恒立液压（601100）：归母净利创单季新高，主业复苏+新业拓展下坚定看好公司未来成长性

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [5][9]. Core Views - The company has achieved a record high net profit for a single quarter, driven by the recovery of its main business and expansion into new markets [1]. - The excavator industry continues to recover, with the company benefiting from increased demand for hydraulic components [2]. - The company's profitability is steadily improving due to structural optimization and ongoing cost reduction efforts [3]. - The company is enhancing its overseas presence and has made significant progress in new product development [4]. Summary by Sections Company Growth Prospects - In the first half of 2025, the company reported total revenue of 5.171 billion yuan, a year-on-year increase of 7%, and a net profit of 1.429 billion yuan, up 10.97% [1]. - The excavator industry saw total sales of 120,500 units in the first half of 2025, a year-on-year increase of 16.77%, with domestic sales up 22.9% and exports up 10.19% [2]. Profitability Improvement - The company achieved a gross margin of 41.85% and a net margin of 27.7% in the first half of 2025, reflecting an increase of 0.33 percentage points and 1.01 percentage points year-on-year, respectively [3]. - Cost management measures have been implemented across various areas, supporting profitability [3]. Overseas Expansion and New Product Development - The company has successfully launched its largest overseas production base in Mexico and is actively participating in international exhibitions [4]. - The company has developed over 50 new products as part of its electrification strategy, with all new products successfully entering the market [4]. Financial Forecast - Revenue projections for 2025-2027 are 10.478 billion yuan, 12.158 billion yuan, and 14.170 billion yuan, representing year-on-year growth of 12%, 16%, and 17% respectively [5]. - Net profit forecasts for the same period are 2.762 billion yuan, 3.255 billion yuan, and 3.837 billion yuan, with growth rates of 10%, 18%, and 18% [5].