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【勘误版】

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's net profit increased by 6.1% year-on-year in Q3, 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. In Q3 alone, the gross profit margin was 41.0%, down 1.9 percentage points year-on-year [3] - The company is advancing its diversification and internationalization strategy, with projects in Mexico and the establishment of multiple business units for linear actuators, which are expected to contribute to sustained growth [4] Summary by Sections Financial Performance - For 2024E, the company’s operating revenue is projected to be 9.51 billion yuan, with a year-on-year growth of 5.83%. The net profit attributable to the parent company is expected to be 2.46 billion yuan, a decrease of 1.45% year-on-year [1][4] - The report adjusts the net profit forecasts for 2024-2026 to 2.462 billion, 3.033 billion, and 3.623 billion yuan respectively, reflecting a cautious outlook on short-term profitability [4] Market Position and Growth Potential - The report highlights the recovery in demand for excavators both domestically and internationally, with expectations of improved revenue growth in the excavator segment in Q3 compared to the first half of the year [2] - The company’s overseas production base in Mexico is expected to facilitate entry into the North American market, providing significant growth opportunities [4]