恒立液压（601100）：经营业绩稳健向上，线性驱动器有望带来新增长点

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [1] Core Views - The company's operating performance is steadily improving, with linear actuators expected to bring new growth points [4] - In H1 2025, the company achieved revenue of 5.171 billion yuan, a year-on-year increase of 7.00%, and a net profit attributable to shareholders of 1.429 billion yuan, up 10.97% year-on-year [4] - The company has seen a significant increase in sales of excavators and related products, benefiting from the current market cycle [6] - The company's new linear actuator project has developed over 50 new products, indicating strong market expansion [7] Financial Performance - In Q2 2025, the net profit attributable to shareholders increased by 18.3% year-on-year, showing acceleration compared to Q1 [5] - The gross margin slightly increased to 41.85%, while the expense ratio decreased significantly to 9.45% in H1 2025 [5] - The company expects revenues for 2025-2027 to be 10.44 billion, 11.63 billion, and 12.96 billion yuan, with corresponding net profits of 2.797 billion, 3.175 billion, and 3.630 billion yuan [8][9] Market Outlook - The company is well-positioned to benefit from the ongoing excavator cycle, with domestic sales of excavators increasing by 22.9% year-on-year in H1 2025 [6] - The company's largest overseas production base in Mexico has commenced operations, enhancing its international market presence [6] - The company aims to inject new vitality into the global engineering machinery industry through innovative products and solutions [6]