恒立液压（601100）：业绩稳健发展，线性驱动项目未来可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a steady performance with a revenue of 9.39 billion yuan in 2024, reflecting a year-on-year increase of 4.51%. The net profit attributable to shareholders was 2.51 billion yuan, up by 0.40%, while the net profit after deducting non-recurring gains and losses was 2.29 billion yuan, down by 6.61% [5][10] - The hydraulic cylinder product structure has improved, with revenue from hydraulic cylinders reaching 4.76 billion yuan, a 1.44% increase year-on-year, and a gross margin increase of 1.41 percentage points. Revenue from hydraulic pumps and valves grew by 9.63% to 3.58 billion yuan, benefiting from increased market share in excavator pump and valve products [6] - The company has accelerated its internationalization strategy, achieving overseas revenue of 2.07 billion yuan, a year-on-year increase of 7.61%, accounting for 22% of total revenue. The linear drive project has entered mass production, with a complete processing capability established [7] Financial Summary - For 2025-2027, the revenue forecast is 10.32 billion yuan, 11.92 billion yuan, and 13.80 billion yuan, respectively. The net profit attributable to shareholders is projected to be 2.79 billion yuan, 3.32 billion yuan, and 3.90 billion yuan, respectively. The diluted EPS is expected to be 2.08 yuan, 2.48 yuan, and 2.91 yuan [8][10] - The company’s gross margin is expected to improve from 42.8% in 2024 to 45.1% in 2027, while the return on equity (ROE) is projected to increase from 15.9% to 17.5% over the same period [10][13]