恒立液压：公司信息更新报告：Q3收入同比增长11%，有望受益顺周期复苏

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year revenue growth of 11% in Q3, benefiting from a cyclical recovery [3] - The net profit for Q3 increased by 6%, outperforming the industry average [4] - The company is expected to benefit from cyclical recovery, expansion of overseas major clients, and increased production in the screw rod business, indicating a potential turning point in fundamentals [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 6.936 billion yuan, a year-on-year increase of 9.32%, and a net profit of 1.791 billion yuan, a year-on-year increase of 2.16% [4] - In Q3 alone, the company reported a revenue of 2.103 billion yuan, a year-on-year growth of 11.2%, and a net profit of 504 million yuan, a year-on-year increase of 6.07% [4] - The company's gross margin for the first three quarters was 41.5%, while the net margin was 25.9%, showing a slight decline in profitability due to changes in product structure and increased personnel costs [5] Future Projections - The net profit forecasts for 2024, 2025, and 2026 are projected to be 2.6 billion yuan, 3.05 billion yuan, and 3.69 billion yuan respectively, with corresponding P/E ratios of 26.9, 22.9, and 19.0 [3][7] - Revenue is expected to grow from 9.979 billion yuan in 2024 to 14.015 billion yuan in 2026, with a year-on-year growth rate of 11.1% in 2024 and 18.1% in 2025 [7]