恒立液压（601100）：传统业务稳健增长，出口+线性执行器贡献新增量

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4]. Core Views - The company reported a total operating revenue of 5.171 billion yuan for the first half of 2025, representing a year-on-year growth of 7%. The net profit attributable to the parent company was 1.429 billion yuan, up 10.97% year-on-year [4]. - The second quarter of 2025 saw a record high in profit, with revenue reaching 2.749 billion yuan, a year-on-year increase of 11.24%, and a net profit of 812 million yuan, up 18.31% year-on-year [6]. - The company achieved a gross margin of 41.85% and a net margin of 27.7% in the first half of 2025, with improvements in profitability metrics [6]. - The traditional hydraulic cylinder business showed steady growth, with sales of excavator hydraulic cylinders increasing by over 15% year-on-year [6]. - The company has made significant strides in its linear actuator business, launching over 50 new products and expanding its market reach [7]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total operating revenue of 5.171 billion yuan, a 7% increase year-on-year, and a net profit of 1.429 billion yuan, reflecting a 10.97% growth [4]. - The gross margin for the first half of 2025 was 41.85%, with a net margin of 27.7%, indicating improved profitability [6]. Business Growth - The traditional hydraulic cylinder segment experienced robust growth, with sales of excavator hydraulic cylinders reaching 308,300 units, a year-on-year increase of over 15% [6]. - The company’s new product lines, including compact hydraulic valves and radial piston motors, have seen significant sales growth, with non-excavator hydraulic pump and valve products growing over 30% year-on-year [6]. Market Expansion - The company’s overseas production base in Mexico has commenced operations, enhancing supply chain resilience and enabling localized service offerings [6]. - The linear actuator segment has seen dual breakthroughs in technology development and market promotion, with nearly 300 new customer accounts established [6][7]. Future Projections - The company is projected to achieve net profits of 2.897 billion yuan, 3.259 billion yuan, and 3.573 billion yuan for the years 2025, 2026, and 2027, respectively [12]. - The current stock price corresponds to a price-to-earnings ratio of 41.4x for 2025, 36.8x for 2026, and 33.6x for 2027 [12].