恒立液压：发力线性驱动，开启新篇章

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company is focusing on internal management, continuous innovation, and advancing its strategy of "internationalization, diversification, and electrification" to establish a new growth driver in the industrial automation and electrification of construction machinery sectors [1] - The linear actuator project has completed the construction of its factory and part of the production line, achieving small-scale production and sales [1] - The company is expected to benefit significantly from the mass production of humanoid robots, particularly through its core component, the linear actuator [1] Summary by Sections Company Overview - The company is actively investing in the linear actuator project with over 1.5 billion RMB, aiming for an annual production capacity of 104,000 standard ball screw electric cylinders and other related products [3] Market Analysis - The construction machinery market is still in a bottoming phase, with a projected increase in excavator sales in China for 2024 [4] - The report anticipates a growth in the humanoid robot industry, with significant production targets set by companies like Tesla for their Optimus robots [2] Financial Projections - The forecasted net profit for the company from 2024 to 2026 is 2.62 billion, 2.91 billion, and 3.56 billion RMB respectively, with corresponding growth rates of 4.84%, 11.15%, and 22.07% [4] - The expected earnings per share (EPS) for the same period are projected to be 1.95, 2.17, and 2.65 RMB [4] Valuation - The target price for the company is set at 67.27 RMB, based on a price-to-earnings (PE) ratio of 31 times for 2025 [4][6] - The report notes that the average PE ratio for comparable companies is 26 times for 2025, indicating a favorable valuation for the company [4][11]