恒立液压：工程机械企稳回升，线性驱动器项目打开成长空间-20250517

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, with 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 of excavator hydraulic pump and valve products, continuous expansion in non-engineering machinery sectors, and ongoing development in overseas markets [1][2]. - The company's gross margin is projected to be 42.83%, with a net margin of 26.72%. The gross margin has improved due to product structure optimization, while the net margin has slightly decreased due to increased expenses [1][2]. - The company has made significant progress in its linear actuator project, with several products developed and entering mass production in 2024 [2]. Summary by Sections Financial Performance - In 2024, the company expects to generate 93.90 billion yuan in revenue, a 4.51% increase from the previous year, and a net profit of 25.09 billion yuan, reflecting a 0.40% increase. The gross margin is 42.83%, and the net margin is 26.72% [1][4]. - For Q1 2025, the company reported revenue of 24.22 billion yuan, a 2.56% increase year-on-year, and a net profit of 6.18 billion yuan, up 2.61% [1]. Product and Market Analysis - The company's domestic and international revenues for 2024 are projected at 72.51 billion yuan and 20.74 billion yuan, respectively, with year-on-year growth rates of 3.61% and 7.61%. The international revenue now accounts for 22.2% of total revenue, an increase of 0.6 percentage points [2]. - The hydraulic cylinder segment is expected to generate 47.61 billion yuan in revenue, a 1.44% increase, while the hydraulic pump and valve segment is projected to reach 35.83 billion yuan, a 9.63% increase [2]. Future Outlook - The company anticipates steady growth in its excavator business as the domestic engineering machinery market recovers. The linear actuator project is also expected to contribute to future growth, with mass production commencing in 2024 [2][3].