恒立液压（601100）：中报业绩表现稳健，看好线性驱动器项目贡献新增长极

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [6]. Core Views - The company has shown stable performance in its mid-year results for 2025, with revenue reaching 5.171 billion yuan, a year-on-year increase of 7%, and a net profit attributable to shareholders of 1.429 billion yuan, up 10.97% year-on-year [1]. - The company is expected to benefit from the linear actuator project, which is anticipated to become a new growth driver, entering mass production and contributing to performance incrementally [3]. - The company is actively expanding its international presence, with its largest overseas production base in Mexico now operational, which is expected to contribute to new revenue streams [4]. Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 41.85%, an increase of 0.33 percentage points year-on-year, and a net profit margin of 27.7%, up 1.01 percentage points year-on-year [1]. - The company sold 308,300 hydraulic cylinders for excavators, representing a year-on-year growth of over 15%, while non-excavator hydraulic pump and valve products saw sales growth exceeding 30% [2]. - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 2.783 billion yuan, 3.202 billion yuan, and 3.882 billion yuan respectively, with corresponding PE ratios of 41.0, 35.7, and 29.4 [4].