9.925 billion, 11.461 billion, and 13.152 billion yuan, respectively, with a CAGR of 15.34% [2][6] - Net profit attributable to the parent company is expected to be 2.698 billion, 3.245 billion, and 3.834 billion yuan for the same period [2][6] - Earnings per share (EPS) are projected to be 2.01, 2.42, and 2.86 yuan per share for 2024-2026 [2][6] Financial Ratios and Valuation - The company’s gross margin and net margin for Q1-Q3 2024 were 41.46% and 25.87%, respectively [6] - The company’s P/E ratio is projected to decrease from 31.9 in 2022 to 19.5 in 2026, indicating an improving valuation [7] - The company’s P/B ratio is expected to decline from 5.9 in 2022 to 3.6 in 2026 [7]