恒立液压：业绩短期承压不改长增底色，持续看好公司中长期成长

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [6][14]. Core Views - The company's performance remains stable despite short-term pressures, with a focus on long-term growth potential [1]. - The company is actively pursuing cost reduction and efficiency improvement initiatives, having implemented over 300 cost-cutting projects by mid-2024 [2]. - The strategic focus on "internationalization, diversification, and electrification" is being firmly advanced, with notable growth in overseas revenue and product lines [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 6.936 billion yuan, a year-on-year increase of 9.32%, and a net profit attributable to shareholders of 1.791 billion yuan, up 2.16% year-on-year [1]. - The third quarter alone saw revenues of 2.103 billion yuan, reflecting an 11.12% year-on-year growth, with a net profit of 504 million yuan, up 6.07% year-on-year [1]. - The gross margin for the first three quarters was 41.46%, while the net margin was 25.87% [1]. Profit Forecast - The profit forecast has been adjusted, with expected net profits for 2024, 2025, and 2026 projected at 2.44 billion, 2.94 billion, and 3.55 billion yuan respectively, corresponding to P/E ratios of 30, 25, and 20 [4].