恒立液压（601100）：短期受益于挖机复苏，中长期看好电动化和全球化放量

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a strong potential for price appreciation in the next 6-12 months [9]. Core Views - The company is expected to benefit in the short term from the recovery of the excavator market, while the long-term outlook is positive due to its focus on electrification and global expansion [5][9]. - The company's revenue for 2024 is projected to be 9.39 billion yuan, a year-on-year increase of 4.51%, with a net profit of 2.51 billion yuan, reflecting a modest growth rate [5][11]. Financial Performance Summary - In 2024, the company achieved a revenue of 93.90 billion yuan, with a net profit of 25.09 billion yuan, showing a slight increase of 0.4% year-on-year [5]. - The gross margin for 2024 is reported at 42.83%, an increase of 0.93 percentage points year-on-year, indicating ongoing cost reduction and efficiency improvements [6]. - The company’s hydraulic cylinder product revenue reached 47.61 billion yuan, a year-on-year increase of 1.44%, while hydraulic pump and valve products generated 35.83 billion yuan, a 9.63% increase, marking a historical high [7]. Strategic Initiatives Summary - The company is advancing its electrification strategy, with a linear actuator project entering mass production, which is expected to contribute to new business growth in the medium to long term [8]. - The internationalization strategy is being reinforced with production capacity established in Mexico and service centers in the U.S., Brazil, Indonesia, and India, covering over 20 countries and regions [7]. Earnings Forecast Summary - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.12 yuan, 2.44 yuan, and 2.93 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 35.4, 30.8, and 25.7 [9][11].