恒立液压：利润短期承压，三大战略助力高成长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.936 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.32%. The net profit attributable to shareholders was 1.791 billion yuan, up 2.16% year-on-year [3] - The company is facing short-term profit pressure due to increased expenses, with a gross margin of 41.46% and a net margin of 25.87% for the first three quarters of 2024 [4] - The company is actively pursuing three strategic initiatives: internationalization, electrification, and diversification, which are expected to drive future growth [4] Financial Performance - For Q3 2024, the company achieved a revenue of 2.103 billion yuan, an increase of 11.12% year-on-year, and a net profit of 504 million yuan, up 6.07% year-on-year [3] - The company's operating cash flow for the first three quarters of 2024 was 1.32 billion yuan, down 18.45% year-on-year [3] - The company’s revenue forecasts for 2024-2026 are 9.64 billion yuan, 11.12 billion yuan, and 12.96 billion yuan respectively, with net profits of 2.60 billion yuan, 3.01 billion yuan, and 3.56 billion yuan [5] Strategic Initiatives - The internationalization strategy has led to a 15.29% increase in overseas revenue in the first half of 2024, with the construction of a factory in Mexico nearing completion [4] - The electrification strategy focuses on industrial automation and electric machinery, with ongoing projects in linear actuators and ball screw products [4] - The diversification strategy aims to expand product offerings into sectors such as marine engineering, shield tunneling, aerial work platforms, and agricultural machinery [4]