恒立液压点评报告：人形机器人产业化提速，线性驱动有望构建新成长极

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Viewpoints - The humanoid robot industry is accelerating its industrialization, with recent catalysts increasing, and linear drives are expected to create a new growth pole for the company [1] - The company has potential to expand from supplying screws to supplying linear assemblies in the humanoid robot supply chain, enhancing the value of its products [2] - The excavator segment is expected to gradually recover, benefiting from anticipated reconstruction demand due to the warming expectations of a ceasefire in the Russia-Ukraine conflict [2] - The non-excavator segment has shown high growth, with the company's diversification strategy yielding excellent results [2] Summary by Relevant Sections Humanoid Robot Industry - The company announced that its linear drive project has completed the construction of its factory and part of the production line, achieving small-scale production and sales [1] - The planetary roller screw accounts for nearly 20% of the value in humanoid robots, indicating significant growth potential in this segment [1] Excavator Segment - The company is expected to benefit from reconstruction demand as the ceasefire expectations in the Russia-Ukraine conflict rise [2] - Excavator sales data is projected to remain strong, with a 1.1% year-on-year increase in January sales [2] Non-Excavator Segment - In the first half of 2024, the company sold 138,900 non-standard hydraulic cylinders, a year-on-year increase of 22%, and non-excavator pumps increased by 24% [2] - The company has expanded its market share in domestic high-altitude work platforms, loaders, and agricultural machinery, with significant growth in foreign markets [2] Financial Forecast and Valuation - The company is projected to achieve revenues of 98 billion, 108 billion, and 133 billion yuan from 2024 to 2026, with year-on-year growth rates of 9%, 10%, and 23% respectively [3] - The net profit attributable to the parent company is expected to be 26 billion, 28 billion, and 35 billion yuan for the same period, with compound annual growth rates of 12% from 2023 to 2026 [3]