恒立液压（601100）：工程机械企稳回升，线性驱动器项目打开成长空间

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company is expected to achieve a revenue growth of 4.51% year-on-year in 2024, reaching 9.39 billion yuan, and a net profit growth of 0.40%, totaling 2.51 billion yuan. This growth is attributed to the stabilization of domestic engineering machinery, increased market share in hydraulic pumps and valves for excavators, continuous expansion in non-engineering machinery products, and ongoing development in overseas markets [1][2]. - The company has made significant progress in its diversification strategy, with domestic and international revenues of 7.25 billion yuan and 2.07 billion yuan respectively, reflecting year-on-year increases of 3.61% and 7.61%. The international revenue now accounts for 22.2% of total revenue, up by 0.6 percentage points [2]. - The linear actuator project is advancing steadily, with multiple products developed and entering mass production in 2024, indicating potential for future growth [2]. Financial Summary - The company's gross margin is 42.83% and net margin is 26.72% for 2024, with gross margin improving due to product structure optimization, while net margin slightly decreased due to increased expenses [1]. - The projected net profits for 2025-2027 are 2.79 billion yuan, 3.23 billion yuan, and 3.80 billion yuan respectively, with corresponding P/E ratios of 36, 31, and 26 [3][4]. - The company’s revenue and net profit forecasts for 2023 to 2027 are as follows: - Revenue: 8.99 billion yuan (2023), 9.39 billion yuan (2024), 10.51 billion yuan (2025E), 11.78 billion yuan (2026E), 13.45 billion yuan (2027E) - Net Profit: 2.50 billion yuan (2023), 2.51 billion yuan (2024), 2.79 billion yuan (2025E), 3.23 billion yuan (2026E), 3.80 billion yuan (2027E) [4][20].